- Report: #1155293
Complaint Review: SpotFn - London Select State/Province
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Author Not Confirmed
Why?
SpotFn
6F/ 25 Old Broad Street London, EC2N 1HN Select State/Province, USA
Phone:
1.888.977.6836
Web:
http://spotfn.com/trading/
Categories:
Business Rating:
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SpotFN SpotFN is a Crook ! London U.K
SpotFN a binary option broker with supposed physical address in the U.K is not a bonafide brokerage firm. They specialize in binary option trading but once you establish an account you cannot close it or get your funds out.
I contracted for auto trading services with an internet program called The Millioniare Society. Their recommended brokerage for the U.S is SpotFN in the U.K who accepts U.S citizens. Based on a 2 hour webinar which showed 3 indivduals supposedly setting up live trading accounts and seeing live results on the webinar of small amounts of 250.00 plus being traded into 3-4K profits I opened an account with their recommended broker for the U.S.
SpotFN offered a matching bonus funds program .......depending on the level of starting capital the bonuses offered wrere scaled incrementally higher. After watching the trading activity for about a week seeing the software trade around 3-4 trades daily some trades successful and others at a loss I decided this was not what I saw on the live webinar demonstration ( which would mean that the software traded more trades and the risk levels applied would be all in or at least 100.00 per trade ) I decided to close the auto trade services where my risk level was set at the min. 25.00 per trade which is the reason my account is still not wiped out .
I contacted SpotFN to close my account in which started a chain of email responses the essence of which is that you cannot get a withdrawal unless you meet the terms of 30 mutilple per every 1.00 of bonus offered. I pointed out to them that there is nowhere in their service agreement that says this rule applies to the closure of an account and they cannot hold my account open when I am asking for it to be closed . I received a refund from Cickbetter the host marketing platform of the autotrading services on June 14 which terminated my membership with the millionaire society.
On June 16 there were 4 trades placed on my account again when my autotrade membership was terminated on June 14. I wrote to SpotFN letting them know that they are now commiting fraud in churning the account as there should be no trading activity on the account at all and that I was taking this matter seriously as fraud and theft.
I reported the matter to the fraud dept of my bank who has placed a dispute in with the card processor for SpotFN . I have put SpotFN on notice that further action will follow which includes filing complaints with the following regulatory agencies : 1) U.K FCA 2) Cyprus Securities and Exchange Commission ( it seems they are operating from Cyprus) 3) U.S NFA even though they may not fall under regulation by these agencies. In addition, contacting Interpol since this has now become an international cross border matter of fraud .
Do not do business with this company.......and never take any offer for a matching bonus funds from any firm offering the same.
1 Updates & Rebuttals
Robert
San Jose,Kansas,
SPOTFN BLOG MORE INFO
#2UPDATE EX-employee responds
Mon, September 15, 2014
spotfnbinaryoptions.wordpress.com/ SPOTFN scam company check out the blog
