Spazex has been flagged by Financial Markets Authority for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
The mobile app from Spazex is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: No hidden fees|Two-factor authentication|Fast execution|Multiple order types
Cons: Some tools only available on higher tiers|Email notifications too frequent
I was about to invest with Spazex but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Financial Markets Authority has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Pros: Website looks legitimate on the surface
Cons: Not registered with regulators|Unrealistic promises
The onboarding at Spazex was smooth which makes the subsequent experience even more frustrating. Once they have your money, the quality of service drops dramatically. Getting anyone to help you with an actual problem is nearly impossible.
Pros: Tax reports included|Detailed reporting
Cons: Limited cryptocurrency options
The so-called education at Spazex is just marketing. Every webinar ends with a push to deposit more. The market analysis is generic and often wrong. If you want real education go elsewhere. I wasted for close to eighteen months thinking they would help me learn.
Pros: Fast deposits|Regular updates|Customizable dashboard
Cons: Onboarding videos are outdated
The hidden fees at Spazex are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.
Pros: Automated trading options|Low minimum deposit
Cons: Help articles are sometimes vague|Minimum deposit could be lower
Spazex changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: API access|Easy withdrawals|Educational resources
Cons: Cannot customize dashboard fully|No live chat on mobile
I closed a profitable position at Spazex and the profit was not credited for 5 days. Support said it was a settlement delay. When it finally arrived it was less than the amount shown on the platform. They could not explain the difference. I have moved my account.
Pros: Good analytical tools|Market news feed
Cons: Limited cryptocurrency options
The only good thing about Spazex is that they remind you why regulation matters. I found them after attending a webinar they hosted. They are regulated in a jurisdiction with weak consumer protection. When things went wrong I had nowhere to turn. Stick to well-regulated brokers.
Pros: API access|Dividend tracking|Tax reports included|Customizable dashboard
Cons: Could offer more webinars|Wish they had more educational resources
The platform at Spazex is riddled with bugs. Charts display incorrect data, order confirmations sometimes fail silently, and the portfolio tracker disagrees with actual positions. After since last summer of dealing with this, I have had enough.
Pros: Comprehensive tools|Low minimum deposit|Reliable uptime
Cons: Wait times can be long during peak hours|Live chat only during business hours
I requested my data from Spazex under GDPR. They sent a partial export that was missing months of transactions. When I asked for the rest they said it was a technical issue. Still waiting. They do not take data rights seriously.
Pros: High security standards|Comprehensive tools|Detailed reporting|Stable platform
Cons: Would like more payment methods