Spot Trader FX (spotraderfx.com) has been flagged by ASIC (Australia) for "Unlicensed". Phones: 61261884636
Addresses: 55 Baker Street Marylebone London W1U 8EW United Kingdom This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: client.spotraderfx.com.
I wanted to transfer my portfolio from another broker to Spot Trader FX (spotraderfx.com). They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: API access|Segregated accounts
Cons: Limited social trading features|Cannot customize dashboard fully
Customer support at Spot Trader FX (spotraderfx.com) seems to be run by people who have never used the platform. Every time I call with an issue, I end up explaining how their own system works before they can help me. It would be funny if my money was not involved.
Pros: Good analytical tools|Instant funding
Cons: Limited ETF selection
If you are reading this considering Spot Trader FX (spotraderfx.com) - run. I wish I had read more negative reviews after doing extensive research. I thought the positive ones were real. Maybe some are. My experience over for the past six months has been so bad I feel obligated to warn others. Do not make my mistake.
Pros: Reliable uptime|Tax reports included|Educational resources
Cons: Desktop app not available on Linux
Spot Trader FX (spotraderfx.com) 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: Fast deposits|Stable platform
Cons: Website design could be more modern|Could offer more webinars
After for over three years with Spot Trader FX (spotraderfx.com) I requested to close my account and withdraw. They said I had to complete a 30-day cooling-off period. Then they said there was a minimum holding period for my last deposit. They make it as hard as possible to leave.
Pros: No hidden fees|Fast support response
Cons: Minor UI glitches occasionally|Would like more payment methods
The platform itself is okay, but the customer service at Spot Trader FX (spotraderfx.com) is truly awful. I waited weeks for a response to a simple inquiry. When they did respond, it felt like a generic template that did not address my specific issue at all.
Pros: Transparent fees|Clear documentation|Multi-device support|Dedicated account manager
Cons: Desktop app not available on Linux|Nothing significant