SPS Investment Services (www.sps-is.com) has been flagged by ASIC (Australia) for "Unlicensed". https://www.sfc.hk/en/alert-list/2989
Phones: 85258014181
Addresses: 1/F – 2/F Pinnacle Building No.9 Ship Street Wanchai Hong Kong This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.sps-is.com.
The hidden fees at SPS Investment Services (www.sps-is.com) 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: Transparent fees|Fast support response|Wide product range
Cons: Account statements could be more detailed|Currency conversion fee exists
I wanted to transfer my portfolio from another broker to SPS Investment Services (www.sps-is.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: Market news feed|Detailed reporting|Reliable uptime|Multiple order types
Cons: None so far
The spread at SPS Investment Services (www.sps-is.com) is not what they advertise. During volatile markets it widens so much that you lose before the trade even starts. I found them based on a colleague's recommendation and initially thought the platform was good - until I started trading seriously.
Pros: Great customer service|Economic calendar
Cons: No dark mode on mobile|Nothing significant
Opened my account with SPS Investment Services (www.sps-is.com) after comparing multiple platforms and regretted it within the first month. The platform crashed during a critical moment, I lost potential gains, and support basically told me it was not their problem. Absolutely unacceptable behavior.
Pros: Multiple order types|Easy withdrawals|Demo account available
Cons: No integrated tax optimization
Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. SPS Investment Services (www.sps-is.com) said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: Detailed reporting|Regular platform improvements|Easy to use platform
Cons: None so far