Want to make money with binary trading?
Need to know the truth about investing with SpotFN?
Binary options can provide traders with a consistent extra income, yet investing in this financial derivative does involve some risk. Therefore, choosing a legit and reliable broker is a major factor in achieving success and profits.
Is SpotFN legit?
It is debatable to what extent SpotFN can be considered legit or reliable. Calling it an outright scam would be inappropriate, but as far as legitimacy and assurance, there are simply better choices to be made.
Comparing SpotFN to top brokers
What separates the best binary corporations from smaller brokers such as SpotFN are three basic facts:
- These companies are properly regulated and therefore safe
- You receive real and meaningful financial guidance and trading tools
- These are reputable binary brokers with a proven track record
Redwood Options is the only broker through which you receive free and immediate access to the most advanced trading tools, tutorial, ebooks and personal, one-on-one traning sessions. Traders have reported an increase in profitability as a result of the excellent assistance offered by this reliable binary options broker, one of the largest in the USA:
Swift Option, another major American broker, enables you to learn the best trading strategies for binary options directly from professional advisers through a free online ecourse. This is the best type of training for new traders who wish to enhance their abilities as online investors. This broker offers a large welcome bonus, so that you may start trading with more money in your account:
GOptions’ advantages over SpotFN start with the assurance of your deposit. This broker has gained an excellent reputation for its seriousness and swift withdrawal process. Here you will see your profits faster. It offers the most complete and updated Education Center and the opportunity to receive assistance from professional investment managers, as well as a free signals service and risk free trades for you to verify your strategies and earn without risk:
What is SpotFN?
SpotFN is a binary options white label broker. In other words, a company leasing a trading platform and offering binary trading services through its site. Yet the information found (or hidden) on the site does not help in creating trust towards this broker. The SpotFN site fails to give any relevant information about the company. It is unclear when the site was launched (October 2011), which company legally owns it (SpotFN Inc) and to the laws of which country does it abide when requiring traders to enter an agreement (England, but only because we read all the small print). More importantly, it does not mention the fact that this firm is not yet regulated, and therefore the money a customer would invest with SpotFN would be exposed.
The SpotFN Site
The SpotFN site is powered by SpotOption, currently the largest trading platform provider for binary brokers. This has an upside and a downside for traders: The upside is that the platform is easy to use and has a great interface, SpotFN specifically have a large and varied asset list, which is certainly a plus. This platform is being used daily by thousands of traders and is well liked. The downside is that even if it becomes a regulated broker in the future, SpotFN cannot fully vouch for your money. Since the trades are physically being executed on the SpotOption platform, the regulator (the financial authority in the country where the broker seeks a license) would not be able to verify what happens to your money unless it also regulates SpotOption. Sounds complicated? Another reason to opt for a more secure and experience broker.
Binary options trading is by definition a high yield investment. Therefore, whether a broker is offering 80% or 85% per trade is meaningless. One way or another, the profits you can make from trading with binary options are huge. But as in any other financial investment, the level of risk is equal to the level of profitability. In other words, the risks are very high as well. So although SpotFN offer payouts as high as 88% per trade, which is slightly above average for the market, what should really interest you is the assistance you receive in creating and following a strategy. Serious brokers will provide you with risk management and trading strategies advice, and help you build a method that will enable you to reduce the risk odds and increase the chances of success. You do not necessarily need to build and follow a strategy, but it is recommended, since it increases profitability in most cases.
SpotFN Scam Summary
- SpotFN is a medium sized binary options company
- It offers a good asset list and a reasonable trading experience
- Nonetheless, this broker is not regulates, and this sharply increases the risk
- The first step to avoiding internet fraud is working only with licensed financial corporations
- Redwood Options, Swift Option and GOptions are examples of trustworthy binary companies
- There is a lack of transparency in the SpotFN site regarding the company’s background
- If you choose to trader with this broker, avoid the bonus offer, since it will limit your ability to withdraw funds