SPOTFN Scam Review

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Contents

SpotFN (Scam) Review

SpotFN (Scam)

Broker SpotFN (Scam)
US Traders Accepted
Company Name SpotFN
Headquarters London, UK
Regulation No
Max Payout 90%
Out-of-Money Reward 10%
Trading Platform SpotOption
Deposit Options Credit/debit cards, wire transfer, Skrill, CashU, Giropay, Przelewy24, CartaSi
Deposit Currencies USD and EUR
Minimum Deposit $200
Online Since 2008
Trading Instruments Forex, Commodities, Stocks, Indexes
Number of Trading Instruments 104
Binary Option Types Call Option or Put Option, Build an Option, Target Option, 60 Seconds, PRO Trade
Customer Support Types E-mail support (do not reply), phone
Education Offered Education Section on Website, How-to-Trade Page
Tools Offered Market Analysis, Expired Rates, Financial News
Commission Credit/debit card – free, wire transfer – $25
Languages English
Demo Account No

It looks like SpotFN has turned scam.

When someone logs on to the SpotFN website, the first thing one can notice is the clocks from different cities of London, Moscow, New York, Hong Kong and Sydney and which give an idea about the different markets that one can access via SpotFN platform. SpotFN brings more than one hundred trading instruments from different markets that a trader can think of trading with them. Despite allowing you to access different financial markets, they only support English language and this could be seen as a major deterrent for many traders with different lingual preferences other than English.

Founded in 2008, SpotFN is not a regulated company though its trading platform is reliable and well-organized, facilitating the trading of different instruments in an automated environment. The company is headquartered in London and they allow trading via their mobile apps as well. So, traders who are on the move most of the time can execute trading using their mobile apps for iPhone, iPad, Android Phones etc. In this manner, SpotFN allows traders to remain accessible to the market throughout the day, even if they are traveling. However, their support team seems to be less dynamic. First of all, they do not have an online chat support and if you mail them, they may take several days to reply to your queries or may not even reply to your emails. They have phone numbers where you can call and get your doubts cleared, but when you are claiming to be a 100% web-based platform, you need to maintain a fast and efficient online communication channel and where SpotFN fails the test, however.

If you are not discouraged by their somehow poor support mechanism, you can open an account with them by depositing a minimum amount of $200 or €200. Remember, they do not offer you a demo account, so all you will have to learn with you with your live account only. And, you will have to bear the risk of making some initial losses till then you gain familiarity about their trading platform. They have several funding and withdrawal options. However, they do not define any minimum and maximum trading levels.

Trading Choices

SpotFN offers 104 trading instruments from different financial markets, with an earning potential ranging between 63% and 90%. Besides offering their regular binary options of Put and Call, they provide you with several other money-earning opportunities of Build An Option, Target Options, 60 Seconds, and PRO Trade. Their Build An Option can give you up to 77% payout while Target Options can guarantee up to 400% returns. They also give you an opportunity of earning up to 72% in 60 seconds and using their PRO Trade option, one can make up to 83% payout. Moreover, one can have opportunities for earning bonuses with them as well. Essentially, one can earn two types of bonuses with them: a. One time trading credits rewarded as part of promotional programs. b. Refer A Friend bonus of $50 and a maximum of $125. They also often try to lure the traders with some extra bonus opportunities, where they may offer some 5% extra bonus for depositing funds within 24 hours of opening accounts with them. However, for withdrawal of a bonus, a trader is required to execute trades to the value of twenty times of the bonus amount.

Technical Analysis

There is nothing remarkable on SpotFN when it comes to providing technical analysis to its traders. On the contrary, a newbie trader will find a lack of tools to help sharpen his trading skills. They, however, provide Market Analysis to the traders helping them assess the market movements. They also provide Expired Rates of the assets which a trader can use for their trading purposes on SpotFN. Their Financial News is an additional feature that keeps bringing the latest market developments to a trader’s knowledge. Still for many investors, particularly for the beginners, the technical tools they are offering are not sufficient enough. The unavailability of good trading tools may keep away many trading enthusiasts, keeping the fact in mind that there are several other brokers who offer excellent trading tools to their traders.

Learning & Support

As mentioned above, they do not provide any demo account, and thus one will always seek better learning tools to learn more about their platform and before opening a Live Account with them. They have a separate Education section on their website that tries to explain different aspects of binary options trading. But how much it will be able to simplify the online trading of binary options to a beginner is doubtable. They also have a “How to Trade” section on their website, which again seems to be an attempt to guide traders to open an account and start trading with them. But it too is not that comprehensive and interactive that it could be. In a nutshell, SpotFN cannot be considered as a helpful platform with the kind of education it has for the traders. A newbie trader will hardly be able to understand or develop a trading insight with the help of educational material they have on their website. Their FAQ page can be recommendable and helps to learn several things about the platform. But their support mechanism surely gets a thump-down. Firstly, they do not have any live chat system and they hardly reply to your emails. However, you can call them at their UK number and also at their satellite offices in Hong Kong, Australia, Austria and Russia.

Conclusion

The first impression that they give is that they do not believe in sharing information. From the kind of learning and support and the educational resources they have on their website, this fact gets more strength. As a binary broker, they need to be accessible and helpful in clearing all doubts and queries, which they seem to be the least interested. Even they do not support any language other than English. Their support team seems to be least interested in replying to your emails. Moreover, a trader will not find sufficient learning and assistance to start doing business with them. In such a scenario, they may appear less promising and less attractive choice for many traders for fostering a business relationship with SpotFN.

Update 2020-12-04: The US Securities and Exchange Commission (SEC) via United States District Court of Eastern District of New York filed a charge against Mark Suleymanov, founder of SpotFN, on the basis of running an illegal binary options scheme and defrauding investors for about $4 million.

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SpotFN (Scam) , 1.7 out of 10 based on 3 ratings

SPOTFN Scam Review

They spotted a number of suspicious red-flags, which rang alarm bells over the playlists’ authenticity.

This included the short duration of the tracks and the obscure artists behind them, as well as the low number of subscribers yet high numbers of listens.

A scam artist netted millions without breaking any laws thanks to an incredible sleight of hand trick on Spotify, an exposé has revealed. It was uncovered after two suspicious playlists called Soulful Music (pictured) and Music From The Heart were noticed in Spotify’s global charts

Digging further they found evidence of a money-making scheme with a potential payout of up to $415,000 (£300,000) each month for the top ranked playlist alone.

Quoting an anonymous source, MBW said: ‘Spotify was sharing this weekly detailed data with the major labels, Merlin and other rights-holders for months before it was flagged up.

‘All the while, it looks pretty plain that somebody was using purchased library music to extract hundreds of thousands, perhaps millions, of dollars, out of a royalty pool that would have otherwise gone to them and their artists.

‘You can’t completely blame Spotify for this, because every one of these accounts was presumably attached to verifiable income.’

Only plays by Spotify Premium paid for accounts are included in the total number of plays and the music clips themselves are thought have been bought and paid for.

All this means the scam, while underhand, probably doesn’t break any laws.

It does beg the question, however, how many other users of the service are making money by manipulating Spotify’s pay-out system.

The unknown operator uploaded music clips which they legally owned the copyright to. They then set up thousands of accounts to continuously play back these tracks, likely using software bots to automate the process, to hack Spotify’s pay-out system

In a statement, a spokesman for Spotify said: ‘We take the artificial manipulation of streaming activity on our service extremely seriously.

‘Spotify has multiple detection measures in place monitoring consumption on the service to detect, investigate and deal with such activity.

‘We are continuing to invest heavily in refining those processes and improving methods of detection and removal, and reducing the impact of this unacceptable activity on legitimate creators, rights holders and our users.’

HOW DID THE BULGARIAN SPOTIFY SCAM GENERATE REVENUE?

An unknown operator, based in Bulgaria, uploaded music clips for which they owned the copyright to Spotify.

Two suspicious playlists, called Soulful Music and Music From The Heart, were spotted at the top of the music streaming service’s global playlist charts.

The playlists were created in May, 2020. As of September 23, Soulful Music had climbed to position 35 globally and 11 in the US. Music From The Heart meanwhile made it to number 84 globally and 22 in the US.

When industry insiders looked into both, they found that the songs they contained were linked to a company or individual in Bulgaria.

Most were just over the 30 second limit set by Spotify to trigger monetisation, with an average length of 43 seconds.

If a song is played for less than 30 seconds, it doesn’t generate any revenue.

Just shy of 1,800 people were following Soulful Music at its peak, which is extremely low for a chart-topping playlist.

It contained 467 tracks, which is considerably higher than similar high performing curated lists.

Spotify’s analytics revealed that around 1,200 Premium account listeners were playing Soulful Music each month.

This means the scammer would have had to set up these accounts manually, at a cost of $9.99 (£9.99) each, or around $12,000 (£12,000) per month, assuming they paid for full price subscriptions.

According to calculations made by MBW, however, the payout of the scam would be $288,000 (£207,000) per month if carried out manually.

Letting 43 second tracks run continuously on one account for the 86,400 seconds in a day would generate 60,000 track listens in a 30 day month.

Across 1,200 accounts, this would account for 72,000 listens per month.

At $0.004 per play, a conservative estimate of Spotify’s average payout per listen, this soon mounts up.

The figure rises to $415,000 (£298,000) if bots were used to automate the process and skip tracks just after the 30 second mark.

SPOTFN Scam Review

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This project is aimed at extracting the phone numbers of tech support scammers that are specifically abusing Spotify’s SEO to push their scam numbers very high up in the search results. Often times these results on on the front page, sometimes in the 2nd link. This is an issue, so I wanted to make a program that allows you to create a ‘block list’ or do whatever else you want with these scam phone numbers.

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