SpxMarkets-Overview of Minimum Deposit, Spreads & Leverage

GENERAL INFORMATION AND REGULATION

SpxMarkets is a very average broker that is, nevertheless, accessible to all traders. We think that it relies on catching the eye of more novice traders. Presented as the worlds leading trading platform, Spxmarkets promises the ultimate trading experience with plenty of trading instruments, including forex pairs and CFDs on shares, indices and various commodities, offered with a choice of four account types, leverage as high as 1:200 and a professional web based platform.

And Spxmarkets also says to be regulated, which sounds reassuring, but unfortunately it is simply not true. In reality, we are dealing with a unregulated, offshore entity with virtually zero credibility.

A huge issue we have with SPX Markets is their license status. Although they target American and European investors, they fail to have a credible license. All we have is a claim the company behind it is registered in Vanuatu. Without proper regulation, the platform lacks oversight putting you in jeopardy. Therefore, its best to stay away from offshore unregulated platforms as the risks outweigh the profit promised.

MARKET INSTRUMENT

The available trading instruments offered by spx market Includes;

FX, commodities, shares, cryptocurrencies.

ACCOUNT AND LEVERAGE

SPX Markets offers four account types to choose from. These accounts include Bronze, Silver, Gold, and Platinum. All the accounts come with a welcome bonus, with the basic account having a minimum deposit of 1,000 Euros.

You also get a relationship manager with all the accounts.

Bronze account

To start with this account, you must make a minimum deposit of 1,000 Euros. After that, you have access to Algo trader and weekly market reviews. The account is self-managed, with no professional to help you.

Silver account

It has the same features as the bronze account, only that the welcome deposit bonus is 10 percent. To start using this account, members must deposit 2,500 Euros. You also get weekly market reviews, and the account is self-managed.

Gold account

The gold account comes with a minimum deposit requirement of 10,000 Euros. Theres a welcome deposit bonus of 25 percent and daily signals. You also get private one on one trading sessions and access to event rooms.

Platinum account

It‘s the most exclusive account, and members must deposit $25,000 to start trading. There’s a 50 percent welcome bonus and 5 protected trades from analysts. The platform also offers long-term financial plans with a senior account analyst.

Due to their direct involvement with the risk, leverages are offered in small amounts. The leverage is even capped at 1:30 and 1:50 in the European countries and the USA respectively. If SPX Markets offers leverage more than this, it is a sign that SPX Markets is a potential scam.

SPREADS AND COMMISSIONS

SPX Markets claims to offer the lowest trading commissions of 0.87 percent.

TRADING PLATFORM AVAILABLE

The broker offers a Webtrader as their trading platform, Although it may seem like a professional trading platform, in reality, it covers the minimum requirements. For example, we only have stop-loss, take-profit, pending orders, chart tools, and time frames as the main tools for traders.

The web trader is disappointing, even more so when considering that SpxMarkets is regulated.

There is also a stand-alone desktop trading software. This one is very suspicious, and we do not recommend it. For one, the entire software is just one .exe file.

DEPOSIT AND WITHDRAWAL

Depositing funds with SPX Markets is fast, and there are several depository options. These include Maestro, MasterCard, Neteller, Skrill, Visa, and others. However, once you deposit, there are no guarantees you will withdraw funds.

Most of the complaints from victims include withdrawal issues. None of them can withdraw funds unless it‘s in small amounts. And if you get to withdraw once, it’s unlikely you will ever withdraw again.

CUSTOMER SERVICE

There are two phone numbers on their contact page and a message board. The phone numbers are from the U.K and the United States, respectively. Unfortunately, these phone numbers are virtual, and anyone can get them.

The main issue is that once the call goes through, youre directed to an account manager. You have to have an account and deposit funds to get a call from them. These account managers will insist on you depositing more funds to increase your chances of profiting.