SpotX Market-Overview of Minimum Deposit, Leverage, Spreads

General Information

Registered in Saint Vincent and the Grenadines, SpotX Markets is an online forex broker offering diversified range of trading instruments, including Forex, CFD and Precious. Investors have the flexibility to choose from four different trading accounts on the SpotX Markets platform, and the maximum leverage available is up to 1:500.

Is SpotX Markets safe to trade with？

SpotX Markets has let us down when it comes to enforcing rules and regulations. This broker has been confirmed to be outside of the purview of any regulatory bodies. In light of this lack of licensing, WikiFX has assigned it a regulatory status of “No License” and an overall quality rating of 1.31 out of 10.

Bear in mind that trading with an unregulated forex broker is a surefire way to lose your money. Before making any choice, investors are advised to check out a forex brokers regulatory status on WikiFX.

Market Instruments

SpotX Markets boasts that it provides access to various popular and mainstream financial markets. Three classes of trading assets including Forex, CFD, and Precious Metals can be traded on this brokerage platform.

Account Types

SpotX Markets provides four tiered trading accounts for both retail and professional traders: Standard, Pro, ECN and Platinum accounts. To open a Standard account, a low deposit of $10 is enough, which is quite friendly to most regular traders. Professional and experienced traders can try out Pro and ECN accounts, which ask for initial deposits of $100 and $500, respectively. The Platinum account is ideal for traders with large trade volumes, and traders who want to try this account need to fund at least $50,000.

Spreads & Commissions

Spreads and commissions are set in the end by trading accounts. The Standard account offers a commission-free trading environment, accompanied by wide fixed spreads. Another three accounts offer floating spreads, starting at 0.2 pips, 0.1 pips and 0.0 pips, with a commission of 5 USD, 3.5 USD, and 2 USD, respectively.

Leverage

When it comes to leverage, it varies depending on trading instruments and trading accounts with the SpotX Markets platform. Problematically, SpotX Markets permits traders to use leverage of up to 1:500, which is significantly higher than the levels regarded appropriate by many regulators.

Bear in mind that high leverage is not necessarily the good thing, as it can magnify gains as well as losses.

Trading Platform

SpotX Markets says it gives clients two choices of trading platforms, MT4 and MT5, which can be accessed on any device. MT4 and MT5 trading platform includes the robust charting package, the ability to use automated trading bots (Expert Advisors), and the flexibility of the interface.

Payment Methods

The minimum deposit and withdrawal amount is both $100. This brokerage house allows its clients to make a deposit and withdrawal through the following payment options:

• VISA, MasterCard, Maestro

• Webmoney

• Wire Transfer

Customer Support

The SpotX Markets website is available in multiple languages. Traders can reach out to SpotX Markets about any questions or concerns they may have about their accounts or their trading through the following methods:

Telephone: +44 2031500512

Email: support@spotxmarkets.com

You can also follow this broker on Facebook and Instagram.

Risk Warning

There is a level of danger that comes with trading on the financial markets. As sophisticated instruments, foreign exchange, futures, CFDs, and other financial contracts are typically traded using margin, which significantly increases the inherent risks involved. Therefore, you should consider carefully whether or not this sort of investment activity is right for you.

The information presented in this article is intended solely for reference purposes.