Please read our SpToro review before opening an account with them. Our SpToro.com review is an unbiased and honest one. They may come up with different reasons why you shouldn’t trust our review, but trust us when we say you will save yourself a lot of headache if you don’t sign up with this broker. We will also teach you how to draw your own conclusions about this broker, so let’s dive in!
Who and what is SpToro
Simply put, SpToro is an offshore and unregulated forex broker. What this means is they set up a company in a remote place, where there are no strict laws and collect the money there. Most of these brokers open these companies in the Saint Vincent and the Grenadines but there are some other popular offshore locations as well, like Marshall Islands, Dominican Republic and Cayman Islands just to name a few. In the about us page, there is never any information about the staff. The reason they don’t do this is because they are illegal and hide their identities. If you are still skeptic about what we say, please do your own research and conclude to your own SpToro review.
Go to the about us page and see what info is there. After that go to the bottom of the SpToro page and look at the company name. Research this company in Google or go to the companies’ registry in the state they are registered and search by name or company number. In every case there will be no association between the company and the website. There is also an address where this company is, so email the building or the business center whatever it is and ask about the company. Another thing you can do is research the whois data about the website and compare it to the info on their website. In any case there will be something that gives them away. You can also search for other SpToro reviews online.
What do they claim to be
Most of the unregulated forex brokers claim the same thing, they are the leaders in the industry and the clients’ money is safe. That is clearly not the case, because if there is no supervising agency they can do whatever they please with your money. They also claim you can make money with them and there is a big problem with that. Their business model is kind of like the gambling industry, which means they make money when you lose money and vice versa. So trust us when we say that there is not in their interest for you to make money.
What they really are
What these companies are really into is not the forex industry, is the scamming industry. They prey on the unsuspecting people and fill them up with all sorts of lies and claim they can make money for them. They will try to get as much money out of you as possible. The ways they do this are different but the most common one goes like this.
They will show you profit in your account and convince you that if you put more money in, your profits will grow exponentially. In case you refuse to put more money or you want to withdraw money from them, they will come up with another strategy. You will have to pay taxes to withdraw the profits! Usually they will require 20% taxes paid upfront for them to release the profits. This is another common scam method and they will NOT release the money even if you pay these so called “taxes”. After that they will stop contacting you and probably lock you out of your account. In case you are still skeptic you can validate the above information yourself. Send them a withdrawal request and see what happens! You learn more about how the unregulated forex industry works here.
Can u get your money back?
Honestly there is no straight answer to that, sometimes you can get them back sometimes you can’t. It depends on many factors and many players. The most important factor is the deposit method and the most important players are the banks and PSPs. In either way you need to have a solid case. You have to collect all the evidence that shows they are not willing to return your money, including e-mails, text messages and phone calls. After that you need to present your case to the bank by either you or a chargeback company, in either case you only have one chance at this. We also have to warn you that there are many chargeback company scams out there also, so if you need a chargeback company, reach us at [email protected] and we will recommend one for you.
Another way to try to get the money back is to turn to the authorities. By authorities we do not mean just the police, but also regulators and even the business registry entity where the company is registered. In case you don’t know how to research all the above reach us at [email protected] and we will see if there is anything we can do to help you.
SpToro Review Recap
We hope our SpToro review has stopped you from giving them your hard earned money. In case you signed up with them before reading this review please do not give them any more. If you want guidance from us on what to do after being scammed, feel free to reach us at [email protected]. We will also like to hear your own SpToro review which you can leave in the comment section below. That way you can warn other people about SpToro.