Beware! TheNewsSpy is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
The News Spy is a new scammer that has blown a lot of money for the trailer on its website. Watching the video – the “presentation of the company” so to speak – we learn that it is brand new piece of software, combined with a panel of expert analysts, dedicated to ensuring their customers are up-to-date and well informed on the latest fluctuations of the financial world. It claims that the software scans hundreds of news-sources online while fetching data and forming patterns. Afterwards, the “expert” panelists translate this into trends, understandable for even the newbie traders. The short video goes on about how important it is to be “one step ahead” and how, surely, after registering with News Spy you will undoubtedly be like “the big boys on TV”. To make the offer even more intriguing – we learn from the video that News Spy offers only a “limited” number of licenses so that potential clients must hurry. But must they really?
No name, no address, no number
After doing our usual research we come across disturbing, but not unexpected, results. It turns out that The News Spy is part of probably the most popular scam out there. Precisely through such websites, armed with tempting video trailers, traders are convinced to register and carelessly give away their address, phone number and email. Minutes later that same personal data is sent to brokers as “leads” and the registered traders begin getting phone calls from unregulated forex brokers like FX Stock Broker or Euro-Crypto, urging them to invest. Cheap traffic is actually the product “News Spy” and their “expert panelists” are providing – not some state of the art and groundbreaking analysis into the depths of the financial world.
Sure enough, after registering with them we are not provided with the purported “information-analysis” product, but get redirected to the website of a forex CFD brokerage Prestige FM. In most cases such websites have partnerships with a number of brokerages to which they redirect registered clients.
Click to zoom
No verified track record
Even if we choose to believe News Spy about it’s new product – which we certainly do not advise – there are still problems. To put it bluntly – we have no assurance for results. In trading there are platforms such as the Zulutrade where you may search through the profiles of different traders and see how much they are winning or losing before investing funds with them. This is done through tracking every deal they have made and even seeing the results of all the rest of their followers. Such transparentcy adds significant assurance and partially, if not fully, removes risk. Where as with websites such as News Spy you are relying on blind faith.
No regulatory supervision
Furthermore, there is absolutely no regulatory guarantee about the whole product. The people behind the website do not fall under any regulatory oversight and their hands are untied to do pretty much as they wish. They also lack SSL encryption which compromises any information transferred through the website.
Last, but not least – the mere way in which such operations look for funds should raise major security concerns. If News Spy truly did offer an exciting and legitimate product, it would have found an alternative way of financing itself, instead of relying on cheap traffic through a cheesy bait-clicking commercial about itself. They could apply for a credit at the bank or raise money through crowd-funding. Although, in order to do that successfully, they have to be legitimate – which they most likely are not.
All in all, News Spy comes across as a standard scam operation – the likes of which we have seen a lot – and we advise those interested not to risk it.