Beware! Spring-markets.com is an offshore broker! Your investment may be at risk.
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Spring-markets.com is a forex broker trading in precious metals, energy, stocks, currencies, cryptocurrencies and futures. On the company’s website, we see an ad saying “Choose a global, fair, honest and people-oriented broker”. Whether it is so, we are about to find out by looking at some key features.
Spring-markets.com Regulation and safety of funds
This broker claims to have 4 offices in 13 continents! We are not joking, please see the screenshot below. However, not even one address is mentioned on the website. Furthermore, using an excessive sprout of imagination, this broker claims to be regulated by EFISO which stands for EU Mission Commodity Futures Trading Commission or the Euro Finance Investigation and Security Organisation – pick up one! Neither of these exists and apparently, this broker is trying to dupe potential traders by trying to look legit and luring them to invest their hard-earned money into their scammers’ schemes! Also, they are trying to fool you that they have professional compensation insurance of up to 1,000,000 GBP. However, a broker that is not licensed is not to be trusted!
It is not hard to find a legitimate broker that won’t swindle you out of your money. If you need help selecting one, you can use one of the links we provide here. In our opinion, licensed brokers from the EU and the UK offer the best conditions. These brokers must have an initial capital of 730,000 EUR initial capital. As you can see, scammers will never invest so much money just to look legit. In addition to that, licensed brokers contribute to compensation funds from which their clients can be compensated in case the broker goes bankrupt. If the broker is regulated by FCA and contributes to the local Financial Services Compensation Scheme, then the traders can be compensated by up to 85,000 GBP per person. If the broker is regulated by CySec and contributes to the local Investor Compensation Fund, then the traders will be compensated by up to 20,000 EUR per person. You won’t find other conditions better than these ones!
Spring-markets.com Trading software
The trading software that Spring-markets.com offer to its trader is the MetaTrader 5 platform. This platform is an excellent choice when it is offered by licensed brokers as it really helps to enhance trader’s experience in forex transactions by offering an excellent package of trading tools and instruments. Among many, we want to mention the auto trading option, VPS, code base with customs scripts, the app market, the trading signals and the financial calendar. We can’t omit to mention the array of charting options that this platform offers and that contain indicators helping traders to predict the future direction of exchange rates and make a profit.
In the screenshot below you can see what the MT5 for Spring-markets.com looks like. On the left, you see the menu of the major forex pairs with their bid/ask price and beneath is the menu for the navigator for the trading accounts, indicators, expert advisors, scripts and services. In the top horizontal bar, you see the algo trading option and the charting options. In the middle of the screen, you see displayed the chart of the EUR/USD currency pair with the price fluctuation in a given time frame. From the bid/ask price of the same pair, we can calculate the spread to be 0.8 pips which is below the industry average. It means that the cost of transactions won’t be too high and traders will be able to make a sustainable profit in the long run. This was the good news. The bad news is that this broker offers leverage which is way too high – 1:400! The implications are that although it looks like something attractive to the traders with the promise of a big win, in fact, it may lead to a big financial loss. What gives us a reason to think like that is the fact that around 70% of traders experience financial loss in transactions. Also, be aware that licensed brokers in the EU cannot exceed leverage higher than 1:30 and in the US, leverage higher than 1:50. As you can see, these measures aim at preventing traders from taking huge risks with their funds. A broker that offers high leverage, such as this one, is not to be trusted!
Spring-markets.com Deposit/Withdrawal methods and fees
Spring-markets.com offers 2 trading accounts – Standard and Expert. The minimum initial deposit for the Standard account is $100 and for the Expert account starts at $5,000. As per the information on the company’s website, there are no withdrawal fees.
Unfortunately, the Terms and Conditions document that set the rules governing this broker’s website and its financial aspects is non-existent and this is the only information regarding the deposit/withdrawal methods and fees that we could find. There is no mention of payment methods either.
The lack of the Terms and Conditions document is another proof that this broker is not reliable and should be avoided at all cost!
How does scam work?
No one wants to be duped by scammers, but it happens all the time because they know how to manipulate people. As they say in one popular song “sweet dreams are made of this” and this is what scammers rely on – creating in people’s mind a sweet dream of being rich! Scams usually start by unsolicited telephone calls or ads on the Internet or social media promising quick and easy profit. It is easy to fall into scammers’ trap and once you make a deposit, you are done for! Scammers won’t let you get away easily even if you realise that you are being scammed. They will try to delay you when you try to withdraw your funds by asking you to provide this document or fill out this form, etc., in order to make you miss the deadline when you can file for a chargeback.
What to do if scammed?
You need to act very quickly. First of all, if you have made a deposit using a credit card, you must immediately file for a chargeback. Fortunately, VISA and MasterCard allow for 540 day period in which you can file for a chargeback. This is the good news. The bad news is that if you have made a deposit using bank wire or Bitcoin, the chances of you getting your funds back are nil!
Another thing you can do is cancel your credit card if the scammers have your CVV code. Check your PC and erase the software that gives scammers access to your personal data.
Be careful, because even doing all that we recommended, your unfortunate experience with scammers may not be over. There are so-called recovery agents. One of those may approach you offering to recover your funds for a fee. Do not trust them and always check the legitimacy of the recovery agent and the agency.
Also, be aware that some “victims” of scam may post comments after the review, saying how they lost money and how a recovery agent helped them retrieve their funds. They will even put the contact info for this so-called recovery agent. Do not trust them either as it is another case of a scam!