Beware! Spherex.pro is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
No matter how much dazzle Spherex.pro presents us with it cannot hide its true identity for a long time, especially from someone that does review for a living. This broken really does do a good job at creating a facade which makes it especially dangerous to more novice users. It is especially important to read the review and to see why this company is not worth the risk. Unfortunately, this broker is an example of an ongoing evolution of the fraudulence brokerage community, clearly indicating that even scammer brokers can evolve and change their designs according to the taste of users. No matter how tempting this seems we urge users to read the review before doing anything.
Both the login page and the registration forms were non-existent. When we tried to access the registration page we were redirected to an error page claiming that the services were temporarily unavailable. Either the broker has a completely broken registration process or it allows access to the user area only to those clients that have promised to invest money.
Whatever the case is, we are those types of users that will never invest. Unfortunately, this means that we must take all of the trading information from a website that cannot be trusted with such information. So please take the following with a grain of salt.
Clients can allegedly trade with forex currency pairs, commodities cryptocurrencies, and probably other instruments that have not been detailed. The leverage was capped at 1:100, while the cost of tradeswas nowhere to be found.
The website of this company is available in English and Chinese.
SPHEREX.PRO REGULATION AND SAFETY OF FUNDS
We will have to take a longer Road to reveal why the broker is not regulated but the unavailability of the registration process completely changed our approach.
Have you ever encountered a licensed broker that does not allow users to register because of a broken registration page? No. Such companies would warn their users if there is an issue and will find an easy and quick way to fix it, or they will provide an alternative solution.
The broker claims to be regulated by the NFA, which is one of two FX overseers based in the United States. The other is the CFTC, and neither one can function without the other. However, the broker does not mention that it is regulated by the latter, not that we even for a moment trusted the broker with this ridiculous claim.
The United States is the most notorious trading industry in the world and only a handful of brokers operate there with a license. To suggest that Spherex.pro is licensed there is to suggest that all unregulated brokers are licensed there.
Spherex.pro is a simple unregulated and fraudulent firm.
Investing in unregulated brokers is basically throwing your money out of the window. They will very rarely return your money, and even if that happens it would cost the user an incredible amount of headache and time.
That is why we encourage users to only trade with regulated brokers. Please, once you enter a broker that you think is worth investing in always check for a license before doing anything else.
We recommend UK, EU, US, or Aussie brokerage firms. All such regulated brokers are very trustworthy and offer safe and secure trading grounds.
Furthermore, agencies like the FCA and CySEC offer user compensation funds that are applied only when the broker at hand is not able to pay back to user due to insolvency. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
SPHEREX.PRO TRADING SOFTWARE
Without accessing a user Priya we could not verify the presence of a trading software. Furthermore, the website does not give any solute claim that the broker for forex trading software.
As far as we’re concerned we do not think that the company offers a terminal used for trading assets.
SPHEREX.PRO DEPOSIT/WITHDRAW METHODS AND FEES
There was only one place from which to take all the payments information and it is a subsection of the website that we do not trust. In fact, entire websites is not trustworthy.
But to the purposes of this review will try to get as much information as possible. This subsection reveals that users can invest by means of a bank transfer a crypto wallet credit cards debit cards and alternative payment methods. The minimum deposit is set to be $500.
There is absolutely no withdrawal information. This is yet another indicator that the company is not regulated and a risk to all investors. Do not waste your money here!
How does the scam work?
It’s almost ironic that’s one of the most popular ways to get scammed by a forex investment fraud is incredibly simple to grasp. If you look at it constructively, the way a scam works is that it follows a couple of incredibly simple steps that nevertheless take a lot of experience and authority to pull off.
In fact, investment scams are so effective not because of the way they are structured but because the people that are behind them are very talented at human manipulation. They have an arsenal of psychological and behavioral tricks.
Indeed, the hardest part of any scam is to actually be introduced to the scammer in person which happens most of the time by phone but it can also occur by email correspondence.
The quickest and most effective tool they have is online ads. Fake and misleading ads are ubiquitous over the internet. They continually evolve into becoming more and more legitimate-looking while retaining their complete scammer nature. Everybody has seen at least a couple of these ads: they promote a carefree life, luxurious products on the go, beautiful women, and other very expensive and realistically unattainable stuff.
Behind these ads are the investment scammers. Once you end up on the website you will be asked to provide a phone number or an email address for the sole purpose of being contacted by the broker.
The representatives of the scam will ask you to invest. He or she will use an array of tactics to make you invest. This is a solicitation and nothing else. Investing an initial deposits will build trust with the scammer and can potentially lead to more and higher investments.
If the user continues to invest and trusts the broker, he or she will continue to invest money that will be very hard to retrieve.
And once the time comes to actually get your money back or at least withdraw a profit, the true scammer nature of the company will reveal itself. The broker will either block your accounts, close off all communications with you, shut down the entire website, or stall all requests. At times it can even pay you back a percentage of your deposit and profits in order to create a false sense of security.
What to do if scammed?
Now, the quickest way to get your money back is to file for a chargeback with your credit or debit cards provider. However, this applies only to those users that have actually lost money by means of a card. MasterCard and VISA have a chargeback period of 540 days.
Bank transfers are harder to get back. First of all, we always encourage users to immediately change their bank account username and password. And then to contact the bank itself and try to find a solution to the problem together. The banking institution might have a specific section that deals with similar issues.
One sure way to lose all of your deposit is to invest in a regulated broker via any sort of cryptocurrency. Even in today’s world, crypto transactions are untraceable making crypto deposits the most popular investment gateway used by unregulated brokers. All funds invested through a crypto wallet are definitely lost.
And a warning to all readers! Do not trust the self-proclaimed recovery agency or agencies whose promises of returning all your funds are as misleading as the broker scam itself. They will take the initial fee charged for the false services and will disappear with the money.