SPN FX Information
SPN FX is a young forex broker, which was founded in April 2024. This platform provides many forex and CFD trading options on MetaTrader 4 and 5 platforms. While it has competitive fees (excluding the unclear “SPN Cover” deposit fee) and a user-friendly platform, one big disadvantage is the absence of a supervising authority. There are no set laws to protect traders. Ultimately, it is up to you to determine whether doing business with SPN FX is alright for you based on your level of tolerance to risks and the importance of a broker being regulated.
Pros and Cons
Is SPN FX Legit?
SPN FX operates without any regulatory body to oversee its operation. Such absence of rules may place investors at a higher risk, given that there is no institution to monitor. The domain spnfx.com was registered on April 26, 2024, and is currently in a status where the owner has prohibited domain transfers.
What Can I Trade on SPN FX?
SPN FX offers clients a broad market with assets including Forex, Metals, Cryptocurrencies, Commodities, Energies, and Indices in the MetaTrader 5 platform.
Account Type
SPN FX offers three types of live trading accounts: Cent, Standard, and ECN, with different level of minimum deposit requirements, spreads, leverage, and commission fees.
SPN FX Fees
Of the three account types, the ECN account has the lowest spreads but incurs a $2.5 commission per trade. The Cent and Standard accounts are commission-free but have wider spreads. SPN FX also charges a deposit fee.
Trading Fees
Non-Trading Fees
SPN FX charges a deposit fee, referred to as “SPN Cover,” for most deposit methods. Withdrawals of cryptocurrencies incur a mining fee.
Trading Platform
Deposit and Withdrawal
SPN FX charges a deposit fee, indicated as “SPN Cover,” for most deposit methods, including PerfectMoney, Tether, Bitcoin, Litecoin, USDC, Dogecoin, XRP, TRX, BCH, BNB, DASH, and SOL. Additionally, withdrawal fees, specifically mining fees, apply to certain cryptocurrencies. The minimum deposit amount for SPN FX is $1, which applies to both PerfectMoney and Litecoin.
Withdrawal Options
Deposit Options
Promotions
SPN FX is offering a 15% deposit bonus for their SPN-Credit promotion. Using this bonus, traders are capable of adding to their trading capital hence, confidence and efficiency are boosted. The most significant benefit is that the bonus is tradeable, meaning traders can use it to generate profits.
Customer Service
You can reach out to SPN FX 5/24 by email at info@spnforex.com or by phone at +44 141 353 9300
The Bottom Line
SPN FX offers three different account types with competitive fees and a user-friendly platform, available for Forex, Metals, Cryptocurrencies, and others. However, it is a relatively new and unregulated broker. Traders are left vulnerable to higher forms of risk given there is hardly any regulator to moderate the levels of risk. Therefore, SPN FX is suitable for experienced traders comfortable with the risks associated with unregulated platforms and seeking multiple instruments with potentially competitive fees.
FAQs
Is SPN FX good for beginners?
No. Due to the lack of regulation and potential risks, SPN FX is not suitable for beginners.
Is SPN FX good for day trading?
SPN FX can be considered for day trading due to its competitive fees and access to many tradable instruments.
Is it safe to trade with SPN FX?
Trading with SPN FX carries significant risk due to the lack of regulatory oversight.
Risk Warning
Online trading involves considerable risk, so it may not be suitable for every client. Please make sure that you totally understand the risks involved and notice that the information above provided in this review may be subject to alteration owing to the constant updating of the company's services and policies.
