Spy-fx.com Review: this is the name of a Forex robot that provides its clients with a copy signal service. Is Spy FX a scam Forex robot or a legit product?
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What Are Forex Signals or Indicators?
Most Forex indicators are created for the purpose of giving traders trading signals that are accurate as well as consistent. With a legit indicator system, traders can afford to spend less time monitoring the market.
Traders are provided with what can be termed expert advice from these robots, this is why they are called Expert Advisors (EAs). EAs are sold by indicator vendors.
Spy-FX or Spy FX is a signal providing service whose vendor is not disclosed nor do we have anything on their location. We find it uncomfortable because the website looks anonymous, it is dangerous patronizing unknown Forex vendors. They claim to provide simple solution for traders who want to increase their outcome on the Forex Market.
It is totally in character for Forex EA vendor or signal providers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit vendors at the bottom of this article.
How Spy FX Works
The Spy-FX robot was designed to overcome the gap created by the need for in-depth patience understanding and dedication for each trade. Because many traders leave their trading accounts shortly after starting because of this requirement, the vendor created this service.
It is simply a copy trader like we have come across several times. Those who purchase it get their trading accounts linked to that of the vendor’s master account. By doing this, they use the same strategy used by the vendor’s account and make consistent profit as they do also.
Some features that the vendor claims make the robot unique are as follows:
Trades are updated in real time
Service fee depends on profit
Requires no VPS/VPN or any special software
Streamless access to verified MyFxBook results
Low entry deposit
Unlimited MT4 app access to your account
No down payment
There are also steps provided for interested traders to start making use of the signal service. It starts with creating an account with PaxForex, a Forex broker.
Spy FX Pricing Structure
What we found in the steps is that to use the Spy-FX Forex robot, traders must make a deposit of $2,000 or more.
Our Opinion On Spy FX
Since traders need to open an account with the Forex broker, PaxForex, it looks like Spy FX is just a front to get clients for the broker. It does not altogether seem like a bad strategy but the minimum deposit is quite high even if PaxForex is legit. We are used to Forex brokers asking for between $100 – $250 minimum.
We do not find much that is being said by clients of this company. Since it falsely advertises itself as a robot, we don’t blame disgruntled traders. Trading results that are advertised are also not found. It would have been an advantage if they existed.
To reach the vendors or their customer care representative, traders are directed to use a contact message form or the links to Facebook, Viber or Telegram.
The fact that Spy-FX or Spy FX is really a copy signal service and not an EA as advertised is discouraging. It leads clients to start trading with another Forex broker and will not be satisfactory to those who already have a trusted broker.
We find the funds required to use this service to be high and not competitive. Not much proof is available that t works since we see no client review or results.