Welcome to the Spy FX review where we’ll discuss a copy trading service that promises 69% win rate and is strictly insisting that traders can only use PaxForex and not any other broker.
Among the features and benefits that Spy-fx.com is promising include real-time trade updates, no upfront fees, no VPN required, access to verified myfxbook.com results and low-entry deposit.
Spy FX recommends a minimum deposit of $10,000, although they do accept $2,000 in their managed trading account.
What we find rather strange is the fact that Spy FX has not disclosed company information, the team behind their trading strategy or even their location.
There’s a cloud of mystery surrounding this service in terms of their trading background. The only hint they provide is that they’ve partnered with PaxForex for the last 5 years.
This does not necessarily mean anything.
In fact, many Forex trading vendors have made these claims, only for us to find out that they barely have 1 year of experience into the game.
According to who.is, Spy-FX.com was registered in January 2018.
If their 5 years of trading experience with PaxForex broker remains true, then our next question would be how Spy-FX was offering its services to members of the public without a website. Before you invest the $2,000, you need to read this Spy FX review to establish whether this copy trading service is viable.
Spy FX review
Spy-FX insists that they aim to provide investors with peace of mind through automated trading.
They claim that Spy FX can prove its words using “raw, unfiltered trading results”.
This statement is contradicting to our initial observation because while the vendor is hesitant to provide details of their company and the people working for them, they give the impression that they are more than ready to produce “raw and unfiltered results.”
They’re actually tempting us to talk about their trading results now even when it’s clear that we rarely touch on this area at the beginning of any review.
The vendor is also promising that their service is transparent.
They tell us that their clients will be provided with login details for their MT4 accounts so they can view all the live trades.
Our next question after hearing this statement would be what use is this for if the investor has already deposited their money into PaxForex broker’s accounts?
The idea of viewing MT4 trades has to be implemented right before a customer can be asked to deposit any money.
It would actually be a good idea if Spy-FX gave us investor access to their MT4 master account or at least provide trading statements like Satelysfx does.
This way, we would easily analyze their past trades, their strategy, pips won and lost including draw down. We would then come up with a conclusion based on this information.
Trading strategy of Spy FX
After all has been said and done, professional traders like us would like to understand what trading strategy their automated system is going to implement.
The vendor promises automated trading which is stress-free and profitable.
We know that every success trading must have a solid trading strategy that generates the results.
69% win rate is a good return on investment. However, we need to know what trading methodology is behind their automated trading.
Unfortunately, Spy FX does not disclose their trading strategy or methodology. In addition to this, no information has been provided concerning their risk management style.
When this information is lacking, serious traders can only question the authenticity of this trading operation.
The vendor expects traders to deposit $2,000 when they have not provided the much needed details concerning their activities.
How are we supposed to trust these people?
Also, keep in mind that they are still anonymous at this level yet they’re continuously pushing for traders to deposit $10,000.
We feel that this is manipulative and the vendor needs to provide this information as soon as possible.
Verified myfxbook.com results is one of the features they mention in connection with their copy trading service.
Spy FX does not provide us with third party verified trading statements from myfxbook.com.
We’re not sure whether this is forgetfulness or an intentional move by Spy FX.
Regardless, we feel that their supposed 69% win rate cannot be verified and there’s no telling whether our deposits will yield any results.
We hope they’re going to include this information because they’ve already promised myfxbook results on the sales page.
Spy-FX reviews or customer feedback
We’ve seen a number of feedback from various sources on the internet.
The most common complaint is that Spy FX is trading with poor risk management strategy. They wipe accounts as soon as their trading yields significant profits.
And of course others claim that this automated trading service is good no matter what.
It’s hard to know the truth regarding the people who claim this service is professional and profitable.
But it’s plain obvious that the people who are seemingly agitated with this service are investors who lost money to the trading operation and are feeling disappointed.
Spy FX is not a 100% transparent copy trading service. This is a concern on the internet nowadays as many Forex trading vendors simply don’t bother to prove their prowess and yet they proclaim massive returns to unsuspecting investors.
Whatever the case, we feel that this copy trading service is far from being the ideal copy trading service worth investing in.
We don’t know about you, so we’d like to hear your opinion regarding Spy FX.
Thanks for reading our Spy FX review.
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