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SphereX Broker Review

SphereX appears to be the ideal US brokerage at first glance. Regulated, accredited, offering reliable leverage, and enabling trading in cryptocurrencies We are fortunate to have enough experience to avoid believing things just because they appear wonderful. Learn more about SphereX by reading our review of the brokerage.

Broker status: Unregulated

Regulated by: Unlicensed brokerage

Owned by: SphereX Limited

Headquarters Country: USA (allegedly)

Foundation year: N/A

Supported Platforms: Web trader

Minimum Deposit: $500

Cryptocurrencies: Yes

Types of Assets: FX, commodities, cryptocurrencies

Maximum Leverage: 1:100

Free Demo Account: No

Accepts US clients: Yes

SphereX Regulations and Security Details

The broker is owned by SphereX Limited and is based in Colorado, USA, according to the sphere.pro website. Additionally, they claimed that clients are “covered by CFTC” and that they are governed by the National Futures Association (NFA). After looking up SphereX Limited using the website’s regulation number in the NFA registry, we discovered that it is an uncontrolled firm. We discovered the same thing when we looked up the CFTC registration. Thus, we may draw the conclusion that the broker is a well-known fraud that seduces US consumers into investing their money.

Fund Withdrawal Issues With SphereX

Customers are claiming withdrawal problems in great numbers, as would be anticipated from a shady broker like SphereX. SphereX has no reason to permit customers to withdraw their money because there is no genuine regulator supporting this company’s concept and the real headquarters might be located anywhere in the world.

In fact, the company has a well-established mechanism in place; after requiring a minimum deposit of $500, they will show you some cryptocurrency profit, their preferred investment vehicle, and then want more money. You could even agree to increase your investment since you are so surprised by the purported outcomes. However, be prepared for the suspension of your trading account once you seek a payment.

Traders About SphereX Scam

Unfortunately, SphereX’s deceptive website content and full misrepresentation have led to a large number of traders falling victim to the scam. Once the broker’s staff contacts you, they will make every effort to persuade you that everything is as legitimate as it seems on the website. However, there are several problems, starting with withdrawals, a broken automatic trading system, and poor account management.

Scams involving online trading begin when you register to invest. After providing your personal information, you will be asked to make an investment, and the business will make every effort to position itself as the best choice. If we discuss SphereX, they will try to convince you that they are US-regulated and have operations in Singapore and Dubai. These countries are definitely the SphereX scam’s intended victims.

Therefore, be cautious to confirm if the company is indeed regulated or not on the regulator’s website before depositing any money.

Please, avoid this forex broker and similar brokers.

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