SpireBit: company reviews. Reliable or not?
SpireBit is a company that actively promotes itself as a reliable financial partner. Reviews found on the internet seem to confirm this fact. However, is it wise to blindly trust this organization? Let’s try to figure it out together. In this review, we will examine what lies behind the SpireBit brand, whether the company has the necessary legal justifications for its operations, and what commercial offering it provides.
Information about SpireBit Company
SpireBit provides potential clients with the following statistics:
- 100,000+ open accounts,
- over 200 payment partners,
- 400 financial intermediaries,
- 135 partner applications.
However, there is no information about the period during which brokerage services are provided, and there is also no information about the key company executives. A Whois check revealed that the spirebit.com website was launched in August 2021.
Also, thanks to the web archive, it became known that the domain was put up for sale in December of last year for $280. This suggests that the advertised reviews in which traders share their successes with SpireBit may be fake, as the broker did not exist at the time of their writing.
Issues also arise with the contact information of the developers. The company claims to have a main office in London, which is said to be located in a 40-story building on Mary Axe. However, the name SpireBit cannot be found in the list of tenants of this building on Google Maps. A similar situation is observed with the company’s offices in Germany, Spain, and the UAE. Information about the offices, phone numbers, and addresses turns out to be inconsistent. This indicates that for writing reviews and complaints, one must turn to third-party resources, as it is impossible to directly contact the company’s support service.
Legal Position
SpireBit claims that its activities do not violate international legislation and that the company is officially registered in the UK. However, searches in the Companies House registries and the British regulator FCA yielded no results.
A similar situation exists with regulation in Russia and Kazakhstan: local regulatory bodies have no information about this company. The SpireBit organization has not yet been blacklisted for only one reason – its activities have not been studied enough, and there are no real reviews and complaints from users yet. However, by the time feedback appears, dozens and hundreds of clients may suffer losses.
Trading Conditions
SpireBit offers access to various financial instruments, including cryptocurrencies, stocks, commodities, indices, bonds, and futures. Reviews indicate that the company does not provide the opportunity to try out on a demo account. Instead, risk-free orders are provided on accounts with a minimum threshold of $5,000. Several tariff plans are available to clients:
- Bronze. Starting deposit $500. Features: leverage 1:5, access to the trading terminal, consultations with an analyst,
- Silver. Minimum deposit $5,000. This tariff plan promises basic training, 1 trading signal per week, and 1 risk-free order,
- Gold. Starting deposit $25,000. Investors are offered leverage up to 1:10, personal support, advanced training, 3 signals per week, and 2 risk-free trades. Algorithmic trading is possible (1 bot),
- Islamic. Deposit amount discussed individually. Traders are promised no swap fees, hidden payments, deductions, or breaks. A temporary hold limit is set,
- Platinum. Minimum deposit $100,000. Features: 10 trading signals per week, 3 insured trades, 2 bots, leverage 1:33. A quarterly business plan, personal risk manager, and trust management are provided,
- VIP. Entry threshold $500,000. Additionally, 5 risk-free trades, unlimited signals, 3 robots for algorithmic trading, leverage 1:50,
- Diamond. Minimum deposit $1,000,000. Features include 10 insured orders, 5 bots for algorithmic trading, leverage 1:100 (note that in the UK, where the broker is supposedly registered, leverage is limited to 1:30).
From the conditions described in internal documents, it is clear that SpireBit does not guarantee the ability to earn and withdraw funds. The broker disclaims financial responsibility, citing force majeure situations, and reserves the right to unilaterally cancel a deal or terminate cooperation.
Real Client Reviews
One should be cautious with praising reviews. They may be written retrospectively and not correspond to reality. Real client reviews have not yet appeared, but people are interested and want to know about the practical experience of interacting with SpireBit. If you have something to share, please leave your reviews under this publication.
Client Deception Algorithm
SpireBit targets newcomers who may be enticed by positive reviews and impressive success statistics. Novices usually will not study legal documents and analyze facts. Minimum losses on this fraudulent platform can amount to $500, but scammers may seek to completely empty the wallets of their victims, arguing the need to switch to other tariffs with privileges provided by them and access to services such as personal risk management and risk-free trades.
Conclusions
Working with a company like SpireBit, you may end up without funds. The fake broker imposes dishonest conditions and does not intend to honestly fulfill its obligations. It is important to remember that SpireBit does not have access to the interbank market, and all its operations boil down to creating the illusion of profitable deals to keep clients investing their money.
My experience with SpireBit has left a bitter taste in my mouth. The customer service I received was abysmal, with slow response times and unclear communication being the norm. Moreover, platform glitches and discrepancies in quotes were unending, causing me to lose money. Worse, hidden fees were only revealed after committing a substantial amount of money. With no resolution provided by their support team, I had to absorb the losses. I would heavily advise against entrusting your investments to this firm, as their reliability is highly questionable. This experience has made me realize the importance of in-depth research before choosing a broker.