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The News Spy review and test – Is it a scam or not?

There are many trading platforms available some are legitimate, and some are scams. Some deal with commodities, some deal with Forex pairs, and the latest craze is trading in cryptocurrencies. Many brokers are offering to trade cryptocurrencies. Programs and websites have been developed that allow uninitiated traders assistance in all facets of trading, but be aware there are many scam sites. Traders should check the internet for reviews before embarking on the hunt for cryptocurrencies. Just make sure that you read the good and the bad reviews before making up your mind to use a trading platform. 

The most well-known (and oldest) cryptocurrency is Bitcoin. When Bitcoin first started, the only way you could accumulate the currency was by problem-solving complex problems. One Bitcoin has an estimated value of over $60,000. Because of the elevated price of one Bitcoin, trading is done in fractions of a bitcoin. It is important to note that when trading in cryptocurrencies, you are not owning them. For a brief time, you have them. You are buying and selling them, hoping to make a profit that can be paid out to you in money, your home currency.

Cryptocurrencies are being accepted by many online stores. When you trade using cryptocurrencies, you can get the cash equivalent deposited into your bank account. 

Review:
Type:
Min. Deposit:
Demo account:
Automated Trading:
3.7 out of 5 stars (3.7 / 5)
Cryptocurrency trading
$250
Yes
Yes

Trade more than 6,000 markets without commissions and professional platforms.

(Risk warning: 81.40% of retail CFD accounts lose money)

What is News Spy? – The robot presented

When you have signed up and passed through the checks and been verified, the News Spy robot is ready to trade for you. This trade can be done automatically by the robot, or you can do it manually and ignore the possibility that the robot will work quicker and more profitably than you. You may choose to do a mixture of both automatic and manual trading. In my opinion, this is the best option as you can keep a better eye on your deposit.

News Spy works with a complex mathematical algorithm to provide you with the best help in your trading. The software is reported to provide fast automatic trading to your best advantage. It also examines trading news to help it make trading decisions based on the parameters you have set. This web-based app will search the various trading sites and various news programs to find the best trade for you. 

Your trading is done in real-time. Markets can change drastically in a few moments. The News Spy robot works fast to buy to your advantage and to sell as it interprets changes. The robot is capable of making rapid decisions when operating in automatic mode.

Regulation and safety

The News Spy‘s registered website is an SSL (Secure Socket Layer) site. This implies that the data is encrypted and kept safe. One concern is that once you have entered the portal, you are assigned a broker. That broker may not be a regulated broker, and the website may not be a secure one. You will need to check on the broker to make sure that your funding is safe. News Spy also claims to have Anti Monetary Laundering software in place.

The best alternative for investors: Capital.com

  • Regulated and safe trading platform
  • Minimum deposit of $ 20
  • Free practise account
  • More than 6,000 markets
  • Forex, stocks, crypto, CFDs
  • No commissiones
  • Spreads from 0.0 points

(Risk warning: 81.40% of retail CFD accounts lose money)

How does it work? – The trading platform

The auto trading bots will help you make a success of your trading. At the start of the day, you need to spend a short while setting your parameters for trading. You can then allow the robots to make any trading decisions for you or you can choose to do it manually. If you decide to do a manual operation, be aware that the times you need to be away from the computer (a bathroom break springs to mind) may just be the time when there is a drastic change in the market, and you stand to lose megabucks. 

The robots are geared to make rapid decisions, quicker than a human mind can even grasp that there may be a problem. A tried and tested algorithm can make many decisions per second. The robot can be left alone in auto trade mode indefinitely. Try to make it a habit, at the end of the day, to close trade and bank any profits you may have made.

The trading platform is user-friendly even for a person who is not fully computer literate. Trading is difficult, so if you are a beginner trader, you should invest in some training. 

Open your free account

It is easy to start an account with News Spy. On the home screen, there is a video that you can watch, but as it will not help you register. You can save time by not watching it. On the right side of the screen, there is a registration form. You are required to: 

  • Give your full name,
  • An email address, 
  • A phone number and 
  • A password. The site offers to generate a password for you, but I find this a bit suspect. Please remember when creating a strong password, it needs to be more than 6 symbols. You need to use upper and lower-case letters as well as numbers and symbols. Keep the password safe and do not disclose it to anyone. 

Once you have submitted this form, you will need to be verified. The program needs to know that you are not a robot. Once this is complete, you will need to register for further information.

Trade more than 6,000 markets without commissions and professional platforms.

(Risk warning: 81.40% of retail CFD accounts lose money)

Test it with a demo account

A demo account is necessary for beginner traders, but experienced traders could spend a bit of time with the demo account to make sure that they are happy to commence trading in News Spy. However, seasoned traders may like to dive right in. The demo account is designed expressly to help beginner traders get a feel for the trading. The demo account does not operate in real-time but uses data from previous trading sessions. The demo account will help the beginner learn the tricks of auto trading. 

Once the beginner has spent enough time on the demo account, they should be ready to start trading with real money. A note of warning to traders: It is easy to be blown away by good wins. It is also easy to become concerned when your trading is not going well. Do not be tempted to invest more money than you can afford to lose. The demo account will also help users decide whether or not this is the right trading place for them. 

Deposit money

The News Spy site allows you to deposit a minimum amount for trading. You can deposit more, but $250 will open the live trading door for you. You will be assigned a broker, and your deposit will be held by them for your trading account.

It is a pity that this step comes before the demo. This means that if you decide this is not the trading system for you, you may battle to get your deposit back. Some apps claim that the deposit is non-refundable. Check on this before you make a deposit on this or any other platform, as you don’t want any unpleasant surprises if you choose to close your account.  As your profits mount, you may like to increase your deposit by channeling your profits into your trading account. You can also transfer amounts from your bank account. Most banking platforms are recognized by the News Spy.

Withdraw money

The News Spy guarantees that withdrawals will be available in your bank account within twenty-four hours. You will make your withdrawal request to your broker because he is holding your funds. The withdrawal process is quick and easy.

Brokers are in it for the money and will probably prefer you to keep your funds with them. When you fill in a form to withdraw, the broker may try to convince you to reinvest your profits. Their argument is that with increased funds in your account, you will make bigger profits. This is a good argument, but it is your money, and you need to decide what to do with your profits.The best advice is to withdraw any profits when you close your trading for the day.

Fees

There are no fees for registering on the site. When you have passed through the verification process, you will have to make a minimum deposit of $250 before you continue using the site. On payment of that deposit, you will be allocated a broker. His job is to help you with your trading. The site also states that there are no fees for withdrawals. As a business, they have to make money somehow so a small percentage of your profits will be peeled off before the profit appears on your dashboard. 

Support

The News Spy app offers customer support 24/7. The support team can be contacted via email or phone. If you choose to email, you may have to wait a while before your query is answered. A phone call will be attended to rapidly.  If the support staff cannot help you, your query will be forwarded to your broker. The broker deals with many queries and should be able to answer any problem you pose.

Trade more than 6,000 markets without commissions and professional platforms.

(Risk warning: 81.40% of retail CFD accounts lose money)

Conclusion

The preamble should have given you any information you need to operate your trading account with The News Spy website. In examining The News Spy platform, many problems have surfaced.

  • The entire platform appears to be a clone. Many other trading platforms have the same basic appearance; colors are different, but the look and feel of the various sites are the same. It is difficult to decide which one is the original, legitimate platform. But maybe none are legitimate. 
  • There is a ticking clock that urges you to register while there is still time. This is a typical scam technique aimed at the impulsive buyer. For someone to investigate the site, they must have an interest in it. If they are confronted by a ticking clock they are likely to register impulsively as they do not want to miss out on the tantalizing prospect of earning big rewards.
  • It portrays itself as a get-rich-quick scheme. All such schemes should be examined carefully before committing your finances to them. There are no shortcuts to wealth.
  • Assigned brokers are from countries that do not have regulatory systems in place.
  • They cannot trade in the United States.
  • The testimonials that are presented feature paid actors. 
  • When you do a search for the website you will be led to two different websites. Both of these sites proclaim to be the official website. 
  • There are many promising reviews but there are more reviews from extremely dissatisfied customers who report that their money disappears from their dashboard. Other complaints are:
  • Support is not available.
  • They cannot withdraw their funds.
  • The agents are pushy and rude.
  • The broker was not able to help them.
  • The site is completely anonymous. No one is taking credit for it. It has no presence on any social platform. There is no physical address. There is no evidence of transparency. 
  • Most reviewers report that while they make money on the demo account, they lose big time when playing with real money. 

Many positive reviews are specifying that the site is legitimate but taking the above points into consideration an investor would be wise to check this out for themselves. A simple search will give you websites that have reviewed the app. 

Trade more than 6,000 markets without commissions and professional platforms.

(Risk warning: 81.40% of retail CFD accounts lose money)

Frequently asked questions:

  • Does News Spy only trade Bitcoin?
  • No. It has a variety of cryptocurrency choices like Ethereum and Ripple

  • What is the minimum deposit required for your account?
  • The site requires you to make a minimum deposit of $250

  • Can you trade automatically and manually?
  • News Spy offers you the choice of automatic and manual trading. The beginner may be more comfortable with automatic trading. The seasoned trader will probably opt to do manual trading part of the time.

  • Is trading on News Spy time-consuming?
  • If you elect to do automatic trading you will need to spend twenty to thirty minutes at the start of the day to set your preferences and objectives. 

    The News Spy

    New News Spy software is full of tools that can improve your trading investments while investing in cryptocurrencies.

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    Summary:

    New News Spy is a great auto trading software for beginners.

    3.7

    Trade more than 6,000 markets without commissions and professional platforms.

    (Risk warning: 81.40% of retail CFD accounts lose money)

    Last Updated on March 6, 2022 by Andre Witzel