Is News Spy a scam? We have the answers in this detailed review. We go over its legitimacy claims, security, and other special features, its claims to help you make money trading Bitcoin, and its online reviews from other brokers.
The News Spy is an automated trading robot designed to help traders make money. According to the official website of the robot, the High-Tech trading software uses advanced risk management models for trade placements. The auto trading software scans the crypto markets with lightning-fast speed and discovers the most appropriate trading opportunities. The robot also incorporates scalping techniques to make the best use of even the smallest market move. Today, we discuss the news spy robot in detail.
The News Spy Main Features | |
|---|---|
| Minimum Deposit | $250 |
| Offers Leverage | Yes |
| Withdrawal Period | 24 Hours |
| Customer Service | Email / phone / chat |
| Supported Coins | BTC, ETH, XRP & more |
| Hidden Charges | Commission fees |
Based on the concept of cloud computing, the robot remains accessible round the clock. The platform takes honor in making the trading app available all time. However, that’s not a big deal. Today, you name the robot, and you will find it offers the same feature. Secondly, the online availability of the robot doesn’t mean that it guarantees unlimited profits as well. If the robot brings you losses, what is so good about the robot being available all the time?
Another feature of the robot that the website claims towards its uniqueness is its customizability. According to the website, you can configure the robot as per your preferred trading methodologies. The robot works well with any of the money management strategies and trend indicators you wish it to use. Modification of the risk levels and the amount allowed to place on each trade is also available. Well, that’s pretty good to hear. However, customization is something you can easily find in any other trading robot as well. That’s not by any means can be considered a unique feature of the trading robot.
One of the crucial stages of investment with the best crypto trading platforms is the process of account verification. You sometimes come across strict rules of account verification where you need to prove your identity to have your account verified. However, that’s not the case with the news spy trading platform. Your account gets verified within a few minutes of registration. You can also deposit as many funds as you wish without having to go through the customers’ KYC parameters at all. Sounds good? Well, think for a while, how come a trading site doesn’t ask you to prove your identity while other legit trading platforms like the Binance crypto exchange restrict you from depositing money beyond a specific limit? That’s because the scam website doesn’t care anymore, after having you deposited funds in your account.
The provision of a demo account ensures traders build the required level of confidence for successful trading. In a demo account funds are virtually provided by the platform to make traders learn different trading skills, and try different money management strategies, without the fear of losing real funds. The news spy trading app claims to offer traders the facility of a demo account and argues it to be a premium facility for traders. That’s not true, these days, almost all trading platforms offer the same feature.
Although the demo account can be a good source for learning trading strategies, and polishing your trading skills, however, demo accounts can replicate the real trading environment. Trading odds tend to vary in live markets. Therefore, the provision of a demo account is not enough to deem the platform to be one of the bests.
The new spy trading app accepts payments through multiple methods, including debit cards, credit cards, payment via e-wallets, and wire transfers, etc. However, the problem only arises at the time of withdrawals. There are a few reviews available online that confirms that the robot has a slow process of money withdrawal.
The website offering the news spy trading app claims to provide a quick withdrawal process to its customers. However, as stated above, the platform is known to have a slow process for withdrawals. Secondly, you have to complete a certain amount of trading volume before you can place a request for funds withdrawal. The platform, however, doesn’t tell you about any restrictions concerning withdrawals at the time of registration.
Customer support is yet another important feature when it comes to dealing with a legit trading platform. The news spy trading app claims to offer 24/7 customer support to its customers. However, the platform doesn’t even have the web chat support tab on its official web page. Also, there is no information available concerning the physical location of the company’s office. You can’t see any telephone numbers as well. That means there is no way you can contact the company once you have funded your account.
As far as the working of the news spy trading app is concerned, it is just the same as that of other auto trading robots we’ve reviewed earlier. The app works in integration with different brokers around the world. Traders need to sign up with one of the suggested brokers of the platform. Depositing a minimum of $250 is yet another prerequisite of the auto trading bot to get started. As soon as your account has funds, you can access the robot to configure it and make it start placing trades right away.
To get started with the news spy, you need to follow the steps mentioned below;
We do believe so, and we have several solid reasons for believing in The News Spy scam. First of all, the robot has no specific website, which means you can sign up for the robot on multiple online domains. Secondly, all of the claims made by the news spy resemble the scam auto-trading robots we’ve already reviewed. Thirdly, the robot has no testimonials on any of its webpage that may provide some sense of the credibility of the robot. Lastly, the internet is full of online The News Spy reviews that declare it as one of the scam trading robots.
No, you can’t make unlimited profits with the news spy. Let us present to you some facts to support our logic. Crypto markets are known to be one of the most liquids markets around the world. Having a higher level of volatility, they also tend to make a sudden move leaving even the most skilled traders to be helpless. Auto trading robots are pre-programmed and can work only in perfect market conditions. However, while trading cryptos, the concept of an ideal market is unimaginable. That’s why you can’t expect a robot to make excessive profits. We even suspect the ability of the robot to retain your initial investment.
The information specifically about the news spy reviews isn’t available on Quora. However, we tried searching for some relevant information because the news spy trading robot also works the same way as other trading robots do.
There were hundreds of negative reviews about the usage of trading robots. People seemed to be suggesting that trading with robots is worthless. A member of Quora said that he is trying several robots for years; however, every time he tries a different auto-trading robot, the robot brings him losses. According to the member’s view, the robots can’t make a rational decision, when the market moves unexpectedly; therefore, you can’t trust them in a highly volatile market.
Like Quora, we tried searching for information for the news spy reviews on Reddit. Again, we couldn’t find sufficient information regarding the app specifically. However, we noticed some people cast their votes in favor of some other trading robots. On the other hand, most of the members on Reddit seemed to be opposing the decision to invest in auto trading robots.
One of the members on Reddit said that in most cases, the programmer of these so-called robots knows nothing about trading. We concluded that more or less all of the auto trading apps work on the same pattern. You can’t expect robots, do wonders for you. Therefore, it is better to trade manually or invest your money with some legitimate, regulated platform.
It is quite usual for auto trading apps to claim appearance on the TV. Almost every other trading robot does the same. The news spy is no different; it also claims to have been endorsed on multiple TV shows including Shark Tank, This Morning, and Dragon’s Den. However, since we’ve already done many reviews on robots claiming their appearance on TV, we knew this claim is baseless. Still, we think, it’s our moral duty to present information based on real facts and not on assumptions. So, we confirmed the news from different resources and found that we were right. Let’s have a quick look below to know what the concerned sources said when asked about the news spy appearance on the TV.
Shark Tank: The American top favorite business reality “show shark” tank has been named numerous times for endorsing several auto trading robots. The auto trading app also claims to have been recommended by the show panelists. However, when the show hosts were asked to share their views on the claimed endorsement of the news spy robot, they denied any such approval. Further, all of the multimillionaire judges clearly stated that they don’t appraise any project until they are sure about its productivity.
This Morning: This Morning is a famous Britain TV show that is being on air in the UK for the past 33 years. The program is equally popular amongst men, women, and children. It features segments from the routine lifestyle categories, including art, entertainment, fashion, home & kitchen, showbiz, health & sports, business, and celebrity interviews. The program gets a nomination for the false advertisement of auto trading apps multiple times. The news spy trading software also claims that the morning show hosts have recommended people to invest in it. However, upon confirmation from the concerned sources, the endorsement news proved wrong.
Dragon’s Den: The Dragon’s Den is one of the most popular business reality show that is being telecasted for more than 15 years in the UK. The format of the show is designed in such a way that it allows three minutes to the budding entrepreneurs of the country to sell their business proposals to five multimillionaire dragons of the show. Thanks to the excessive fame of the show, some obnoxious factors try to take the benefit by marketing false association to the show. One such instance is the news spy’s claim to have been recommended by the show judges. However, upon confirmation from the concerned sources, the endorsement news was revealed as self-created.
Likewise, the claim to have been appeared on TV, the so-called scam trading robots make no mistake in claiming celebrity endorsement. The news spy app also claims to have been recommended by various celebrities including Piers Morgan, Bill Gates, Holly Willoughby, Richard Branson, Mark Cuban, and some other famous names. Please continue reading below to know what these celebrity stars had to say when questioned about the news spy endorsement claim.
Mark Cuban: The 62 years old good-looking American entrepreneur was named after the false promotion of the new spy trading robot. It was allegedly claimed that Mark Cuban has not only apprised the robot but also suggested people invest in it. The news of the endorsement, however, was turned down by the businessman later.
Holly Willoughby: Holly Willoughby is a famous model, TV presenter, and media person. She has also been quoted in the wrong publication and advertisement of fake trading robots including the news spy. While clarifying, she refused to own any affiliation with any of the auto trading robots. She didn’t recommend the news spy auto trading app ever, added Holly Willoughby.
Piers Morgan: Piers Morgan is an English broadcaster, writer, and journalist. He often gets captioned as the one appraising investment in auto trading robots. This time the smart fellow, ended up in a self-claimed advertisement where the news spy auto trading app claims its affiliation with him. However, he rejected the claim and denied any such association. While talking to our team members, he clarified that it has now been quite a time that his name gets quoted for the false advertisement of some unsold products without his consent. He is considering some legal protection against the factors responsible, he added.
After a detailed review of the news spy, we conclude that the news spy is a scam trading robot. The trading app works the same way as all other scam trading robots do. There is no information available on the official website of the robot concerning its invention. The website also doesn’t share any information about the claimed algorithms as to how they work? Also, there is no information available on the official web page of the robot to establish contact with the company’s representatives if you come across some trouble. We suggest not to invest in the news spy robot. Instead, find some other legit trading platform to invest with like eToro.
eToro is one of the best crypto and CFDs trading platforms offering both trading and exchange services to its customers all across the globe. The multi-regulated trading platform has its head office in Cyprus. The eToro provides a wide range of tradeable assets with the most advanced trading tools taking your trading experience to the next level. Using eToro’s digital wallet, you can hold more than 120 cryptocurrencies. The digital wallet also provides you with an option to convert your digital assets to other support digital currency without having to look for some other exchange. With eToro’s social trading platform, the possibility of copying trades helps you start making a profit from day one even if you are just a beginner. Generous leverage offers, tight spreads, and multiple deposit and withdrawal methods make eToro the best place to invest your money in.
No, the new spy is not a regulated app. All other trading robots that offer automated trading facilities are custom made trading robots that do have any license to operate and are therefore non-regulated.
The minimum amount to start trading with the news spy is $250. However, the robot allows you to place trades for a minimum of $25 in one go.
No, it doesn’t support forex trading. You can only trade crypto assets using the news spy auto trading app.
Yes, it does. You can trade Ethereum, Litecoin, DASH, Ripple, Monero, and a few other cryptocurrencies in addition to the bitcoin with the news spy trading software.
The news spy doesn’t take so long to verify your account. Instead, you can have your account verified within 10 to 15 minutes of registration.
Yes, the robot comes with both features. You can either trade manually or set the robot to place trades automatically.
Yes, you can deposit your funds using the multiple options available including debit cards, credit cards, Skrill, Neteller, PayPal, and wire transfers etc.
