For over a decade, DailyForex has been the trusted Forex broker authority, establishing an unrivalled reputation for rigorous research and journalistic integrity. With a methodology refined through years of industry experience, we empower traders to make informed decisions, which is particularly important when trading high-risk investments such as penny stocks. Discover more about our comprehensive review process and how we maintain transparency and impartiality here.
Editor’s Verdict
Spova is a newly established, offshore CFD broker regulated in Anjouan, in the Union of Comoros, that caters to traders seeking high leverage and a simplified web-based trading experience. While algorithmic traders will feel the absence of the popular MT4/MT5 platforms, I found its proprietary platform to be easy to use, requiring no installation, making it decent for beginners who want immediate access to 160+ assets, including 50+ cryptocurrency pairs available on a 24/7 basis. Many traders will also find the 1:400 maximum leverage attractive.
Overview
Headquarters | Comoros |
|---|---|
Tier 1 Regulator(s)? | |
Owned by Public Company? | |
Year Established | 2025 |
Execution Type(s) | Market Maker |
Minimum Deposit | $250 |
Negative Balance Protection | |
Trading Platform(s) | Proprietary platform |
Average Trading Cost EUR/USD | 0.9 pips |
Funding Methods | 5+ |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
Spova Core Takeaways:
- Market Maker & STP model with variable spreads and a proprietary platform
- Regulated by the Anjouan Offshore Finance Authority (AOFA)
- Offers a proprietary WebTrader platform (Browser-based)
- Minimum deposit of $250, which is higher than the industry average
- Delivers access to 160+ Forex, Stocks, Indices, Commodities, and Crypto CFDs
- Provides high leverage of up to 1:400 is standard for all retail clients
- Enables position hedging
Who is Spova For?
Trader Type | Suitability | Why |
|---|---|---|
Crypto Speculators | High | With 50+ cryptocurrency pairs Spova offers one of the most aggressive crypto trading environments available. The 24/7 support is a perfect match for weekend trading. |
High-Leverage Traders | High | If you feel restricted by the 1:30 leverage caps in the EU or Australia, the 1:400 leverage on Forex pairs offers the aggressive exposure you are looking for. |
Casual / Mobile Traders | High | The proprietary WebTrader is browser-based and requires no installation. It is ideal for traders who want simple, on-the-go access without the complexity of desktop charting software. |
Scalpers | Neutral/Low | While the VIP tier has tighter spreads, the entry-level accounts have wider spreads (from 2.5 pips), making high-frequency scalping less efficient. |
Automated / Algo Traders | Low | Without support for MetaTrader 4 or MetaTrader 5, traders are unable to run Expert Advisors (EAs) or custom indicators. |
Spova Regulation & Security
Trading with an offshore broker requires a clear understanding of the pros and cons involved. Spova is a legally compliant and regulated entity.
Is Spova Legit and Safe?
Spova is a legitimate brokerage – the registered firm name is Metaloft Technologies Ltd. It is regulated by the Anjouan Offshore Finance Authority (AOFA). Whilst this allows the broker to offer high leverage and bonuses, it does not provide the same safety nets found in stricter jurisdictions. My review shows that the broker offers Negative Balance protection. This means that even with extreme market volatility, it is not possible for a trader to lose more than their initial deposit.
Regulatory License Number | L15955/MT |
|---|---|
Regulatory Tier | 4 |
What Would I Like Spova to Add?
While Spova offers high leverage and good asset variety, there are several key areas where it could improve its offering. I would like to see the following improvements:
MetaTrader 4 or 5 Support: The proprietary WebTrader is functional for beginners, but it lacks the advanced charting, custom indicators, and automated trading capabilities (EAs) that experienced traders rely on. Adding MT4 or MT5 would immediately make Spova more attractive.
Removal of the 3.5% Withdrawal Fee: Removing this cost would significantly improve the trader's bottom line.
Fees
Average Trading Cost EUR/USD | 0.9 pips |
|---|---|
Deposit Fee | |
Withdrawal Fee | |
Inactivity Fee | true |
Trading Fees: Spova uses a variable spread model.
While the Standard accounts are commission-free with wider spreads, the Raw/VIP Accounts offer tighter commission free spreads.
Spova’s fees are slightly higher than average on the entry levels, but this is offset by the generous leverage offered.
Average Spread (EUR/USD) | Commission per Round Lot | Total Cost per 1.0 Standard Lot |
0.9 pips | $0.00 | $9.00 |
Noteworthy:
- Withdrawal Fee: Spova charges a 3.5% fee on every withdrawal, with a minimum charge of $30 USD.
- Inactivity Fee: A fee of $100 USD is charged monthly if your account is inactive for more than 30 days, rising to $500 after 180 days.
Overnight Swaps
Swap rates on leveraged overnight positions are the most ignored trading costs. Depending on the trading strategy, they may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.
Below is a snapshot of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights in the Standard (Classic) Spova account.
Taking a 1.0 standard lot buy/sell position in the EUR/USD, at the average spread and holding it for one night will cost the following:
Average Spread | Commission per Round Lot | Swap Long | Swap Short | Total Trading Costs (Long/Short) |
1.0 pips | $0 | -$8.00 | +$2.00 | $18.00 / $8.00 |
Taking a 1.0 standard lot buy/sell position in the EUR/USD, at the average spread and holding it for seven nights will cost the following:
Average Spread | Commission per Round Lot | Swap Long (7 nights) | Swap Short (7 nights) | Total Trading Costs (Long/Short) |
1.0 pips | $10.00 | -$56.00 | +$14.00 | $66.00 / -$4.00 |
Noteworthy:
- Swap Fees: Leveraged overnight positions will incur swap fees, which can be positive or negative.
- Positive Swaps: In this example, holding a short position generated a positive return from swaps, which effectively reduced the total cost of the trade.
- Transparency: Spova does not publicly list a live table of current swap rates on its website, so traders must check the platform directly for the most up-to-date figures.
- Islamic swap-free accounts are not offered by this broker.
Range of Assets
Currency Pairs | |
|---|---|
Cryptocurrencies | |
Commodities | |
Crude Oil | |
Gold | |
Metals | |
Stocks | |
Stocks (non-CFDs) | |
Bonds | |
ETFs | |
Options | |
Futures | |
Synthetics |
Spova offers a very wide selection of over 160 assets, allowing for effective portfolio diversification across different market sectors, and offering a major advantage over competitors. Additionally, the inclusion of 24/7 cryptocurrency trading is a strong point for weekend traders.
Asset Class | Available? | Examples |
Forex | Yes | EUR/USD, AUD/USD, USD/CAD |
Stock CFDs | Yes | Apple, Tesla, Amazon |
Indices | Yes | S&P 500, FTSE 100, AUS 200 |
Commodities | Yes | Gold, Silver, WTI Oil |
Cryptocurrencies | Yes | Bitcoin, Ethereum, Litecoin: 50+ digital assets (24/7) |
Spova Leverage
The primary advantage of Spova's offshore regulation is the ability to offer high leverage to retail clients, far exceeding the 1:30 cap found at regulators in the EU or Australia, for example.
What should traders know about Spova leverage?
- Leverage magnifies both potential profits and potential losses.
- With a 20% stop-out level and using 400:1 leverage, rigorous risk management is essential. A small market move against a highly leveraged position can liquidate your account instantly.
- Spova offers guaranteed negative balance protection.
- Always use risk management tools like stop-loss orders when trading with leverage.
Maximum Retail Leverage | Stop Out Level | Margin Call |
|---|---|---|
1:400 | 20% | 100% |
Account Types
Spova offers a tiered account structure.
My observations concerning the Spova account types are:
- 5 Account Tiers: Ranging from Classic-entry-level to VIP- expert level.
- Differences: Higher-tier accounts benefit from tighter spreads and discounts on swap fees, though they have higher deposit requirements.
- Islamic Account: Spova does not offer a dedicated swap-free Islamic account; however, they do offer "swap discounts" on certain account tiers.
Spova Demo Account
A free demo account is available. Given the proprietary nature of the WebTrader platform, I strongly recommend every new user start here. It allows you to familiarize yourself with the interface and execution speed without risking real capital. Activated upon registration, the demo account is pre-loaded with 100,000 USD virtual funds. Users can only trade real funds after deposit.
Trading Platforms
Spova has taken a highly focused approach by offering a single, proprietary platform - Spova WebTrader. The browser-based platform is accessible from any device (Desktop, Mobile, Tablet). It allows for user-friendly customization, providing advanced charting, smart trading tools and rapid execution, while requiring no downloads or installation.
MT4 | |
|---|---|
MT5 | |
MT4/MT5 Add-Ons | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
Social/Copy Trading | |
DOM? | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
One-Click Trading | |
OCO Orders | |
Interest on Margin |
However, this narrowed focus to a single platform means traders cannot use Expert Advisors (EAs), custom indicators, or third-party algorithmic strategies. You are restricted to the tools provided within the WebTrader.
Unique Features
Spova’s most unique features are its 24/7 crypto trading capability, and a high maximum leverage. Additionally, the Proprietary WebTrader is designed for extreme simplicity, removing the learning curve associated with complex desktop software.
Research & Education
Spova offers decent educational resources including numerous video tutorials aimed at helping beginners understand the basics of CFD trading, alongside in-depth courses to help more advanced traders hone their skills. In addition, Spova offers a broad choice of eBooks offering insights into market drivers and different asset classes as well as a glossary covering essential trading terminology.
Research: The platform includes signals, market news, chart analysis and an economic calendar.
Customer Support
Customer Support Methods |   |
|---|---|
Support Hours | 24/7 support |
Website Languages |  |
Spova advertises 24/7 customer support, a significant benefit for traders active in the crypto markets on weekends.
- Channels: Live chat, phone, email, a web form.
- Performance: While availability is high, user feedback suggests the quality of support can be inconsistent ("poor customer service" is a noted complaint).
Bonuses and Promotions
Spova does offer trading bonuses. These bonuses are governed by a specific "Bonus Terms & Conditions" policy. Warning: Traders should be aware that accepting a bonus often locks their withdrawal capability until specific trading volume requirements are met. Always read the fine print before accepting bonus funds.
Opening an Account
The account opening process at Spova is fully digital and fast, typical of offshore brokers
What should traders know about the Spova account opening process?
- KYC is Mandatory: Despite the offshore status, you must upload a government-issued ID and Proof of Residence to comply with AML policies.
- Speed: The entire process can often be completed in under 10 minutes.
- Restrictions: Spova does not accept clients from the USA, EU, UK, or GCC countries.
- Specialized customer support: Onboarding assistance is provided for setup, document submission and navigation.
Minimum Deposit
The minimum deposit at Spova is $250.
Payment Methods
Withdrawal options |      |
|---|---|
Deposit options | |
Spova supports a range of modern and traditional payment methods, including the list below.
- Credit/Debit Cards (Visa, Mastercard)
- Bank Wire Transfer
- Cryptocurrency Transfers - USDT (TRC20/ERC20), Bitcoin (BTC), Ethereum (ETH) (Often available for offshore brokers)
Accepted Countries
Spova accepts clients from many countries around the world but notably does not provide services to residents of the United States, Canada, Japan, or certain other jurisdictions.
Deposits and Withdrawals
The client portal manages financial transactions, but the withdrawal policy is the broker's biggest drawback.
What are the key takeaways from the deposit and withdrawal process at Spova?
- Deposit Speed: Instant for cards; 1-3 days for wires.
- Withdrawal Fees: 3.5% fee (Min $30).
- Processing Time: While not explicitly guaranteed, standard AML checks mean withdrawals can take between 8 and 10 business days to process.
- Minimum withdrawals are $10 for credit cards and $100 for wire transfers, while e-wallet withdrawals just need to cover transfer fees.
- Source of Funds: Withdrawals must return to the original funding source.
Is Spova a Good Broker?
Spova is a niche broker that serves a specific type of trader: those who need high leverage (1:400) and 24/7 market access but cannot use EU/UK regulated brokers.
The strongest reason to choose to trade with Spova is high-leverage speculation. No - Spova uses a mobile-responsive WebTrader that works in your phone's browser, but there is no dedicated mobile app to download from the App Store. You can withdraw money from Spova via the client portal. Be aware that a 3.5% fee (minimum $30) applies to all withdrawals. Yes, Spova offers a free demo account is available to assess the WebTrader platform. Spova is regulated by the offshore AOFA. It is a legitimate and regulated entity. The platform is simple and accessible, so it can be a suitable broker for beginners. However, beginners should be careful not to use too much leverage.FAQs
Does Spova have an app?
How do I withdraw money from Spova?
Does Spova offer a demo account?
Is Spova safe?
Is Spova suitable for beginners?
Chief Analyst and Director of Content
Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.