The News Spy Review – Scam or Legit?

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Rapidly changing news is the social metric that has an immense impact on the cryptocurrency markets. But some news pieces get overlooked, or their impact is so subtle that most traders miss them – which leads to loss of unrealized gains. Several cryptocurrency trading platforms have tried to fix that issue by providing regular news updates. But people aren’t fast enough to react to them.

The News Spy is billed as a cryptocurrency trading platform that can tap into crypto news trends to ‘spy’ on the crypto markets and make price predictions based on them. This review of The News Spy will look into the different features of this platform to help you decide whether it is genuine.

What is The News Spy?

The News Spy claims to be a crypto trading platform that makes trading easy by handling all the technical aspects of the trade. It says that users don’t need any skill to “hit a home run” when trading and can just use advanced trading mechanics to make profitable trades.

Claiming a 70% success rate, The News Spy says that it watches over the news pieces related to crypto and finances to glean the macroeconomic conditions to predict the price. Due to the limited information available, we weren’t able to verify this particular win rate.

That said, the official website does say that it is one of the top-rated platforms on many consumer review platforms – which we found somewhat to be true.

The signing-up process on this platform is relatively simple, with users only needing to provide their names and emails to register the account. A demo trading facility also seems to be available here, and so is the customer support – but these features seem to be locked behind a deposit requirement of $250.

$250 is supposedly the base deposit requirement that The News Spy’s Bitcoin robot uses to buy and sell cryptos and execute trades. Traditional charting tools are also supposed to be made available for those who want to try out a more traditional, manual form of trading. Veteran users can apparently also change the in-app mechanics to make the trading agent in a more customized fashion.

In addition to the initial deposit, The News Spy only offers free withdrawals of up to 10 withdrawals a month, after which it claims that it charges 1% every time you withdraw later that month.

While much of the information about this platform is not directly available, we found that the simple sign-up process doesn’t have any KYC requirements. The News Spy also goes on to say that the platform is available in 120 countries, including the US, the UK, and Australia.

The News Spy Pros and Cons

Here are the pros and cons to know about this site before we go into the different features of The News Spy. 

How Does The News Spy Work?

The News Spy claims to take the approach of most social trading platforms but gives them a more advanced spin. It states that it scans the market for not only price movements but social indicators – such as social media posts and news pieces – to peek at the community sentiment around a particular asset. 

According to The News Spy, it is the combination of these two factors that it takes into consideration when predicting the price movements of a particular asset. It then follows a method similar to other automated trading platforms to find the best prices of one of the listed 65 crypto assets for executing the trades to apparently give profitable returns to users.

The News Spy claims that this approach allows it to be right 70% of the time. While this success rate is realistic as compared to those who compare a 99% win rate, not much evidence exists to substantiate that claim.

However, The News Spy also advertises that it has a demo trading account where users can test the win rate before putting in real money. We couldn’t try it because of the $250 deposit requirement.

The platform also reports that it is available on mobile through an app, but the official website didn’t have a link to that. What we can confirm, however, is that the site is responsive. All the platform’s offerings are accessible through multiple devices. And those who get stuck or are unsatisfied with the win rate can reach out to customer support. This again, is a feature that is locked behind the deposit requirement.

These factors give us a mixed picture of The News Spy. Investors are recommended to exercise caution when crypto trading – especially during a volatile period.

The News Spy Key Features

Here are the features highlighted on The News Spy’s official website.

Support for 65 Cryptocurrencies

According to The News Spy, people can buy and sell 65 different cryptocurrencies on the platform, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ethereum Classic, Cardano, EOS, NEO, ZCash, DASH, MIOTA, Binance Coin, and more. While only the ones we listed appear on the website’s home page, if there are 65 cryptos supported on the platform, that would mean users can diversify their cryptocurrency portfolios. That may allow them to hedge the risks of the currently volatile crypto space.

Demo Trading Account

A demo trading account is a great feature to have – especially for a crypto auto trading platform that does trades on behalf of the client. This tool might allow people to assess the 70% win rate under simulated market conditions before trading under real market conditions. While the platform says that this facility is available, we weren’t able to access it thanks to it being locked behind the deposit requirement.

Instant Withdrawals and Deposits

The News Spy says that the deposit and withdrawal process on the platform is instant. Withdrawals happen within 24 hours, and deposits may happen within a few minutes. However, what we found interesting was that there was no mention of crypto deposits. Having that feature would have really made the instant withdrawals work better.

It claims a High Success Rate

As already mentioned, The News Spy claims to have a high success rate of 70%. While this rate is more realistic than most trading platforms we have covered in the past, there was no way for us to assess it. That said, many third-party sites say that this information isn’t falsified, and the platform does provide a hefty profit for those who trade.

News Based Predictions

The cryptocurrency market doesn’t always have a standard fundamental that dictates the price movements. While technical indicators can help, nuances mentioned in the news have a more profound impact on an asset’s price. The News Spy says that it leverages those nuances to accurately predict the price movements of an asset.

According to the official website, the application scours the internet to look for updates on social media platforms and major news outlets to look at the larger macroeconomic activity and people’s sentiment towards an asset.

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

The News Spy Account fees

The News Spy seems to have taken a standard and affordable approach to fees. There is a mandatory $250 deposit to start trading and accessing the different parts of the website. And then below is the breakdown of the fee structure of The News Spy.

The News Spy Minimum Deposit 

You need to deposit $250 to start trading on the platform. It seems like all the major features that we discussed, from the demo trading account to even the customer support, are locked behind this requirement. Payment can be done in numerous ways, from a standard debit card to a credit card.  

The News Spy Compatible Devices

It has been reported by third-party sites and The News Spy itself that there is a mobile-based platform that people can use to access the site. While we couldn’t find the mobile app, we did find the device to be responsive across the following devices. 

1. Desktop
2. Laptop
3. Android and Apple Smartphones
4. Tablets

Is The News Spy Scam or Legit?

There are many apparent upsides to The News Spy. The platform claims to be using news a way to predict the price movements of an asset – which we think is an admirable choice since news matter most in crypto as compared to traditional technical indicators. But is The News Spy legit?

The answer to this question is indifferent at best. For one, there is not much information available on the official website. The homepage has been solely dedicated to extolling the effectiveness of the trading mechanics, and many of its claimed features are locked behind the deposit requirement.

However, there are customer reviews of this website on Trust Pilot. There are 15 reviews in total at the time of writing, giving an average 3.2 rating of the website. This rating places The News Spy at an average position in our books. However, please look at the reviews yourself before making a decision. Many are too bullish on this site, while others are complaining about the incessant calls that ask them to take aid from an account manager.

Also note that many copycats have also emerged – bearing the same name and similar designs, which makes it more important to navigate the platform cautiously. Investors must conduct their own research before investing and only invest what they can afford to lose.

The News Spy Customer Support

Customer Support is available on The News Spy – apparently – and reaching out to them is possible through email and phone calls. However, it is likely that you will only be able to access the support team once you deposit the minimum required amount.

How to use The News Spy?

Once you have gone through this guide and have assessed the platform by doing your own research, here are the steps to take to start trading using The News Spy.

Step 1 – Visit The News Spy Website

The first step is to visit the official The News Spy website and create an account. The procedure is rather simple and involves a streamlined approach of entering the name, email, and phone number. Once that procedure completes, you will need to verify your account.

Step 2 – Make the Minimum Deposit

After creating the account comes the time to fund it. Apparently, that is possible through the use of a debit card, credit card, or PayPal. The minimum deposit requirement is $250.

Step 3 – Start Trading on The News Spy

Once you have funded your account, hopefully, all the features will be open to you. Try out the demo trading account first before investing for real.

How to Delete The News Spy Account?

There is no mention on the website that touches upon how to delete the account. However, some third-party sites claim that a call to the customer support team or going to the site’s settings will do the job.

Does Jeff Bezos Use The News Spy?

With sites like The News Spy, there are rumors of celebrities or business leaders endorsing it. The same is the case with Jeff Bezos. However, there is no evidence that suggests Jeff Bezos uses The News Spy.

Does Elon Musk Use The News Spy?

Elon Musk is one of the crypto’s favorite celebrities. His tweets were responsible for Dogecoin peaking during the bull run. However, the tech-savvy billionaire has rarely shown any interest in the crypto space other than Dogecoin – and there is also no proof that might point to him using The News Spy.

Does Martin Lewis Use The News Spy?

Martin Lewis’s name gets thrown around the crypto space a lot – and all the time, it has been falsified. So yes, despite some rumors that the likes of Martin Lewis support The News Spy, there is no proof to support that claim.

Who is the Founder of The News Spy?

No information exists online or offline that could point us to the founders of The News Spy. Most of the testimonials are from users asking the same question, and comparing it to similar anonymous platforms such as Bitcoin News Trader. It appears that no one knows about the makers of this site – because there is no reference to it on social media or its services. Investors are therefore recommended to be cautious when using The News Spy for trading.

The News Spy Payment Methods

Listed below are the payment methods applicable to be used to The News Spy.

1. Paypal
2. Bank Transfers
3. Debit Card
4. Credit Card

The Verdict

The News Spy claims to take the novel approach to not just take the news but also other updates in order to help traders get the most out of their trades. However, everything from the success rate to the features can only be assessed properly after making the mandatory deposit. The site itself has pretty bare bones.

Customer reactions to this site are mixed – and often extreme. Founder details are absent. That said, we found that all links of the sites were working, and the site was responsive. Investors are, therefore, recommended to do their own research and assess the risk of crypto trading before investing.

Cryptocurrencies are unregulated. Trading with unregulated brokers will not qualify for investor protection.

The News Spy FAQs