The risks of trading on the forex market are real. The Spanish regulatory body has issued a warning to the business due to its illegal activities. Spartan Trade is a broker with a flagrant disregard for its clients’ financial security even without that; it has high leverage that may not be appropriate for them, a shoddy web platform, and broad spreads. Check out the complete review we’ve prepared below to learn more about the broker and what makes it so terrible. Read a complete Spartan Trade review, and you’ll see that not all things are as good as they appear. We’re going to expose a scammer.
Address: Saint Vincent and the Grenadines
Warning: Financial Conduct Authority (United Kingdom), The Central Bank of Russian Federation (Russia), Commissione Nazionale per le Società e la Borsa (Italy), Comisión Nacional del Mercado de Valores (Spain)
Is Spartan Trade legit or a scam broker?
It claims the business has been providing its services without receiving permission from the CNMV, the country’s regulatory authority. Unfortunately, dealers like Spartan Trade frequently engage in this practice. And if you’re wondering how there could be other businesses like it, take into account the reality that it is based at the following address: St. Vincent and the Grenadines a well-known offshore region for scams.
The following web-based application is offered by Spartan Trade. It’s ok, but not particularly thrilling. Customers can use a variety of chart kinds, time frames, etc., but they cannot access the more complex and intriguing features of a platform like the widely used MetaTrader 5.
The truth is that scammers like Spartan Trade have a history of manipulating their platforms, which is the true problem here. Instead, Spartan Trade takes your money as soon as you deposit it, and the trading activity displayed on its platform is fictitious. Stay with licensed businesses that can provide you with quality dealing software.
The firm’s trading conditions are inevitably awful. This is due to its extremely widespread, which is 3 pip for key FX pairs like the EURUSD. Only the dealer benefits from high spreads. There is simply no cause to work with a company that cannot offer you tight ones instead. Here are the top companies we have reviewed that also have licenses.
The high leverage of Spartan Trade’s trading circumstances is the other problem. In general, retail clients should not be given amounts of 1:100, as the company does. They can use lesser leverage that is most appropriate for their level of trading expertise.
Deposit and Withdrawal Method
Only different crypto assets are accepted as deposits by Spartan Trade. Although they are quite different, the firm’s complete deposit policy has an underlying issue. Because cryptocurrency assets are never subject to a reversal, scam brokers like this one use them to prevent their victims from recovering their money after being duped.
Another questionable aspect of the company’s deposit policy is the $250 minimum deposit requirement; in opposition, legitimate businesses now establish micro accounts for as little as $10.
If you believe you were a victim of a Spartan Trade scam, cryptocurrency scam, forex scam, investment scam, romance scam, or any other online scam, you can file a complaint on the Scam Helpers website. Our experts can provide a free consultation, and we’ll help you through the fund recovery procedure.
Also, read Capital Star review to know about similar scams.
More about Scams
Visit our Facebook Page
Visit our Twitter account
Read the comprehensive list of Scam brokers here