Spartan Trade Broker Review

Spartan Trade

If you are looking for a reliable and trustworthy broker to trade Forex and CFDs, you might want to avoid Spartan Trade. This broker is not being honest about its identity, regulation, and services. In fact, it has been exposed as a scam by several authorities and reviewers. Here are some of the troubling facts about Spartan Trade that you should know before investing with them:

  • Spartan Trade is not regulated by any reputable authority. It claims to be registered in Saint Vincent and the Grenadines, but this does not mean it is authorized to provide financial services. The Financial Services Authority of SVG does not regulate or license Forex brokers, so having a registration number there is meaningless. Moreover, Spartan Trade has been warned by the Spanish Comisión Nacional del Mercado de Valores (CNMV) twice for operating without authorization in Spain  . Trading with an unregulated broker is very risky, as you have no protection or recourse in case of fraud or misconduct.
  • Spartan Trade is hiding its true identity and location. It does not provide any information about its owners, managers, or employees on its website. It only gives a vague address in SVG, which is likely a PO box or a virtual office. It also uses a UK phone number, but this does not mean it is based there. Spartan Trade is an anonymous scam broker that tries to conceal its offshore nature and avoid accountability .
  • Spartan Trade is offering unrealistic and misleading trading conditions. It promises high leverage of up to 1:100, low spreads of 3 pips, and fast execution on its web-based platform. However, these are not realistic or advantageous for traders. High leverage can amplify your losses as well as your profits, and low spreads can be offset by hidden fees and commissions. Moreover, the web-based platform that Spartan Trade uses is not reliable or secure. It lacks advanced features and tools that are essential for successful trading .
  • Spartan Trade is using deceptive and aggressive marketing tactics. It claims to offer educational resources, market analysis, and trading signals to its clients. However, these are likely to be of poor quality or designed to manipulate traders into making bad decisions. Spartan Trade also uses fake testimonials, awards, and logos on its website to create a false impression of credibility and popularity. Furthermore, it employs cold callers and spam emails to lure unsuspecting victims into depositing money with them .

In conclusion, Spartan Trade is a scam broker that you should avoid at all costs. It is not regulated, transparent, or honest. It offers unfavorable and unrealistic trading conditions, and uses deceptive and aggressive marketing tactics. If you have already invested with Spartan Trade, you should try to withdraw your money as soon as possible and report them to the relevant authorities.

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