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Spartan Trade Review – Sign That Broker Is A Scam
Table of Content
Judging by the looks of the website, Spartan Trade is customized language-wise to target English and Spanish-speaking audiences. The owner of the site itself is the Lilt Group LLC registered in the disreputable Saint Vincent and the Grenadines.
Undoubtedly, some inviting services are advertised on the site. Access to millions of financial instruments, the most sophisticated software, segregated funds, and negative balance protection are all mentioned.
Disappointingly enough, the reality of it lies in the fact that Spartan Trade is unregulated and offers the services and options it was not authorized for. CNMV has warned the public about this company.
|Leverage||Up to 1:500|
|Minimum Deposit||250 €|
|Spread||From 0.1 pips|
After you’ve read our Spartan Trade review everything about Spartan Trade will become clear.
Regulation of Spartan Trade and Fund Security
It’s becoming apparent that newly registered offshore financial organizations have uncertain legal status. SVG-based brokerage activity is being labeled as suspicious for a reason. The financial authority does not regulate or supervise online trading so they would have to be regulated by other jurisdictional authorities where they decide to offer their services.
To see if Spartan Trade is truely as reliable and trustworthy as proclaimed by the broker itself, we decided to check other databases of regulated brokers. Unsurprisingly, Spartan Trade does not show up in the register of FCA, AMF, BaFin, CySEC, CFTC, ASIC, and IIROC.
However, they do show up in one case, but in a completely negative way. Spanish regulatory entity has blacklisted them as unlicensed to perform any financial service or transactions.
Since Spartan Trade offers services to EEA residents, you’d expect them to comply with MiFID rules for enhanced customer protection and anti-money laundering.
As an unregulated firm, they didn’t accept the obligation to follow the mentioned standards. Spartan Trade, for that matter, cannot guarantee the safety of funds, compensation scheme, negative balance protection, and transparency.
Overview of Trading Platform
Average-looking, web-based software that Spartan Trade offers can hardly be an accurate representation of an award-winning trading solution. Without a doubt, there are some built-in indicators and simple customization tools. Crypto trading is prioritized.
An actual functioning software you can rely on is just not provided by Spartan Trade. Consequently, investing in a site with questionable performance should not be an option if you want to achieve a profitable trading outcome.
Instead of risking by investing with fraudulent cons, turning to regulated firms may increase your chances of fulfilling your investment goals.
Available Account Types at Spartan Trade
Tailored per every investor’s trading desires, account types offered are meant to improve the buying/selling experience in its entirety. Choosing is possible between the types:
- Standard – €250
- Premium – €2 500
- Professional – €25 000
Every account type includes a welcome bonus and referral bonus from 10% to 25%. Leverage ranges from 1:100 to 1:500. Spreads start from 0.1 pips. All accounts include stop loss/take profit function, negative balance protection, updated market data, news, and detailed analysis.
The bizarre account prices are making it painfully obvious we’re talking about fraud. Internationally recognized brokerage enterprises demand a lot less funding for guaranteed services.
In terms of tradable assets available, Spartan Trade offers several major groups of instruments. The number of total assets to buy/sell is less than what most licensed brokerage firms offer.
It’s highly questionable if trading is possible even with what’s given, taking in consideration that Spartan Trade is unregulated.
Instruments to choose between are as listed:
- Stocks (Apple, Tesla, Amazon, Meta Platforms, HDFC Bank, NVIDIA, Netflix)
- Forex (EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CAD, NZD/EUR)
- Crypto (BTC, ETH, LTC, SOL, XRP)
- CDFs on commodities and indices
Deposit and Withdrawal Process
Being a typical scam, Spartan Trade only allows deposits to be made via crypto. The ever-persisting problem with cryptocurrency depositing is turning the chargeback into a real hassle for the investor. Otherwise, the minimum deposit required is $250.
The deposit and withdrawal policy is vague and insufficiently explains the processes. Without obligatory transparency, the unscrupulous site has the choice of keeping the crucial points unsaid.
Non-deposited funds like bonuses and promotions are inaccessible for withdrawal. Spartan Trade keeps the right to even cancel them if they find fit.
Charges and fees apply as well, but of course, you will not find out anything about it until they’re charged.
Spartan Trade Scammed Me – How Can I Get a Refund?
Fraudulent activity is at a constant increase. Unscrupulous brokers are a never-ending threat to the concept of safe online trading. Since effective prevention is the best cure, help us fight scammers by reporting any fraudulent activity.
If the misfortune of being scammed has happened to you, feel no shame speaking about it. Using the right resources for help will prevent you from losing more money and precious time. Credit cards issuer will protect your funds from fraudulent usage. Authorities can engage their resources to find and prosecute the bogus broker.
We can also help you by assisting you with useful advice, so be free to contact us today!
Spartan Trade Summary
Hopefully, our Spartan Trade review has brought some clarity about the fraudulent ways of this broker’s business. We have put together a summary to conclude what we have discovered about this shady agency. Please pay attention to the following key points:
- Spartan Trade is unregulated – registered offshore and missing any license, this brokerage firm is not authorized to offer any financial services.
- The trading platform is unreliable – The primitive trading terminal is extremely simple and lacks all the progressive features of the leading trading software today.
- Leverage of up to 1:500 is unacceptable – the risk of loss is too high to ignore and regulated brokers restrict leverage to 1:30 or 1:50.
- Expensive accounts – Absurd amounts of investment required for opening the pricier accounts are essentially characteristic of scammers. Refrain from wasting these vast amounts of money.