Spartan Trade Review – The Worrisome Facts about the Broker

Spartan Trade Review

Everyone talks about the perks and benefits that you can enjoy from trading online in the forex and other financial markets. Yes, there is no doubt that there are endless opportunities available, so everyone can find something in accordance with their risk preference. It also gives you flexibility and you can decide how much you want to invest and when you want to do so.

Plus, the fact that you can do it from anywhere is a big bonus. But, trading in these markets also has its dangers, such as stumbling across a shady or fraudulent brokerage, as highlighted in this Spartan Trade review.

You may want to believe that these brokerages only make up a small percentage of the total in the market, but it may actually be the opposite. Genuine and quality brokerages can be quite hard to find because the fake ones have become too widespread.

After all, orchestrating a scam disguised as an online broker is not very complex these days. Unless you do not have a problem with losing your money to these frauds, you have to be diligent when choosing a brokerage.

It might require you to be thorough and active upfront, but it can save you from a lot of problems and worries down the road. It ensures that you choose a brokerage that can be the right partner for you and help you achieve your trading goals as quickly as possible. But, how can you figure out the truth? You need to stop taking the word of a company about their services and do your own assessment. This means ensuring that everything checks out.

One of the companies you will find is called Spartan Trade and when you do take a look, you will find some worrisome facts about it that show it is not a genuine company that it pretends to be. The brokerage has a blatant disregard for the safety of its clients and has nothing professional to offer. Go over the worrisome facts here.

No regulation

The absence of regulation in the case of Spartan Trade is telling because it is mostly legitimate and genuine companies that take the trouble to obtain a license and offer their services. After all, regulation means having to play by the rules, which most scams do not believe in. According to Spartan Trade, it is operated by a company called Lilt Group and claims that it is registered and has a license.

However, you will find that the license is absolutely worthless because it has been obtained in Saint Vincent and the Grenadines. This is an offshore jurisdiction that has the reputation of being a hotspot for scammers because the regulatory authorities there have clearly asserted that they do not monitor the forex industry. This means anyone can setup a broker and disappear whenever they want and you will have no way of finding them.

Blacklisted by a regulator

If it was not enough that Spartan Trade is operating from an offshore region, you will find further proof that confirms you are not dealing with an authentic broker; it has been blacklisted by a regulatory authority. Which one? The Spanish regulatory body called the National Securities Market Commission (CNMV) has issued a warning about Spartan Trade.

According to the warning that you will find on the CNMV website, Spartan Trade is operating in Spain without proper authorization and is offering its services illegally. This is a black mark for any company and is proof that it is not a genuine one at all.

No withdrawals

One of the major offerings that Spartan Trade features on its website is the availability of bonuses for its clients. This might attract a number of people to sign up on its platform because who wants to miss out on some free money? But, you should be aware that bonuses are no longer allowed in a number of jurisdictions around the world, including the UK and Europe.

This is because trading bonuses come with policies that are designed to exploit the traders in one way of the other, but mostly to prevent traders from withdrawing their money and getting them to deposit more. It is exactly the trick that Spartan Trade tries to pull and you will discover this when you check its policies because you will find the infamous non-deposited funds clause.

It dictates that the profits that you make from funds that you did not deposit i.e. bonuses will not be eligible for a withdrawal. This does not sound problematic, until you realize that Spartan Trade does not have a way of physically separating the profits you generate from your own deposit and from your bonus. So, it means that you cannot make any withdrawals and your deposit will be lost.

No chargeback

Things continue to get worse because you will come to know that Spartan Trade only allows you to deposit your funds one way; crypto assets. Sure, cryptocurrencies are very popular these days and considered a modern payment method. But, they are a favorite of criminals because crypto payments are irreversible, which means you cannot file for a chargeback like when you use a credit card.

Your money will be gone once you have deposited and crypto payments are also anonymous, so Spartan Trade can easily take off with your money and you will not be able to keep track of it.

Poor platform and conditions

The trading platform that Spartan Trade offers is nothing special. It is just the regular web trading platform that countless other shady and scam brokerages have been offering for quite a while. Furthermore, the spreads that Spartan Trade is charging are as high as 3 pips, which makes it too costly for you to trade with this company.

As far as leverage is concerned, you will find ratios as high as 1:100 at Spartan Trade, but given that they are considered risky and capped in most jurisdictions, you do not want to fall for this offering.

Conclusion

These worrisome facts should help you decide that Spartan Trade is a broker you should reject right away.