Spartan Trade promises to help you reach the top of the financial battlefield. However, is this company truly the Spartan warrior it claims to be, or is it just another scam trying to take your money? Today, we’ll dive deep into the world of this broker, exploring the reviews and experiences of its customers, and find out if this company is worth your time and money.
- Spartan Trade General Information
- Registration and Client Portal Review
- Spartan Trade Trading Conditions
- Account Types Review
- Trading Platform
- Spartan Trade — Deposit and Withdrawal of Funds
- Additional Options
- Is Spartan Trade a Scam?
- Legal Information and License
- Spartantrade.net Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Spartan Trade General Information
|Address||First floor, Firs St Vincent Bank Ltd Building, James Street Kingstown, St. Vincent and the Grenadines|
|Leverage||Up to 1:500|
Registration and Client Portal Review
The creators of Spartan Trade attempted to make their official website look more interesting and unique, but unfortunately, their efforts didn’t turn out well. The website looks sloppy and unprofessional. Besides, a disclaimer stating that some of the site’s features may not work properly, and that users should contact support if they encounter any problems. It’s hard to understand why the company wouldn’t just fix their website instead of putting up disclaimers.
Talking about the disclaimer on Spartan Trade’s website, they failed to mention that some of the functions that may not work are actually critical ones. For example, you won’t be able to open an account on their platform. The registration form simply redirects you to the contact page. What a great way to treat your potential customers! Moreover, you won’t be able to have a look at how their Client Portal looks like.
Spartan Trade Trading Conditions
Let’s take a look at what the broker can offer us. At least the description of the trading services is available in the public domain.
Account Types Review
Spartan Trade has only three types of accounts: Standard, Premium, and Professional. They differ not only in their minimum deposits but also in additional conditions. For example, in a Standard account, you can deposit 250 euros. By the way, it is not clear why it is in euros when the broker’s website indicates that the minimum deposit is 250 dollars. The minimum deposit for a Premium account is 2,500 euros, and for a Professional account, it is 25,000 euros. Along with the account type, the leverage also increases, which is 1:100, 1:200, and 1:500 for each of the account types, respectively. Additionally, bonuses increase with higher account types. Surprisingly, spreads and commissions do not decrease. Moreover, in higher-level accounts, there are many additional services that are not available to beginners, such as a personalized trading plan.
Without access to the personal account, we cannot say for sure what platform Spartan Trade uses. The broker itself does not provide a demo account, so we cannot test its terminal. However, we do know for sure that it is just a web trader. There is no downloadable app for smartphones or desktops from the broker. Additionally, the company does not disclose whose production of this software is. Instead, they simply praise it, hoping that clients will be satisfied with the unsubstantiated compliments of an unknown platform.
Spartan Trade — Deposit and Withdrawal of Funds
Spartan Trade accepts transfers from Visa and MasterCard credit and debit cards, as well as transfers through some electronic payment systems. It’s possible that Spartan Trade has more available deposit methods. However, we cannot see what is actually posted in the Client Portal, as well as which methods work for withdrawing money.
Based on industry standards and regulations, it is likely that Spartan Trade has an AML and KYC policy in place. This means that clients will need to go through a verification process in order to use the platform. The standard verification process usually involves submitting a copy of a valid government-issued ID, a proof of address, and potentially additional documents depending on the jurisdiction and regulations. Once the documents are submitted and verified, the client’s account is typically approved for full functionality. However, without access to the Client Portal, we cannot confirm the specific verification process that Spartan Trade uses.
Additional options are definitely available at Spartan Trade. For example, a personalized multilingual client service or a basic support package. Do you think they are the same thing? We must admit that we do too. In any case, they are not available to «mere mortals». Only clients with a deposit of 25,000 euros and a Professional account can get these services. As for others, they will receive basic services such as protection from negative balance, market news, technical analysis, etc.
Is Spartan Trade a Scam?
The company claims to be an industry leader, yet they cannot even allocate funds to maintain their website or purchase a recognizable trading platform with desktop and mobile versions. It’s all a lie, and we will expose this scam.
Legal Information and License
The broker asserts that they are registered in St. Vincent and the Grenadines. Registration in an offshore location is inherently bad. Additionally, the local regulator, SVGFSA, does not regulate online brokers. They merely provide incorporation certificates, and brokers are free to operate without any oversight. This means that brokers can do whatever they want, such as offering outrageous leverage, bonuses, and referral bonuses of up to 25% like Spartan Trade. Where will they get the money to pay out such bonuses? It seems like this broker is operating a Ponzi scheme.
Spartantrade.net Domain Info
Lilt Group, the management company, started operating in 2022. This, by the way, deprives Spartan Trade of any chance to take a leading position in the industry in such a short period. However, the broker’s website appeared even later. According to the Whois service, it was registered on February 9, 2023.
Spartan Trade only offers email and a contact form for communication, with no phone number provided. It’s also clear that their address offshore Saint Vincent and the Grenadines is merely nominal. There are no managers sitting there waiting to answer your call with a cup of hot coffee.
Pros and Cons
- Low minimum deposit.
- Offshore registration
- No license
- Dubious additional services
- High leverage
- Negative reviews.
Frequently Asked Questions (FAQ)
Spartan Trade offers CFD trading on various financial instruments, including forex, cryptocurrencies, stocks, and commodities.
The minimum deposit is around 250 euros or dollars.
No, Spartan Trade is not safe. It is an unlicensed offshore broker, which means it operates without regulatory oversight.