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If you are looking for a reliable and trustworthy broker to trade Forex and CFDs, you might want to avoid Spartan Trade at all costs. Spartan Trade is an anonymous scam broker that has been operating without proper regulation and authorization from various countries. In this review, we will expose the truth about Spartan Trade and why you should stay away from it.
Who is behind Spartan Trade?
Spartan Trade claims to be operated by Lilt Group LLC, a company registered in Saint Vincent and the Grenadines with registration number 1993 LLC 2022. However, this does not mean that Spartan Trade is licensed or regulated by any authority. In fact, Saint Vincent and the Grenadines is a well-known offshore jurisdiction that does not supervise or regulate Forex brokers at all. Therefore, registering a company there is very easy and cheap, and it does not provide any protection or guarantees to the clients.
Moreover, Spartan Trade does not disclose any contact details or physical address on its website. The only way to reach them is through an online form or a generic email address. This shows that Spartan Trade is hiding its true identity and location from the public. It also makes it very difficult for the clients to get any help or support in case of any issues or disputes.
What are the trading conditions of Spartan Trade?
Spartan Trade offers four types of accounts: Basic, Silver, Gold and Platinum. The minimum deposit required to open an account is $250, which is higher than the industry average of $100. The leverage offered by Spartan Trade is up to 1:100, which is very risky and can lead to significant losses. The spreads are also very wide, starting from 3 pips on the EUR/USD pair, which is much higher than the market average of 1-2 pips.
Spartan Trade provides a web-based trading platform that is very basic and lacks many features and tools that are essential for successful trading. The platform does not support automated trading, indicators, charts, news or analysis. It also does not offer any demo accounts or educational resources for beginners.
What are the red flags of Spartan Trade?
Spartan Trade has been flagged by several regulatory bodies for offering its services without proper authorization. For example, the Spanish Comisión Nacional del Mercado de Valores (CNMV) has issued two warnings against Spartan Trade in 2022 and 2023, stating that it is not authorized to provide investment services in Spain. Similarly, the Belgian Financial Services and Markets Authority (FSMA) has also warned against Spartan Trade in 2023, stating that it is a fraudulent entity that may be involved in boiler room scams.
Furthermore, Spartan Trade has received many negative reviews and complaints from its clients online. Many of them have reported that Spartan Trade is a scam that does not process withdrawals, manipulates prices, closes trades without consent, charges hidden fees and commissions, and harasses clients with phone calls and emails to deposit more money.
Spartan Trade is a scam broker that you should avoid at all costs. It is not regulated or authorized by any authority, it offers poor trading conditions and platform, it has been warned by multiple regulators, and it has many unhappy clients who have lost their money. If you have already invested with Spartan Trade, we advise you to stop trading immediately and try to withdraw your funds as soon as possible. You should also report your case to your local authorities and seek legal help if necessary.
What to Do If You’ve Lost Money with Spartan Trade?
If you have been scammed by Spartan Trade or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.