Spartan Trade Review – Uncovering The Truth About Spartan-trade.com
Ruthless training, stern discipline and honor? We’re afraid this broker isn’t about that life. This is not Sparta…
The Spartan Trade Review will serve as your phalanx as you enter this shady domain in search of glory. Keep reading to find out the truth about this online scheme.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FCA, FI, CNMV, FSMA, CSA|
|Owned by:||Lilt Group LLC|
|Minimum Deposit:||250 EUR|
|Types of Assets:||Forex, Indices, Commodities, Shares|
|Free Demo Account:||Unavailable|
|Accepts US clients:||No|
Spartan Trade Is Not a Licensed Scam Broker? – The Truth About Regulation
Yup. Although the phony broker kept being anonymous on its bogus website, we found out that the business is being run by Lilt Group LLC from Saint Vincent and the Grenadines (SVG). This notorious den of thieves is home to many scammers due to its lax law system.
Furthermore, the local regulator, i. e. the Financial Services Authority (FSA) does keep a record of the brokers there but does not issue Forex licenses. Therefore, Spartan Trade operates in the shades without being regulated.
Spartan Trade is an anonymous scam broker that seems to hide its true offshore identity. The cyber fraudster offers Forex and CFD trading and targets traders from Belgium, Denmark, Sweden and the Netherlands.
Arguments For Trading With a Licensed Broker
It’s disappointing that Spartan Trade doesn’t own a license issued by reputable regulators such as the FCA, CNMV, BaFin, CySEC, etc.
Offshore brokers aren’t required to provide clients with negative balance protection, a segregated bank account, indemnification, and leverage restriction. Also, they can possess low operating capital as opposed to licensed brokers (i. g. 730,000 EUR).
Warnings From Financial Regulators
In this financial market Battle of Thermopylae, our review was accompanied by flanking maneuvers from top regulators. In other words, we found warnings issued against Spartan Trade and Lilt Group LLC.
Spartan Trade Software – How Safe Is The Platform?
Now it’s time to take a look at the trading aspects of this monkey business. Let’s start with the platform. If you thought you’d get a decent, cutting-edge platform, you got it wrong.
Spartan Trade offers just a basic WebTrader. Yes, the good-old lackluster online terminal with limited features that’s susceptible to manipulation. Given the broker’s illicit background, we believe that’s the case here.
Since WebTrade is browser-based, it can be accessed via mobile device. Mobile trading is generally good for quick adjustments and trading on the go when in a hurry.
However, every version of this particular platform offered by Spartan Trade is risky. Don’t forget all the warnings we posted.
What Financial Instruments Does Spartan Trade Include?
Let’s take a look at the trading assets and instruments that Spartan Trade claims to offer. Here’s a list with some examples:
- Forex pairs – EUR/USD, NZD/CHF, CAD/GBP…
- Indices – S&P500, US100, NIKKEI225…
- Shares – Ford, Apple, Lyft…
- Commodities – gold, crude oil, corn…
It may seem like an appealing offer but don’t get too enticed by it. It’s one thing to provide a wide range of trading instruments but security and regulations are more important.
Areas Of Spartan Trade’s Scam
We did some research and found out that Spartan Trade had spread out its deceitful tentacles in these countries:
- The Netherlands.
Out of these four, only one regulator has reacted to the offshore threat. Due to the warning from the CSA, we believe that Spartan Trade trespassed in Canada as well.
The data from similarweb.com indicates that 70% of visits to the website in the last three months came from Argentina.
What Are The Different Spartan Trade Account Types?
According to Spartan Trade’s website, the shady broker offers the following account types:
- Standard – 250 EUR;
- Premium – 2,500 EUR;
- Professional – 25,000 EUR.
Each type also offers a welcoming bonus (10-20-25%) and a “refer a friend” bonus (10-20-25%). Leverage caps at 1:100, which is simply too high and risky. You could earn big but it’s more likely you’ll gamble it all away.
Spreads for the EUR/USD pair were atrocious – 3 pips! That means for every lot you trade, you’ll pay 30 EUR.
Spartan Trade Offers A Free Demo Account?
The answer is no. We couldn’t find a demo account option anywhere. And it makes sense – dubious offshore providers aren’t doing things by the book.
They are thus forcing you to open a live account and invest straight away. By doing so, you’re going in blind into this mess of a brokerage.
Spartan Trade’s Deposit and Withdrawal Policies
Despite advertising only credit/debit cards and wire transfers, Spartan Trade accepts cryptocurrencies (BTC, ETH & USDT) as payment methods. In fact, there are two e-wallets as well – Paycos & iPasspay.
On the bright side, these two online wallets allow payments via cards, making a chargeback possible. The minimum deposit is 250 EUR.
Spartan Trade’s Bonus Policy
If the whole crypto/online payment thing wasn’t enough, Spartan Trade also has a foul bonus policy in store for traders. Remember the bonuses that the fraudulent broker offers?
Well, they come with an unfavorable clause that can easily be used to prevent traders from making withdrawals. This is one of the reasons why most regulators banned brokers from issuing bonuses.
Spartan Trade Scammed You? – Please Tell Us Your Story
The offer is tempting and we get why you may have fallen for it. Nevertheless, tonight is not the time to dine in hell but rather try to get a refund.
Of course, we’re at your disposal should you decide to pursue this path, which we highly recommend. Give us a call at any time to get familiar with the chargeback procedure.
What Is the Chargeback Procedure?
Depositing funds via crypto assets can be tricky. It allows the scammer to remain anonymous. But, it is possible to trace these transactions to a wallet within a crypto exchange and then request a refund. You’ll need some expert assistance.
If you’ve paid via e-wallet using a credit/debit card, you can request a chargeback at the issuing bank within 540 days of the transaction.
Here you can book a free consultation and find out what to do for a start.
What Is Spartan Trade?
A dishonest offshore broker from SVG that intends to defraud unsuspecting traders.
Is Spartan Trade a Scam Broker?
Yes. There are several warnings issued against Spartan Trade by very respectable regulators.
Is Spartan Trade Available in the United States or the UK?
No. There’s no free demo account available on Spartan Trade’s website.