Spartan Trade Review: Beware of Spartan Trade Scam Brokers
There are many risks associated with trading on the Forex market, and one of them is falling prey to a scam broker. Unfortunately, if you have dealt with Spartan Trade, that’s exactly what has happened. Many regulatory bodies have issued a warning against the company for its illicit activities. Even without this warning, Spartan Trade is a broker with a disregard for client safety, including high leverage that may not be suitable, a weak web platform, and wide spreads. For a detailed look at what makes this broker so bad, read the full Spartan Trade review.
Website – spartan-trade.com
Address – Saint Vincent and the Grenadines
Warned By – Comisión Nacional del Mercado de Valores (Spain), Financial Conduct Authority (United Kingdom), The Central Bank of Russian Federation (Russia), and Commissione Nazionale per le Società e la Borsa (Italy)
Who Owns Spartan Trade?
According to the disclaimer on their homepage, Spartan Trade is owned by SpartanForex Limited, an offshore broker based in Vanuatu. Offshore brokers are notorious for flouting rules and regulations, making them untrustworthy. Spartan Trade is no exception. They thrive on anonymity and have not disclosed any partner or contact details. Emails go unanswered, and their phone number is fake. This shows that the owners of this platform are intentionally hiding their identities, making them even more suspicious.
Spartan Trade: A Scam Brokerage With No Regulation?
The Spartan Trade Forex brand is owned by Lilt Group LLC, a registered company in Saint Vincent and the Grenadines. However, it’s important to note that the Financial Services Authority in this country does not grant licenses to Forex and binary options firms. As a result, these companies must obtain a license from the country in which they operate.
In simple terms, Spartan Trade Broker is a fraudulent entity with the sole purpose of scamming you out of your money before vanishing without a trace.
Spartan Trade Broker Falsely Claims Business Address
The listed location for Spartan Trade Broker is reportedly a façade. The address, First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, is commonly used by other brokerage firms in SVG. These virtual office spaces are established by third parties, and it appears that many offshore firms operate in the same manner.
Withdrawal Issues with Spartan Trade
One of the biggest challenges with Spartan Trade is withdrawing funds. Unfortunately, members have been experiencing the same problem. The inability to withdraw funds can make Spartan Trade a frustrating experience. It’s important to be aware of this issue before depositing funds.
Is Spartan Trade a Safe Place for Your Funds?
Sadly, Spartan Trade is not a safe place to deposit your money. It is possible that the owner could be receiving funds directly into their personal bank account, which means that there is no segregation of funds. Furthermore, Spartan Trade does not participate in any compensatory scheme. This means that if anything goes wrong, the clients, including Magdalene, will not be compensated. As a result, it’s important to note that SpartanForex does not offer any insurance for member funds.
Victim of Spartan Trade Scam? Reclaim Your Refund with Report Scam
Are you a victim of Spartan Trade? Do not hesitate to get in touch with us right away. Our team of experts can guide you in tracking the funds and potentially tracing the merchant. Don’t give up hope. Act fast to recover what is rightfully yours. To begin the process, schedule a free consultation with our specialists today.
Read about a similar scam broker – SSLoyal review
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