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Spartan Forex Review - is it scam or safe?

Spartan Forex Review - Is spartanforex.com scam or good forex broker?

RATING: 2.5 / 3 REVIEWS ForexBrokerz Spartan Forex
Spartan Forex is an offshore broker. Your money is not safe.

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Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Micro $25 0.01 lots 1:500 From 0.4 pips*
Standard   0.1 lots 1:300 From 0.4 pips**

*commission $25 per lot

** commission $5-15 per lot


Spartan Forex is an offshore forex broker. It claims it is an NDD STP broker and offers trading in forex, CFDs, metals and the cryptocurrencies Bitcoin, Litecoin, Ethereum, and Zcash. In addition to the two live trading accounts the broker has a demo account for testing purposes and a money management account.

 

The Company. Security of Funds

 

Company Country Regulation
SpartanForex Limited Vanuatu VFSC

 

Spartan Forex is based in Vanuatu and is regulated by the local watchdog, the Financial Securities Commission (VFSC). It says it is based in Asia.

 

As per the latest list, there are nearly 550 forex broker licensed by the VFSC. That’s quite a lot for a small island country and obviously implies that the regulator hands out those licenses like candy. Hence, the Vanuatu regulation is not very reliable and does not offer much client protection. Like we have already said, it is always better to deal with a reliable broker overseen by respectable regulator like UK’s FCA or the Australian Securities and Exchange Commission (ASIC). Those two supervising authorities have strict conditions and high capital requirements, which ensures that the companies have serious intentions, so to speak. Besides, neither FCA, nor ASIC are afraid to impose sanctions and actively do.

 

So, despite the regulation and the claims that Spartan Forex keeps the client funds in segregated accounts, we suggest that you be careful.

 

Trading platform

 

Like the vast majority of small forex brokers, Spartan Forex offers the ever popular platform MetaTrader 4 (MT4) – both for computers and mobile devices.

 

The MT4 has been the favorite of brokers and traders alike for over 10 years now and it does not seem it is going away anytime soon. The platform is user friendly, supports multiple types of orders, hedging and third-party APIs. The MT4 also provides various charting and technical analysis tools, Expert Advisors (automated trading) and a lot of other options.

 

The MT4 is still far more popular than its successor MT5, despite the latter being more advanced.

 

Methods of payment

 

Spartan Forex provides a wide range of payment options. In addition to the fairly standard bank transfers and credit/debit cards, there are also the broker also uses the payment platforms China UnionPay, Neteller, FasaPay, ecoPayz, iAccount and the online wallet MegaTransfer. Spartan Forex accepts payments in Bitcoin, Litecoin, Ethereum, and Zcash.

 

Conclusion

 

Spartan Forex is one of the hundreds of similar offshore brokers with meaningless licenses. The only thing that makes it stand out are the options to trade in cryptocurrencies and to make payments with them. This is not something offered by many small offshore brokers. But if this is the only reason to choose it over others, we suggest to look for brokers with reliable licenses. There are many who also offer trading in various instruments with cryptocurrencies and accept payments with them.

 

Pros Cons
Cryptocurrencies Offshore
MT4  

 

 

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Traders` reviews for Spartan Forex

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Not good

You suck a*s. Worse broker ever and thats if you even are a broker!!!

Khayalethu 04/15/2019

Chrisz

How long do in have to wait for my money to be in my bank account after withdrawal?

Christian Gcinikhaya Mabusela 03/25/2019
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