WikiFX Scam Alert: CNMV Warns Against Spartan Trade!!!

Investors who are still trading forex at Spartan Trade had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

Let us start with the most important – the recent warning on August 29th against Spartan Trade (spartan-trade.com) issued by the Spanish financial regulator CNMV. You may check the warning on the screenshot below.

It states the company has been offering its services without authorization from the Spanish regulatory body CNMV. The Spanish regulator warned investors that this broker is most probably running a dangerous scam scheme. Take such warnings seriously – financial authorities usually have very specific reasons for blacklisting brokers.

WikiFX also paid a visit to the brokers official website to learn more. Spartan-trade.com operates from the following address:

Spartan-trade.com is an offshore broker registered under the name Lilt Group LLC in St. Vincent and the Grenadines. Our first problem with this is that brokers registered in this country are not regulated by any financial regulator – the regulatory body of the country, SVGFSA, only supervises the banking sector and does not monitor the activities of forex brokers and does not impose any laws in this sphere. As a result, many scammers have chosen this specific country as the base for their fraudulent activities – because they simply would not have to answer to anyone and could conduct business in any manner they saw fit.

Furthermore, Spartan-trade.com offers a decent if quite average web-based trading platform:

It is alright, but not exciting in a way. Clients can make use of several chart types, time frames and so on – but there is no way to access the more sophisticated and interesting features of a platform like industry-standard Metatrader 5. However, the real issue here is that scammers like Spartan Trade have long been known to manipulate their platforms. That is done to make it seem like their clients funds are being traded without anything remotely close being the case. Instead, Spartan Trade pockets the money you deposit as soon as you hand it over and the trading volume on its platform is fake!

The spreads Spartan-trade.com offered were quite horrible – 3 pips on EURUSD. Trading with such a spread will definitely not result in huge profits – in fact, it would mean paying $30 to the broker for every lot you trade.

Spartan-trade.com invites you to invest €250 in order to open an account. Meanwhile, legitimate firms readily open micro accounts for no more than $10 nowadays. You can imagine why a fraudulent broker like Spartan Trade would demand higher deposits! It is all a means of squeezing you of as much of your money as possible, so watch out.

The other issue with the trading conditions of Spartan Trade is its high leverage. In general, amounts of 1:100, as the firm offers, are rightfully banned for retail clients. They can access lower leverage that is best suited for their trading skills. Leverage can boost not only profits, but also losses. Of course, brokers like this one care little about the risks the high leverage amounts they offer hide to retail clients – as long as deposits are coming in, Spartan Trade is perfectly content with letting anything go! Be careful if you are after some high-leverage trading.

Whats more, Spartan Trade issues bonuses, which are then bound with the following clause:

It states that profits made with the bonus will not be eligible for a withdrawal. Of course, there is no way for Spartan Trade or for anyone else to know what money is made using what. Therefore, the broker will simply be using this clause to restrict your ability to access your funds. Be careful whose bonuses you accept!

Now let's search “Spartan Trade” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/4016312865.html), Spartan Tradecurrently has no valid regulatory license and the score is rather negative - only 0.99/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In a nutshell, it's not wise to invest in Spartan Trade. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing.

You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!