Spartan FX (Spartanforex.com) is a CFDs and Forex scam broker to hit the lucrative trading world. SPARTAN FX has stolen from hundreds of members by claiming to be the best Forex broker. Magdalene was one of the many victims who sent us an email complaining of how she lost $50000 in one day. This prompted us to carry out an investigation on SpartanForex. Read this review to get the truth.
What these scammers first did was come up with a well thought out plan on how to attract potential victims. One of the very first thing they did was come up with a user-friendly website that’s looks real. To be honest, they have created what looks like an almost perfect Forex trading website. Don’t be fooled by their homepage, there’s a lot that the naked eye doesn’t see. This is why we are here.
Promises are another red flag that we must mention. Everyone wants to make a quick buck here and there. These scammers have taken advantage of this need of wanting to make quick and easy money. They promise to help investors get quick and easy money with their one of a kind trading platform. Want to know the tricks they use to scam hundreds of investors? Read this entire review to find out.
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According to the disclaimer at the footer of their homepage, Spartan FX is owned by SpartanForex Limited. This company is based in Vanuatu making it an offshore broker. Offshore brokers are notoriously known for flaunting set rules and regulations. SpartanFX is simply taking people for a ride. At all times, never open an account with an offshore broker, your money is never safe.
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Anonymity is what makes a scam thrive, and Spartan FX knows this. This is why they have not mentioned even a single partner who owns this platform. What about their contact details? These scammers have put up a fake contact number that is never picked. Emails we sent did not bear any fruits as we have not received any response. This means that the owners of this platform don’t want to be found.
Spartan FX is NOT REGULATED nor LICENSED anywhere on the face of the planet. An offshore broker never wants to follow strict rules and regulations. That’s why they never file for registration. This makes it a very dangerous investment venture for any investor. If SpartanFX was indeed registered, we would know. All the regulatory bodies we contacted did not have a clue of Spartan FX.
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One of the first regulatory bodies we contacted was the FCA. They claimed never to have heard of SPARTANFX. Why is Spartan FX doing third party transactions? Its because they are fake brokers who want to get many people to sign up. Once they get people to sign up, they will shut down their operation immediately.
It may come as a shock to you but this demo account has been rigged in your favor? This means that once you start trading with Spartan FX. 90% of trades will be successful. One might think that this is a good idea, but its not. Scammers want you to believe that you can easily make money with Forex trading. After seeing you’re making a killing with a demo account, you will want to open a real account.
And this is what scammers want from all this trickery. All they want is to entice you into opening a real account with them. A real account on the other hand is a real pain in the neck. Magdalene claimed to lose all her initial deposit in a matter of hours and no help was forthcoming. This is a sad situation where scammers take advantage of unsuspecting Forex investors.
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Another red flag that we thought you should know is that this platform is not working. What we did was try out their MT4 trading platform to see whether it works. These devices include Desktop, mobile, and Tablet.
One of the first problems we encountered was that this platform did not complete download. Download process took time and finally stalled at 51%. This was clear that they have an unstable platform which is bad for business and risky for investors. This platform is a haven for hackers to steal data and personal information. Credit card thefts have been on the rise due to unstable platforms such as Spartan FX.
Only thing that these scammers got right was the deposit option. When it comes to depositing, these scammers have it covered. Members can deposit funds using MetaQuotes, Wire Transfer, and Crypto Currencies. Don’t be quick to deposit money with SPARTANFX until you understand why we are against it. Victims of Spartan FX wish they would have read this review sooner.
When it comes to withdrawing, this is where hell breaks loose. Members if Spartan FX have been having the same problem. Withdrawal problems is what makes SpartanFX a real pain in the neck. Imagine depositing money and not being able to withdraw it, ever! This is the dilemma that all the members of Spartan FX face. Don’t be the next victim and stop signing up with crappy Forex brokers.
Member funds are not safe with this broker. For all we know, members could be depositing money to the owner’s personal bank account. This means that segregation of funds is not applicable with this broker. They also don’t participate in a compensatory scheme, if they did, Magdalene would be compensated. In simple terms, SpartanForex does not have insurance for member funds.
Spartan FX is without a doubt a scam in the making. This scam has ripped of thousands of investors and we hope you will not be one of them. From the level of anonymity to fake claims, we are sure that this is a scam. Stay clear from SpartanForex and stay safe with recommended Forex brokers.
Only option left for us is to blacklist this broker as a Forex scam that should be investigated. Make sure you stay away from their email marketing promotional materials. Mark all their emails as Spam and don’t click to any links sent by these fraudsters.
Always use Credible and Convenient Forex brokers when dealing Forex.
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