company reviews
SPARTANFX

About company:

SpartanFX is an offshore Forex broker that offers Forex, Metals, Bitcoin, Litecoin, Ethereum and Zcash cryptocurrencies, Indices, Minerals and Commodities CFDs.

 

Company. Fund security

TradeForexOffshore, Spartan Forex and SpartanForex are trade names of SpartanForex Limited, which is licensed and regulated by the Vanuatu Ministry of Finance and Economic Administration. The broker does not accept clients from the United States and Hong Kong.

 

SpartanFX focuses primarily on clients from Asia.

 

Client funds are held in segregated accounts. A segregated account is a separate account used by brokers to keep client funds separate from the firm's assets. This means that the broker will not be able to use clients' money for their own purposes. But VSFC is loyal to regulated companies. Therefore, due to the fact that the broker is located offshore, we recommend that you study the reviews of traders about SpartanFX before investing money and starting trading.

 

Trading conditions

Transactions in SpartanFX are processed using STP technology instantly, bypassing the dealing center. Apparently, the company has only one type of account that allows trading micro-lots, all trading methods. There is also a demo account that you can use if you want to test the platform or are just learning to trade.

 

Minimum initial deposit

If you decide to open an account with the company, then you need to deposit at least $ 25. The minimum deposit allows even traders with a limited budget to start trading.

 

Spreads and commissions

Spreads, as indicated on the website, start at 0.4 pips. However, do not expect that you will see such a value all the time, only under favorable trading conditions. And the market, as we know, is changing quite quickly. However, this is not a high value considering that in some companies spreads start at 2 pips.

 

We were unable to find information on whether the broker charges their clients a commission or not. At least SpartanFX does not write anything about this on its website.

 

Leverage

Leverage is available up to 1: 500. This is a high level of leverage that not all brokers can offer. Using leverage, a trader can quickly increase the initial capital or earn an amount equal to it. However, leverage will also increase the size of your loss if you fail.

 

Trading platforms

Like the vast majority of Forex brokers, SpartanFx offers the popular MetaTrader 4 (MT4) platform, which can be opened directly in a browser window or downloaded for desktop or mobile devices.

 

MT4 has been a favorite among brokers and traders in the online trading industry for over 10 years. MT4 is still much more popular than its successor MT5, despite the latter being considered more modern.

 

The platform is user-friendly, supports several types of orders, hedging and advisors. MT4 also provides various charting and technical analysis tools and many other options.

 

MT4 is still much more popular than its MT5 successor, even though the latter is more advanced.

 

Training and analytics

SpartanFX provides its traders with educational materials: free videos and articles, e-books. There are also webinars for traders of different skill levels.

 

Analytics include daily analysis of the markets in Asia, Europe and New York, news feed, economic calendar.

 

Support service

Phone, email, online chat and skype are all available ways to contact support. The site is available in English, traders can choose some of the Asian languages when entering their personal account.

 

Ways of payment

In addition to the standard deposit methods - bank transfers and credit / debit cards - the broker also uses the payment platforms China UnionPay, Neteller, FasaPay, ecoPayz, iAccount and the MegaTransfer online wallet. In addition, SpartanFX accepts payments in Bitcoin, Litecoin, Ethereum and Zcash.

 

Pros:

 

low minimum deposit; MT4.

 

Minuses:

 

offshore broker.

 

 

SPARTANFX is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.

 

In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.

 

As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.

 

What is the benefit of a broker / crypto exchange?  

 

SPARTANFX profits from traders' trades, usually in two main ways

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First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.

 

The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.

 

Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.

 

The ways to deceive customers 

 

How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.

 

The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.

 

Bonus – traps. They are generously distributed for anything: registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money mixed with bonus money, it will be necessary to fulfill a number of actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.

 

The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.

 

Where do brokerage companies and crypto exchanges register?

 

One of the key points – it is the place of registration and regulation of the company's activities.

 

First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.

 

On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.

 

If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.

 

No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.

 

And here we come to the second important point – this is the regulation of the broker / crypto exchange. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization,   specifies disputes between its members – brokers and their clients.

 

If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.

 

What else to look out for?

 

When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.

 

It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.

 

Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.

 

Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.

 

Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world

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