FX Spartan Review: Is Fxspartan.com a Scam? - Topedgefx.com

FX Spartan Review: Is Fxspartan.com a Scam?

Welcome to the FX Spartan review.

FXspartan is a Forex and CFD broker owned and operated by IBC Global Investment House Limited.

The above company is also in charge of running multiple Forex and CFD brokerages sharing the same address and website design with FX Spartan.

These include ifemarkets.com, zxmarkets.com and many other brokerages which we probably don’t even know about.

FX Spartan is purporting that IBC Global Investment House Ltd is licensed by the Financial Services Authority (FSA) in Seychelles.

IBC Global Investment House Ltd appears to be a shell company since there is no official website or corporate details about the said company.

Meanwhile, FX Spartan claims that they’re offering a “unique mix of powerful trading tools and exclusive benefits” in order to enhance a trader’s skills for more profits.

They claim to offer free training, negative balance protection, no-commission trading, Straight through Processing (STP) and a dedicated account manager.

FXspartan is providing purporting to offer trading services between Monday and Friday. Weekend trading is not provided, which means that this broker is probably not offering Crypto assets for trading.

Before you sign up (we don’t recommend signing up though), it would be wise to read this FX Spartan review to hear what we have to say.

FX Spartan Review

FX Spartan is a broker that was established in May 2017. 

They want traders to know that they will not be treated as mere statistics but valued clients.

They claim that FXspartan is dedicated to establishing long term relationship with clients.

This broker offers the popular MT4 trading platform for PC, laptop and mobile devices.

Clients can also trade on the go since they offer MT4 web version for those who want to use mobile devices. The company in question is allegedly situated in the UK.

They provide a phone number and a chat function on the website of FX Spartan. However, traders can also email the admins at support@fxspartan.com.

Also, this broker’s website is very basic in design and cannot compete with top-notch brokers who boast of professional web designs and splendid resources for trading.

Such brokers can be found on this page. You can actually sign up with these brokers instead of going for FX Spartan broker.

Also, it’s not clear how many Forex pairs this broker is offering for trading.

FX Spartan review

The broker is not talking about the number of asset pairs they provide for trading on a live account. So we have no idea what varieties they have.

In addition to this, spreads appear to be very high. Good brokers such as the one we recommended in the link above have spreads as low as 0.6 pips.

On the other hand, a broker like FX Spartan has spreads starting 1.0 pips and going as high as 3.0 pips. This is just too expensive.

Account types offered by FX Spartan broker

There are 3 account types in total. We’ve listed their features below for convenience and ease of referencing.

[tabs][tab title=”Basic Account”]Minimum deposit: $100

Leverage: 1:1000

Trading platform: MT4, desktop and mobile device

Execution Type: Market

Hedging: Yes

Scalping: No

Expert Advisor: No

Islamic Account: Yes

Promotion Bonus: Yes

Asset: Currencies and precious metals

Spread: 3.0 pips

[/tab] [tab title=”Standard Account”]Minimum deposit: $2,000

Leverage: 1:500

Trading platform: MT4, desktop and mobile device

Execution Type: Market

Hedging: Yes

Scalping: No

Expert Advisor: No

Islamic Account: Yes

Promotion Bonus: Yes

Asset: currencies and precious metals

Spread: 2.0 pips

[/tab] [tab title=”Pro Account”]Minimum Deposuit: $5,000

Leverage: 1:400

Trading platform: MT4, desktop and mobile device

Execution Type: Market

Hedging: Yes

Scalping: No

Expert Advisor: No

Islamic Account: Yes

Promotion Bonus: Yes

Asset: currencies and precious metals

Spread: 1.0 pips

[/tab][/tabs]

One thing that’s clear is that FX Spartan is offering generous leverage.

We have said many times that leverage is like a double-edged sword. It can help you make profits fast but at the same time, it can ruin your account if not used properly.

Secondly, FXspartan is claiming to offer STP trading environment but are neither accepting scalping nor expert advisors.

This is the same case with an unregulated broker called Intera.

True market execution brokers have no such restrictions.

With a broker like FX Spartan, profits will be paid directly from the pockets of this broker since orders are not routed into the market.

This means that if you’re a winning trader, the broker is likely to kick you out of their platform for fear that they’ll lose revenue by paying your profits.

On the other hand, if you’re a losing trader, they’ll be happy to encourage you to deposit more money so you can keep feeding their greed.

FX Spartan not regulated

The company they claim to be associated with is not regulated and does not appear to exist.

However, that company is still associated with several other shady brokerages who have directly copy-pasted text from each other’s website and even used the same web template.

You must never trade with an unregulated broker because if you do, your funds will never be safe.

A regulated broker keeps your funds in a segregated account while unregulated once like FX Spartan mix all their clients’ funds with company’s operational capital.

Furthermore, brokers who are regulated are also part of a compensation fund just in case their companies become insolvent and are unable to meet their financial obligations.

A broker like FX Spartan does not adhere to any regulator’s rules and is therefore risky to trade with.

Deposits and withdrawals

They claim deposits can be delayed due to the volume of orders that have to be processed at a time. On the other hand, withdrawals can take up to 7 days.

This is absurd compared to brokers who process withdrawal requests in as little as 24 hours. 

FX Spartan supports a number of funding methods. These include Visa, MasterCard, Bank transfers and e-Wallets.

Conclusion

FX Spartan is clearly a shady broker. Their claims cannot be verified.

The only good thing they offer is the MT4 trading platform which is also offered by every broker out there.

We don’t recommend this broker at this time. If you want to trade, follow the links above to find the best regulated brokers worth trading with.

Thanks for reading the FX Spartan review. I would like to read comments from you.

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