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In this SpearGpt review, we highlight reasons why we’re 100% convinced that SpearGpt.com is a broker that cannot be trusted.
The broker is targeting new traders with no substantial trading experience.
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This is why SpearGPT is emphasizing on providing a “trading academy”.
Truthfully speaking, brokers are not known to provide the best training to their clients. This is because Forex and CFDs brokers make money by trading against their clients. So if they train you and decide to go the ECN or STP way, how will they make money? They would be forced to close down!
Steps to take to recover your money from SpearGpt broker
Conflict of interest is the reason why over 90% of traders lose money when they sign up and attempt trading with brokers like SpearGPT.
If you’re a victim of their under-hand tactics, you can make use of a claims management company to help you trace your lost funds.
The money recovery process involves the following steps:
1)Visiting the website of the claims management company and filling in a short form.
2)You must be truthful when filling in your details because the company will want to know how you lost funds (whether it was in credit card or crypto wallet payment).
3)You will receive an email/phone call from the company agents letting you know how to proceed further if you’re truly interested in recovering your money
SpearGpt review: Why they’re a scam and unfaithful
The company has refused to disclose their physical address. Only phone numbers have been provided.
We tried ringing these phone numbers but nobody answered the phone.
It seems the folks behind Spear Gpt broker prefer to maintain anonymity.
In addition to this, the website does not explicitly mention the name of the company behind the activities of this broker.
Unlike OceanFX scam that clearly states what company is running their affairs, SpearGpt prefers to keep things mysterious and under wraps.
We can’t trust such a broker.
Furthermore, this broker does not have a regulator’s license.
We can tell from the phone numbers provided that the broker is probably based in the UK.
Phone numbers with +44 prefixes means the number is from the UK and if a broker is using such a phone number, then we can presume that they’re UK based.
This leaves us with one very important question: Why is this broker not regulated by the FCA?
Is it that they’re conducting illegal activities that would automatically disqualify them if they attempted to apply for a license?
Furthermore, traders are asked to stay away from unlicensed brokers like SpearGpt.
This is because this broker cannot guarantee safety of funds. They won’t keep your money in a segregated account.
Secondly, unregulated brokers are not answerable to any authority. Any loss that you incur through their platform won’t be addressed in a professional manner.
In fact, this is why claims management companies exist. The aim is to help you get your funds from a stubborn broker who has refused to process your withdrawal request.
What tricks SpearGpt.com uses to scam traders
Take note that this broker appeared online just recently and has no serious reputation that would motivate new customers to trust them.
This broker claims that their customer base is in the thousands of numbers.
But we can assure you that this is just a marketing statement. The aim is to make you feel comfortable.
The truth is that there are so few traders who have fallen for the scam since it was launched.
When it comes to matters trading, this broker offers a bogus or rigged trading platform.
If you execute a trade, the broker receives the order and takes the other side of your trade.
In the event that this trade is working against them, the market maker will simply play around with pricing feed until it hits your stop loss. This is called stop hunting.
In some cases, they even freeze the trading simulator so that all of those pending orders can go into losses.
This is the essence of running a CFDs (Contract for Difference) brokerage business.
This is also the reason CFDs brokers never want to welcome winning traders. Their business thrives on the ignorance of new traders.
If you somehow outsmart them, they will lock you out of the platform or freeze your account.
All it takes is to push a button that suspends your account. You will receive an email notification explaining the ban or action that this broker has taken against you.
Important things to remember about this broker
Do not trade with SpearGpt because the business model is not designed to accommodate professional traders who are into it for money.
It is designed to defraud naive traders who go there because they were promised profits from trading.
Ultimately, using the services of this broker is counter productive.
1)It’s the quickest way to lose money because the broker owns the facility and what they do with your trades is out of your control.
2)The broker is unregulated
3)CFDs brokers don’t love you they love your money
4)This broker is very new
Thanks for reading this review.
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