Updated on April 22, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding SpearTrader due to the issues we've identified.
Is SpearTrader Scam or Legit Broker? ▲
Regrettably, it's our conclusion that SpearTrader cannot be deemed a secure or trustworthy broker. This determination stems from the troubling discovery that, despite claims of being regulated under the stringent laws of the United Kingdom, SpearTrader fails to hold a license from the Financial Conduct Authority (FCA) or any other regulatory body. Such a lack of licensure raises significant concerns regarding the legality and oversight of the brokerage's operations. Without the protection and regulation afforded by a reputable authority, traders' investments are exposed to unnecessary risks, casting a shadow of doubt over the legitimacy and safety of engaging with SpearTrader.
SpearTrader has positioned itself in the market as a brokerage facilitating Forex, CFD, and options trading since its inception in 2009. However, the veil of mystery shrouds the company's foundational details, with scant information available regarding its origins or physical headquarters. Curiously, the sole method of contact featured on its website is a phone number prefixed with a Swiss country code, an intriguing choice given the broker's lack of regulation within Switzerland. This ambiguity is further compounded by an official warning issued by Austria's Financial Market Authority (FMA) in June 2018, explicitly stating that SpearTrader is unauthorized to conduct banking or trading activities on behalf of others within Austria, a stark indicator of the broker's unlicensed status and questionable operations.
In light of the evidence and concerns unearthed during our investigation, our firm recommendation to both investors and traders is to steer clear of SpearTrader, as well as other brokers that lack proper regulation or operate from offshore locations. The absence of regulatory oversight not only undermines the credibility of SpearTrader but also amplifies the potential for financial losses and risks to traders. To safeguard one's investments and trading endeavors, it is advisable to seek out brokers that are thoroughly regulated by esteemed bodies such as the FCA in the UK or ASIC in Australia.
In a recent update, it has come to our attention that the SpearTrader website has become inactive, signaling a cessation of its trading services. Although the broker appears to have halted operations, caution is advised. We urge potential traders to remain vigilant and to avoid any engagement with SpearTrader or similar entities that may emerge. The risks associated with unregulated brokers are significant, and it is always preferable to align with well-regulated, established brokers to ensure a safe and transparent trading experience.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
SpearTrader Review 2024

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