According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $500
- MT4
- Condor (formerly Spartan Oracle)
Our Evaluation of Spartan Forex
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Spartan Forex is a broker with higher-than-average risk and the TU Overall Score of 4.84 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Spartan Forex clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
Spartan Forex is suitable for active trading, passive investing, and earning additional income through participation in partnership programs.
Brief Look at Spartan Forex
Spartan Forex is a network of brokerage companies providing services in Asia, Australia, Africa, European Union countries, and Oceania. Their clients have access to Forex, CFDs, and futures markets, with access to both classic and proprietary trading platforms featuring advanced analytical capabilities. Spartan Forex offers high leverage, accounts for trading micro and mini lots, and a wide range of assets. The company provides 24/6 multilingual support, allows various trading styles, offers the option to delegate portfolio management to professionals, and facilitates investments in PAMM and MAM accounts.
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- Broker offers a wide range of trading instruments such as currencies, cryptocurrencies, stocks, indices, futures, metals, and more.
- High leverage, ranging from 1:200 to 1:500, depending on the account type and asset class.
- The choice between MetaTrader 4 and a proprietary web trading platform.
- Variable spreads starting from 0.4 pips.
- Referral programs for retail traders, and offerings for corporate partners.
- Portfolio management services, and support for investments in MAM and PAMM accounts.
- Provision of market data, analytics, an economic calendar, and trading tools.
- The minimum initial deposit is $500.
- High commissions for CFD trading, and the use of medium- and long-term Forex strategies.
- Lack of licensing and regulation.
TU Expert Advice
Author, Financial Expert at Traders Union
Spartan Forex provides trading services across various markets, including Forex, CFDs, indices, metals, and cryptocurrencies. The company offers multiple account types, catering to different trading needs, with leverage up to 1:500. Traders can choose between the popular MetaTrader 4 and the proprietary Condor platforms, which includes advanced analytics and customization features. Additional advantages include floating spreads starting from 0.4 pips, multilingual client support available 24/6, and investment options in MAM and PAMM accounts.
However, Spartan Forex presents some drawbacks, including a minimum deposit requirement of $500 and high fees for certain trading activities. The absence of regulation and licensing raises concerns about the broker's safety. Spartan Forex may not suit traders prioritizing strict regulatory oversight but could be considered by those looking for diverse trading instruments and high leverage. Overall, while attractive for some, it may not meet the needs of all traders due to the highlighted disadvantages.
Spartan Forex Trading Conditions
Your capital is at risk. 79.43% of retail investor accounts lose money when trading CFDs with this provider. Spartan Forex and its affiliates do not target EU/EEA/UK clients. It is the user's responsibility to ensure that any use of the website or services adhere to local laws or regulations. Please be aware that you are able to receive investment services at your own exclusive initiative only, ensuring you fully understand all the risks involved.
| 💻 Trading platform: | МТ4, Condor (formerly Spartan Oracle) |
|---|---|
| 📊 Accounts: | Demo МТ4, Micro, Standard, Swap-free (Islamic) |
| 💰 Account currency: | USD |
| 💵 Deposit / Withdrawal: | Bank transfers (Swift), UnionPay, cryptocurrencies (via B2BinPay), FasaPay (Indonesia only), Visa and Skrill (Asia only), AdvCash (some countries) |
| 🚀 Minimum deposit: | $500 |
| ⚖️ Leverage: | Up to 1:500 |
| 💼 PAMM-accounts: | Yes |
| 📈️ Min Order: | 0.01 |
| 💱 EUR/USD spread: | 0,4-0,8 pips |
| 🔧 Instruments: | Forex, CFDs (energies, stock indices, stocks), metals, cryptocurrencies spot, futures |
| 💹 Margin Call / Stop Out: | 100%/95% |
| 🏛 Liquidity provider: | Proprietary liquidity pool |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | Market |
| ⭐ Trading features: | Mini- and micro-lots trading is available; many trading styles are allowed |
| 🎁 Contests and bonuses: | From time to time |
Forex trading through Spartan Forex starts on Sunday at 5:00 PM and concludes on Friday at 5:00 PM EST. Cryptocurrencies are traded 7 days a week. The account currency is USD, and clients can deposit EUR, GBP, JPY, CAD, AUD, CHF, NZD, SGD, THB, as well as BTC, ETH, LTC, and other cryptocurrencies, which are converted into USD at the best rates from liquidity providers. Spartan Forex offers desktop and mobile versions of the MT4 trading platform, as well as the proprietary web platform Condor.
Spartan Forex Key Parameters Evaluation
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Trading Account Opening
To create an account on the Spartan Forex broker's website, follow these simple steps:
Request the registration form by clicking on Open Live Account.
Fill out the registration form. Enter your name, surname, and a chosen password, and select the trading platform and account type. Provide your address, email, phone number, date of birth, employment information, and the amount of free capital, as well as trading activity for the last 2 years. After receiving the welcome email from Spartan Forex, you can log in to your user account.
The Spartan Forex user account also allows you to:
Your Spartan Forex user account also provides access to:
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Generate a statement for all transactions and completed deals.
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Configure accounts by editing personal information, changing passwords, and uploading documents for identity verification.
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Internal fund transfers and submitting withdrawal requests.
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Reduce available leverage.
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Registrate as a partner, and view referral reward statistics.
Regulation and safety
Spartan Forex has a safety score of 3.7/10, which corresponds to a Low security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Is regulated
- Not tier-1 regulated
Spartan Forex Regulators and Investor Protection
| Abbreviation | Full Name | Country of regulation | Investor Protection Fund | Regulation Level |
|---|---|---|---|---|
 VFSC |
Vanuatu Financial Services Commission | Vanuatu | No specific fund | Tier-3 |
Spartan Forex Security Factors
| Foundation date | - |
| Negative balance protection | No |
| Verification (KYC) | No |
Commissions and fees
The trading and non-trading commissions of broker Spartan Forex have been analyzed and rated as Medium with a fees score of 6/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, to provide the most comprehensive information.
- No inactivity fee
- No deposit fee
- No withdrawal fee
- Above-average Forex trading fees
- No ECN/Raw Spread account
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of Spartan Forex with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, Spartan Forex’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
Spartan Forex Standard spreads
| Spartan Forex | Pepperstone | OANDA | |
| EUR/USD min, pips | 0,4 | 0,5 | 0,1 |
| EUR/USD max, pips | 0,8 | 1,5 | 0,5 |
| GPB/USD min, pips | 0,8 | 0,4 | 0,1 |
| GPB/USD max, pips | 1,6 | 1,4 | 0,5 |
Does Spartan Forex support RAW/ECN accounts?
As we discovered, Spartan Forex does not offer RAW/ECN accounts, which might be a drawback for transparency and liquidity. However, this doesn't make the broker uncompetitive. Consider factors like spread levels, execution speed, regulation, support quality, and trading tools when choosing a reliable broker.
Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with Spartan Forex. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
Spartan Forex Non-Trading Fees
| Spartan Forex | Pepperstone | OANDA | |
| Deposit fee, % | 0 | 0 | 0 |
| Withdrawal fee, % | 0 | 0 | 0 |
| Withdrawal fee, USD | 0 | 0 | 0-15 |
| Inactivity fee ($, per month) | 0 | 0 | 0 |
Account types
To start trading financial instruments through Spartan Forex, one needs to open an account with it. The broker offers trading with mini- and micro-lots, making it accessible for both experienced and novice traders to enter the real market. The main account is opened during the registration of the account. Additional accounts on any available trading platform can be created later.
A demo account can be opened on any of the trading platforms. It replicates the conditions of a real Standard account but allows trading with virtual funds. Profits and losses are also virtual.
Spartan Forex's conditions are quite specific, featuring low spreads on all accounts, but commissions per lot are applied to all trading instruments.
Deposit and withdrawal
Spartan Forex received a Medium score for the efficiency and convenience of its deposit and withdrawal processes.
Spartan Forex provides a reasonable range of deposit and withdrawal options with moderate fees, in line with industry standards.
- Low minimum withdrawal requirement
- Bank card deposits and withdrawals
- Bank wire transfers available
- USDT (Tether) supported
- Limited deposit and withdrawal flexibility, leading to higher costs
- Minimum deposit above industry average
- Only major base currencies available
What are Spartan Forex deposit and withdrawal options?
Spartan Forex provides a basic range of deposit and withdrawal options, covering essential methods in line with industry standards. This set of options is sufficient for most traders, with available methods Bank Card, Bank Wire, Skrill, BTC, USDT, Ethereum.
Spartan Forex Deposit and Withdrawal Methods vs Competitors
| Spartan Forex | Plus500 | Pepperstone | |
| Bank Wire | Yes | Yes | Yes |
| Bank card | Yes | Yes | Yes |
| PayPal | No | Yes | Yes |
| Wise | No | No | No |
| BTC | Yes | No | No |
What are Spartan Forex base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. Spartan Forex supports the following base account currencies:
What are Spartan Forex's minimum deposit and withdrawal amounts?
The minimum deposit on Spartan Forex is $500, while the minimum withdrawal amount is $1. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact Spartan Forex’s support team.
Markets and tradable assets
Spartan Forex offers a limited selection of trading assets compared to the market average. The platform supports 100 assets in total, including 45 Forex pairs.
- Indices trading
- 45 supported currency pairs
- Crypto trading
- Bonds not available
- No ETFs
Supported markets vs top competitors
We have compared the range of assets and markets supported by Spartan Forex with its competitors, making it easier for you to find the perfect fit.
| Spartan Forex | Plus500 | Pepperstone | |
| Currency pairs | 45 | 60 | 90 |
| Total tradable assets | 100 | 2800 | 1200 |
| Stocks | Yes | Yes | Yes |
| Commodity futures | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes |
| Stock indices | Yes | Yes | Yes |
| Options | No | Yes | No |
Investment options
We also explored the trading assets and products Spartan Forex offers for beginner traders and investors who prefer not to engage in active trading.
| Spartan Forex | Plus500 | Pepperstone | |
| Bonds | No | No | No |
| ETFs | No | Yes | Yes |
| Copy trading | No | No | Yes |
| PAMM investing | No | No | Yes |
| Managed accounts | Yes | No | No |
Customer support
Support is available 24/6 to all traders interested in Spartan Forex services.
Advantages
- Operators work 24 hours on business days.
- Support is provided in 4 languages.
Disadvantages
- Email responses are delivered within 24 hours.
- The broker does not have communication channels on social media.
To contact Spartan Forex, you can use:
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Phone;
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Email;
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Online chat on the official website.
The user account does not have buttons for quick contact with support. All contacts and communication methods are specified on the company's website and are available to both clients and guests without an account.
Contacts
| Registration address | Spartan Capital Markets Ltd, Escazu Village, Trejos Montealegre, San Rafael Escazu, San José, Costa Rica |
|---|---|
| Official site | https://spartanforex.com/ |
| Contacts |
+506-7206-7179
|
Education
The Spartan Forex website lacks comprehensive trading education. The section for beginners is named Trader Education, but all the information presented in it is superficial and not very effective in preparing for entering the real Forex market.
Beginner traders looking to learn about trading in financial markets can make use of a demo account.
Comparison of Spartan Forex with other Brokers
| Spartan Forex | Bybit | Eightcap | XM Group | FxPro | FBS | |
| Trading platform |
Condor (formerly Spartan Oracle), MT4 | MetaTrader5 | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MobileTrading, MT5, cTrader, FxPro Edge | MT4, MobileTrading, MT5, FBS app |
| Min deposit | $500 | No | $100 | $5 | $100 | $5 |
| Leverage |
From 1:1 to 1:500 |
From 1:1 to 1:500 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:500 |
From 1:1 to 1:3000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 0.4 points | From 0 points | From 0 points | From 0.8 points | From 0 points | From 1 point |
| Level of margin call / stop out |
100% / 95% | No / 50% | 80% / 50% | 100% / 50% | 25% / 20% | 40% / 20% |
| Order Execution | Market Execution | Market Execution | Market Execution | Market Execution | Market Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | No | No | No | No | No |
Detailed review of Spartan Forex
Spartan Forex, through its network of affiliated entities, offers currency and CFD trading to traders worldwide. The broker aims to become a leader in the Forex services sector in Asia and Central America, with aspirations beyond these regions. Spartan Forex provides clients with a wide choice of accounts, trading instruments, and platforms to ensure all necessary conditions for profiting from financial market trading. The company is focused on working with both active traders and passive investors.
Spartan Forex by the numbers:
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Broker has 3 registered offices.
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There are 200+ trading instruments available.
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Support for cryptocurrency trading is active 24/7.
Spartan Forex is a broker with variable commissions and flexible leverage.
On Micro accounts, the commission per lot is fixed, $30 for all CFD types, and $25 for metals and Forex. On Standard accounts, the broker varies the commission not only depending on the traded instrument but also considers the trader's trading style. The highest commission ($20) is paid by clients using long-term strategies. For medium-term traders, the commission per lot is $10-$15, for scalpers, it's $5, and for swing trading, it's $10-$20. Positive swaps are applied to some currency pairs (AUD/CHF, AUD/JPY, AUD/USD, CAD/JPY, NZD/USD), allowing for additional profit from holding a position open for more than one day.
Spartan Forex offers the highest leverage (up to 1:500) for currency pairs and metals on Micro accounts. If a client trades CFD micro lots, the available leverage does not exceed 1:200. On Standard accounts, the maximum leverage for metals and currencies is 1:300, while CFDs still trade with leverage up to 1:200.
Spartan Forex’s analytical services:
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Trading Center. This section provides all the necessary information for successful trading, including market hours, news, data from Myfxbook, and an economic calendar.
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Counselling a trader with successful trading. The Spartan Forex website features a rating of closed profitable trades and a special form for requesting assistance from the traders who executed them.
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Trading instruments. These include a free package of indicators, Forex calculators, and the Compounding Chart.
Advantages:
Trading on real Micro and Standard accounts, practice on demo accounts without depositing funds.
No fees charged by the broker for depositing and withdrawing funds by clients.
Spartan Forex provides useful trading tools, calculators, analytics, and ready-to-use trading signals.
Generating income in financial markets does not require active trading.
The broker's website is available in four languages.
Spartan Forex allows all lawful medium- and long-term strategies, as well as swing trading and hedging. High-speed trading is not prohibited, but acceptable minimum holding periods for open trades should be discussed with the company's manager before starting.
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