Spartan Forex Review 2024
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)
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 high-risk broker with the TU Overall Score of 1.83 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 does not recommend working with this broker, as, according to reviews, most clients are not satisfied with the broker. Spartan Forex ranks 413 among 413 companies featured in the TU Ranking, which is based on the evaluation of 100+ criteria and a test on how to open an account.
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.
- 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
Financial expert and analyst at Traders Union
Spartan Forex is a broker with a solid selection of financial instruments. It offers trading in 41 currency pairs, 135 stocks, and futures contracts. Additionally, there are 13 stock indices from the U.S., U.K., E.U., and Australia; plus, metals such as gold, silver, platinum, and palladium, as well as WTI_OIL and UKOIL. Cryptocurrencies BTC, BCH, ETH, and LTC are traded against USD and EUR or each other, while XRP is only paired with fiat USD and EUR.
To execute trades continuously, traders can use its VPS (virtual private server) that is compatible with MetaTrader 4. EAs (expert advisors) and lawful trading strategies are not prohibited. High leverage (up to 1:500 for Forex and up to 1:300 for CFDs) allows any trader to expand their financial capabilities, and start trading on a larger scale even without a significant capital reserve. The company offers account management services, making its conditions attractive to both active traders and passive investors.
It's worth highlighting the functionality of the proprietary web trader Condor, formerly known as Spartan Oracle. It incorporates over 50 indicators, charts from TradingView, and 13 drawing tools. It supports 9 timeframes, 7 chart types, a customizable interface, and templates. Traders can place three types of orders: market, limit, and stop.
Spartan Forex Summary
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 |
| 💵 Replenishment / 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 |
| 💱 Spread: | From 0.4 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 |
| 📋 Orders 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
The Spartan Forex website and its documentation do not contain information about any licenses. The registration number and the name of the authorizing body that issued it are also not specified. The broker's staff confirmed that its activities are not regulated by any financial supervisory commissions.
Advantages
- Unrestricted access to cryptocurrency transactions
- Trading with high-leverage
- Client funds are stored in segregated accounts
Disadvantages
- Financial indicators of Spartan Forex are not monitored by third-party organizations.
- If the broker ceases operations, its clients will not receive compensation for their investments.
- Traders cannot file a complaint with a regulator regarding the company's unfair practices.
Commissions and fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Micro | From $0.4 | Bank fees/ blockchain network fees |
| Standard | From $4 | Bank fees/ blockchain network fees |
If a trade is not closed on the day of opening, an overnight swap rate is applied for its rollover.
During a comparison of spreads between Spartan Forex and brokers RoboForex and Pocket Option by TU experts, a comparative table was created. It illustrates which of the companies offers more favorable trading conditions.
| Broker | Average commission | Level |
|---|---|---|
|
$2.2 | |
|
$1 | |
|
$8.5 |
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
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Priority withdrawal methods include Swift bank transfers and cryptocurrency transactions. Systems like Skrill, UnionPay, FasaPay, and AdvCash are not available in all countries.
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Traders must use accounts and wallets opened in their name for fund withdrawals. The company does not make payments to third parties.
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Spartan Forex does not charge a withdrawal fee, but fees are withheld by banks acting as senders, intermediaries, and receivers of funds. Network fees apply for cryptocurrency withdrawals.
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The speed of fund arrival depends on the payment method. Processing a bank transfer can take up to 2 days. Cryptocurrencies are usually credited to the wallet no later than 6 hours after the broker approves the withdrawal request.
Investment Options
Clients of Spartan Forex have the opportunity for passive income. The broker supports solutions from third-party providers, such as signal copying from the MQL website and the use of EAs (expert advisors) for algorithmic trading. Investment services offered directly by Spartan Forex include PAMM- and MAM-managed accounts. The accounts are managed by the company's employees and guarantee fair operation, high-speed trade execution, and automatic profit/loss distribution. Another way to generate passive income is through affiliate programs.
Active portfolio management is a service for investors from Spartan Forex
The company cooperates with professional fund managers working in major investment firms. They trade on behalf of investors for a share of their profits, allowing investors to monitor all transactions and their performance. Key features of portfolio management for Spartan Forex clients include:
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Managers that tailor the strategy to the specific investor, considering their risk tolerance, and time preferences.
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Trade entry and exit are based on signals from proven expert advisors. The manager directly oversees the trading process on all managed accounts.
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Investor funds are not pooled. The manager uses the money from the account opened in the investor's name for trading.
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The account owner can withdraw profits or make additional deposits at any time.
All investment programs at Spartan Forex are available only to verified clients. Brokerage company employees do not provide advice on choosing a specific manager, advisor, or signal provider. Investors must determine the most suitable option for them, considering potential risks and losses.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Spartan Forex's affiliate program:
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The company pays affiliates up to 25% of its income from spreads and retained commissions from referred clients. This referral program is available to all retail clients of Spartan Forex.
Additionally, Spartan Forex invites collaboration from Introducing Brokers (IB) and White Label representatives. IBs receive commissions from the trading of referred traders, while White Labels set their pricing for brokerage services as they operate under their brand.
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 | RoboForex | Pocket Option | Exness | IC Markets | FxGlory | |
| Trading platform |
Condor (formerly Spartan Oracle), MT4 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, cTrader, MT5, TradingView | MT4, MobileTrading, MT5 |
| Min deposit | $500 | $10 | $5 | $10 | $200 | $1 |
| Leverage |
From 1:1 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
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 | 8.00% |
| Spread | From 0.4 points | From 0 points | From 1.2 point | From 1 point | From 0 points | From 2 points |
| Level of margin call / stop out |
100% / 95% | 60% / 40% | 30% / 50% | No / 60% | 100% / 50% | 20% / 10% |
| Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Instant Execution, Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | Yes | 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.
User Satisfaction