SpearGPT Review: Don’t Trust This Fake Broker Scam

The financial markets have always been known to offer good returns and there are plenty of lucrative opportunities for everyone. Thanks to online trading, barriers to entry have been eliminated, which has opened up the doors for many who could not take advantage of the offerings before. These days, you just need to sign up with an online broker to start your own trading journey, but caution needs to be exercised because not every brokerage is the same, something this SpearGPT review will highlight. Choosing an online broker is a big decision that should never be made in a hurry.

You need a professional and credible brokerage that can deliver you quality trading services because they can make a big difference in your overall success. The trouble is that scam brokerages have become quite common and most people do not realize they have opted for one until they lose their money. It can be a traumatizing experience for many, especially when they have invested their savings, and you do not want to go through it. The only way to avoid this is to opt for a brokerage after evaluating it carefully.

No matter how attractive their offerings may be, you should always take them with a grain of salt because where the internet is concerned, not everything is as it seems. Putting up appearances is incredibly easy nowadays and this is what these fraudulent brokerages are good at. Evaluating the offerings of a brokerage will help you choose a good broker that you can use in the long run. Is SpearGPT that broker? It certainly seems to be, given that it claims to be licensed in the UK and offering a powerful trading platform.

The trading instruments that SpearGPT offers are also quite impressive, spread across different categories, and the trading conditions are also quite lucrative. But, you need to evaluate all it has promised before you can open an account with SpearGPT and doing so shows you another side of the story. Read on to find out.

Licensing and regulation of SpearGPT 

Start your evaluation of an online broker with its most important detail; license and regulation. Even though not all unlicensed companies may be scams, 100% of the fraudulent ones are without a license. This tells you that it is best to avoid a brokerage that operates without a license because it cannot give you the sense of security you need for trading online. The good thing about a licensed broker is that it can offer you quality trading services and is compliant with laws and regulations, which means there is accountability.

Most traders prefer to deal with licensed brokers because of which the scam ones have begun to add licensing claims in their presentation. However, as mentioned earlier, you have to take everything with a grain of salt, which means doing your own verification. The same applies in the case of SpearGPT that claims to be a brokerage licensed in the United Kingdom. Bear in mind that the UK is one of the world’s best regulated regions and its financial body is one of the strictest ones out there.

The Financial Conduct Authority (FCA) is one of the leading regulatory bodies, which means if SpearGPT is really regulated by it, then you can have complete peace of mind. But, you will quickly learn that it is just a false claim because the company is nowhere to be find in the FCA’s online register. In fact, you are in for a shock because the FCA has actually issued a warning about SpearGPT. As per the warning, the company is operating illegally in the jurisdiction and should not be trusted.

Trading platform of SpearGPT

You have to use the trading platform given to you by an online broker for executing your trades, so you want one that has all the right capabilities and functionalities required for the process. Moreover, you also want to ensure that it has the most advanced technology that enables you to keep up with the markets. This is what SpearGPT is promising because it has advertised a powerful trading platform for its clients.

It is understood that you want to evaluate it beforehand to ensure it is as advertised, but this becomes a major problem. Why? This is because SpearGPT requires you to first make a deposit before it allows you to access the trading platform it is offering. It is downright absurd because most legitimate and professional brokers offer demo accounts to their clients to help them check out the trading platform.

Their goal is to achieve full transparency, so they never prevent potential clients from getting a firsthand look at their offering. Yet, this is what SpearGPT is doing, which shows that it is up to no good.

Trading conditions with SpearGPT

The trading conditions refer to the spreads and leverage that an online broker offers, which are related to the profits you make at the end of the day. You want them to be good and competitive, as this ensures maximum profits for you. Evaluating them is important to prevent any surprises down the road and this should be done with SpearGPT too. It is good that you decide to check them out because the ones you are offered at SpearGPT are downright poor.

First and foremost, the spreads that you are offered at SpearGPT start at 3 pips for the EUR/USD pair and this is just too high. Most brokers will give you tight spreads at 0.3 pips, or even 0.5 pips, but SpearGPT does not come close to that. In the case of leverage, the ratios promised are as high as 1:300. This may appear to be attractive, but they further prove that SpearGPT is not a UK-regulated brokerage. Companies in the UK are not allowed to offer leverage of more than 1:30, yet this one is going way beyond it. It proves that the brokerage is not a genuine one.

Wrapping Up

SpearGPT claims to offer several high quality trading services. We, however, noticed misleading information about the platform’s capabilities. Contrary to what the broker wants you to believe, you cannot automate trades on a web trader. The lesson you learn at the end of the day is that SpearGPT is certainly not a good choice and is only a sham.

You should also keep in mind that SpearGPT.com is asking for a minimum of $1000 investment to begin trading. This is a large amount, and you should not spend it on a highly suspicious trading platform. Instead, you should use crypto trading bots to make money through authentic and legit platforms.