Spear GPT – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Spear GPT - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://speargpt.com
Founded: 2023
Regulations: Not Regulated
Languages: English
Deposit Methods: Bank Wire, Credit Cards
Minimum Deposit: $100
Free Demo Account: No
Number of Assets: 100+
Types of Assets: Stocks, Cryptocurrencies, Real Estate, Commodities, Currencies
Trading Accounts and Conditions
Here is what we know about the accounts and trading conditions offered by Spear GPT. Traders are offered multiple asset types for trading – stocks, currencies, cryptos, real estate and commodities. The broker does not mention what types of trading accounts they have or what their trading conditions are on their website. We had to register for an account and check their trading platform to get information on their trading conditions (we could not find any information on the account types).
We found out that the spreads for the EURUSD, GBPUSD and USDJPY started at 3 pips. For binary trading, you need to pay a massive $5 fee per trade. Leverage for forex is a maximum of 1:100. That is all we know. We do not know what commissions are, or fees, or even the order execution methods are. This broker has presented incomplete trading conditions.
Spear GPT – Advantages
There are no advantages to doing business with Spear GPT.
Spear GPT – Disadvantages
Here are all the reasons why we have marked Spear GPT a scammer:
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Anonymous and Unregulated Broker
The first proof of Spear GPT’s scam is their anonymity and lack of regulation. This broker does not tell us the identity of the company that runs their operations. We also do not know where this broker is located. And, of course, there is no information about their licensing and regulation status. All of this information is missing from both their website as well as their legal documents.
The only snippet on information provided is on their Contact Us page, where we are given two phone numbers, one with a UK country code and another with an Australian country code.
The broker seems to be hinting at the fact that they are located in the UK and Australia. To operate in these two countries, brokers need to be regulated by the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) in Australia. We checked the online registers of both regulators. There is no broker or company registered with either regulator. Therefore, this broker has no presence in either jurisdiction.
Our investigation tells us that we are dealing with an anonymous and unregulated broker, which means that Spear GPT is a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Issues with Trading Platforms
Since the trading platform is the only product that brokers offer, they usually advertise the kind of trading software they have prominently on their websites. Spear GPT, like most scammers, does not mention anything about the kind of trading platform they offer. We only found out what this broker had after we registered for an account!
After we registered for an account with Spear GPT, we found out that this broker does not have one trading platform, but two! This does not make things better.
One trading platform was a simple web-trader software for forex and CFD trading. No features or add-ons that we would find in better quality trading software like the MetaTrader 4 or MetaTrader 5 platforms. All you can do on this broker’s trading platform is buy and sell a few assets. This is the kind of trading platform that we have seen being used by most scammers.
The second platform is even more rudimentary and it only allows you to carry out options trading. This type of trading has been banned in most regulated markets because they are associated with scams and trader exploitation. Therefore, the fact that Spear GPT offers this kind of trading tells us clearly that we are dealing with a scammer.
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Issues with Trading Conditions
We also have serious issues with the kinds of trading conditions this broker has to offer. This information – or lack thereof – tells us that we are dealing with a scammer.
First, we do not know if this broker offers any trading accounts. There is not information anywhere on their website and you do not get any options when you register with them. This means that they do not offer multiple trading accounts. A red flag, since regulated brokers offer multiple trading accounts with varied trading conditions to suit the needs of all types of traders.
Next, there is not information on their website about their trading conditions; we had to check their platforms to find out what they were. Regulated brokers not only offer detailed information about their trading conditions on their websites, they also provide a demo account for traders to check those conditions. This lack of information is another red flag.
And then the trading conditions themselves. While the minimum deposit is quite reasonable, the spreads are ridiculously high at 3 pips. And since we do not know what the commissions and fees are, we can only assume that the cost of each trade will be prohibitively expensive.
Leverage ratios are too high to be legal in most jurisdictions at 1:100. In fact, the two countries (UK and Australia) that this broker is targeting both have set a limit of 1:30 for leverage ratios. Which means this leverage offered by Spear GPT is illegal.
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Issues with Payments
When you check their website, Spear GPT gives us no information about the payment methods available. However, when we checked their payments section, we found out that the broker was offering two different payment options – Bank Wire and Credit Cards.
The problem is that when you click on either one, you are given an error message that that payment option is not yet enabled and that you need to contact customer support for help make payments.
This is a typical scam tactic, where you get in touch with the broker and then they choose the novice traders to scam.
Conclusion
Spear GPT is a scammer and cannot be trusted. Your funds are not safe with this broker.
Spear GPT
Pros
- None
Cons
- Anonymous and Unregulated Broker
- Issues with Trading Platforms
- Issues with Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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