SpearGPT Review (speargpt.com) FRAUD EXPOSED – Spear GPT Scam Broker

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SpearGPT Review (speargpt.com)

Conclusion

All of these details show that you should not fall for the appearance of a broker like SpearGPT because it is just another ruse.

Broker Rating

0.1

Get Your Money Back From This Broker!

SpearGPT (speargpt.com) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! Spear GPT scam works by getting you to believe you can become rich by trading with them.

SpearGPT Review

You are reading this SpearGPT review, which means that you want to open an account with an online broker. After all, this is a must if you want to engage in online trading, but this does not mean that any company will suffice. You want a brokerage capable of meeting your expectations and delivering professional services, which is no easy task. The options may seem endless and this can be quite frustrating, but navigating through them is not as complicated as it may appear. You need to bear in mind that these companies also include scammers that have concealed their actual nature.

They can present you with a professional website and all the right offerings to trick you into signing up with them. Therefore, the most important thing to remember is to not fall for a broker’s appearance. It does not matter how good the website is, or how impressive the features and other promises are; it can all be a ruse and you do not want to regret your decision. Then, how do you select? You do this by digging into a brokerage and forming conclusions of your own instead of taking their word for it.

Never take anything for granted, especially when the brokerage is telling you because no company is ever going to talk about its own faults, or problems. They will always put forward the best appearance and you have to ensure that it is authentic. It is what you need to do in the case of SpearGPT as well, which has done a great job of presenting a rather convincing and impressive appearance.

You add access to the top trading instruments in the market, the best trading platform and tight spreads and SpearGPT seems to be the perfect broker for all, only if it were true. As it turns out, nothing is what it appears to be where SpearGPT is concerned and you will find this when you dig deep into its offerings. Let’s check it out:

The licensing claim

When you are digging into any online brokerage, the best place for you to begin is with its licensing claim. If a company is not licensed, you should not choose it at all because it means leaving yourself vulnerable to many risks. Regulated brokers can offer you security, transparency as well as quality services that you cannot get with their unregulated counterparts. In addition, the risk of scam little to none in this case and that is exactly what you want.

You want to be able to trade with peace of mind and that is what SpearGPT promises because it claims to be licensed by the Cyprus Securities and Exchange Commission (CySEC). This is one of the top regulatory bodies in Europe, which means that its license holds a lot of value. It has strict rules and requirements and vets companies thoroughly before granting them a license. You cannot take anything for granted, which means you need to check the CySEC register to see if SpearGPT is really regulated.

Unfortunately, this is the first crack that you will see in SpearGPT’s appearance because it is not found anywhere. This means that it is lying about having a license and there could be nothing worse than that. No legitimate brokerage would ever lie to its customers and it shows that you are not dealing with a company that can be trusted at all.

The trading platform promise

A prominent promise that SpearGPT makes on its website is giving its clients access to the best trading platform in the market, which is none other than the MetaTrader 5. The MT5 has become the leading trading platform in the market because of its advanced features and powerful technology and access to it can significantly improve your experience as well as performance.

Therefore, every trader wants to sign up with a brokerage that enables them to use the MT5 and this is exactly what SpearGPT is claiming. But, when you dig deep, you will find this to be another lie. There is no MT5 to be found. In fact, it seems there is no platform to be found because you end up seeing a bunch of TradingView charts that you can find on the internet for free.

Furthermore, these charts do not allow you to actually execute any trades, which means that you cannot do any trading. So, why would you open an account with SpearGPT at all? As the only option given to you is making a deposit, it is obvious that they are after your money.

The offer of good trading conditions

Another aspect of an online broker that usually garners the attention of traders are their trading conditions. You want to engage in online trading to enjoy high profits and this depends on the type of conditions that an online broker offers. At SpearGPT, you are promised good trading conditions in the form of tight spreads and high leverage, which sounds like the right combination.

But, digging into them shows that they are not even remotely close to what has been claimed on the SpearGPT website. As it turns out, the ‘tight’ spreads they promise start at 3.3 pips. These are about 3 pips higher than what actual tight spreads look like, which means the broker is most definitely not profitable. Moving on, the leverage ratios that are promised are indeed high.

You will find that they go as high as 1:1000 and this appears to be an honest claim of SpearGPT, but there is a downside; a CySEC regulated broker cannot offer leverage of more than 1:30. To say that SpearGPT is breaking the rules is an understatement in this regard. Also, such leverage ratios are suicidal for retail traders, so no authentic broker would ever do this.

Bottom Line

All of these details show that you should not fall for the appearance of a broker like SpearGPT because it is just another ruse.