Spartan Forex is a foreign exchange broker situated in Vanuatu. According to the broker, “The view of the SpartanForex principles is that the keys to successful trading are self-discipline and risk management.” With that being said, we will be using this review to look into the services on offer to see if they live up to this statement or to see if they manage to fall short.
Account Types
Parts of the site make it seem like there is just one account, other parts indicate that there may be more than one, this was a little confusing, below we have outlined the details of the one account we do know, as we go through the review we will outline any potential differences in each section.
The account we know of has a minimum deposit of $500, leverage up to 1:500, spreads starting from 0.4 pips with an added commission. Trade sizes start from 0.01 lots and there are 45 currency pairs and metals to trade along with 71 CFDs and cryptocurrencies.
Platforms
Just the single platform available to trade with, the good news is that the platform is MetaTrader 4. MetaTrader 4 has quickly become the world’s most used trading platform hosting millions of traders. Accessible as a mobile application, desktop download, or web trader, it is accessible from anywhere in the world. It also hosts and is compatible with hundreds and thousands of expert advisors and indicators to help with your trading needs. Whatever your trading style, MT4 will be able to help you trade.
Leverage
The maximum leverage available is 1:500 and can be selected when opening up an account, in order to change the leverage on an already open account, you will need to contact the support team with the request.
Trade Sizes
Trade sizes start from 0.01 lots and go up in increments of 0.01 lots., We are not sure what the maximum trade size is but would keep any trades under 50 lots due to execution and slippage issues. We are also not clear on what the maximum number of trades you can have at any one time is.
Trading Costs
The commissions are a little confusing, so we have put them into a little table for ease of understanding.
There are also swap fees that are charged for holding trades overnight and you can view them from within the MetaTrader 4 trading platform.
Assets
Spartan Forex has broken down its assets and instruments into different categories.
Forex: AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURDKK, EURGBP, EURHKD, EURJPY, EURNOK, EURNZD, UERPLN, EURSEK, EURUSD, GBPAUD, FBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDJPY, NZDUSD, USDCAD, USDCHF, USDCNH, USDDKK, USDHKD, USDJPY, USDMXN, USDNOK, USDPLN, USDRUB, USDSEK, USDSGD, USDTRY, USDZAR.
Metals: Gold, Silver, Palladium, and Platinum.
Cryptocurrencies: BTCUSD, BTCEUR, BCHBTC, BCHEUR, ETHBTC, ETHEUR, ETHUSD, LTCBTC, LTCEUR, LTCUSD, XRPEUR, XRPUSD.
Indices: AUS200, DE30, DJ30, ES35, F40, JP225, STOXX50, N25, SWI20, UK100, US500, USTEC, VIX.
Energy: WTI Oil and Brent Oil.
Stocks: Plenty of stocks available including Apple, Amazon, eBay, Intel, Ferrari, and Visa.
Futures: A large selection of futures including Copper, Euro Bund, Natural Gas, US Sugar, and US Cocoa.
Spreads
Spreads start from as low as 0.4 pips, these spreads are variable which means they move with the markets when there is added volatility they will often be seen higher. Different instruments also have different spreads and some will naturally be higher than others.
Minimum Deposit
The minimum amount required to open up an account is $500, this amount reduces once an account has already been opened but we are not sure what the minimum is for further top-up deposits.
Deposit Methods & Costs
When depositing there are a few different methods available which are Bank Wire Transfer, Visa, Skrill, Crypto (Bitcoin, Ethereum + others), UnionPay, and FasaPay.There are noa added fees from Spartan Forex for these deposits but we would always suggest contacting your bank or processor to see if they will add any transfer fees of their own.
Withdrawal Methods & Costs
The same methods are available to withdraw with, for clarification these are Bank Wire Transfer, Visa, Skrill, Crypto (Bitcoin, Ethereum + others), UnionPay, and FasaPay. There are no added fees for withdrawing your funds from Spartan Forex.
Withdrawal Processing & Wait Time
We did not see any information on the processing times from Spartan Forex, however, depending on the method used we would expect withdrawal requests to be fully processed between 1 to 5 working days from the time of the request.
Bonuses & Promotions
There doesn’t seem to be any active promotions or bonuses at the time of writing this review but that doesn’t mean there won’t be any. If you are after bonuses then we would suggest contacting the customer service team to see if there are any coming up that you can take part in.
Educational & Trading Tools
There are a few different tools available, these include an economic calendar that details upcoming news events and the effects that they could have on different currencies and markets. You can request some trading signals, they claim to be very accurate but we cannot verify this. There is then a set of tools available to help your trading and analysis, there is an indicator package,m a calculator, compounding chart, Fibonacci calculator, and an order size calculator.
Customer Service
There are various different ways to contact Spartan Forex scattered about the website. The contact us page gives us a few of them. There is a quick contact form to fill out and you should then get a reply between 24-48 hours time. There is also a postal address, email address, and phone number available so you have a choice of ways to get in touch.
Address: SpartanForex Limited, Suite T19, First Floor, Tana Russet Plaza, Kumul Highway, Port Vila, Efate, Vanuatu
Email: [email protected]
Phone: +44-20-3289-8286 (UK)
Demo Account
Demo accounts are available and ready to use with MetaTrader 4, demo accounts allow you to test out new strategies and also to test out trading conditions without risking any of your actual capital. The trading conditions or potential expiration times of the demo account are not stated on the site.
Countries Accepted
This information is not stated on the site and so we would suggest contacting the customer service team to ensure you are eligible for an account before you sing up.
Conclusion
A few aspects of the site were a little confusing, mainly the fact that we are still not sure if there are multiple accounts or just the one. In terms of trading conditions, the spreads are ok, but the commissions being added on can make it very expensive to trade here. There are plenty of assets to trade which is great and also enough ways to deposit and with no added fees the deposits and withdrawals are a big plus. The main question you need to ask yourself is if you are willing to pay the huge commissions, we would suggest looking for a slightly cheaper option, but the decision is all yours.