SpearTrader Review (2023)
About SpearTrader
| 🗺️ Registered in | No Registration |
| 🗺️ Type of License | No License |
| 🛡️ Is SpearTrader safe to trade | No |
| 🗺️ Recommended Licenses | FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | GO Markets - licensed by ASIC in Australia |
SpearTrader is a broker that offers Forex, CFD and options trading. There is not much information about the company behind the brand or its headquarters on the website, only that SpearTrader was founded in 2009. The terms and conditions state that the company is under the laws of the United Kingdom, which supposed to mean the broker is regulated by the Financial Conduct Authority in the UK. However, it is actually not licensed by this or any other regulator.
The only contact information provided on the website is a contact number with Swiss phone code when the company is not regulated in Switzerland. Moreover, Austria’s regulator Financial Market Authority (FMA) has issued a warning against SpearTrader in June 2018:
“SpearTrader is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others (Article 1 para. 1 no. 7 BWG).”
Regulation is very important for the safety of the funds in the sector and well established financial authorities like the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) to provide sufficient security to traders. Check the list of the ASIC-regulated brokers.