With the rise of ChatGPT’s popularity, it was just a matter of time before some of the scheme brokers abused it. And that’s how we got Spear GPT, an alleged Bitcoin-based trading platform.
Let’s begin our research together and find out why to avoid this company. Furthermore, if you lost your money or know someone who did, this Spear GPT review will help you out.
In its legal documents, Spear GPT says to be owned by Speargpt, incorporated in Switzerland. As a Forex and CFD broker, this firm would need to comply with domestic monetary laws and obtain a license from FINMA. Upon checking the authority database, we found no traces of Spear GPT or their regulations.
Furthermore, the legal documents mention the law of Saint Vincent and the Grenadines as the governing law. This is even worse, considering that this offshore island has no regulator for the Forex market, and brokers are obligated to get a license in the country of service.
Finally, there is no official address, and Spear GPT’s contact information is probably false, considering that phone numbers are from the UK and Australia. And this broker is not regulated by ASIC or FCA. If you were wondering is Spear GPT legit, now you have your answer. It’s not.
Usually, brokers attract their victims through fraudulent social media ads places via Facebook, Instagram, and Google Ads. Our scammer here is no exception to that. Namely, broker employees get your contact information once you register, such as phone, email, and other details.
Then, sales agents start calling, offering various promotions, and promising to fulfill your financial goals. If you fall for the story and invest, you’ll be transferred to an experienced senior agent whose job is to retain you and get more money out of you. This person may be in touch through Telegram, WhatsApp, or any other means of communication and pretend to be your best friend as long as you keep investing.
If, on the other hand, you refuse to deposit, your details will be sold further, and you can expect hundreds of calls from different country codes and people with various offers.
This is how the Spear GPT scam works. It’s essential to recognize it and not fall for it.
It’s important to know that this trading firm is not legally in the business, and you should stay away. Otherwise, you won’t be able to request assistance from the Financial Ombudsman or compensation from a dedicated fund in your jurisdiction.
We did thorough research on the trading platform, and we were disappointed, as we were with Tradingweb, for example. Spear GPT only offers a proprietary WebTrader that lacks all the advanced features. You can check your open trades and trading history and see the market sentiment, which we doubt is false, and nothing more.
The software cannot be compared to third-party ones, such as MT4, MT5, or cTrader. These are the favorites of retail traders like yourself as they have a large number of functionalities while offering higher fund safety.
The website advertises Spear GPT login through a dedicated mobile app for smartphones. However, there’s no link to download it, so we doubt it exists. Further, it’s not specified for which platform the app can be used, Android, iOS, Huawei, etc.
Once we have reviewed the platform, we got a better picture of the available tradable assets. This was quite necessary, considering that the broker site is a mess and every section displays different information.
You can invest in the following CFDs:
You can get a standard range of assets with almost any broker.
There are three categories of services, each containing its own account types.
1 . Standard – Standard, Education, and Advanced Accounts
2. Premium – Professional and Business Account
3. VIP – VIP Account
The leverage ranges from 1:25 to 1:100 for the Standard and Education accounts, while it’s custom for all other types. You’re also entitled to insured trades and exclusive events from the Advanced account.
The Premium category brings weekly meetings with a dedicated account manager, while VIP clients can get an adjustable risk management plan, weekly reports, and 24/7 Spear GPT support.
There’s no access to a Demo account. If you want to test the system, you need to pay the minimum deposit first. However, the issue is that the amount is not specified, meaning that broker employees can extort from you as much as they want.
As explained, the leverage ranges from 1:25 to a custom one. However, it should be noted that crypto leverage is limited to 1:2 in the EEA zone by the EU watchdog, ESMA. On the other hand, the UK FCA banned crypto CFD trading in January 2021.
As per spreads, they allegedly start with 0.1 pips, but we wouldn’t believe the broker. On top, you have to pay swaps and possibly other trading commissions that are not specified.
The only available means of payment is crypto. Therefore, your only option for Spear GPT withdrawal is to request the money to be transferred to your digital wallet. This is one of the most unsafe options, considering that virtual currencies are not subject to chargeback and are relatively hidden by blockchain anonymity.
According to legal documents, the broker takes 3-5 days to process the request. On top, you have to pay all the transfer fees yourself. Considering everything we’ve learned from reviews, we doubt you’ll get a penny back without legal experts for crypto forensics.
If you, like thousands of others, were scammed by an online trading brokerage, you should immediately start the recovery procedure. Global Fraud Protection has CipherTrace crypto specialists who can help you.
CipherTrace is crypto software enabling you to follow the path of your digital coins and find the final destination. Since we know that scammers are switching many wallets before finally converting crypto to fiat, time is of the utmost importance.
Get in touch now, and we’ll do our best to assist. Don’t hesitate to book a free consultation today!
Spear GPT is an unregulated online crypto trading broker you should avoid. If, however, you have already invested, we will be glad to help you find a solution for fund recovery.
The broker never specified the minimum deposit it requires from future customers.
No, Spear GPT only offers WebTrader, not MT4 or MT5.
Spear GPT is an unregulated online crypto trading broker you should avoid. If, however, you have already invested, we will be glad to help you find a solution for fund recovery.
The broker never specified the minimum deposit it requires from future customers.
No, Spear GPT only offers WebTrader, not MT4 or MT5.
The post Spear GPT Review: New Crypto Trading Fraud on the Financial Market appeared first on Global Fraud Protection.
