Is SpursMarkets a scam? Definitely. Reports indicate the platform doesn’t allow members to withdraw funds. Once you fund your account with Spurs Markets, that’s the last you will see of it. And this is why we have to expose spursmarkets.com for its dubious trading practices. The platform uses false regulatory claims to fool investors. We are here to protect you from losing money with the platform. Here’s the truth in our vivid SPURSMARKETS REVIEW.
SpursMarkets claims to have developed a skill to help investors on the about us page. However, there’s no background or history of the platform’s achievements. As a result, we strongly believe that spursmarkets.com is another exit scam.
You need to invest in the right strategies to make it in the financial world. Experts recommend using groundbreaking and innovative ways of investing. For example, you should try Coin staking, DeFi, or Masternoding.
Spurs Markets will only lead you to financial woes. The platform doesn’t allow anyone to withdraw funds which is a bummer. You would expect to withdraw funds from any platform at any time.
That’s not the case with Spurs Markets, as most investors face this very problem. Attempts to get answers from the platform have hit a wall. The platform is not willing to respond to withdrawal issues from investors.
And that’s why we have to expose the red flags found on the platform. Unfortunately, most investors fail to do their research before investing in a platform. Thanks to our keen eye, we will help expose the traps set by this platform.
Before investing in any platform, we recommend doing some due diligence. Try and find out what makes a platform tick. It’s one of the many ways to protect yourself from unforeseen errors.
SpursMarkets avails three account types for members to choose from. These include Standard, Prime, and VIP. Each of these accounts comes with a different set of features. It’s these features that make trading with the platform a risky venture.
Here’s a closer look at each of these accounts;
Standard
It’s the account set for beginners within the platform. You have to deposit $1,000 to get started with the account. After that, the account offers commissions of $10 on CFDs. Spreads on this account start from 1.8 pips.
Prime
For the prime account holder, the member must deposit $20,000 to get started. However, the platform claims that this account is ideal for regular traders. Spreads start from 0.6 pips and have the same commission as the standard account.
VIP
It’s the most exclusive account, with investors depositing $100,000. The account mainly targets institutional clients. Spreads start from 0.4 pips, with members enjoying no commissions. High-profile traders are also a target for the VIP account.
We have to raise the red flag regarding the acceptable minimum deposit. The platform also fails to mention the available leverage on these assets. For those new at trading, the acceptable minimum deposit is $250.
Leverage is another vital aspect when it comes to trading. The platform fails to mention the acceptable leverage on these assets. Members claim to get maximum leverage of 1:500 for some of the assets.
Regulators have moved in to protect investors from high leverage. But unfortunately, with high leverage, your trading position is at risk. That’s why we have to expose the platform’s illegitimate ways of trading.
Acceptable leverage depends on the jurisdiction. For example, in Europe, regulators, including CySEC, set maximum leverage of 1:100. The United States has a different leverage position. Retail traders must enjoy maximum leverage of 1:50.
Any platform asking for more than a $250 deposit takes advantage of investors. The only acceptable minimum leverage above $250 is for crypto assets. We notice the platform doesn’t have any crypto assets.
There are four classes of trading assets available on the platform. These include commodities, forex, indices, and stocks. You get to trade commodities that include crude oil, gas, gold, metals, and more.
Forex trading is at the core of the platform’s activities. You get to trade commodities such as major and minor currency pairs. Unfortunately, the platform doesn’t indicate the leverage of forex assets, another problem.
You also get to trade in the international market stage. These include FTSE 100, NASDAQ, NIKKEI, and more. You get to set the prices of goods and services worldwide. That’s how indices affect the international market prices.
Lastly, we have stocks of leading companies. Again, you get to own a piece of a company for a limited time. Some of the company shares available include tech giants such as Apple and Facebook.
SpursMarkets LTD is the entity we are told owns this platform. The entity claims to have a business registry in Cyprus. After looking for the business registry documents, none were found. We are dealing with an anonymous investment platform.
Investors should be wary of anonymous platforms. There are no recovering funds from such entities. Hiring recovery agents won’t solve anything as these agents are part of the problem. These agents work in unison with the platform to steal more from victims.
You will notice that the store fails to mention the CEO or founders of the platform. It’s a way to keep their real names out of trouble. No sane person wants their face plastered in the evening news with the words scam beside them.
Although the platform claims to offer live chat support, that’s not the case. Instead, you get to leave a message and wait for a response. Unfortunately, the platform usually fails to respond to withdrawal queries.
We encourage investors to test a platform’s support structure as a rule. Try and find out how fast it is for the platform to respond. You will notice that Spurs Markets fails even to offer a direct line to support.
SpursMarkets won’t protect your funds. The safety of funds with an unregulated platform is out of the question. There’s no way the platform even segregates accounts as dictated by law. We believe the platform stores all funds in a single personal bank account.
The platform fails to indicate the acceptable funding methods available on the platform. And this means the platform will accept anything you can give them. Once you fund via bank and wire transfer, the balance reflects within 24 hours.
When the time comes to withdraw funds, that’s when all hell breaks loose. You don’t get the chance to withdraw funds as the platform laughs all the way to the bank. So avoid investing in anonymous and unregulated platforms.
SpursMarkets is not a regulated platform and faces a warning from CySEC. Before investing in any platform, check with regulators to confirm authenticity. Once a platform gets the nod from regulators, it’s safe to invest and trade.
That’s the only positive aspect we found with the platform. The mobile app, however, is sketchy t best. Delays in execution will probably make investors lose funds. Experts recommend trading with reputable platforms such as MT4 and MT5.
Please stay away from spursmarkets.com, and it’s a scam.
You need to invest in verifiable investment options. It’s the safest way to invest.
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