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SpearGPT Scam – Get Your Money Back From SpearGPT

Cryptocurrencies have been enjoying a lot of popularity in the last few years and the COVID-19 pandemic only fueled interest in this market. Subsequently, it was not surprising to learn that the number of online brokers catering to crypto traders increased tenfold. This certainly sounds good because it means that you have plenty of options to explore when you decide to venture into this space. But, this SpearGPT review also indicates that not all the companies established are on the up and up.

As a matter of fact, given the unregulated nature of the crypto market and the lack of knowledge and understanding that people have about this relatively new trading instrument, the number of scams are quite high. Statistics show that there has been a massive increase in fraudulent scam brokers and people continue to lose their funds to these platforms. Your goal is to obviously tap into the profits the crypto market has to offer and you cannot do that if the broker is a scam. In fact, it would mean losing your money, which you absolutely want to avoid.

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How do you do that? The best way to go about it is by ensuring that the brokerage you do select at the end of the day is authentic. Rather than skimming its website and offerings, you need to look thoroughly to ensure there are no red flags that are warning you off. If you find any, it is better to look for a different option altogether because you would rather be safe than sorry. Doing so is certainly the right move with SpearGPT because even though it seems like a good crypto brokerage, it has too many red flags that you cannot just ignore.

Some of the major red flags that you will come across at SpearGPT when you do a thorough check are:

Virtually anonymous brokerage

The first red flag that you will uncover at SpearGPT is the fact that the brokerage appears to be virtually anonymous. When you decide to open an account with a broker, you are trusting them with your money and your personal data. You cannot just do that with any company over the internet and would always check them out thoroughly. The problem with SpearGPT is that it does not offer you anything to go on.

You would expect a brokerage to tell you where it is based because you want to be able to ensure that it has a license. Likewise, you also want to be able to contact them in case of a problem. But, none of this is possible with SpearGPT because when you go through its website, you will find absolutely no information about the company running the brokerage. It has not mentioned where it is operating from and there is no talk about a license.

As a matter of fact, when you go to the ‘Contact’ section of the SpearGPT website, you will not find any corporate address given, or any other background. There is no phone number provided either and the only piece of information given is an obscure email address that does no good at all. Why would you trust an anonymous broker?

No functional trading software

The one vital feature that every online broker has to offer to its clients is the trading software that they need for executing their trades. How else will you connect to the financial markets and do any trading? It is the software that makes it possible and it also comes with tools that you use for making smart and well-informed decisions. You are promised a sophisticated and advanced trading platform at SpearGPT, but this is just another lie.

You will not find a functional trading software at SpearGPT because when you try to access it, all it leads you to is a funny looking dashboard that just shows you a bunch of crypto asset prices. It does have the option of letting you make a deposit, but you cannot do anything else with the dashboard. Since there is nothing else even remotely related to a trading software on the website, it indicates that this is it.

As no trading can be done with this dashboard, it shows that SpearGPT has no intention of letting you do any trading.

Excessive leverage

Leverage is one of the key trading conditions online brokers offer and it allows you to make bigger trades than you can with your capital. But, there are risks involved because if the trade does not work out, it means losses for you. Therefore, it is considered a double-edged sword and excessive leverage is never a good thing. You will find that SpearGPT offers leverage ratios of 1:5.

This may not sound much, given that many brokers offer high ratios. But, you have to remember that SpearGPT is a crypto broker and the market is already very volatile. In such cases, this leverage ratio is indeed too high. The appropriate leverage for crypto trading is 1:2, but SpearGPT does not follow the rules.

High deposit and no refunds

Making a minimum deposit for opening an account with a broker is expected, but this does not mean that you have to deposit thousands of dollars. Yet, it appears that this is exactly what SpearGPT is expecting you to do because the lowest minimum deposit is $10,000. This is just too much, as these days most brokers are allowing their clients to open accounts for just $10.

Even the standard minimum deposit required is not more than $250, so what SpearGPT is asking is not the norm at all. It is even more problematic when you find that they only support crypto deposits. As it is a crypto broker, this might seem reasonable. However, you have to remember that crypto payments are final. There can be no chargebacks with these payments and they are also anonymous, which means you are not getting any refunds if there is any issue.

Final Thoughts

There are just too many red flags to be found in SpearGPT that you should not ignore at any cost and avoid the broker completely. It is most certainly a run of the mill forex scam.


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