SpearTrader is a binary options broker, offering trading in commodities, indices, stocks, futures and currency pairs on their web-based platform and mobile apps. It operates without a broker license and does not disclose much information about the company behind the brand.
SpearTrader offers its clients a choice of several account types, depending on the initial deposit: Entry Level, Priority, Pre VIP, & VIP.
Account type Min. initial deposit Welcome bonus Extra Services
Entry Level $5 000 Up to 50% –
Priority $10 000 Up to 75% Priority Market Alerts
Pre VIP $100 000 Up to 100% 75 Guided Broker Trades
VIP $500 000 Up to 100% 150 Guided Broker Trades
According to the information on the broker’s website, SpearTrader is a registered trademark and a platform operating since 2009 that has over 250,000 active users worldwide. As we have mentioned above, there isn’t much information about the company behind the brand or its headquarters, which immediately raises a red flag.
Even the Terms and Conditions agreement on the SpearTrader website does not mention a company name. There is a contact number with Swiss phone code, while when we checked the domain it appears that it operations are based in the UK. One thing is sure, though, and that is, SpearTrader is not licensed by any authority. While this is not uncommon in the binary options industry, this broker does not seem reliable to us.
What is more, we found many negative user reviews by clients of SpearTrader, claiming they have been scammed of their money. So, we would advise you not to waste your time and money with this broker and choose a well-regulated one instead. You may check out a list of binary option brokerages, sorted by country, regulation, payout and minimum deposit at our dedicated page.
Trading Options: Digital (Call/Put), Up/Down, Turbo, Range, One Touch, Advanced
Assets: Currencies, Stocks, Indices, Commodities, Futures
Expiry times: from 1 min to 1 day
Minimum Initial Deposit
The minimum initial deposit for clients of SpearTrader is $350, which is a bit high for an unregulated broker. By comparison, in order to open an account with FinaCom-regulated Grand Capital, traders have to invest just $10.
Depending on the Trading Options and expiry times, payout percentage offered by SpearTrader reaches 80%, which is average for the market. In comparison, payout percentage offered by Grand Capital amounts up to 86%.
Like most binary options brokers, SpearTrader uses a web-based platform. There are also iPhone and Android apps available. We didn’t notice anything special about it.
Welcome bonus with this broker is available only to clients of SpearTrader who deposit at least $5 000 (up to 50%), which is not the wisest thing to do, as this broker is not regulated and likely a scam.
Methods of Payment
There isn’t information about the payment methods supported by SpearTrader, but we suppose it must at least use wire transfer, and credit/debit cards payments.
SpearTrader is one of the many binary options brokers operating without a license. Information on its website is rather limited, which makes it look even more suspicious, and actually its offering is not that attractive.
SpearTrader Review Conclusion
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