Allegedly started in 2005, this brokerage brand claims to have begun in a small office to achieve worldwide coverage and presence they boast today. Strategies and trading tools they advertise are supposed to be just the right solution for every retail and professional traders preferences.
As it seems, the regulators wouldn’t agree with these statements, considering that several major EEA authorities have flagged them for fraudulent activities. Read more on this and other concerns about this business in our SparPrime review.
| Regulated by: | Unregulated Broker |
| Is This Company Safe? | No, authorities say it’s a scam, so they’re definitely not to be trusted. |
| Known Websites: | sparprime.com my.sparprime.com |
| Have Warnings from: | BaFin, FMA, CNMV |
| Registered in: | N/A |
| Operating since: | 28.03.2023. |
| Trading Platforms: | Web trader |
| Maximum Leverage: | 1:400 |
| Minimum Deposit: | $250 |
| Deposit Bonus: | No |
| Trading Assets: | Equities, Crypto, Currencies, Metals, Commodities, Indices |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Beware of shady financial providers! Contact our support agents if you wish to withdraw cash safely. |
Authorities Expose The Fraud
Being oriented towards providing services to German speaking investors, the website has quickly attracted attention of the regulators in these countries. FMA and BaFin were the first to investigate this sham and flag it as unsafe. Right after, it was CNMV that reposted the public alert.
After such findings there’s no doubt that this scheme operates under suspicious leadership and no legal ground. It is for certain that the investments here are destined to be stolen, as no segregation of funds is ensured. Additionally, clients have no access to the compensation scheme and risk-reducing measures aren’t implemented.
Areas Of Activity
Don’t forget to check the WhoIs database for more information about a website. This particular fraud has been running since March 2023, and our web analysis tool has determined that these are the most affected areas:
- Germany
- Austria
- Switzerland
- United Kingdom
These fraudsters usually find victims by phone, through the work of so-called boiler room agents. They are the persuasion experts that seek out potential victims by phone, and pretend to be finance experts.
It usually starts slow, with small deposits. However, the spending can quickly run out of proportion, and it’s difficult to get the money back. That said, recovery is possible, so get in touch with our chargeback experts if you’ve gotten burned by these, or the Trustoptions swindlers.
Poorly Received By Traders
Although not numerous, the online ratings of this site are universally negative. We can see a few examples on TrustPilot and SiteJabber platforms, where the unlucky traders have already shared their personal opinions.
However, it’s prudent to stay on your toes even if the company has a good reputation on one of these ratings websites. It’s quite common for these sorts of con schemes to employ review seller networks to boost their reputation, which is the strategy Bitfinex uses.
Unjustified Costs
Not only are the offered trading tools and features utterly underwhelming, but they’re also working against the trader. Firstly, there’s the leverage, which reaches an abnormally high ratio of up to 1:400 on Forex.
It’s somewhat lower on other instruments – 1:100 on Stocks, Gold and Indices, while it’s 1:10 on Crypto. A friendly reminder: EEA regulators have limited the maximum leverage to 1:30 for the sake of lowering the risks of loss!
Trading costs are also ridiculously high. Starting spreads are 5 on EUR/USD, while the industry leaders offer spreads as low as 0.5 pips.
Lackluster Trading Environment
The site does contain some information about trading features, but you can’t really call it transparent. While some aspects are well detailed, like account types for instance, there’s very little info about trading instruments.
This “try for yourself” approach is another strategy that urges the hapless traders into investing without a lot of prior research.
Software Lacks Functionality
The basic web trader with the social trading feature is all that this brand has to offer. Dangerously similar to the infamous Sirix web app, this platform does offer simple tools for technical analysis and customization.
Sadly, it severely lacks advanced options that are crucial in achieving your investment goals. That’s why we’d recommend you to rather pick a premium Forex dealer with fully customized prestigious platforms like MT5 and cTrader.
What Is Traded
The website certainly lacks transparency when it comes to trading instruments. Here’s the tradable asset classes we managed to find inside the platform:
- Equities (Alcoa, Boeing, Etsy)
- Crypto (ADA, BTC, DASH, ETC)
- Commodities (Sugar, Silver, Aluminium)
- Forex (EUR/USD, EUR/CHF, USD/CAD)
- Indices (DAX, IBEX, NSDQ, CAC)
Astronomical Account Prices
Available SparPrime account types are all tiered, with the higher-end ones costing a king’s ransom. More expensive ones seemingly offer a mind-boggling amount of benefits.
Some of these are what you’d expect from any regulated firm, like video tutorials and webinars, while the others are completely out there, like guaranteed profits.
Without further ado, here’s the accounts with minimum deposits:
- Grundlegende Mitgliedschaftsinvestition – $250
- Standardkonto – $10,000
- Silber – $50,000
- Gold – $100,000
- Platin – $200,000
Unknown Withdrawal Terms
It is not clear how the SparPrime payouts work, nor what is the processing time and fees involved. The user area forces you to create a withdrawal request, but you have to first pass a detailed KYC before you can be informed on the funding methods and conditions. What is clear is that one of the transfer channels supported are credit cards.
That is somewhat relieving, as these transactions are the most transparent, and offer a chargeback possibility. The only condition is that you have to issue a chargeback request within 540 days since the deposit was made. For more information, contact our experts.
No Dedicated Customer Service
It seems that the fraud is tailored in such a fashion to make the victims completely reliant on their boiler room agent for any assistance, making a closed information loop.
Contact options include a mobile phone number that nobody answers, and a non-functional email that bounces back. Besides these, your only option is the notorious contact form on the website.
Got Your Money Stolen? We Can Help!
The SparPrime scam has been placed on the blacklists of multiple financial regulators in a very short time span. This so-called brokerage has nothing to offer but ruin, as nearly all of the features and conditions are either unlawful, or simply missing from the platform.
The con scheme has become quite widespread regardless. If you are one of the victims burned by this faux company, get in touch with our legal experts via the live chat. We are available 24/7, and we offer proven recovery methods.
FAQ Section
What is SparPrime?
It is an unlawful brokerage brand, blacklisted by several leading EEA financial authorities.
How Does SparPrime Broker Operate?
Typically, they ask for a high deposit while promising premium trading terms and features, but all of it is a lie created to defraud traders.
Can I Recover Money From a Financial Fraud?
Yes. For more information on what you should do in order to get your money back, you should contact our professional legal team.
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