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Is S&P BROKER a scam broker?

Overview

S&P is an online broker that offers its customers a wide range of trading options including stocks, forex, indices, commodities, futures and cryptocurrency trading. The official website of S&P brokers says that the company is based in Switzerland, there is no official information about where it is licensed. Hence, we can confirm that the brokerage is not a licensed operator.

About S&P

S&P broker offers its customers with three different account types, including:

  • Easy Start             –         $250 (Min. Deposit)
  • Trader                   –         $500 (Min. Deposit)
  • Trader Pro             –         $1000 (Min. Deposit)

People starting with forex trading can start with the Easy start plan that offers trading signals completely free for a whole week. And welcome deposit bonus is around 25% in the East start plan and customers are allowed to trading by algorithm and micro-lots.

Trader account is for medium-level traders, and the minimum deposit comes to around $500 in this account. The welcome deposit bonus is increased to 50% in this account type and three trading signals are provided every day. Individual account managers are allotted for every customer in all account types. There is also a 15% insurance provided on your account with the Trader plan.

Professional and aggressive traders can go for the Trader Pro plan that comes with a minimum deposit of $1000. The bonus is at the maximum at 75%, and the fixed and floating spreads are 30% in this plan. There is also leverage regulation offered and traders are provided with 7 trading signals a day. The insurance of accounts is increased to 30% for the Trader Pro accounts and risk management webinar is also offered for people choosing this plan.

S&P broker offers its customers with three different types of trading platforms, including:

  • Status
  • MetaTrader4
  • Trade online

The official website of the S&P broker also has an analytics section that displays articles on trading by professional traders. But there are no clear details on the type of payment and withdrawal methods supported by the S&P broker.

Is S&P Legit or Scam

We would like to conclude that S&P is another unregulated bloke in the online trading market. There is also no clear information about the company that owns and operates the S&P broker and most of the details provided are not very transparent. Hence, we recommend our users to stay from this brokerage firm and better choose any regulated company for trading that guarantees security for their funds.