Beware! SpearGpt is an offshore broker! Your investment may be at risk.


Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


Online scammers often use buzzwords to attract potential victims. Fake brokers usually throw in terms related to cryptocurrencies. In the case of SpearGpt, the people behind this website have decided to capitalise on the hype around artificial intelligence without it having any logical connection to the services they claim to offer.

In this review, we will look in detail at the clues that SpearGpt is indeed a scam and not a credible financial services provider.

SpearGpt Regulation and safety of funds

Guaranteed FundsSegregated AccountsNegative balance protection
UK regulated brokers£85 000YesYes
EU regulated brokers€20 000YesYes
AU regulated brokersNoYesYes
US regulted brokersYesYesNo

The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities.

However, SpearGpt is anonymous. Even the Terms and Conditions do not name a legal entity nor specify a relevant jurisdiction.

Such an anonymous website cannot operate as a financial services provider in any regulated jurisdiction.

If you have decided to invest in financial instruments you have a choice of much more trustworthy options.

You can turn to one of the many companies that work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK.

As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

SpearGpt Trading software

Analytical toolsAuto tradingCustom indicatorsMobile apps
SpearGpt platform
MT430+ indicatorsAndroid
MT550+ indicatorsAndroid
cTrader40+ indicatorsAndroid and iOS

After account registration we get access to two separate trading platforms. One is a standard web-based forex and CFD trading platform. Here is how it looks like:

While this platform has the basic functionality to place orders, it cannot compare to the capabilities provided by MetaTrader 4 (MT4) and MetaTrader 5 (MT5). It is no coincidence that these platforms have established themselves as the industry standard. They offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

Separately, SpearGpt offers an even more simplified platform for trading binary options, a type of trading that is banned by almost all financial regulators because it is associated with many exploits and scams.

It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.

SpearGpt Trading instruments


When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc.

There is a complete lack of such information on the SpearGpt website. In the trading platform we see a large number of financial instruments of all major classes. But as noted, this type of scammers offer fictitious, not real trading.

SpearGpt Spreads and cost of trading

Spread EURUSD30.611.1
Spread GBPUSD31.31.21.4
Spread USDJPY31.31.21.4

The trading platform has a set spread of 3 pips. This level is twice as high as usual in the industry and is extremely disadvantageous for the client.

Binary options trading is associated with an equally outrageously high fee of 5 USD.

SpearGpt Maximum leverage

SpearGpt broker100:1100:1100:1100:1100:1
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

The trading platform has set a leverage of 1:100. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally.

All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50. This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets.

Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.

If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

SpearGpt Deposit and withdrawal methods


Deposit timeWithdrawal timePrice
Bank wire3-5 business days3-5 business days$20
Credit cardInstantNo info3.5%

SpearGpt claims to allow deposits and withdrawals through credit cards and wire transfers. But both methods result in technical error messages on the deposit menu.

Experience has shown that fake brokers routinely advertise conventional payment methods, but actually steer their potential victims towards cryptocurrency transactions. This not only guarantees them anonymity, but also deprives the defrauded of the option to request a refund or chargeback.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including established e-wallets such as PayPal, Skrill, Neteller and Sofort.

SpearGpt Minimum deposit

Minimum deposit$100$5$10$5

A minimum amount of 100 USD is set in the SpearGpt deposit menu.

For a significantly lower amount, you could open a Micro or Cent account with some of the industry’s leading brands.

SpearGpt Withdrawal requirements

Trading volumeFee/Tax on withdrawalMinimum withdrawal
SpearGpt 180x3.5%No
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

Most legitimate brokers do not charge transaction fees. But SpearGpt states a very high withdrawal fee of 3.5% or 20 USD depending on the payment method used.

If the account has received a bonus, it can only withdraw funds after meeting the minimum traded volume requirements. These requirements are quite high – 180 times the bonus amount plus the deposit.

Such clauses are typical for financial scammers. Most financial regulators prohibit brokers from offering bonuses and promotions.

If you are willing to benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.

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