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Our sarpec.com review is out, and we will expose why SARPEC is a scam.
The broker is unregulated and doesn’t offer fair trading conditions. That’s why we encourage traders to look at brokers closely before committing funds.
Those who have signed up with sarpec.com have no way of withdrawing. But, unfortunately, that’s the story of every member who attempts to withdraw funds.
The withdrawal issue made us investigate the broker after receiving several member complaints.
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About sarpec.com
The first statement the broker claims in the about us section is that the broker is regulated. With this statement, you would expect the broker to back up these claims with facts.
A broker should highlight or upload their license from regulators for all to see. You also get the chance to verify the license with the regulator.
That’s not the case here with SARPEC, and we don’t even have any background or history of the broker.
The broker, sarpec.com, is anonymous as they don’t offer any information about who they are or what’s on offer.
There are some claims on the about page that the broker makes $77.45B daily turnover. That’s a high number close to an exchange.
The broker also claims to have over 165K users with over 150 trading instruments. That’s far from the truth, and the broker hasn’t hit 1K users.
How would the broker hit these users without getting any attention from the crypto or forex community?
Despite claiming to offer spreads of 0.0 pips, that’s not what you find when you open an account with the broker.
The broker claims to have a license and fails to give users the regulator. We know that sarpec.com is another Russian broker trying to penetrate the European market.
Before signing up with any broker, we recommend you do due diligence. Try and find out what makes the broker legit or ideal.
Please don’t commit funds until you know the broker and if the withdrawal is instant.
Advantages and Cons of sarpec.com
Sarpec.com has more cons than your usual brokers, as the platform fails to offer fair trading conditions.
There’s no way the broker can claim to offer fair trading conditions, yet withdrawal is an issue.
Signing up with sarpec.com will only lead to disappointment and heartache. The broker swindles anyone who deposits and signs up with them.
To determine whether a broker is legit our SARPEC review will show you how best to gauge if a broker is legit.
Your first step should be to search for the broker on any search engine. The reviews pop up, with most citing the broker as a scam.
That’s one of the first steps to take, which gives you an idea of whether the broker is legit. The next step requires some more digging.
Ask yourself, is sarpec.com legit, and are funds safe with the broker?
Your funds are not safe with ANY unregulated broker; that’s a fact. The broker may close the shop today and won’t let users know why.
Such brokers fail to deposit the minimum required amount with regulators to start offering liquidity services.
A broker who fails to offer insurance coverage for deposits made by members is putting your funds at risk.
Get to use a broker who puts your safety first. These brokers ensure they get the license from regulators and offer insurance coverage.
QUICK READ: Between crypto trading robots and sports trading tools, which is the better investment option?
Affiliate and partner with the broker
Don’t even think of partnering with the broker by becoming an affiliate. The broker won’t even think of releasing commissions earned.
Those you direct to sign up with the broker will point the blame finger at you. After all, you directed them to a broker who doesn’t allow withdrawals.
Yes, becoming an affiliate partner means earning passive income. However, that’s not the case here, as the broker only wants to take advantage of your connections.
Avoid such brokers and ensure they offer fair trading conditions before partnering with them.
It’s your responsibility to direct users to a broker who offers fair trading conditions.
Trading Features found on sarpec.com
Accounts and tiers SARPEC
The broker offers one account type to all users, which is unfair to newbies who sign up. As a result, these newbies face trading conditions for fit and skilled traders.
We also don’t know the acceptable minimum deposit required to open an account. And the broker takes full advantage of it.
The broker will insist that the more or high amount you deposit, the higher your chances of winning.
These are false claims meant to entice naïve investors into depositing more funds. Of course, the broker ends up getting all the funds and none of the worries.
Account highlights
Leverage is too high as the broker offers minimum leverage of 1:200 on forex trading instruments. That’s high leverage compared to acceptable standards.
Regulators accept maximum leverage of 1:100, especially for forex instruments. However, crypto leverage can go as high as 1:500 due to the market’s volatility.
Only the broker gets to take home commissions earned by high leverage. However, please note that high leverage also puts your trading position at risk.
Contact and support from staff
Don’t expect support, as the platform fails to offer live chat help. Additionally, there’s no phone number you can use to call the broker.
The listed phone number rarely goes through, which we believe is a virtual phone number. We have a broker who wants to limit communication to written forms only.
Deposit and withdrawal options
Depositing funds with the broker is straightforward. The broker accepts deposits via bank and wire transfers.
After depositing funds, the amount will reflect in your account balance within 24 hours.
You can start trading and see the results reflect your account balance. But then, when the time comes to withdraw, all hell breaks loose.
The broker claims there are issues with your bank as they don’t accept the broker’s system. That’s one of the excuses the broker uses to refuse withdrawals.
After a few days, the broker will block access to your account. And that’s how members are losing funds with the broker.
License and regulatory status sarpec.com
Sarpec.com is not a licensed broker and doesn’t even have a valid license from Russian regulators.
The broker fails to offer proof of vetting from any European regulator. Without a valid license, it means your funds are out of touch.
Please ensure the broker you use has a valid license from reputable regulators. Some of the reputable regulators in Europe include CNMV, CONSOB, CySEC, and the FCA.
Other globally renowned regulators include ASIC, BaFIN, CFTC, NFA, and the SEC.
These regulators work round the clock to ensure all parties adhere to strict trading rules. However, a legal framework is necessary to provide a smooth trading environment.
How the broker takes advantage of naïve traders
The broker may take advantage by using call agents to act as actual account managers. These managers will call you, claiming to have a lucrative open position.
They attempt to convince you to deposit more funds for the position. Once you do, you end up losing everything.
Our Verdict sarpec.com
Please stay away from the broker.
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