SP MARKETS foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://accounts.secuments.com/open-live-accountt, about the company's legal and temporary regulatory information, the company's address .
SP MARKETS Forex Broker
Basic Information
New Zealand
5-10 years Suspicious Regulatory License Suspicious Scope of Business New Zealand Financial Service Corporate Revoked Suspicious Overrun High potential riskCompany profile
Rating Index
SP Markets Forex Broker - Complete Information Guide
1. Broker Overview
SP Markets, officially known as Security Placements Limited, was established in 2017. The broker is headquartered in New Zealand, where it initially started its operations. As a private entity, SP Markets primarily serves retail clients interested in trading foreign exchange, commodities, metals, and indices. Over the years, it has aimed to provide a user-friendly trading experience, focusing on accessibility for both novice and experienced traders.
Since its inception, SP Markets has gone through various stages of development, including the introduction of multiple trading instruments and the adoption of popular trading platforms. The broker aims to cater to a diverse clientele, offering educational resources and customer support in various languages, including English and Chinese. Despite its relatively short history, SP Markets has positioned itself within the competitive forex brokerage landscape.
The business model of SP Markets primarily revolves around retail forex trading, where it enables clients to trade a variety of financial instruments through its trading platform. The broker's commitment to providing a straightforward trading experience is evident in its low minimum deposit requirements and the availability of educational materials aimed at enhancing traders' knowledge and skills.
2. Regulation and Compliance Information
SP Markets operates without any valid regulatory oversight, which raises significant concerns regarding its legitimacy and reliability. It previously claimed to be regulated by the Financial Service Providers Register (FSPR) in New Zealand, but its license has since been revoked. The regulatory license number was 548547, which is no longer active.
Due to the absence of regulation, there are no guarantees regarding the protection of client funds or adherence to industry standards. SP Markets does not participate in any investor compensation schemes, which increases the risk for potential clients. Furthermore, the broker's Know Your Customer (KYC) and Anti-Money Laundering (AML) measures remain unclear, further complicating the safety of client transactions.
Clients should be aware that trading with an unregulated broker like SP Markets poses significant risks, and it is advisable to conduct thorough research before engaging with such platforms. The lack of regulatory oversight means that there is no authority to hold the broker accountable for any potential misconduct.
3. Trading Products and Services
SP Markets offers a limited selection of trading products, which includes:
- Forex: The broker provides access to various currency pairs, although the exact number of forex pairs available is not specified. Major pairs typically include EUR/USD, GBP/USD, and USD/JPY.
- CFD Products: SP Markets allows trading in commodities, indices, and metals, providing a diversified trading experience within these asset classes. However, there is no mention of cryptocurrencies or stocks being available for trading.
- Special Products: The broker does not appear to offer any unique trading instruments or proprietary products that differentiate it from other forex brokers.
The frequency of product updates and the introduction of new trading instruments are not clearly outlined, which could limit the trading opportunities for clients seeking a dynamic trading environment. SP Markets primarily focuses on retail trading services, with no specific mention of institutional offerings or white-label solutions.
4. Trading Platforms and Technology
SP Markets supports the widely recognized MetaTrader 4 (MT4) trading platform, which is favored by many traders for its comprehensive charting tools and technical analysis features. The broker does not appear to offer a proprietary trading platform or a web-based trading solution, which may limit flexibility for traders who prefer browser-based trading.
In terms of mobile trading, SP Markets provides access to the MT4 platform on both iOS and Android, allowing clients to trade on-the-go. The execution model remains unspecified, leaving potential clients uncertain about whether the broker operates on an ECN, STP, or Market Making basis.
The broker's server locations and the underlying technological infrastructure are not detailed, which raises questions about the reliability and speed of trade execution. Additionally, there is no mention of API access or support for automated trading strategies, which could be a drawback for algorithmic traders.
5. Account Types and Trading Conditions
SP Markets offers a standard trading account with the following conditions:
- Minimum Deposit: The broker requires a minimum deposit of $100 to open an account.
- Spreads and Commissions: Specific information regarding spreads and commissions is not provided, which could pose challenges for traders looking to evaluate trading costs.
- Leverage: The maximum leverage available is up to 1:500, which can amplify both potential gains and losses for traders.
- Minimum Trade Size: The minimum trade size is typically 0.01 lots, allowing for flexible trading strategies.
There is no detailed information regarding advanced account types, such as VIP or professional accounts, nor any indication of special accounts like Islamic accounts. SP Markets does not appear to offer a demo account, which could limit practice opportunities for novice traders. Furthermore, the policies regarding overnight fees and other trading conditions are not explicitly stated, making it difficult for clients to assess the overall cost of trading.
6. Fund Management
SP Markets supports several deposit methods, including:
- Bank Transfers
- Credit/Debit Cards
- E-Wallets (such as Skrill and Neteller)
The minimum deposit requirement varies by account type, with the lowest being $100. The processing time for deposits is generally quick, but specific details are not provided. There are no indications of deposit fees, which is a positive aspect for potential clients.
For withdrawals, SP Markets offers similar methods, but details regarding withdrawal limits and processing times are not clearly outlined. The absence of a transparent fee structure for withdrawals raises concerns about potential hidden costs that could affect traders' profits.
7. Customer Support and Educational Resources
SP Markets provides various customer support channels, including:
- Phone Support: Available in multiple languages.
- Email Support
- Live Chat: Active 5 days a week, though specific hours are not mentioned.
- Social Media Presence: The broker is active on platforms like Facebook and Twitter.
The support team is reportedly available in both English and Chinese, catering to a diverse client base.
In terms of educational resources, SP Markets offers a range of materials, including webinars, tutorials, and eBooks aimed at enhancing traders' knowledge. Market analysis services, such as daily market updates and research reports, are also available to keep clients informed.
8. Regional Coverage and Restrictions
SP Markets primarily serves clients in New Zealand and other regions, but specific details on regional offices or international coverage are not provided.
There are restrictions on clients from certain countries, particularly those with stringent financial regulations or where the broker does not hold a valid license. The exact list of restricted countries is not disclosed, which may pose challenges for potential clients in those regions.
In summary, while SP Markets offers a range of trading products and services, the lack of regulation, transparency in trading conditions, and limited educational resources may deter potential clients. It is crucial for traders to conduct thorough due diligence before engaging with this broker to ensure their investments are adequately protected.
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Latest Reviews
FX2894931814
Hong Kong
My name is Chen Shengjun. Under the guidance of the teacher, I made a loss of 170 thousand yuan. I require the platform to compensate my losses. It only transferred SRT currency to me, then giving no replies. I couldn’t withdraw the virtual currency.
Exposure
2020-04-22
周^-^周
Hong Kong
SP MARKETSwas a big trap. In the beginning, the stock chat group shared stocks and taught tactics. Then a group of people came out when the stocks fell sharply, and said that the index market could go short and make money back. A large chat group, stock dissolution chat group, the stock index short-term group were formed successively, and finally all the groups were dissolved after the index account could not be traded. all the people run away. I suffered severe loss and lost my account. And money can no longer be withdrawn.
Exposure
2020-10-05