Sparen FX has been flagged by ASIC (Australia) for "Unlicensed (Legacy)". Phones: 507 830 5217
Addresses: Global Bank Tower 12th Floor Office 1214 Calle 50 Panama City Panama This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.sparenfx.com.
Their two-factor authentication was optional when I joined. I enabled it. Later I lost my phone and could not log in. Sparen FX recovery process took 3 weeks and required notarized documents. By then I had missed important trades. Their security is your inconvenience.
Pros: Dedicated account manager|Transparent fees
Cons: Help articles are sometimes vague
I joined Sparen FX from a review site like this one and from the start, things felt off. The signup process collected far more personal information than necessary, the verification took unreasonably long, and when I finally got access, the platform was nothing like what was advertised.
Pros: Helpful community forum|Excellent charting
Cons: Alert system is basic|Inactivity fee applies after 12 months
Where do I even begin with Sparen FX? for a couple of months now of broken promises, unanswered tickets, and a platform that feels like it was built in 2010. They spend more on marketing than on actually improving their service. Stay away from this company.
Pros: Tax reports included|Fast execution|No hidden fees
Cons: Wait times can be long during peak hours
The so-called education at Sparen FX is just marketing. Every webinar ends with a push to deposit more. The market analysis is generic and often wrong. If you want real education go elsewhere. I wasted since I retired last year thinking they would help me learn.
Pros: Automated trading options|Wide product range
Cons: Currency conversion fee exists|Nothing significant
I am in a dispute with Sparen FX over a trade that was clearly erroneous. The price shown was wrong, I closed at a profit, and they reversed the trade and took the money back. They said it was a system error. So I lose and they keep? Unacceptable.
Pros: Fast support response|Demo account available|Tax reports included|Wide product range
Cons: Help articles are sometimes vague|None so far
I closed a profitable position at Sparen FX and the profit was not credited for 5 days. Support said it was a settlement delay. When it finally arrived it was less than the amount shown on the platform. They could not explain the difference. I have moved my account.
Pros: Full transparency|Intuitive for beginners|High security standards
Cons: Email notifications too frequent|Desktop app not available on Linux
Do not believe the bonus offer from Sparen FX. The turnover requirement is designed so you can never withdraw. I learned the hard way. I deposited through my accountant's suggestion and the bonus terms were buried in pages of small print. My fault for not reading but their design is predatory.
Pros: Economic calendar|Detailed reporting|Regular platform improvements
Cons: Nothing significant|Wait times can be long during peak hours
I experienced a security concern with my Sparen FX account and reported it immediately. Their response time was inexcusable for a financial platform. It took them four days to acknowledge my report and another week to actually address it.
Pros: Demo account available|Fast execution|Wide product range
Cons: Help articles are sometimes vague|Limited ETF selection
I signed up with Sparen FX from a review site like this one and the first red flag was the aggressive account manager who would not stop calling. After depositing, the promised support vanished. Withdrawals are delayed with endless excuses. I have reported them to the regulator.
Pros: Helpful community forum|Dedicated account manager
Cons: No dark mode on mobile
Sparen FX had an outage that lasted several hours during a major market event. Not only did they fail to prevent it, but they also failed to communicate what was happening. We were left in the dark while our investments were at risk.
Pros: Social trading features|Personal attention
Cons: Currency conversion fee exists