SARPEC Review: Sarpec.com Messy Firm

At first glance, Sarpec appears like a legit broker. They even claim that on their website. However, this forex broker is a sham. Their purported transparent execution model is a lie, and you should not trust them. To make money in the forex market, trade only with honest and trustworthy brokers.

 

 

One common tactic used by forex scammers is to offer “managed accounts.” Here, the scammer supposedly trades on behalf of the investor and takes a percentage of the profits. However, these are schemes to steal your money. 

Another method is to offer “signals” or “trade alerts” that indicate when to buy or sell. These signals are usually mere guesses or based on historical data that is irrelevant to current market conditions. In some cases, scammers may even manipulate the data to make it appear that their signals are more accurate.

Forex scammers also often use false advertising and unrealistic claims to lure investors. They may claim to have a secret trading system that can consistently generate high returns with minimal risk. Some say they have inside information that gives them an edge in the market. These claims are almost always false, and the investors who fall for them will likely lose their money.

Some scammers create fake online testimonials and reviews. The shady brokers may also create fake websites and social media profiles to deceive traders.

About Sarpec.com

We looked at the broker’s website and noticed a few claims it makes about itself and its services. First is that they are an international company offering over 150 trading assets. They also say they have segregated accounts and customer support. This is likely to be false, given their shady nature.

With this broker, you can trade commodities, currency pairs, precious metals, and stocks. They have even included a quote from Warren Buffet. However, do not let this fool you into thinking they are legit.

From whois.com, we established that the website domain was created on 2014-05-22, updated on 2022-07-03, and expires on 2023-05-22. These dates reveal recent website changes and show the broker wants to exit the market soon.

Sarpec claims to have over 165,000 active users and a daily turnover of $77.45 billion. The broker offers training courses and materials. They have tools to assist you in advancing to the next level, no matter what your prior trading expertise or experience may be. The online resources are free of charge. Once you register an account, you can access their free webinars, e-books, and video tutorials.     

Something else we noticed about the broker is that they have a partnership program where you can earn commissions for promoting their brand. They have a promo link that you can send to attract new investors. This is a red flag. Many regulatory authorities do not allow brokers to offer such commissions.

Sarpec Founders and Team

From their website, we could not find any information about the company founders or the current team running it. This was quite worrying. For a broker that claims to be regulated, they should at least provide this valuable data. It is essential to know who the founders and current leaders are to understand the company’s history and direction.

One of the main reasons why a forex broker should disclose this information is to build trust with its customers. Customers can also understanding the company’s values and goals better. This can help to build trust and confidence in the company.

By knowing who is running the company, customers can hold the leaders accountable for any issues or problems that may arise. Additionally, if a company is transparent about its leaders, it may be less likely to engage in unethical practices.

In addition, the data also provides insight into the firm’s experience and expertise in the forex industry. For example, if the leaders are experienced traders, customers will be more confident. 

The leaders can also be key influencers in the company’s direction and strategy. Knowing who they are can give customers an idea of the company’s plans and trajectory.

Contact Details 

The broker has a phone number and email. However, there is no physical location. This was a red flag. Although trading is primarily online, a physical location is vital. Firstly, it can help to build trust and credibility with customers. A physical location demonstrates that the forex broker is a legitimate and reputable company.

If a customer has a complaint or issue with the broker, they will have a physical location where they can go to seek resolution. This can be particularly important for customers who have lost money or have had other negative experiences with the broker. In many jurisdictions, forex brokers must have a physical presence in order to get a license.

Regulation Status of Sarpec

The first thing a trader should check before opening an account is whether the broker is regulated. Many traders overlook this critical aspect and go for the broker offering welcome bonuses. It is vital to work with a licensed broker so that in case something goes wrong, you can still recover your money. Working with a regulated broker does not make you immune to losses. You can, however, rest assured you will not lose your money mysteriously.   

      

Sarpec claims to be regulated by financial authorities in many parts of the world. This is to give you the impression that they are regulated. Nothing could be further from the truth. This broker is unregulated. In their terms and conditions, we noticed they are under Saint Vincent and the Grenadines (SVG) laws. This is another red flag.

SVG is a small island nation in the Caribbean. It has become a popular location for forex brokers to set up shop. One significant risk of working with a forex broker from here is the possibility of fraud. Without proper regulation and oversight, it can be hard to know if a broker is operating a legitimate business. Some brokers from may use unethical tactics to take advantage of traders. These include manipulating trading platforms or refusing to process withdrawals

Furthermore, SVG is not a member of the European Union (EU) or the United States. Traders may therefore lack the same level of protection that they would have if they were working with a broker in one of these countries. For example, in the EU and US, traders have access to compensation schemes in case a broker goes bankrupt, which is unavailable in SVG.

Trading Conditions

Legit forex brokers provide a range of trading accounts to accommodate clients with varying capital and investment objectives. They also outline trading elements such as leverage, spread, commissions, order types, etc. Sarpec does not offer these details unless you open an account.   

When we opened one, we realized that the spread was as high as 1:1000. The high leverage looked good initially. However, it is a double-edged sword that can easily wipe out your account. Most regulators would not allow this high leverage. It is too risky.   

Deposit and Withdrawal Methods

The broker says you can pay through VISA, MasterCard, and cryptocurrencies. However, the only payment method the shady broker seems to support is bitcoin. This is because it is a decentralized digital currency. Thus, it can be transferred directly between individuals without needing an intermediary, such as a bank. This allows for more anonymity, as the transactions are not linked to a person’s name or other personal information.

Additionally, bitcoin transactions are irreversible. This makes it difficult for traders to get their money back if they are scammed. Some scam brokers may prefer it because it is not subject to the same regulations as traditional banking methods.

Final Verdict

Sarpec is a scam forex broker. Ignore all their regulation claims. Such an anonymous broker should not be in the market. There are too many red flags about the company, and you should stay alert as a trader. Only trade with honest forex brokers and avoid these dubious ones.         

Before trusting a broker, also check if other people are recommending them. If possible, ask professional traders for guidance on selecting a reputable one.            

 

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