Is S&P Broker a scam or legit broker?

No, it is not safe to trade with S&P Broker. The broker doesn’t provide any information about the company behind the brand’s name as well as any regulatory information. It claims to be located in Luxemburg.

According to the website, S&P Broker is not just an opportunity to trade on Forex, but quick direct access to trading in stocks, CFDs, indices and cryptocurrencies. Despite its Luxemburg address, the broker provides the contact phone number with British country code. However, the company doesn’t seem to be regulated by its UK’s Financial Conduct Authority or any other regulator. 

Moreover, S&P Broker has been blacklisted by Luxembourg regulator CSSF:

“The Commission de Surveillance du Secteur Financier (CSSF) warns the public of the activities of an entity named S&P Broker (website: https://snpbroker.io), which claims to be established at 2 rue Edward Steichen, 2540 Luxembourg. The CSSF informs the public that S&P Broker is unknown to it and that the entity has not been granted any authorisation to provide investment services or other financial services in or from Luxembourg.”

We have also found numerous negative reviews about the broker, where people state the employees of the company “will take your money and hang up”, which means they all have been scammed and lost a lot of money with S&P Broker. 

We advise all investors and traders to avoid S&P Broker and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and XM.com.

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