Is SpartanFX Safe? Legit?

Company size:

Spartan FX is still a relative newcomer to the international payment space. It was launched in 2018 by co-founders Daniel Fielding and Gary Steadman. So whilst it may lack in history, it certainly doesn’t lack in expertise. Currently employing exactly 10 people, its management team have all held senior positions at some of the most successful money transfer providers to have launched in the UK, including Global Reach Partners and moneycorp.

The whole foundation of Spartan FX was born out of the founders passion for foreign exchange and a belief that clients should always come first. In total, the Spartan FX board has over 50 years of experience in deliverable FX and share a common desire to use their experience to provide a premium and smooth service with unrivalled exchange rates.

The team at Spartan FX will take the time to understand their clients needs and work with them to ensure they not only get the best price but also deal at the right time. At Spartan FX their approach is to not only save you money but to save you time and streamline your payments and foreign exchange transactions more efficiently.

Spartan FX is subtly aware that more customers are shifting towards online money transfers. With a trading platform and trading infrastructure powered by the currency tech giant Currencycloud, Spartan FX ensures it has a smooth and slick online experience. Make no mistake about it though, Spartan FX’s ethos is to take a more personalised approach and offer unparalleled levels of customer service.  This is at the heart of what Spartan FX is all about, whilst customers can still enjoy all the benefits of a full-service online trading platform.

The service is available to both private and corporate clients. From our direct contact with the firm, they seem highly responsive, with a willingness to go above and beyond our expectations.

Regulated By:

Spartan FX is a trustworthy and professional company of a (much) smaller scale than some of its competitors. Its management team has 50+ years of combined experience in the money transfer industry and the company itself now has 4 years of trading under its belt. Demonstrating a strong track record of successfully moving money internationally for thousands of happy clients.

International payment services for Spartan FX are provided by The Currency Cloud Limited. One of the most respected B2B providers of foreign exchange solutions.

Conclusion:

Spartan FX remains a trustworthy and professional company, now with an expanded global footprint and a comprehensive service offering that rivals much larger competitors, thanks to strategic partnerships and a strong focus on personalized service.

Spartan FX Client Reviews

Rated at 5/5 on Feefo from 695 reviews, there are absolutely zero complaints. Almost all reviews praise the service, so it would seem Spartan FX is implementing what it set out to achieve. Users are praising:

“First class service as usual from Spartan. Very easy transaction with no difficulties at all.”

“Neil and Ben are true professionals. Not only do you get an excellent exchange rate but they give you a very personalised service. I would recommend them to anyone.”

Conclusion:

Clients seem unanimously satisfied with the level of service they have received from Spartan FX. A 5 / 5 review score is immaculate, and whilst 331 reviews is a relatively small sample (Currencies Direct by comparison has over 6,500), we’ve certainly come across money transfer providers who have received more negative feedback at this stage of their journey. You would expect at least 10 negative reviews at this stage but the focus on service by Spartan FX seems to be working.

The fact they have responded to the ‘average’ rating which included some constructive feedback shows the firm is proactive and happy to listen to what clients have to say. The complaint raised was not uncommon in the industry and we have to remember these firms are authorised and regulated by the FCA. Whilst it’s not common, sometimes enhanced due diligence is necessary.

All in all, the client feedback is excellent as it stands. It’s quite remarkable that not even one bad review of Spartan FX can be found across four years of trading.

Spartan FX Rates & Fees

Exchange Rate & Fees

Fees: Free international transfers for transfers over the sum of £1,000 (transfers below £1,000 are not possible). This is evidently as cheap as you can find in terms of payment fees. Normally, £0 payment fees are only offered by the largest FX providers, who, in turn, incur lower banking fees. So it’s pleasing to see Spartan FX honouring £0 fees even if they’re having to pay a touch more themselves.

Exchange Rates: Rates are negotiated per client and are competitive, though specifics are tailored based on transaction volumes. Spartan FX continues to offer £0 payment fees for transfers over £1,000, making it cost-effective for high-value transactions.

The fact all Spartan FX reviews are positive is a good sign – it appears that clients are more than happy with the cost of the service for the level of service they receive. Keeping a fair cost is integral to offering a good service and a small number of reviews do directly mention the great rates available with Spartan FX.

As pricing is based on each client’s trading volumes and currency requirements, it is difficult to compare the rates available with Spartan FX to other firms’ rates, all we can rely on is the customer feedback which, as it stands, has no reference to anyone being unhappy with the rate they achieved. Remember, the timing of your transfer can be just as, if not more important than, the spread you achieve.

Limits: The update reflects that while there are no maximum limits, high-value transactions may receive tailored services, which can be a significant draw for potential clients​.

Conclusion:

A £0 payment fee makes Spartan FX as cheap in its payment fees as some of the largest international payment providers who enjoy much larger economies of scale. It demonstrates a commitment by Spartan FX to combine the benefits usually associated with a large provider with all the flexibility and service advantages that come from working with a small business.

The fact we can’t make a comparison on FX rates is problematic though – we believe it will be somewhat similar pricing to rival firms but it’s always worth registering with more than one provider to get a feel for the rates you’re offered.

Global Reach & Services

Research:

• Dedicated Dealer: Yes
• Offices: Essex, UK
• Ways to approach: Email, Telephone or Online.
• Translations: English only
• Accepts clients: Globally
• Currencies Handled: 40
• Client reviews: positive.

Conclusion:

The partnership that Spartan FX has with Currency Cloud puts them in a unique position for a boutique FX firm based out of the UK. As the trading infrastructure and back office (including the compliance function) is actually run by Currency Cloud, it means clients can register for Spartan FX in any of the countries they can register for Currency Cloud. This is a significant advantage over similar boutique FX firms of the same size and is definitely unique to Spartan FX.

In addition to the UK, Spartan can onboard clients in some of the most popular countries to originate international wires, including: UK, Europe (including Spain and Italy), USA, Canada and Australia. Coverage in the US is limited to 22 states so if you’re a US citizen it’s worth establishing early if you’re covered.

The fact that Spartan FX offers 40 currencies is impressive, again this is much more akin to the largest money transfer providers and is another benefit from working with a global provider such as Currency Cloud to provide the underlying payments infrastructure.

To receive funds internationally, business customers can open digital currency accounts in a number of different currencies. For greater convenience, business customers can supply one IBAN on their international invoices, and then based on the currency received, Spartan FX  automatically allocates funds to the correct currency account based on the currency received.

At the moment the firm runs out of just one office in the UK and as far as we can see customer support and account management is only available in English. This is the only major drawback right now as the product offering and onboarding capabilities are diverse, particularly when compared to other small FX brokers.

Additional Functionalities

Due to Spartan FX’s integration with Currency Cloud, you can access all of the FX services offered by Currency Cloud, such as:

• Forward Contracts
• Stop Loss Orders
• Limit Orders
• Bulk payments
• Foreign Currency Invoicing/Multi-currency Named Accounts
• International Salary Payments
• Risk Management Solutions

All of these FX solutions are available via the telephone or the Spartan FX online platform (powered by Currency Cloud). Where Spartan FX really comes into its own though is on the risk management solutions it provides. With a small but experienced team of both private and corporate dealers you’ll have access to currency experts who can give guidance on the solutions that fit your own personal requirements and risk appetite the best. So whether you’re looking for a specific exchange rate, a quick transfer, or just wish to minimise the risk of exchange rate fluctuations, the Spartan FX dealers have the experience to understand your requirements and meet your needs.

Spartan FX offers a fully responsive online platform compatible with both mobile and tablet devices. While there is still no dedicated app, the web-based platform provides comprehensive functionality, including the ability to execute trades, monitor transactions, and access a full suite of risk management tools.

Conclusion:

By combining the infrastructure of a leading payments provider with the personal touch of the Spartan FX dealers, Spartan FX has been able to carve out a small niche in the industry. All of the major hedging products you would expect from the most successful money transfer providers are there and products such as the multi-currency account are only offered by a handful of money transfer firms.