Grand Trade

Is Grand Trade as grand as it claims to be, or is this broker about to shatter under its own ego? Read on to find out.

The broker claims to be licensed by the International Financial Services Commission, and has even attached a forged license to prove it:

The broker claims to be owned by ORACLE STONE LTD, but after one quick search in Google we were told that ORACLE STONE LTD has an official scam warning on the International Financial Services Commission website, claiming that the brokers under the holder are unregulated.

As you can see one of the two proprietary website of ORACLE STONE LTD is in fact Grand Trade. The other alleged broker we have encountered before, Finarium.

Anyway, we can safely conclude that Grand Trade isn’t grand at all, and in fact it’s quite the contrary as it is clearly UNLICENSED.

We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC)

It’s time to mention that Grand Trade is a binary options trader, so there is not leverage or spread value. Instead user are encouraged to bid on fluctuation of different assets, and whether an asset will increase in value or decrease. These assets are some Forex currency pairs, crypto coins and silver.

The website can be translated into Russian and English.

GRAND TRADE LOGIN

There is a single platform that does what it’s supposed to and nothing more. But that’s binary options trading for you.

Traders can Put and Call, and can access different time frames to see the time lapse of an asset’s growth and decline. There really isn’t much else to say.

GRAND TRADE MINIMUM DEPOSIT

The minimum deposit is $250.

Deposit methods are Bitcoin, Payeer, PerfectMoney, Qiwi, WebMoney, Yandex, Credit/Debit Card, Wire Transfer. This is what we saw in the Payment Method page in the client dashboard. The broker claims that there are other/more payment methods but these are the ones that were actually on offer when we proceeded to deposit. And in all honesty we are impressed. Rarely does a shady broker give away so many means of funding an account.

However, we would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

A novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

GRAND TRADE WITHDRAWAL TIME AND FEES

The minimum withdrawal amount is $100.

The broker claims to be processing withdrawal up to 5 days.

The broker has not indicated any withdrawal fee, yet unlicensed brokers can pretty much to whatever they want, meaning that they can easily launch surprising fees. With that said, in the Refund Policy document the broker says that it can launch an “additional commission” on withdrawing funds.:

ADDITIONAL FEES AND TAXES

Client will not be able to withdrawal unless they fulfill 50 trading transaction, or at least that is what we understood from the following clause found in the Refund Policy

And there are also time frames that only after they passing clients can withdraw. Credit card and profit withdrawals are made no earlier than 30 days from the date of the last deposit. Alternative method user have to wait 15 days prior to their last deposit to make a withdrawal.

Before withdrawing a bonus, users will have to perform a trading volume of 40 times for every $1 bonus. If one withdraws before fulfilling this requirement, then the bonus and the profits made from it will be taken away.

Dormant accounts (more than 12 months of inactivity) will be charged an annual fee of $25.

In the terms and conditions the broker briefly mentions a general fee of 3%, without giving notice as to the origin of the fee, and its derivative.

We want to remind readers that many offshore brokers have no intentions of paying you back. Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

This binary options broker is a scam, and traders should not bother with it. The binary platform may be doing the job, but the conditions are made so that in the end the scammers have leeched as much from you as possible.