Warning! GrandFXTrade is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Does GrandFXTrade live up to the name, or is this broker one for the pile? Read the review to find out.
GrandFXTrade claims certain contradictory claims that can confuse novice traders. First it says that it is located in the UK, but it is regulated in Belize by the International Financial Services Commission (IFSC). We checked the official database of the IFSC for GrandFXTrade’s name and found no results. GrandFXTrade is, as a result, UNREGULATED.
We opened an account easily, and were presented with a dashboard and a trading platform. The EUR/USD spread we got was 1.2 pips which is a good cost of trade. The leverage is capped at 1:200 for lower accounts, and 1:500 for higher accounts. Users can trade with the following assets: Forex Pairs, Crypto, Shares, Indices, Commodities. These trading conditions are very favourable, yet with the broker’s unregulated status, the experience is, nevertheless, unsafe.
The broker offers English and Arabic as its main languages.
Once we logged in, we were redirected to what seems like a totally different source. The name of the trading platform is Trading Space, and so is the actual name of the user area. Even the registration page is a completely different website than GrandFXTrade. It seems that we opened an account with a different broker… we are unsure. Maybe Trading Space grant is interface to brokers.
Whatever the case is, the trading terminal is decent, with a good amount of options for customization, multiple chart types, pending orders, etc.
GRANDFXTRADE MINIMUM DEPOSIT
According to the user area the minimum deposit is $10.
Clients can fund an account via cVisa and Master cards, wire transfer, and bitcoin.
However, as we made it clear in the above section, we are not quite sure if this client area/trading platform is a part of the broker, or another beast in on its self.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
GRANDFXTRADE WITHDRAWAL TIME AND FEES
The Terms and Conditions promise that withdrawals are executed by the broker for no longer than 5 days. There are no withdrawal fees mentioned anywhere.
ADDITIONAL FEES AND TAXES
Surprisingly, there is only one clause worth mentioning, the indemnification clause.
Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
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 charge back 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 defence 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!
It is difficult to pinpoint GrandFXTrade… we definitely do not recommend it, but just for the sake of defining it, it’s difficult. Nevertheless, we digress… do not deposit here if you cherish your money!