Beware! GrahamFE is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
GrahamFE says to be offering CFDs on over 800 high liquidity assets including stocks, commodities, currencies and indices with a choice of six account types, leverage as high as 400:1, a web based platform and 100% welcome bonuses.
If you like their offer, however, bear in mind that what we have here is a unregulated broker, blacklisted by the financial authorities in Austria for targeting EU customers without proper authorization and possibly being involved in scam. Before opening a trading account with GrahamFE be sure to read the following review.
GrahamFE regulation & safety of funds
To start with we can not even be sure about the name of the company that operates the broker. On its homepage GrahamFE says to be owned and operated by GrahamFE FinServices LTD, while in its Terms and Conditions we find the name of another company – Elit Property Vision LTD. And because both the companies are based in Bulgaria we decided to check the registers of the local Financial Supervision Commission (FSC), but were unable to find them there. That means GrahamFE does not have a license to offer any kind of financial services on regulated markets like the European Union for example.
What is even more disturbing however is the fact that GrahamFE is blacklisted by the Austrian Financial Market Authority (FMA). Here you can see the warning for yourself:
GrahamFE deposit/withdrawal methods and fees
GrahamFE is offering trading bonuses and this is not something we like either. The general problem with all trading bonuses are the additional withdraw conditions, as for example some minimum trade volume requirement, which scammers usually use as a pretext to cancel your withdraw requests.
And according to the GrahamFE Terms and Conditions with your welcome bonus you will not be allowed to make any withdraws until you fulfill this minimum trade volume requirement. See for yourself:
The catch here is that GrahamFE also reserves the right to change their bonus policy on their sole discretion, so you should not be surprised if you are never able to meet the trade volume requirement and to be eligible to withdraw.
Also, the 500 USD GrahamFE requires for their Micro Account are at least twice the minimum deposit required by most other brokers.
How does the scam work?
The tools scammers use to hunt for new victims include the so called robo scam websites like Bitcoin Revival and Bitcoin Profit, which are especially designed for the purpose. If you came across one of those, you will be greeted by some rather convincing video ad, telling you how easily you can get filthy rich if you only join some innovative trading platform or app, claiming to trade automatically and to generate substantial daily profits. And if you get hooked and leave your e-mail and phone, filling the simple registration form, instantly you will be redirected to the web page of a unregulated scam broker, where finally you will be asked to deposit about 250 USD.
And do not be surprised by the success of your initial trades – this will be just a part of the scam as your trading account will simply be manipulated.
And you will be receiving phone calls as well. It will be your specially dedicated “senior account manager”, who basically will be trying to convince you to deposit more – like at least 10 000 USD, if you really want to make some big money.
And chances are you will deposit these kind of money without realizing you have been scammed, right until the moment you decide to withdraw some of your profits. Than all of a sudden you will be told you have no right to withdraw, because you have not met some minimum trade volume requirement possible linked to a trading bonus. The excuse for the cancellation of your withdraw request might certainly be different, but the result will always be the same – all of your withdraw request will be canceled, your trades will turn red and pretty soon the money in your account will evaporate.
What to do if scammed?
Honestly if you get scammed the chances to recover your money will be pretty slim. And yet if you have paid with VISA or MasterCard, you still may have a chance to get your deposit back. That can be done if you file for a charge back with your credit card provider within 540 days of the transaction.
And if by any means scammers have tricked you to install TeamViewer or AnyDeck or somehow have gained access to your online banking password and credit card number, immediately change your password and cancel your credit card.
Finally, if you do not want to get scammed a second time, do not trust the so called recover agencies. They will not help to recover your money in any way, but simply will collect some fees in advance, leaving you even deeper into the red.