Beware! GRM is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
GRM, or GoRiseMarkets, immediately gives away weird vibes. There are certain elements about it that reveal its nature. Read the review to see what we found out.
One thing to get out of the way is that we were unable to register. So the all the trading conditions that are aside to be, are questionable. Nevertheless, the website claims that the leverage is capped at 1:500, while the spread has not been revealed.
GRM REGULATION AND SAFETY OF FUNDS
One of the main issues we have with this broker is that it has not once disclosed if it is regulated. In the legal documents there is no mention of a name of a regulator which leads us to believe that it GRM is illicit. The closest thing we get is a very suspicious claim that the services of GRM are available to those residence of a country in which it is legal for GRM to operate. This is common UNREGULATED broker talk.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
The second major issue is that there was no registration page, only a log in one. We have written enough reviews to detect that this broker chooses its clientele based on their potentiality as an investor. Here investors have to be absolutely oblivious of the scheme, so brokers like GRM pick only the inexperienced ones. Most of these investors are picked by phishing ads on social media or other websites. After that, they are contacted and convinced to deposit a small initial sum. When they agree, they are given log in credentials to sites like GRM. This is what we think happens, and the evidence for it keep staking up.
GRM TRADING SOFTWARE
GRM apparently offers its own proprietary trading terminal, however without an access to it, we cannot vouch for it existence. This unfortunately means that any trading conditions are out of the question.
GRM DEPOSIT/WITHDRAWAL METHODS AND FEES
Payment methods are Credit/Debit cards and Wire Transfers, if we are to believe the website. Withdrawals are processed within 5 days.
The only other significant piece of payment info in the entire website is that withdrawals are charged. The 3.5% charge is limited to $30. There is also a dormant fee of $500 (!) applied to an account that has not been active for more than two months. This is by far the highest dormant fee we have ever seen!
We strongly advice traders to only deposit the minimum deposit, or better yet – not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.