Grandefex review – 5 things you should know about Grandefex.com

Grandefex review – 5 things you should know about Grandefex.com

Beware! GrandeFex is an offshore broker! Your investment may be at risk.

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Grandefex is a Forex brokerage  registered in the Dominican Republic. Traders are provided both with a web-based platform, as well as a wide range of trading products with a focus on crypto currencies. Furthermore, the required minimum deposit is the standard $250 and the leverage is reasonable at 1:100, however, the spread is exceedingly high at 3.6 pips on EUR/USD

Grandefex regulation & safety of funds

According to the website of the brokerage the company behind it is registered in the Dominican Republic by the name Soleil Rouge Inc. Going through the terms and conditions of the brokerage we find no mention of a regulatory oversight and this shouldn’t come as a surprises since the Dominican Republic is not known for its strict regulatory standards.  We can safely conclude that TSoleil Rouge Inc does not fall under any regulatory oversight. The lack of regulation brings with it a whole hornets nest of troubles, most important of which is the lack of authorities to which to turn in case of fraud. We highlight the danger in doing business with a fraudulent website since the people behind it do not answer to any authority and have no reason to uphold the client agreement. Having in mind all that was mentioned we are inclined to believe that the safety of the clients funds may be compromised.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the Financial Conduct Authority in the UK or CySEC in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. The FCA compensates traders up to 85 000 pounds where as CySEC guarantees up to 20 000 euro per person.

Grandefex trading software

The MetaTrader 4 trading platform is not supported which is something we always consider a disadvantage since the MT4 is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). Instead, there is supposedly a web-based trading terminal available and we were able to register for a demo account. Through it we saw a nice selection of trading products and a reasonable leverage, however, the spread – the most crucial aspect – is more than double the industry average which renders it quite unfavorable for any interested traders. On top of this, there is major regulatory uncertainty which further supports our view that Grandefex is involved in foul play and we always recommend to readers not to risk it and steer clear from such offers.

Grandefex deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw only via Visa, MasterCard, however, popular and much preferred e-wallets such as Skrill or Neteller are not available.

We did not find any stated withdrawal fees either, however, dealing with unregulated brokerage we may never be sure whether they wont charge unexpected fees once the clients have deposited their funds.  There are also withdrawal conditions pertaining to accounts that have taken advantage of the bonus promotion. A trader has to achieve a certain trading volume in order to be eligible for withdrawal which is purposefully excessive in order to impede any trader from actually receiving his money.Legitimate brokerages which are regulated in Europe do not offer such promotions and even if they do, the information regarding potential withdrawal requirements is always presented straight-forward on the website, not hidden away in the terms and conditions.

Such website are also the reason we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

One of the reasons regulation has such value in the trading world is because scamming is quite common and it acts as a sort of guarantee that such a thing would not happen. Nevertheless, here is how a typical scam would go about:

Through clicking an ad with promises for fast money, you will be redirected to a website such as CashlessPay Group or Crypto Revolt where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case of Axe invest – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. 

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

Rich Snippet Data
Review Date
Reviewed Broker
GrandeFex
Broker Rating
1.11star1stargraygraygray

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17 Comments

  1. Liars and scammers; don’t trust them. They won’t allow you to withdraw your money, even if they say yes it won;t be a problem. Liars. Don’t trust them. Stan Malik is a clown and a fraud . All of them are. learn from my experience

  2. Guys don’t trust the thieves @Grandefex. They promise all until you want to withdraw money. Don’t be silly. And Stan Malik is a fraud and a liar! They won;t allow you to withdraw money more than 20%

  3. Absolute scam, DO NOT “invest” money with Grandefex, you’ll never see it again. I was cajoled into making a deposit and then realised I had been scammed. Larry C

  4. Ok. I have signed up with a trading robot with rave reviews and I was then allocated grandefex. The robot pitch states they only deal with trusted and regulated brokers. I received a call within two minutes from a grandefex sales rep. As I have been told before, the sales rep stated that they still dont regulate companies dealing with cryptocurrencies. I said I needed to check out his company and for him to call back after the weekend. So I read these reviews. I am considering funding through the robot as it has all positive feedback. I will be posting back my results and treatment at a later date after I have had a good look at everything they offer and how it all works out. So watch this space…

  5. PRIYE TORUNARIGHA

    They are thiefs they steal people’s money

  6. Grandefex is a SCAM, a bunch of thieves and clowns. Don;t believe anything they say; they’ll promise all and when you want to withdraw all money, they’ll find all possible excuses, including puff money have disappeared as there was a bad market in Germany 🙂
    learn from my mistake and don’t engage with them unless you plan to lose your investment

  7. Grandefex, WDCmarkets, CTX prime – SCAM!!!

    I invested around 30k with Grandefex. Had very good profits and was happy until I wanted to withdraw my profits! Then the painful process started. After month of lies, excuses and delays I finally realized they will not give me my money and I had to find another way to get them! So I searched the web and find that GRANDEFEX IS A NOTORIUS SCAM!!! Then I find a guy who can actually find out who they actually are and where are they really located!
    It cost me but HERE IS WHAT I FOUND AND WHAT EVERYBODY SHOULD KNOW:
    – Grandefex, WDC markets – wdcmarkets.com , CTXprime – all are connected. THESE ARE ALL SCAM COMPANIES – they have no licenses to trade, they are NOT regulated by any authorized body and DO NOT PROVIDE REAL TRADING!!! All is only A SOFTWARE STUMULATION AND IS NOT REAL , they don`t really buy anything THEY JUST STEAL YOUR MONEY AND GIVE YOU A VIDEO STIMULATION IN YOUR ACCOUNT!!!
    – All these companies are registered offshore, addresses are fake, names, phone numbers and all is fake!!! All the brokers names are fake all is fake!
    – They work with Russian payment providers – Certus Finance – certus.finance
    and MasterPay – masterpay.pro or Master Payments. If you deposited with these solutions you can pretty easily get you money back. I went to the bank and explained that i was scammed, they filed a dispute ( chargeback) on the payments and they gave it back, because they can`t fight the banks. SO GO TO YOUR BANK AND DO A CHARGEBACK!
    – The problem is i also invested in BTCs – they loved the idea and recommended I use a crypto exchanger – BOOYAA – booyaa.io my agent at the time was really pushing for these exchanger so I guess it`s their company or are really closely connected! STAY AWAY FROM BOOYAA – HERE IT`S MUCH MORE DIFFICULT TO GET YOUR MONEY BACK and the bank can`t help you!!! Another exchanger they have is Xchangepro – xchangepro.net
    – After a lot of digging and investigation he found information that all these companies are run by Israeli company located in Bulgaria. ALL THESE COMPANIES ARE RUN FROM Sofia, Bulgaria – abcglobal.bg/ ABC GLOBAL is the company name. Real owners are Israeli citizens – Avi and Jacque!!! All he could find are the first names.
    You see so many excellent reviews here because they are written by the company employees, DON`T TRUST THE GOOD REVIEWS, THEY ARE FAKE!!!

    1. Tomislav Čižmešija

      Pozdrav! Ja sam uložio u Grandefex 25000€ i u 2 mjeseca mi je račun porastao na 38000€ ali se desio pad nekih 13000€ i sad me traže da uplatim još za taj iznos koji je pao, nagovaraju me jer ako ne uplatim desit će se još veći pad….molim za pomoć. Sve mi se čini to sumnjivo. Molim vas za mišljenje??
      ———————–
      Greeting! I invested € 25,000 in Grandefex and in 2 months my account increased to € 38,000 but there was a drop of some € 13,000 and now they are asking me to pay more for the amount that fell, they persuade me because if I don’t pay there will be an even bigger drop ….I’m asking for help. It all seems suspicious to me. Please for an opinion ??

      1. Slavko Čučković

        Mozes me kontaktirat, i ja sam ulozio 750 eur, htio bi popricati sa tobom
        ——————————-
        You can contact me, and I invested 750 eur, I would like to talk to you

      2. Slavko Čučković

        I ja sam ulozio 750 eur, htio bi popricati sa tobom, posalji poruku na email [email protected], to su prevaranti i sve sto vidis je video simulacija, imam racun i kod 500+ platforme i kada pogledas i usporedis trenutnu vrijednost na +500 i grafn.. Javi se da ti objasnim

  8. They stole my money 250€

  9. They are liars and fraudsters. Don’t believe them. They promise everything, but they only rob you. Kevin Dula and Goran Eberheart are thieves. Don’t invest you will lose everything.

  10. Nevěřte tehle společnosti jsou to kurvy a zloději
    ——————————————
    Don’t believe these companies they’re wh*res and thieves

  11. Warnung vor Trading Platform “Grandefex”:
    Scam, you will never get your money back, spaetestens zur Auszahlung kommt der Hammer
    check this out:
    https://theforexreview.com/2020/06/18/grandefex-review/ (english)
    https://trading-erfahrungen.com/plattformen/grandefex (deutsch)

  12. They are liars and big scammers, they will bombard you with calls to invest more and even insult you if you do not want to invest, It is the worst experience I had with FOREX,I will not recover my money but I hope all these scammers end in prison, they are ruining people´ s lives.

  13. These people are CROOKS. You will never get a cent of your money back. !!!!!!!

  14. Had a call from a extremly rude trader, when I asked to return my money as per their published Refund Policy, he told me they haven’t made any money on my investement. I refused to trade with them and due to personal circumstances need my money bback. Despite numerous messages, emails and now speaking to two people they refuse to return my money. Avoid at all costs.

    Since posting this review I have had a further 2 people now saying they will help me process the refund, of which I am grateful. If it was a technicaliity and why it took your customer service team until now to respond I’m not sure. I hope this will now be resolved swiftly.

    Still not received confirmation that refund being processed, despite a representative calling to confirm the call I already had with someone else. There is no reason why you are holding my money now,
    In accordance with your refund policy please return it.

    Despite yet another call this time from Tony (even though I have requested only to be contacted by email) my money has still not been refunded. If you are a UK investor, or any other investor for that matter please think twice about investing your money with this Company.

    Despite a reassuring call from Ellie Carso at Grandefex that my refund was being processed ‘as we speak’ nothing has appeared in my account for another 6 days. Clearly they cannot even keep a promise on the phone. Terrible service. Do not invest your money with this company.

    Now have had an email from Edison Gaines of Grandefex ‘Executive Team’ saying you have to trade to withdraw money. So now confirmed in writing something that goes against thier published Refund Policy. Basically they want you to trade until you lose all your money as you won’t get it back.

    Most recent communication from Mr Gaines suggests that Refund Policy applies to clients quote ‘who have not received the companies services for one reason or another’. I have not traded with them so have asked in wrting for a list of services they think they have offered. They also state in their refund policy that that withdrawal requests will be made withing 5-10 days of receipt, myt requestwas submitted through correct channels on 23rd September, so 1 month later. Solicitors are awaiting response.

    Update – this is the reply from Edison Gaines, they expect you to trade (amount as yet unspecified) in order to withraw any money. So you are paying for the set up of their online portal, which isn’t stated anywhere. Just be aware that this is the case – you will not get your money back or be able to close your account until you’ve made the ‘set minimum trading level’ which isnt published anywhere!

    ‘Refund and a withdrawal are completely different things.

    The services you have received you can check on your account. It is regarding trading as this is the only service we provide.

    Trades are executed on a daily basis.

    You have full access to your trading history by navigating through the settings on the webpage.

    Also the terms and conditions are there to guide self-traders who do not use third party systems. You registered with us for the use of an autotrading software. We have covered its cost so that the account can remain free for you as a client.

    The minimum trading volume is there to help us diminish that cost.

    All of our clients that use trading systems are aware of this and are able to withdraw as soon as possible.

    Please understand this is not free for us. We appreciate you want to close the account and withdraw and you will, once the volume is reached via the automated trading system.’

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