Beware! Granflex Group 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.
Although things look legit enough on Granflex Group interface, we have suspicions that this may be a wolf in sheepskin trying to lure you in investing your hard-earned money with a possible scammer. Read on to find out more.
Granflex Group Regulation and safety of funds
We checked this broker’s registration with the Financial Crimes Enforcement Network (FinCEN) in the US and we verified that such company is indeed registered there. However, we have suspicions that the broker we are discussing here, is in fact miming a legit company and we find discrepancies between how legit brokers and this one organise their websites. Furthermore, if this broker is really legit, then it should be registered with the National Futures Association in the US (NFA). Upon checking on NFA’s website, our search came out blank (screenshot below). We now have sufficient proof to believe that not only this broker is non-legit but is possibly a scammer.
It is very difficult to spot a scammer especially if they are miming another legit company. To be on the safer side, we suggest that you explore the links we provide below and check the lists of licensed brokers that will appear there. Also, check their rating as brokers with the highest rating would have a proven record of reliability.
The brokers we suggest are from the well-established jurisdictions of the US, Australia, the EU and the UK. In those jurisdictions, there are mechanisms set in place to prevent scammers from sneaking in. To get licensed, forex brokers must meet many rigid requirements, i.e., be well capitalised which is reflected in the amount of initial capital they must invest. In the US, the initial capital is $20 million, in Australia, 1 million AUD and in the EU and UK, 730,000 EUR. Scammers will never invest this amount of money for the benefit of looking legit. Other mechanisms to protect traders are keeping their accounts separately in tier-1 bank establishments and brokers reporting on a regular basis about their transactions to provide transparency. In addition to that, brokers regulated by FCA in the UK must contribute funds to the local Financial Services Compensation Scheme from which traders can be compensated up to 85,000 GBP per person if the broker becomes insolvent. Clients of brokers regulated by CySec will be refunded up to 20,000 EUR per person if their broker contributes towards the local Investor Compensation Fund.
You won’t find any other trading conditions around the world to match these ones and we strongly suggest to research thoroughly the information we provided and select a licensed broker that is reliable and will suit your trading needs.
Granflex Group Trading software
Granflex Group is a forex broker trading in futures, commodities, CFDs, options, stocks and forex. On the interface of the company, you will see that the trading software is a web trader. However, due to the fact that all the links on the website leading to opening a trading account were broken, we are not able to show you how the platform is set and what it looks like.
However, we must tell you that a web trader is not the best choice of a trading platform as it is basic and doesn’t do much to enhance clients’ trading experience. Let us tell you a little secret – the trading platforms you should be choosing to trade with are MetaTrader 4 and MetaTrader 5. Their high reputation among forex brokers is well deserved as both platforms offer many advantages compared to other trading platforms. They come equipped with an auto trading option, an app market, VPS, trading signals, code base with customs scripts, a financial calendar, etc. they also offer many charting options from which traders can choose different charts, time frames and colours that suit them or even create their own templates. But that is not all as these platforms also offer a mind-blowing array of technical analysis indicators, such as Bollinger Bands, moving averages, Fibonacci retracement and others that help traders predict the future direction of exchange rates and make a profit.
We strongly recommend a licensed broker that offers either of these platforms.
Granflex Group Deposit/Withdrawal methods and fees
None of the links that worked on this broker’s website led to any useful information regarding how the deposit/withdrawal methods and fees are organised. What we can advise you when selecting your forex broker is to look at what payment options are available as it may have some implications should you decide to file for a chargeback.
Also, it is important to find out what fees are there and if they are percentage or fixed fees. Percentage fees may cost you a lot, so be careful.
Also, non-legit brokers usually offer some bonuses or non-deposited funds that may look tempting to you. Be careful as they may look like they are adding more trading power but in reality, may mess up your account and affect your withdrawal options. Remember that there is no such thing as free lunch and find out what the conditions attached to them entail and whether you’ll be able to fulfil them. Also, keep in mind that licensed brokers never offer bonuses to their clients.
How does scam work?
If scammers make a movie, it will probably be called “Dream on”. They make everything sound credible and build their scam on your dreams of getting an easy and quick profit. People get duped if they decide to deposit money into one of the scammers’ schemes. What you probably do not know is that your hard-earned money goes as commission to the scammers. Next, you get inundated by daily calls. First, the scammers congratulate you for joining their business, next they try to persuade you to invest even more money. After all, the more money you send, the bigger money fall you can expect. This of course is not how things work. By the time you realise that no money is coming your way, it might be too late. All you want now is to get your money back and get out of there but the scammers have other plans for you and they won’t late get away so easily. Now they try to delay you so that you miss the deadline for a chargeback.
What to do if scammed?
If you get scammed, our advice is to act immediately and if you have paid your deposit via credit/debit card you may still have a chance. Visa and MasterCard allow you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.