Beware! Grand Trade FX 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.
Grand Trade FX is a broker offering Binary and Bitcoin trading; that’s how they present themselves to the public. They claim to give 100% withdrawal guarantees, somewhat a foolish statement. The Forex brokers shouldn’t give withdrawal guarantees but send the money whenever they are asked to do so. The website we encountered doesn’t suggest Grand Trade FX is a reliable broker. See what we found out about this broker in the full Grand Trade FX review.
Grand Trade FX REGULATION AND SAFETY OF FUNDS
There is absolutely no way you can confirm Grand Trade FX is a legit broker. On their website, we found a Toronto address and a US contact number, but not a word about the company that’s supposed to run this broker. What’s more, there aren’t legal documents presented to the public, so we can conclude it’s an illegal broker. Anyway, we spent some time researching the Canadian regulator IIROC register, but couldn’t unearth anything about this shady entity. Your funds are not safe if you deposit with Grand Trade FX because it’s an unlicensed and unregulated broker selling financial products on regulated markets without the proper authorisation. That’s considered a financial crime! Beware!
Avoid Grand Trade FX and see the European brokers and British brokers we highly recommend to the traders. Europe is financially stable, and the regulators supervising the FX markets put the customer protection on top of their priority list. There are many strict rules brokers have to comply with to get a license, but most importantly EU and UK designed money protection schemes which guarantee the clients’ money. If you trade with Cyprus regulated brokers you can claim up to 20 000 EUR in compensation, while in the UK the protections are of even up to 85 000 GBP per client. Each EU member state has to operate similar deposit insurance fund, seen as the last resort for traders in case brokers fail to meet their financial obligations.
Grand Trade FX TRADING SOFTWARE
Warning! Grand Trade FX doesn’t have a functional trading platform. There isn’t even a web-based trading software, a major red flag indicating Grand Trade FX is a scam scheme. See on the picture at the bottom of this section what they call a platform!
So, there are no spreads and leverage levels applied. Grand Trade FX claims to offer binary options but indeed fails to deliver. Even so, binaries are no longer considered financial products, but gambling. Some gambling authorities worldwide license Binary Options trading, and it has nothing to do with the FX markets. Binaries were exposed as prone to fraud and price manipulation, so most of the world’s financial regulators banned these so-called instruments. The United States allows Binary Options trading, but the providers should be licensed as an exchange, which costs a fortune. At present, there are only two legit exchanges registered, so beware and stay away from brokers offering Binaries.
See the regulated MetaTrader4 brokers and MetaTrader5 brokers we recommend. MT is the most popular retail Forex trading platform globally, which traders prefer for its reliability and ease of use. It features sophisticated trading tools rare to find elsewhere for free such as Expert Advisors, Algo Trading, Complex Indicators, reliable Strategy testers and even a marketplace with more than 10 000 trading apps and counting.
Grand Trade FX DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Grand Trade FX is $250, which is more than double than the regulated brokers’ requirements- $100 on average to let the traders begin.
The funding methods are said to be Wire Transfers, WesternUnion, MoneyGram and Bitcoin. All of the payment systems listed are final and non-refundable, so it’s impossible to get your money back if things go wrong. Be cautious when sending your money to the broker. By far the best funding method is Credit/Debit cards for it’s possible to chargeback within 540 days from the deposit date.
As already mentioned, Grand Trade FX doesn’t supply legal documents, so we have no information about necessary provisions such as fees, dormant account policy, bonuses, etc. In fact, there are some incentives, but it’s a referral bonus, so we consider it’s a dodgy MLM scheme, as well.
Overall, Grand Trade FX is an unlicensed and anonymous broker with no trading platform and absent legal documents. Keep your money safe and avoid Grand Trade FX.
HOW DOES THE SCAM WORK
One can see hundreds and thousands of promising ads on the Internet and social media. Unfortunately, many of these are fraudulent schemes targeting to rip the people off their hard-earned money.
If you click and provide scammers with your e-mail and contact number they’d ring you immediately and will promise you anything to make you deposit money with them as quickly as possible. Most of the scammers are experienced manipulators, and before you know it, they will ask for your bank card numbers to make the deposit instead of you and save you the hassle. The urgency is a warning sign; they are always in a hurry to persuade you to start investing with them.
But the first deposit is only the beginning. Gradually they would ask for more money from you no matter the results. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to pay them if you want to withdraw. The scammers’ mantra is “give me your money”, they’d insist every single day you should deposit more and more, for no obvious reason. Legit companies do not bother you on the phone to deposit with them, so if someone urges you to start investing, it’s most probably a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to fraud. In case you got scammed, you need first to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
It’s crucial not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. They ask for an advanced payment, but do nothing to help you recover your losses and simply pocket the money you’ve sent!
Share online your experience; it’s important to protect others, as well. Be responsible!