Beware! GrandTrade.eu 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.
GrandTrade.eu is not to be confused with GrandTrade – the former is a shady Forex broker and the subject of today’s review, while the latter is a shady Binary options broker we have covered before. The review for it can be found here if you are interested, but the distinction needs to be made.
There is no reason to believe that GrandTrade.eu is some kind of rebrand of the other company – although possible, the two companies maintain two radically different websites and have different business models. For that reason, GrandTrade.eu deserves a closer look on its own – here is a review of the broker:
GrandTrade.eu regulation and safety of funds
GrandTrade.eu claims it abides by Cypriot law, as you can see from the following clause of the broker’s Terms and Conditons:
However, if that were true, the broker would be licensed by the regulatory body of Cyprus – the CySEC. And that is just not the case. We know for a fact that GrandTrade.eu is not present in the CySEC register and we don’t even need to check to verify that – the company breaks two very important regulatory policies. Namely, it provides a leverage of up to 1:400 to retail traders, while the CySEC has banned the provision of amounts over 1:30. GrandTrade.eu also offers bonuses, which are also outlawed.
This means that if you want to make use of the wide protections that traders with CySEC-regulated brokers enjoy, like a Negative Balance Protection policy and access to guarantee funds, you are better off sticking with licensed brokers!
GrandTrade.eu trading software
GrandTrade.eu provides access to a web trading platform, which falls quite short of the industry standard Metatrader 5, notably in lacking any automated trading features – here is what it looks like:
The trading conditions on it are nothing to write home about – the spreads are much higher than the accepted 1 pip difference for FX majors like the EURUSD. We also mentioned the leverage GrandTrade.eu provides has been deemed to be too risky for retail traders by the CySEC – but most other regulators have also banned the provision of such amounts. So whenever you see a high leverage in the wild, consider the fact that you are most likely dealing with an offshore broker!
GrandTrade.eu also provides access to a downloadable platform we know nothing about – as you can see below, the broker demanded we deposit money before we could access it, which was not happening!
GrandTrade.eu deposit and withdrawal methods and fees
GrandTrade.eu accepts deposits via credit cards – which is quite beneficial. You see, such deposits are eligible for a chargeback within 540 days of any transaction. That means you would not have to contend with GrandTrade.eu’s withdrawal policy:
We are not quite sure what that policy is, but usually offshore brokers that offer such bonuses bind them with high turnover requirements and restrict withdrawals before said requirements are met!
How does the scam work?
GrandTrade.eu is a scam – that much is clear. We also know what kind of scam the company is running, as we have seen it unfold countless times. Here is what usually happens:
First off, someone stumbles upon the website GrandTrade.eu runs – and from there, they are prompted to make an account, leaving their phone number in the process. Once the scammers have that, they will start calling around the clock to demand more and more deposits, until their victim runs out of money or realizes what’s going on – at which point the scammers simply cut them off and move on to further targets!
What to do when scammed?
If you have been scammed, here is what needs to be done to limit your further losses:
First off, recall what credit cards, forms of ID and so on the scammers had access to and get new ones issued ASAP. Also, remove any form of remote control software the scammers had you install on your PC.
With your privacy re-established, contact your bank and ask whether you can file a chargeback. However, if a recovery agency reaches out to you and promises you to restore your money at the cost of an upfront payment, know this is simply another scam!
Finally, please leave a comment with your thoughts about GrandTrade.eu below – this will help us raise awareness of the scam, which is the best way to combat it!