Beware! GrandPrimeStock is an offshore broker! Your investment may be at risk.
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GrandPrimeStock is most certainly a scam broker – here is why it is best to avoid the company:
GrandPrimeStock regulation and safety of funds
GrandPrimeStock lies about where it is operating from, with the broker initially giving us the following address:
However, since the company advertises a leverage of up to 1:400 on its website, and since it offers trading bonuses, it falls short of the requirements the regulatory body of the UK, the FCA has placed on brokers. That means that the address GrandPrimeStock gives us either does not correspond to its actual location, or is entirely fake.
As to where the broker actually resides, the answer to that was buried deep within its Terms and Conditions, in the section on the governing law of said Terms:
It states that the broker follows the laws of St. Vincent and the Grenadines. This is an offshore location that is quite infamous for the amount of scammers in it – the government of St. Vincent has refused to regulate its Forex markets in any capacity!
Real UK brokers, and not companies that just pretend to operate from there like GrandPrimeStock have to follow some strict regulatory rules to make sure they are not running a scam – they need to report on a daily basis on open and closed trades to prevent any market manipulation from taking place. That is why such companies can guarantee their legitimacy – while ones like GrandPrimeStock simply cannot!
Do not get scammed – stick to licensed brokers!
GrandPrimeStock trading software
Once we made an account with GrandPrimeStock, we discovered it does not have any kind of trading available – the closest we go to was the following demo on Binary options:
Of course this is nothing more than a little game you can play without any real consequence and has nothing to do with an actual trading platform like Metatrader 5. It is likely that GrandPrimeStock pretends to be a CFD broker, but actually just has people deposit with it under promises of incredible passive income and return rates – be careful if GrandPrimeStock has promised you anything like that!
GrandPrimeStock deposit and withdrawal methods and fees
GrandPrimeStock accepts deposits via wire transfers, Western Union, Neteller, Skrill and Bitcoin. If you have deposited with the company, you would need to file a chargeback, if one is available – check out its fees:
This is the fee on inactive accounts. No legitimate broker would charge as much, of course, but GrandPrimeStock is not a legitimate broker. Here is what the company has to say on its withdrawal fees:
It does not state what these fees are, but given that GrandPrimeStock charges an audacious inactivity fee, we do not expect them to be anything short of absurd!
And that is not all – here is what the broker has to say about its Bonus poicy:
All accounts credited with a bonus need to execute a certain turnover in order to be able to withdraw their profits – and here is the turnover in question:
GrandPrimeStock requires you to execute a turnover of a million dollars if it gives you as little as a hundred – this is simply no reliably achievable by any trader!
How does the scam work?
GrandPrimeStock is certainly running one of the oldest schemes in the book – here is how it unfolds:
First off, someone stumbles upon the website the scammers run. On it, they are prompted to make an account and leave their phone number in the process. Once the scammers have that, they start calling around the clock to demand deposits, only stopping if their victim realizes what’s going on or simply runs out of money. At that point, the scammers disappear and move on to new targets.
What to do when scammed?
Here is how you can stop further losses if the scheme above sounds familiar:
First off, get whatever credit cards and forms of ID the scammers had access to reissued and remove any form of remote control software they had you install.
Secondly, contact your bank and ask them for a chargeback – but do not trust any recovery agency that might approach you and demand an upfront payment for its services, because it is nothing more than an advance fee scam!
Finally, please leave a comment below – the best way to combat the scam is by raising the general awareness of it, and your words might prevent someone else from depositing with the broker!
