Beware! Greenfield Brokers 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.
Greenfield Brokers is an incredibly incompetent attempt at a Forex broker – there is no mention of regulation, there is a lack of crucial legal documentation and even so fundamental as the ability to open an account is not something that Greenfield Brokers can grant to its clients at the time of writing – all attempts to do so result in the following screen:
While that does mean that we could not actually make an account with and experience all the broker has to offer, we can pretty confidently say it is up to no good from what we did experience with it. If you are still not convinced that Greenfield Brokers is best avoided, please read on – we have exposed the failings of the broker in full in the following review:
Greenfield Brokers regulation and safety of funds
Greenfield Brokers might claim to be operating from Switzerland, but it lacks the necessary license. Here is the fake address the broker supplied us with:
No-one can run their business from the Swiss federation without a license – and getting one is no easy task, with the FINMA, the regulatory body watchin over the Swiss markets having set one of the highest minimum capital requirements – 20 million CHF, or about $22 million at the time of writing. A broker is then also required to participate in guarantee funds that restore up to 100 000 CHF in the case of it going under per affected client of the company.
So, with these high regulatory requirements, no broker would simply neglect to mention it hold a license with the FINMA – and yet, Greenfield Brokers does exactly that, with regulation not being mentioned once on its website! The company can therefore not be trusted with your money, as it cannot even guarantee it is not running a scam!
Greenfield Brokers trading software
Greenfield Brokers does not tell us what trading software it provides and without an account we cannot know what it is, or how it stacks up to industry standard Metatrader 5!
Greenfield Brokers deposit and withdrawal methods and fees
Greenfield Brokers lists off various deposit methods on its website, but with no account we could not make sure it accepts money using them. If you have deposited with Greenfield Brokers, we would advise you seek a chargeback – the broker is sure to abuse you with withdrawal restrictions and fees otherwise, because here is what its Terms and Conditions page looks like:
Greenfield Brokers’ policies must be quite ridiculous for it to make its page inaccessible like that!
How does the scam work?
It is beyond any doubt that Greenfield Brokers is a scam – the company is nothing more than a front for one of the oldest scams in the book too – here is how it unfolds:
Would-be-victims are lured to the website Greenfield Brokers runs, usually with promises of incredibly lucrative trading, and prompted to make an account. A prerequisite to do so is to leave a phone number – and if the scammers get that, they will start calling around the clock to demand deposits. Not only are these people skillful manipulators, but they are also incredibly greedy – no amount of money will be enough and their victims will be taken for all they have. The scammers will only stop calling if their victim runs out of money or realizes they are being conned – at which point, the scammers will simply move on to new targets and cease all contact altogether!
What to do when scammed?
If you recognize yourself in the scenario described above, you have been scammed. Do not worry, though – there are some steps you can take to limit your losses!
First off, you would need to restore your privacy. The best way to do so is to recall what forms of ID and credit cards you gave the scammers access to and get new ones issued ASAP. Also, remove any remote control software they had you install on your PC, as the criminals often use it to pry around it and might even try and hold your data hostage.
Once that is done, it is time to seek your money – your best odds lie with your bank – contact them and ask what options are available to you. However, you should know that whatever they say, most recovery agencies are simply scams that are also out for your money – the giveaway is if the agency requires an upfront payment for its services!
Finally, do not hesitate to speak up about your experience with Greenfield Brokers – a good place to start would be the comments section below. If you do so, you will be helping raise awareness of the scheme, which is the best way to combat its spread.
