Beware! Grand Signal Markets 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 Signal Markets is just another unlicensed broker in an ever increasing list of scammer sources. There is nothing special about it, making it the typical scam. What we are about to reveal may serve some of you as a guide as to what to expect from most shady brokers, and how to protect yourselves from getting solicited and lied to by similar entities. So, read the review before you try out something you will regret for sure.
First off, we start on a very unproductive note. The broker would not allow us to register, becasue in order to do so one must provide a code:
There is no way to circumvent this, and to us a crucial area of the broker is blocked. These types of codes can only be granted to users already in contact with the broker and its team. So, the firm has to contact you and commence its soliciting practices; only then can one register fully.
We were left to the website, which may or may not provide accurate trading and payment details, but it is a risk we will have to take.
And so, according to the website, the available assets to trade with are forex currency pairs, cryptocurrencies, energies, and metals. There leverage is capped at 1:200, and there is no spread value revealed anywhere. The lack of a spread is worrying, but one must remember with the type of entity he or she is dealing with.
GRAND SIGNAL MARKETS REGULATION AND SAFETY OF FUNDS
The company claims that it is regulated by the Australian Securities and Investments Commission, or ASIC, and something called the Canadian Securities Agreement. It seems somewhat counterintuitive to have a broker lookin like Grand Signal Markets looks and having joint regulations from some of the best FX nations in the world.
The ASIC claim is obviously nullified the moment you check the regulator database and find out that there is no such thing as Grand Signal Markets in the databank.
As for the Canadian Securities Agreement, it’s not even an organization but some sort of guarantee agreement that is useless in the case of the broker. It does not give the firm any rights or privileges; an empty statement if there ever was one.
As for the whole Canada thing, it’s useful to know that the Regulatory Organization of Canada (IIROC) is the official FX regulator there, and it too has no affiliation with Grand Signal Markets.
Therefore, as it currently stands, the compnay is completely unregulated and a risk to all!
If you are investing in an unregulated broker better not invest at all; at least in the latter occasion you will not be ensnared in an investment scam that will not only take your money but will greatly waste your time and energy. Better yet, if you have the will to invest, and either are skilled at it or want to expand your knowledge, there is no better way to go than any of the European, UK, US, or Australian brokers we have compiled for you. These are all regulated, and so are up to industry standards, but are also limited in the amount of freedom they can have by some of the top regulators!
GRAND SIGNAL MARKETS TRADING SOFTWARE
There is an MT5 promotes, but in reality it was not available.
Readers will have no idea how many times this has happened: when a great platform is advertised and then the broker at hand completely fails to deliver it.
In the case of Grand Signal Markets there is no substitute for it. It’s just that there is no trading terminal at all!
GRAND SIGNAL MARKETS DEPOSIT/WITHDRAW METHODS AND FEES
According to the website, the minimum deposit is $100, and that’s pretty much all the payment information we have for you. There are no payment methods revealed, no withdrawal fees or processing times, no nothing! But by far the worst is that we do not known the fees. As we know, most scammer brokers apply some sort of fees most of the times, and who’s to say that Grand Signal Markets is not one of them? Be prepared for anything with such companies! There is a high chance of hidden fees and commissions.
Grand Signal Markets is a complete sham and a shameless attempt at stealing your money. Do not invest here for you will lose everything that you have!
HOW DOES THE SCAM WORK
Scams have surprisingly little evolved over the past decades since their inception. It’s basically the same principle being rendered through different sites and by a plethora of different agents.
The core remains the same. The broker tries to grab the client’s attention either by advertising false profit gains, or by directly contacting the user, who is the vastness of the internet let his guard down at some point and either provided an email or a phone number to some now forgotten source.
Should the user get contacted (or fall for the ads) he or she will be shown to the website of the investment fraud and promptly be pushed to invest, either by sweet talking representatives of the scam, or by the account manager which is also the one that keeps the whole thing in check.
The ultimate goal is to compel the user to invest once, and after that the trap is fully shut. The client already lost money, and any further investments are a bonus to the broker. All withdrawals will not be available, and even if the broker seems to be keeping a straight face, it’s all part of the scheme.
Sometimes the users will get a small teasing taste of profit, just so they are motivated to invest more. But after that one time is when most clients realize that something is wrong.
WHAT TO DO IF SCAMMED
The best thing to do is to file for a charge back with your credit or debit card provider, provided that you had previously invested via them. MasterCard and VISA have a chargeback period of 540 days, so its relatively easy to get reimbursed, and that’s why fewer and fewer scammer brokers are offering card payments.
An easier way to lose money is through wire investments. The only advise we can give you is to contact the bank as soon as the money has been lost (or when you realize you have been played). That and to change your bank account password and user name!
We come to the favorite investment methods of unlicensed brokers – crypto wallets. These are untraceable, and thus once a payment goes through it’s finished! There is no real way of getting one’s money back.
Also do not trust recovery agent or agencies promising to get your money back. These will fee you a hefty sum in return for their services, but as soon as you pay them they will disappear!