Introduction to Grandefx review:
Forex Trading is considered the biggest financial industry in the world with a record of $6.6 trillion trades each day according to a report published in 2019. Forex trading has millions of religious investors from around the world who have just the right knowledge to earn money through this. However, due to the increased profits in the market, scam brokers are easily attracted to the industry. These cybercriminals with a variety of tricks up their sleeves will pose as regular brokerage firms and deceit the customers.
Grandefx advertises itself as a forex trading brokerage firm with many offices across the globe. With millions of customers, Grandefx also claims to be one of the best brokerage firms in the market. However, Grandefx provides no proof for any of this. In this review, we will discuss the problems hoisted by Grandefx and decide whether Grandefx is a scam or not.
Debunking the claims:
In this section, we will be targeting all the red flags featured by Grandefx. Read on to know whether you can trust Grandefx or not.
Address and Regulation:
After a little search on their website, we found out that Grandefx is based out of the Dominican Republic. The company has also managed to acquire a license from the Dominican Republic. For those of you who are new to the trading market, certain places like that of the Dominican Republic are offshore zones. Such places do not have a regulatory body to supervise the brokerage firms and therefore are considered not suitable for firms and traders. However, these offshore zones have become a hub for scam brokers as getting a license from such places is a lot easier. This poses the first red flag in this Grandefx review.
Grandefx Trading Platform:
Upon a little investigation on their home page, we realized that Grandefx does not provide MetaTrader 4 (MT4) or MetaTrader 5 (MT5) as the trading platform. This is a problem because MT4 and MT5 are the two leading trading platforms in the industry that are widely used by all regulated brokerage firms. Instead, Grandefx uses some cheap trading platform that has been self-created. The platform is excruciatingly slow and does not have all the properties of MT4 or MT5.
Grandefx Account Types and Minimum Deposits:
Grandefx offers four different types of accounts to the customers with varying features and minimum deposits. The account names are Gold Plan, Diamond Plan, Ruby Plan, and Royal Plan. The Gold Plan is the basic among the four and the Royal is the highest. The deposit ranges from $100 to $500 in the Gold Plan whereas it is $600 to $1500 for the Diamond Plan. The ruby plan demands a deposit ranging from $2000 to $5000 and the Royal Plan demands $6000 to $10000. Readers must note that the minimum deposit offered by the regulated brokerage firms ranges from $5 to $10. This raises yet another red flag against Grandefx in this Grandefx review.
Conclusion:
Is Grandefx a scam or not? We leave that decision to you. However, we discourage our readers to indulge in any kind of trade with Grandefx as it is a potential scam. In case you have been scammed by Grandefx or any other scam broker, file a complaint with us right now and get immediate help.
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