Bulgaria based forex broker GrahamFE has six different trading accounts. The spreads are unknown, but the leverages are variable according to the account type. The offering of this broker is like every other broker, but there are several concerns about this one. Foremost among them is no legit license. In this GrahamFE review, we will tell, if this broker is right for you or not. So, follow it until the end.
The six accounts are Micro, Mini, Silver, Gold, Diamond, and VIP. Minimum Deposit required to each of these accounts are $500, $2500, $10000, $50000, $250000, and $500000 respectively. Also, the variable maximum leverage ranges from 1:200 to 1:400. The best part of GrahamFE is its solid leverage levels. Many traders will enjoy these leverage ratios. However, high leverages have their pros and cons. They can be high profit-making or can make huge losses as well.
The main disadvantage of GrahamFE is its no regulation and legit licensing. The GrahamFE FinServices LTD situated in Sofia, Bulgaria is the manager of GrahamFE. The broker operates from Bulgaria needs to be regulated by the Financial Supervision Commission or any relevant financial watchdog in the EU. Unfortunately, we could not track any regulation for GrahamFE; instead, we found out that the Austrian financial watchdog FMA issued a scam warning against it.
The broker hides much crucial information about trading conditions like spreads. The spreads are determinant of the actual cost of trading with any broker. Also, one can check spreads using a demo account, but the GrahamFE does not provide one. Also, the broker does not offer a top-class MetaTrader trading platform. The broker also fails to give any client’s agreement. It means the broker can do anything with clients’ investments without prior permission.
Furthermore, the minimum deposit required to operate any of the provided accounts is insanely high. The average acceptable minimum deposit is around $250. However, many legitimate brokers offer the same trading environment for a low price.
Is GrahamFE scam or legit?
Starting from first, the initial investment of this broker is high; trading conditions are not attractive. The broker does not provide spreads provided. Also, the entity is unregulated and not licensed. The investment is not safe with GrahamFE. In our view, the broker GrahamFE is a potential Australian trading scam.