Overview of Grandefex:
The foreign exchange brokerage services provider Grandefex is operational from the Republic of Dominica. It also deals with over 380 markets, stocks, indexes, and commodities. Descent trading maximum leverages are offered by it. It also claims to provide trading on the most powerful web trader trading platform. It further alleges that it serves 700K satisfied customers. Nonetheless, the broker is an unregulated services provider and it is one of the major concern. Along with it, other problems are identified of it and they are rigorously analysed in this Grandefex review. We appreciate your valuable time that’s why readers must read this unbiased and unique review completely. Read the full Grandefex review here.
The forex broker brand Grandefex is operated and owned by Soleil Rouge Inc situated in the Republic of Dominica. However, it is operational from Spanish soil. Nonetheless, it is not regulated by Spanish financial body or any other financial watchdogs that are regulating forex brokers. On top of it, Grandefex is blacklisted and red-flagged by the very prominent financial regulator of the United Kingdom named Financial Conduct Authority. Being blacklisted forex broker does not give any credibility to Grandefex. Traders can’t possibly make a profit out of Grandefex. However, the initial investments have a high probability to get frozen with such broker. Furthermore, the terms and conditions section fails to showcase designated trading volume limits. Moreover, the bonus policy is missing from the official website. It makes it hard to know what is the required trading volume to be eligible for withdrawals.
The initial investments at Grandefex are $250 and it is according to the market. However, several legitimate brokers provide highly secure and competitive trading conditions with the deposition of very less amount.
The broker allows high leverages of 100:1 and is considered high by several traders. Also, high leverages are banned in Australian markets. The Grandefex claims to provide a highly secure and advanced trading platform. But in reality, it provides a web trader trading platform that is used by other fraud brokers. Payments are accepted by cards and bank transfer only.
Is Grandefex scam or legit?
The broker Grandefex has low credibility as it is unregulated and situated in overseas. The trading conditions are unclear and it has received scam warning against it by FCA of UK. A poor web trader trading platform instead of Meta Trader is offered. Considerably high initial investments are required. Therefore, it is a potential Australian trading scam.