Grandefex claims to be operational from Spain with a product portfolio of more than 380 assets. The broker promises to provide higher leverage ratios accompanied by the powerful and advanced trading platform. It also facilitates auto trading so the traders can relax and earn money. Another claim this broker makes to have seven hundred thousand active clients benefiting from its extraordinary services. Nevertheless, the broker is nonregulated and does not have a valid license to offer a trade facility. Furthermore, it has been red-flagged by the top financial regulator. To know more, please follow this Grandefex review.
The broker claims to be operational from Spain and registered in the Republic of Dominica. The company called Soliel Rouge Inc registered in Commonwealth of Dominica is the owner of the brand Grandefex. This is the worst territory in terms of broker regulations. The area does not fall under the jurisdiction of any financial watchdog. However, Spain based operational office must be regulated by any of the financial watchdogs across Europe. Sadly, we could not found the broker’s registry in any of them.
Also, Grandefex offers a variety of trading bonuses that requires hefty trading volume compensation before making withdrawals. As you know these are the tricks used to attract sober traders and once they deposit their initial investments they are forced to invest more to generate more return. However, it is not true traders lose their investments as well. As we said it provides robotic trading that means the broker is operating as a market maker. That means the broker will trade on the behalf of the trader and benefit from the trader’s loss.
The leverage of 1:100 is available that can be accepted but the spreads of 3.6 pips on EuroDollar fx pair is twice high as compared to the market average. The oversimplified web trader trading platform is provided for trade. That can not be compared to sophisticated MetaTrader. The payment at Grandefex can be made by various methods including credit cards like Master and Visa cards, Bank Wire Transfer but electronic wallet like Skrill is not offered. The Skrill recently has adopted an anti-scam policy and only partners with a legitimate broker.
Is Grandefex scam or legit?
The broker is operational from the Republic of Dominica and fakes its licensing and regulation. The trading conditions are lousy and MetaTrader is not supported. Therefore we call Grandefex a potential Australian trading scam.