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Grandefex Review – SCAM or Legit?

Grandefex is a forex and CFD broker that has been slowly increasing their user base in recent years. This broker is registered in Dominica, but for the most part they seem to be operating from Spain. Their regulatory status lacks credibility as they are not overseen by trusted authorities.

Moreover, we guarantee you that once you take a look at the customer reviews, you will run in the opposite direction quickly. There are a few benefits of choosing this brokerage. However, compared to the downsides, it is not the kind of risk which is worth taking. Trading any markets is a challenge by itself.

So, when it comes to choosing a broker make sure to conduct extensive research and for maximum safety, go with the regulated firms which have been around for a long period of time. As far as Grandefex forex broker is considered, go through this unbiased article to know everything about them.

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    Grandefex Review

    Regulation and Contact Information

    Nowadays markets are easily accessible to the retail side which is why the whole brokerage sector is booming. However, you need to keep in mind that whenever there is ample amount of opportunities, fraudulent organisations will appear and try their best to swindle the end consumers.

    Note that, we are not saying each and every unregulated broker is a scam, but certainly a vast majority of them are. Grandefex is an offshore broker who is registered in Dominica. The law in the Commonwealth of Dominica is not strict and as far as the trading sector is considered, regulation from this region doesn’t instill much trust due to the low standards.

    This broker has been blacklisted by the FCA as they are offering unauthorized services in the UK. They clearly don’t maintain client capital insurance which means if the broker goes bust, you will lose all the money you have invested with them. Grandefex interacts with the clients via phone and email.

    The exact operational hours each day is unknown, but if you need to contact them, the details are as follows.

    Email – support@grandefex.info

    Phone – +442039121385

    Grandefex Trading Platform, Leverage and Pairs

    Grandefex offers no MT4 or MT5 support which is a huge disadvantage to a large portion of the retail traders. Lack of MetaTrader means most of the custom indicators or automated systems cannot be used with this broker. Moreover, the ability to customize the charting will also be very basic which may not be a desirable thing for experienced traders.

    Grandefex Dashboard

    The web based platform supported by the broker is lightweight and pretty straightforward. If you are a beginner or average trader who just needs basic charting tools, then chances are, you will be fine with the options available. Leverage offered by this broker is reasonable and goes upto 1:100 for most assets.

    Before you place any trades always check for the leverage because it is different from one asset class to another. Always remember, leverage is a double edged sword which means you need to be extremely careful when you are employing it.

    All the major forex pairs are available on the platform, but the spreads are huge and starts from 3 pips for Eur/Usd which is a deal breaker for many clients. Whenever spreads are huge, it means that the platform is not friendly for scalpers and day traders. So, look into your personal trading approach too before choosing any broker.

    Algo Trading and Copy Trading

    As a replacement to traditional Expert Advisers, this platform offers algo and copy trading. Since, we weren’t able to test out their algo trading we cannot comment anything on them in specific. Nonetheless, our main concerns are regarding the backtesting aspect and the availability of VPS during highly volatile periods.

    Unless more information about the mechanisms of algo trading from the platform is available, it is better to avoid it. Moving on to the copy trading feature, in theory it sounds easy to make money with it. Ask yourself, are you really willing to risk your money by following an absolute stranger who has unverified trading records?

    Copy trading is just like gambling, you might win for some time, but when the tide goes against you, the chances of blowing your account are too high. Even if we give them the benefit of the doubt, the changes in spreads or delay in execution are some of the problems which can’t be eliminated.

    Lastly, do keep in mind that the majority of traders lose money in the short term which is why you should never consider copy trading or anything else as a shortcut to success.

    Deposit and Withdrawal

    The minimum deposit with Grandefex broker is 250 Euros. They offer base account types in EUR and GBP. If you deposit more money upfront, then your account will have additional privileges such as dedicated account managers, exclusive alerts and much more.

    We are not sure about the costs involved for sophisticated account types as they are not mentioned anywhere on their platform. However, we don’t recommend anyone to start with anything more than the minimum balance at first.

    After all, as it is an offshore broker no one knows their actual standards until you trade using their platform. As far as withdrawals are considered, we don’t know the processing time or the minimum amount. This broker supports only major debit and credit cards along with wire transfers.

    Customer Reviews

    Grandefex has earned itself a ton of negative reviews and has got a lot of angry customers who lost a significant amount of money to them. If you want a clear view of their client feedback, then make sure to check out the Trustpilot forum to hear the dreadful stories about them.

    Complete SCAM! I have reported them to the FCA and Financial Ombudsman.

    I don’t know how this company is allowed to do business in the UK other than no-one has investigated them. It is a complete scam from their proprietary trading platform which is full of “bugs” to deceive customers and misrepresent market data completely right down to their customer service who will reply to you only on the last day FCA allow for a response and will use all types of tricks to close your complete prematurely. COMPLETE SCAM! My mind is blown how this company is being allowed to do business particularly in this economic climate and I pray the FCA and Financial Ombudsman shut them down ASAP before any more people are SCAMMED.

    It makes the FCA look bad when they have FCA approved splashed all over their Google and website to trick people into trusting them – such a SCAM!

    Grandefex Review Conclusion

    Grandefex at the end of the day is an unregulated broker with a rough and nasty past. It is blacklisted by FCA and anyone who deals with them is most likely to suffer financial damages. So, avoid them at any cost and if you already lost money to them, then notify the authorities immediately.

    Do you have any experience with Grandefex? If yes, were you able to get your funds back from them on time? Comment your answer below and share your opinion with our readers.

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