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ForexGrand Review - is it scam or safe?

ForexGrand Review - is forexgrand.com scam or good forex broker?

RATING: 1.2 / 20 REVIEWS
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Trading Accounts & Conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Basic $250 0.01 1:300 From 2.5 pips
Gold $1 000 0.01 1:300 From 1.5 pips
Platinum $50 000 0.01 1:300 From 0.5 pips

 

ForexGrand offers its clients several account types, depending on their initial deposit. All of them provide commission-free trading with leverage up to 1:300 and variable spreads on the MetaTrader 4 platform. Micro tradeable lots are also available, as well as swap-free services.

 

While the maximum leverage provided by ForexGrand is average for the forex market, the minimum initial deposit is comparatively high for a broker that is not regulated. With Cysec-licensed broker FXCM, for example, one can open an account with just $5.

 

We tried out ForexGrand’s services via a demo account, and found the spread on EUR/USD was around 1.8 – 1.9 pips. Taking into account that most brokers provide spreads within the range of 1.0 – 1.5 pips for this pair, this is not a very good pricing. By comparison, FXTM’s spread for this pair is averaged 0.7 pips and features a commission of $4 round trip. Nonetheless, the comparatively high spreads of ForexGrand are not its biggest disadvantage – it is the lack of proper financial regulation.

 

The Company. Security of Funds

 

Company

Country

Regulation

Nordic Pearl Limited

Bulgaria

N/A

 

ForexGrand is a broker, offering online trading in more than 70 currency pairs, over 30 CFDs (on indices, commodities, stocks and cryptocurrencies) on the widely used MT4 platform. It claims to provide a pure STP environment, however we are not sure this is the case, as the broker does not hold a forex broker license and we cannot tell which exactly is the company behind the ForexGrand brand.

 

The “About Us” section on the broker’s website is a presentation of a fictional character named Mr. Grand, which some may find amusing, but according to us this is purely an attempt to distract potential clients’ attention from the fact that adequate and relevant information about the company behind the brand is missing.

 

According to the information on its website, the brand is operated by Nordic Pearl Limited - a company headquartered in Bulgaria, which, however, is not regulated by Bulgaria's Financial Supervision Commission (FSC). The phone number provided, however, includes the country code of Switzerland. Furthermore, the broker claims that clearing and billing services are carried out by a company based in Montenegro - Las Processing D.O.O. To make matters even more complicated, the name of yet another company appeared when we downloaded ForexGrand’s MT4 - Grand Services Ltd.

 

Such lack of clarity and transparency in a broker immediately reduces its level of credibility. The important thing is that ForexGrand is not licensed to provide financial services by any authority and therefore doing business with it is risky. Non-regulated and offshore regulated brokers should be avoided as a general rule, and it is not a secret that many of them are pure scams.

 

That is why we would advise you to select a forex broker licensed in UK, or Cyprus, for instance, where regulation is strict and there are compensation schemes, which will protect your money if your broker becomes insolvent.

 

Trading Platform

 

Like most brokers, ForexGrand supports the popular MetaTrader 4 (MT4).

 

MT4 has been around for over 10 years and it seems its popularity is not going away, although its developer MetaQuotes is trying to out-phase it and focus MetaTrader 5. The MT4 is easy to use, and yet offers full set of professional trading tools: solid charting, a number of technical analysis indicators, extensive back-testing environment, and various automated trading (EAs).

 

 

ForexGrand’s MT4. Click to see a larger image.

 

Methods of Payment

 

ForexGrand offers its clients 2 payment methods: bank wire transfer and via credit/debit, and e-wallets WebMoney, Perfect Money, OKPAY, Qiwi, cashU, and Yandex Money.

 

Conclusion

 

ForexGrand is a MT4 forex broker whose product portfolio is quite rich. Its main disadvantage is that it is not regulated and it is not clear which is the company behind the brand. Besides, ForexGrand’ s spreads are above the average, and the minimum investment required is a bit high. To sum up the above:

 

Pros Cons
MT4 platform available Not regulated
Rich product portfolio Comparatively high spreads
  Relatively high minimum initial investment required
  It is not clear which is the company behind the brandwhere are its headquarters, etc.

 

Forex
Latest news about ForexGrand
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Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web $100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
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$100 Review Website
UK, Cyprus FCA, CySec MT4, MT5 $5 Review Website
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Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus CySec MT4, Web, Gwasy $100 Review Website
Cyprus CySEC in-house mobile
app
$50 Review Website
Seychelles FinaCom MT4, Web $10 Review Website

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for ForexGrand

Unable to withdraw funds or get hold of company

I think that this company is at best evasive and at worst a bunch of crooks. I cannot get hold of anyone and my withdrawal requests are ignored or rejected.

The same as Allen Bilow, my broker Tony Bryner (their VIP BROKER) is clearly a liar a fraud a scammer and a rip off artist. There are people in this company that are just laughing at us. I am not convinced they are doing anything other than robbing people.

Do not use this company. They are scum, along with G8 Markets, Nexcap Index and many of the other similar companies who have stolen money from me this year.

Giles Baron 12/14/2017

complain

i used there services i traded my acct to 90,000 usd and when it came to taking out the money they completely abandoned me Suddenly there was no more communication. My broker Tony Bryner there VIP BROKER placed a handful of bad trades while i was sleeping and i woke up and saw 73,000 usd gone and before i knew it my acct was gone and is now at 118 USD SO DON'T USE THEM! I never even got a response from forex Grand support or anything

allen bilow 12/04/2017

Forex Grand the biggest scammer

Please investors stay far away from this Broker. All the personnel are illiterate and cannot even write emails including the CEO Mr Gold, who, is nothing more than but a piece of rubbish and permits trading in investors accounts without their consent. You will never get your money back and please investors can we form an alliance to go to the Forex Police Army to get these mongrels behind bars as they have caused tremendous hardship and huge financial difficulties for my family. They are a bunch of filthy scumbags that should rot in jail. STAY AWAY FROM FOREX GRAND PLEASE.

Daliba Greyling 12/02/2017

Forex Grand a lot of rubbish and scumbags

Forex Grand is a Brokerage that never communicates with their investors as all the staff are illiterate and cannot even type an email. As for the CEO, he has no respect for investors and accuses investors of all bad things and tries to defame them. I am going to sue the CEO of Forex Grand in my personal capacity for insulting me and making false accusations against me. With all due respect the CEO only has sex on his brain and just makes accusations that he cannot prove. Please investors these are a bunch of absolute trash and stay away from them. I am going to do every thing in my power to get them shut down the filthy mongrels.

Frank Sullivan 11/30/2017

Stay away from them

I wanted to withdraw from my trading account. Few hours after requesting a withdrawal, my trading were blocked and after that I asked them unblock, then when I logged in there were strings of losing trades which I didn't play and I immediately closed them. then within the same day my account was blocked again and requested the unblock and after being unblocked I found more losing trades again which I didn't play. so I think the intention was not give me the requested withdrawals. And they forever deactivated my desktop plartform so that I wont be able to change the password.

this whole thing was not a coincidence, how do they put trades when I request a withdrawal. they are just scammers and they are looting more people everyday. and I was lured to them by someone called James Bosko who claims to be a VIP account manager

Tshepo Mmope 11/30/2017

Strongly wouldn't recomend to start anything with this company

I was lured to this company by one trader. Didn't even trade with them, but even though have big issues withdrawing funds. 4 different people are calling me. No one is aware what was happening to my account. There seem to be no system in place to communicate with clients. They give empty promises, when you push them, don't want to commit to anything. When I tried to withdraw cash, 1st had to fill lots of papers, then system allowed me to withdraw only max 3000$ at a time. And there is no option to put two withdrawal request. So all week I am spending just fighting with them to get my money back. My opinion, these people from some small Bulgarian village, good at making lies, not money.

Victoria 11/29/2017

skundas

Susiduriau su sia kompanija ir paliko bloga įspūdį. Galiu pasakyti, kad tai tikri sukciai, kurie neina į jokius kompromisus ir kaltina klientą. Iki šio laiko negrąžina pinigų, kuriuos nuskaičiavo nuo sąskaitos. Darbo netgi nepradejom, nes dar vis vyksta ginčas. Tai labai nemalonus atvejis.

Translated by Google:

I was in trouble with this company and left a bad impression. I can say that they are real scammers who do not enter into any compromises and blame the client. Until this time, they do not return the money they paid off the account. We do not even work, because there is still a dispute. This is a very unpleasant case.

Brone 11/24/2017

Restituzione

Ho chiesto da più di due settimane la restituzione del mio deposito di €200 non avendo fatto nessun trading e inviate per 5 email, ma NESSUNO HA RISPOSTO. Credevo fossero persone serie come mi avevano assicurato al momento di prendere i soldi per il deposito. Il mio parere è che abbiamo a che fare non persone disoneste.

Translated by Google:

I have asked for more than two weeks to return my $ 200 deposit without having traded and sent for 5 emails, but NO ONE HAS ANSWERED. I thought they were great people as I was assured of when they took the money for the deposit. My opinion is that we have to do no dishonest people.

Luciana De Cicco 11/24/2017

Forex Grand

I hereby wish to revoke my comment posted on the 18th October 2017. These comments were directed at Zoe Bagardi and not Forex Grand which is a good Broker

Kevin Ostermeyer 11/21/2017

Forex grand

For everyone who paid with Visa credit card, there is option to get your money back from your card provider.Please check online or ask your bank. Good luck!

Lyudmil Smilenov 11/20/2017

Scam

Forexgrand is big scam. Forexgrand e ‘ truffa non mettete soldi. Don t giv emoney forexgrand

Tre 11/16/2017

ForexGrand: Scam with Account type and withdrawals

I have an account with Forexgrand.. While opening account they promised lot of things and one of them was to provide me platinum spread with my account..After opening and depositing the money they said they are unable to provide that spread and therefore they will provide me the difference of money at the end of the month without any pre condition to withdrawal of that money.. After one month they add this money as bonus in my account and now asking me to finish the requirement of trading volume to a that money...this is scam once you promised the things and even with recorded call how u can deny as company...pls do something to withdrawal and get my money back..

SHAH NEEL 11/14/2017

forex grand is really Scam

dont invest in forex grand they are madd people have no respect are money suckers i tryed to whithdraw my money and its impossible
but the police will take care of them

mario MANUEL 11/07/2017

Forex grand stole my money.

This lady with the name of Mia Sevenson called me on the 22 nd of June.
She persuaded me to invest $350 with her company.
She told me a lot of stories and later her colleague Megan Lagos took over from her. They are just ignoring my mails as well as my skype messages.
So I am pretty sure that they scammed me as well.
I even sent mail to your support without any response.
All I want is my money back in my account.

Stephanus G Nel 11/01/2017

Scammed by Forex Grand

I had an account with $2 000 and my account manager just decided out of her own that she would place trades on my behalf. I am now left with a balance of $480.63 USD, I never gave Zoe Bargardi permission to trade on my behalf and this is fraud

Kevin Henry Ostermeyer 10/18/2017

Scam

Forexgrand is a big scam do not open do not deposite inside

Ertse 10/12/2017

probably zero response/scam

i ve just opened and for now no response!i have 350 dollars on their platform i did not try to withdraw my money back but if somebody here can give me any advise is more than welcome!Must be a way to take your money back!Good luck to everyone.my phone number is +44 751 261 92 17. 0751 261 92 17

alex18 10/11/2017

Zero response

I opened an account with forexgrand and realised too late that they weren't reliable so tried to cancel my account immediately with no response.I've been trying almost every day since 18 Sept with no luck.

Michael Billett 10/10/2017

Scammed by Forexgrand

Hi,

All the advises I got lost me money and the they are allowing me to take what is left. Avoid like the plague...

Alex 10/06/2017

ForexGrand is a SCAM!

ForexGrand is a scam, It is impossible withdraw your money when you are in.
Be careful to their phone advisor very persuasive.....

Dario Gallo 10/03/2017
Forex
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