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Forex

ForexGrand Review - is it scam or safe?

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

RATING: 1.2 / 6 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
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Spread

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Slippage

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Requotes

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Price feed

Pros

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Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for ForexGrand

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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