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Grahamalpha Review - is it scam or safe?

Grahamalpha review - Is grahamalpha.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Grahamalpha
Grahamalpha is an offshore broker. Your money is not safe.

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Grahamalpha says to be one of Europe’s leading financial institutions specialized in forex and CFDs trading. And they also say to be offering a wide range of trading instruments including currency pairs, commodities, indices, crypto currencies and stocks –  well over 200, with a welcome bonus of up to 50%, a choice of seven account types, leverage as high as 1:400 and a web based platform.

 

Account type Min. deposit Max. leverage Spreads/ Payout
Basic Account $250

n/a

n/a
Bronze Account $1000 1:200 n/a
Silver Account $3000 n/a n/a
Gold Account $7000 1:400 n/a
Platinum Account $15 000 n/a n/a
Diamond Account $25 000 n/a n/a
Black Account $50 000 n/a n/a

 

Unfortunately this is a unregulated, offshore broker, with rather limited credibility, so if you are  considering whether to invest your funds with them be sure to read the following review first.

 

Grahamalpha Advantages:

 

Non that we can list here.

 

Grahamalpha Disadvantages:

 

Offshore broker, no license

 

Grahamalpha is owned and operated by EZ2GO Ltd, a company based offshore in the Commonwealth of Dominica, but for some reason they give us a contact address in Bulgaria.

 

In any case, neither the company nor the website is licensed and authorized to offer any kind of financial services on regulated markets like the European Union. 

 

We diligently checked the registers of the Bulgarian Financial Supervision Commission (FSC), but were unable to fund any trace of  EZ2GO Ltd or Grahamalpha there. As far as the Commonwealth of Dominica is concerned, they simply do not have a  a financial regulator that oversees forex and CFD brokers there.

 

Bear in mind that all  forex and CFD brokers operating on strictly regulated markets like the European Union should be licensed and authorized by the relevant financial authorities, like for example the Financial Conduct Authority in the UK or the Cyprus Securities and Exchange Commission (CySEC).

 

And because with a UK regulated broker you will have the extra protection of a special client compensation scheme, covering up to 85 000 GBP of your funds, here you may check as well our list of brokers, regulated by the FCA:

 

>>FCA Regulated Forex Brokers<< 

 

AnyDesk offered

 

It appears that Grahamalpha offers their clients AnyDesk, which is a piece of software that allows any one to access your computer from afar. So if you agree to install AnyDesk and share your settings with Grahamalpha, they will gain full access to your PC including your personal bank information likecredit card numbers and online banking password. See for yourself:

 

 

That combined with the fact that Grahamalpha wants you to agree to authorize them to make bank withdraws on your behalf is a clear indication that they intend to steal money directly from your bank account. See for your self:

 

 

Unusual withdraw conditions and fees

 

Be aware that Grahamalpha will charge you 30 USD every time you file a withdraw request. And even if for some reason your withdraw request is canceled, you will still have to pay those 30 USD. Take a note that such a fee is highly unusual, and so are the withdraw fees and the maintenance fees the website also charges. And besides, Grahamalpha says they reserve the right to revise those fees on their sole discretion and without a prior notice.

 

Trading bonuses

 

Trading bonuses are not something we like either, because they are invariably accompanied by additional withdraw conditions - some minimum trade volume requirement, which scammers usually use as a pretext to cancel your withdraw requests.

 

And Grahamalpha reserves the right to change their bonus policy on their sole discretion, which makes it pretty obvious why you may never be able to reach the minimum trade volume requirement.

 

Skrill not supported as payment method

 

It seems that Grahamalpha accepts payments with credit cards like VISA and MasterCard, but not popular e-wallets like Skrill, which is kind of interesting because of the new anti scam policy adopted by the money transfer company about a year ago. According it Skrill partners only with properly licensed brokers, and as we already discussed, Grahamalpha does not have a license whatsoever. Besides, here you can always check our list of brokers, which support Skrill:

 

>>Brokers accepting Skrill<<

 

MetaTrader4 not available

 

And this is yet another negative point. Grahamalpha offers some unproven web based platform, which lacks many of the standard features, readily available with classical trading solutions like the MetaTrader4. We miss for example the option to run algorithmic trading sessions – something that quite easily can be achieved on a MetaTrader4 with the help of over 50 specially designed market indicators and customizable trading robots. And MT4 also comes with a set of advanced charting tools. Here you may check as well our list of brokers, which do support MetaTrader4: 

 

>>MT4 Brokers<<

 

Conclusion:

 

Grahamalpha is a low credibility, unregulated, offshore broker, with some rater disturbing clauses in its Client Agreement. Our best advise here is to avoid unregulated websites like Grahamalpha at all cost, because as a rule that is how you usually get scammed. Make sure instead that you trade only with legit brokers, regulated by well respected financial watchdogs like the FCA in the UK and CySEC in Cyprus.

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Traders` reviews for Grahamalpha

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