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Grand Fx Pro Review - is it scam or safe?

Grand Fx Pro review - Is grandfxpro.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Grand Fx Pro
Grand Fx Pro is an offshore broker. Your money is not safe.

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Grand Fx Pro is an offshore forex and CFD broker, offering six account types with a leverage of up to 1:400 and a web based platform. Unfortunately the broker is not regulated and that significantly lowers its credibility.

 

Account type Min. deposit Max. leverage Spreads
Basic Account $250 1:400 3 pips, fixed
Bronze Account $1000 1:400 n/a
Silver Account $5000 1:400 n/a
Gold Account $10 000 1:400 n/a
Platinum Account $50 000 1:400 n/a
Black Account $100 000 1:400 n/a

 

Grand Fx Pro Advantages:

 

Lots of currency pairs and some crypto CFDs

 

Although Grand Fx Pro does not offer a demo account, we were allowed to take a look at their web based trading platform, where we counted some 28 major forex pairs, along with 18 minor ones with exotic currencies like Russian Ruble, Czech Krona, Hong Kong Dollar, Mexican Peso, Turkish Lira, South African Rand, Singapore Dollar, Danish Krone, Swedish Krone, Norwegian Krone and Polish Zloty.

 

Other available trading instruments included CFDs on gold, silver, oil, natural gas, copper, cocoa, sugar, coffee, some 25 indices, stocks and even crypto coins like Bitcoin, Litecoin, Ethereum, Dash and Ripple. Besides, if you are attracted to the idea of trading crypto assets, here you may also check our list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:400

 

Leverage as high as 1:400 is no more freely available on regulated markets like the European Union, the United States, Japan or South Korea, with the only exception being Australia, where the local Australian Securities and Investments Commission (ASIC) still allows unrestricted  leverage levels. So if you are tempted by the idea of trading with higher leverage, here you may check our list of brokers, regulated in Australia:

 

>>Brokers regulated in Australia<<

 

Acceptable minimum deposit requirement

 

What Grand Fx Pro asks you for as a minimum deposit to start trading with them is 250 USD and that is more or less what most other brokers would ask you for, when you are about to open a trading account. Still, have in mind that some big, well established players like FBS and IG do not have a minimum deposit requirement at all.

 

Grand Fx Pro Disadvantages:

 

No regulation

 

As we noted that is our main issue with Grand Fx Pro – the broker is owned and operated by an offshore company - Apsilon LTD, which is base on St. Vincent and the Grenadines and is not regulated by any reliable financial watchdog, such as ASIC in Australia, the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC) – probably the most popular financial authority in the EU.

 

On one hand unauthorized brokers do not have the legal right to operate on regulated markets like the EU, the USA, Australia or Japan and on the other, trading with unregulated companies is simply too risky, as the safety of your funds depends solely on the integrity of the people, who run those brokers.

 

So basically opening a trading account with an offshore, unregulated broker is simply not worth the risk.

 

As you may well know brokers that are supervised by official regulators such as ASIC, FCA or CySEC are obliged to follow strict rules, among which to maintain a certain minimum operational capital, whit which to guarantee all payments towards traders; to give traders a negative balance protection, meaning that nobody can loose more money than he or she has deposited; to keep traders money in a segregated, trust account; to allow external audits; to file regular reports, and in certain cases even to insure traders money.

 

For example, if you are dealing with a CySEC broker, the money in your account will be guaranteed by a special client compensation fund to the amount of 20 000 EUR. Besides, that rule applies to all national regulators in EU apart from the UK, where the insured amount is 50 000 GBP. So if you are interested, you may also want to check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses with unusual withdraw conditions

 

Grand Fx Pro offers its clients trading bonuses, but you should be especially wary of such promotions, because they always come with some additional withdraw conditions – in the case with Grand Fx Pro, you will not have the right to request a withdraw until you reach a trading volume of at least 30 times the amount of the bonus plus your deposit. 

 

Have in mind that the practice of offering trading bonuses is highly controversial and is banned in the EU and other regulated markets altogether.

 

High spreads

 

As tested on the Grand Fx Pro trading platform, the benchmark EURUSD spread was fixed at 3 pips, which is twice higher than the levels, traders would usually expect with a standard account. Besides, here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Skrill and Neteller not accepted as payment methods

 

At Grand Fx Pro you can pay with VISA, MasterCard, wire transfer and EcoPayz, but not popular e-wallets like Neteller and Skrill and that is notable, because recently Skrill adopted a new anti scam policy, according which all brokers offering Skrill to EU customers should prove they hold a legit forex license. As we already noted Grand Fx Pro is a unregulated broker.

 

MetaTrader4 not supported

 

Grand Fx Pro offers an overly simplified web based trading platform, lacking many features, standard with classic trading solutions like the MetaTrader4. MetaTrader4 is well known to most traders – beginner and professional alike.

 

 

The program has many useful features like the numerous market indicators and the option to run automated trading sessions with the help of customizable trading bots or Market Advisors. Apart form that MT4 also sports an excellent charting package and user friendly interface. Here you may also check our list of brokers, supporting the MT4:

 

>>MT4 Brokers<<

 

Conclusion:

 

Trading conditions put aside, Grand Fx Pro is an offshore broker without a license and that makes it untrustworthy. As always in such cases we will repeat our usual advise to trade only with brokers, regulated by official financial authorities such as the FCA, CySEC or ASIC.

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Traders` reviews for Grand Fx Pro

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