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Grand Trade Exchange Review - is it scam or safe?

Grand Trade Exchange Review - is grandtrade.exchange scam or good forex broker?

RATING: 1 / 1 REVIEWS Grand Trade Exchange
Grand Trade Exchange is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account  Min. deposit Max. leverage Spread
Silver  $100 1:500 from 2.4 pips
Gold  $5 000 1:500 from 2.1 pips
Platinum  $10 000 1:500 from 1.8 pips
Algo  $20 000 1:500 from 1.8 pips
VIP  $50 000 1:500 from 0.6 pips

 

Grand Trade Exchange is an offshore forex broker which provides its clients with a choice of 5 account types and two trading platforms. Apart from their account types and trading conditions, we have serious concerns about this broker and the details will be highlighted below in this review.

 

 

Grand Trade Exchange Advantages

 

Sirix and Activ8 platforms offered, wide range of tradeable assets

Both platforms supported by Grand Trade Exchange are developed by fin-tech company Leverate and cover wide range of markets. So, clients of this broker are able to trade in forex and various CFDs – on indices, commodities, precious metals, stocks and cryptocurrencies.

 

Sirix is an all-in-one social trading platform that lets users configure lots and instruments they trade the most, allows one-click and copy trading. The platform also contains analysis tools, charts and graphs and provides news and economic calendar. Sirix also has mobile applications for Android and iOS.

 

 

Grand Trade Exchange’s Sirix platform. Click to view larger image.

 

Activ8, on the other hand, also offers a nice charting, as well as a ‘Strategies’ category that features an array of EA/bots to choose from. extremely wide range of markets.

 

Up to 1:500 in leverage

Another possible advantage of Grand Trade Exchange is the high leverage levels this broker extends to clients, reaching 1:500. Leverage ratios that high will be enough even for the most aggressive traders, however, keep in mind that this is not suitable for all users. High leverage brings along greater risk of losses, so make sure you fully understand the principles of margin trading prior to using such.

 

 

Grand Trade Exchange Disadvantages

 

An offshore broker

In our view, the most serious disadvantage of Grand Trade Exchange is the fact that it does not hold a legit forex broker license. The company behind the brand, Grand Marshall LTD, is registered in the Marshall Islands. This means that the broker does not fall under any regulatory oversight because the government of the Marshall Islands does not include forex trading within its regulatory framework.

 

We won’t get tired of repeating that doing business with offshore brokers is very risky. If you invest with such companies, the safety of your funds depends solely on the integrity of the people operating the broker. And, what is worse, our experience shows that most of them are scammers.

 

High spreads

It seems that only the VIP clients who deposit at least $50k get good spreads with Grand Trade Exchange. Silver and Gold account holders, on the other hand, trade with spreads of well above 2 pips on EUR/USD, which is not a competitive pricing. Most brokers offer spreads of 1.0 – 1.5 pips for this pair, and some go even lower.

 

 

>> Compare the spreads of top rated brokers in real time <<

 

 

No access to MT4 

We always view the lack of the ever-popular MetaTrader 4 (MT4) trading platform as a negative. Although the platforms this broker supports are not bad, many traders will surely miss the good old MT4. This piece of trading software offers numerous features and options, with great charting and useful analysis tools. Besides, it is very popular for its auto trading bots, called Expert Advisors.

 


>> Prefer trading on the MT4? <<

 

 

Automated trading not available on most accounts

According to the information on Grand Trade Exchange’s website, only clients who have deposited at least $20k are allowed to use automated trading bots, which is an unusual and unnecessary limitation. Most brokers don’t have any such restrictions.

 

 

Conclusion

 

Overall, there is nothing tempting in Grand Trade Exchange’s offer. The broker is not regulated, offshore broker, and doesn't offer a square deal. Although it provides an array of financial instruments on two trading platforms, the spreads provided are only decent for the high-end clients. The lack of adequate regulation, as well as the high spreads inclines us to believe that there are better options for forex traders.

 

We always reiterate on the importance of financial regulation. Brokers operating under the oversight of respectful governmental agencies such as UK’s Financial Conduct Authority (FCA) or Australia’s ASIC are much more reliable than offshore companies, most of which turn out to be scammers.

 

 

>> Trade with a FCA-regulated broker <<

 

 

 

And finally, the highlights of this review in a few words:

 

Pros Cons
Sirix and Activ8 platforms offered No financial regulation
High leverage High spreads
An array of tradeable assets No MetaTrader
  Automated trading not available on most accounts

 

Latest news about Grand Trade Exchange
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Traders` reviews for Grand Trade Exchange

Spread

Pros

Cons

 

 

Slippage

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Requotes

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Price feed

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Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

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Betrug

Geld wurde nicht ├╝berwiesen.Brooker nicht mehr zu erreichen.

Translated by Google:

Money was not transferred. Broker no longer achievable.

Harald Pohl 06/27/2019
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