Grand Trade (Grand-trade.net) is another scam brokerage platform purporting to offer binary options as well as Crypto Currency trading. GrandTrade is going on record claiming to offer 100% welcome bonus. After receiving numerous email complaints from users to lost funds, we decided to investigate. Some members have lost funds upwards of $12,000. Why are users crying foul over GRANDTRADE? Read this detailed and exclusive GRAND TRADE Review for more details.
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Why are users falling for this broker? After landing on their homepage, it’s clear why newbie traders easily sign up. With a well-designed homepage, GrandTrade looks real to an untrained eye. Thanks to our years of trading experience, we know how to spot scams from a mile away. Professional scam artists have been using the same tactics over and over again. By creating a visually compelling website, newbie traders sign up. Get to know what we found out regarding Grand Trade scheme of stealing from investors.
Claims and promises are one thing which scammers heavily rely on to steal from users. GrandTrade is rendering users 100% welcome bonus. Users are promised to receive a ton of money once they make deposit. If a user deposits $1,000, Grand Trade is promising to add $1,000 to their account. Is this really possible with Forex trading? Trusting any broker who offers bonuses should be treated with caution. Most brokers who offer bonuses will at one time want their bonuses back. Why issue a bonus and claim it later? It doesn’t make any sense.
After landing on their homepage, we can see why newbie traders are falling for this trap. In order to get a view of who this broker really is, we need to understand their background. Disclaimer at the footer of the homepage does not reveal any details regarding their whereabouts. And this is the first of many red flags we spotted. Where is this broker actually operating from? Does this mean users trust their funds with an unknown third party? It seems to be the case with Grand Trade.
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What about details concerning the people who are running this website? Who are the founding members of this website? As it turns out, GrandTrade is targeting unsuspecting online investors. Having no mention of people involved with their platform raises serious doubts about their credibility. What happens when investors deposit funds to an unknown third party? In most cases, they end up losing their entire deposits due to inability to recover funds. How can funds be recovered from an anonymous online platform?
When it comes to licensing of this platform, a lot leaves to be desired. No information regarding licensing is posted anywhere on their homepage. Its clear Grand Trade is furnishing investors with a fake brokerage site. How else would you describe a platform with an unknown face value? Dealing with any broker who lacks proper licensing details should be a cause for concern. Such brokers are usually up to no good and shut down websites without issuing a warning. Beware!
Why have they failed to post any copies of their licensing details? A broker who lacks proper licensing details is not worth your time. Having no registration details is proof we are dealing with an unauthorized broker. A licensed broker will post copies of their licensing to prove legitimacy and shows transparency. Lack of these vital documents is in itself proof Grand Trade is not a licensed trading entity. Stay away from any broker who shares similar website characteristics.
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Grand Trade is presenting users with four different account types to choose from. Some of these account types have the same advantages which makes us question broker’s intent. Accounts in question are named New, Bronze, Gold, and Platinum. According to the accounts page, these accounts offer training and an educational center. A huge problem we noticed with this broker is having similar features with their accounts. Claims of having 24/7 support are unfounded for obvious reasons. Lack of live chat support means traders are left on their own.
Some of these accounts offer a personal account manager. A personal account manager will constantly harass members with phone calls urging users to sign up. After making a few deposits, these account managers suddenly go under. When users try to contact their personal managers, calls gets blocked. What Grand Trade does is fleece anyone who signs up and funds these accounts. Stay away from GrandTrade or become their next potential victim. GrandTrade is a scam waiting to pounce on unsuspecting online scammers.
Lack of a proper communication channel spells doom for anyone who signs up. Sending emails is not helpful as they don’t get any response. What Grand Trade does is ensure communication is one way. They dictate how and when they will respond to users. In case of asking how to deposit, response is less than 24 hours. When asking for withdrawals, in most cases, a response is never forthcoming. Some of the members have gone for months without hearing a word from this broker.
GrandTrade does not want to raise any attention. Fearing authorities might catch up, they make sure no emails are responded to and block accounts. A broker who is not available for comment or answer queries is not reliable. Ensure you check how a broker communicates with users before signing up. A broker who only has one way communication is in most cases, untrustworthy.
Funds are not safe from a broker who is anonymous and lacks proper licensing. Anyone trying to sign up with this broker is in for a rude surprise. Why have they failed to inform users how and where they store funds? Is it possible users are depositing funds straight to owner’s personal bank account. Its clear members are funding a criminal entity which falsely offers Forex trading services. Watch Out!
Segregation of accounts is another issue we found wanting with this broker. How can a broker merge all assets in one account? And this is what makes trading with Grand Trade a scare. In case of bankruptcy or insolvency, all funds will be lost. Pooling funds in one account is against set regulations and rules. Apart from breaking rules, compensating members is out of the question. Grand Trade does not insure funds deposited by members.
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After gathering all evidence, we can strongly say GrandTrade is a scam. Lacking proper license and registration is one issue which makes this broker a scam. Not having proper communication channels makes the broker appear wanting. Stay clear of this platform and ignore all calls to sign up.
In order to protect our readers, we have to add this broker to our scam blacklist. . Warn your family and friends from joining any of their affiliate programs.
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Wishing you a happy and lucrative trading experience.
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