GRM Review: Forex Scam Revealed

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GRM Review: Forex Scam Revealed

GRM ( is claiming to be a market where traders can make a difference. Gorise Markets is professing to be the number one broker of choice with fast execution and superior spreads. Investors are pushed into believing this is a platform where you can make hassle free money. The number of complaints surrounding the broker is overwhelming to ignore. And this is why an investigation was underway to determine the problem. Read this genuine and honest GRM Review for more.

GRM Review

About GRM

The broker claims to have more than 200,000 traders and they still don’t have any trading license. What the broker does is use over the moon claims and promises to woo investors into signing up. Members who sign up without investigating the broker end up losing their deposits. GRM is openly refusing to grant withdrawal requests to anyone who signs up with the platform. Steer clear of this platform or else lose funds with this ridiculous trading platform. These are anonymous brokers with the intent of stealing from anyone who signs up.

Gorise Markets is also failing to provide any information regarding who actually owns and runs the platform. These are offshore brokers who want to use anonymity to stay away from prying eyes. Thanks to our years of trading experience, we know how to spot a scam from a mile away. Contact details reveal the broker has offices in Malaysia and Russia. These are mere false location details meant to fool investors from Europe and Asia. Scam brokers have been known to operate in undisclosed locations. Stay safe and only use recommended brokers with a proven reputation.

Assets Found

GRM is claiming to have more than 200 trading assets. The broker mainly deals with CFDs and Forex assets. Not much is given in regards to the features involved with these trading assets. The broker claims to have a leverage of 1:500 on the trading assets. On top of the assets, the broker claims to have lightning-quick market execution. These are indeed false claims which are meant to woo investors. The broker is using a cloned website to try and get as many investors to sign up.

Business Owner

Anonymity is a sign any online platform will deceive members in due time. Anonymous online investment platforms should be disregarded. These scam platforms will most likely steal from users without having a second thought. The broker is using anonymity to stay below the radar of authorities. Recovering funds from such brokers is also a hassle as no one is able to track them down. And this is another concrete reason to stay away from this ridiculous trading platform. Avoid anonymous brokers at all times.

Domain Details

According to the trusted domain register, the website is barely two years old. Records reveal the website was created on 8th January 2019. With over a year offering trading services, why haven’t they received a license? These brokers ensure they offer trading services to newbies and even allow them to make withdrawals. After word gets out that the broker offers trading services, more users signed up. With a number of new members, the broker decided to start blocking withdrawals.

License and Registration of GRM

With the broker claiming to have offices in two locations, we decided to investigate their compliance. Most European regulators have no records of such a broker being in existence. And this is proof we are dealing with a rogue online trading platform. Without a valid trading license, the broker is able to go scotch free. Authorities will not be able to recover funds from such a broker due to anonymity. GRM is NOT LICESNED OR REGISTERED to offer any trading services to investors.

Some of the regulators we made contact with include BaFIN, CySEC, CNMV, FCA, and NFA. None of these regulatory bodies in Europe have ever heard of the broker. Most of them plan to issue an alert over the use of this platform. A majority of investors who have lost their funds hail from Europe. And this is the main reason all financial watchdogs plan to ban the use of this platform. Before signing up, it is recommended you check out what pundits say about the broker.

Limitations of GRM

Account Types

GRM Account Details

GRM is furnishing traders with five account types to choose from. These accounts are listed as Basic, Bronze, Silver, Gold, and Platinum. The accounts almost share the same features with the leverage set at 1:500. Spreads on these accounts are not mentioned which makes us question the intent of the broker. They simply claim to have Silver, Gold, and platinum spreads. The most basic of features such as price alerts and market overview are missing. And these make the trading conditions unbearable.

Contact and Customer Support

An email address and two phone numbers with Malaysian and Russian codes are listed. These contact details are a mere roost to convince traders the broker is available. Scam brokers will use virtual phone numbers to attract investors closer to these regions. Email address listed is far from helpful as response time is at a bare minimal. Members are up in arms over slow communication process with the platform.

Deposit and Withdrawal

Payment options listed by the broker include Credit/Debit cards and wire transfer. These channels are easy to find which makes them favorable for brokers. Anyone can easily deposit funds with the broker and the process takes less than three minutes. And this is not a credible reason to sign up with the broker. Withdrawing funds with the broker has turned out to be a huge problem. These scam artists will fail to respond to withdrawal requests and block accounts. The broker is clearly intending to shut down soon with funds still available on the accounts.

Personal Mentor

GRM is claiming to offer a personal mentor to anyone who signs up with the platform. These mentors are in other words, personal account managers. Personal mentors will call members with ideas on how to place trades. In a short time, they will demand that traders give up control of their accounts. These account managers are not professionals and will simply make losing trades. Stay away from such a broker.

Trading Platform

The broker is using a custom made trading terminal. GRM is professing to have a unique trader which guarantees exquisite trading experience. The main problem with their trading platform is lack of proper testing. And this is the case with Gorise Markets as their platform is unstable and poses security problems. Traders who prefer to trade on the go will not be able to withdrawal funds with the platform.

Safety of funds with GRM

Security of funds is far from being safe with the platform. GRM is making sure they are not following set industry regulations. The broker may face bankruptcy or insolvency and members will not get any compensation. GRM is not participating in a compensatory scheme as dictated by trading regulations. These are offshore brokers who try to cut corners when dealing with unsuspecting online investors. The practice must stop and the broker exposed.

Scam or Legit GRM

GRM Trading Platform

After reviewing all the facts, it is clear we are dealing with a rogue trading platform. These scam artists will try as much as possible to steal from newbie traders. Stay safe and mark their emails as spam. Warn your family and friends from joining any of their affiliate programs. These scam brokers have nothing else to do than steal from members. On the other hand, authorities should try and shut down GRM. It is the only way to protect unsuspecting online trading enthusiasts.

Bottom Line

By adding this broker to our scam blacklist, we ensure no one else falls for this trap. These are scam brokers who will stop at nothing to get your funds.

Stay safe and use Forex brokers backed by exerts. It is the only safe way to trade.

Continue reading our reviews for more on online trading products and services. Wishing all traders a safe trading experience.

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