Grandefex review: Warning – Scam Grandefex is a broker with many regulatory warnings against it. It is poorly rated by clients and accused of many scam activities. Read our Grandefex review to find out everything about this broker.
Regulated by: no regulation
Headquarters Country: Commonwealth of Dominica
Foundation year: 2020
Supported Platforms: web trader
Founder company: Soleil Rouge Inc.
Regulation and Security
The broker was established in 2020 by the company Soleil Rouge Inc. The company is registered in the Commonwealth of Dominica but claims to have permission to operate in Spain. However, Spanish CNMV published a warning against the broker and its false claims. When it comes to Grandefex regulation, we couldn’t find any. Not an offshore one and not European. As the case with many offshore brokers, there is no word about the security of funds and personal data. Be aware of the Grandefex scam!
Many regulatory bodies issued a warning against this scam broker. The UK FCA warned its citizens not to trade with Grandefex and to report a scam. After that, German BaFin and Slovakian NBS issued the same warning. As mentioned, the same warning came from the Spanish CNMV. We can conclude that Grandefex is running a scam operation in Europe and everywhere else.
Deposit and Withdrawal Methods
The minimum deposit with the Grandefex broker is unknown. The deposit can be made via debit and credit cards, as well as a wire transfer. When it comes to fees for the deposit, the broker does not provide any information. It seems that you need to wait for a phone call from its operators, and after they judge your financial situation, they will decide what the minimum deposit for you is. The same thing stands for withdrawals. Methods are the same, but it’s unknown if there are any fees and how much they would be. We can describe the broker as not transparent. The funds are visible in the web trader of the company, which is also not good. Every scam broker is using web trader because it is easier to manipulate and not approve withdrawal requests. You should always choose the company that offers MT4 or MT5 since those platforms are more secure. The spread Grandefex is offering is 3.6 pips for EUR/USD pair. That is at least double of most of the brokers on the market. Based on this, we can conclude that the broker is for sure charging high fees for everything else. If you get any offers from this scam broker, we strongly advise you not to accept them.
Conclusion about Grandefex
Grandefex is a scam, offshore broker. It does not offer basic information about deposits and withdrawals. Also, there is no regulatory body behind it so that it can run a scheme. As you’ve had a chance to see throughout our review, there are many regulatory warnings against this broker. When choosing a broker, you should find the one regulated by a top-tier regulatory body such as FCA or ASIC.
We strongly recommend you avoid the Grandefex broker at all costs. And if you are still not convinced, more information can be found here global fraud protection.com