Connect with us

Grandefex Review 2020 – Are They Legit?


Grandefex Review 2020 – Are They Legit?

Website URL:

Founded: 2020

Regulations: Not Regulated

Languages: English, German, Spanish, Portuguese, Turkish

Deposit Methods: Bank Wire, MasterCard, Visa

Minimum Deposit: 250 Euro

Free Demo Account: Yes

Number of Assets: 380+

Types of Assets: FX pairs, Indices, Commodities, Stocks

Trading Accounts and Conditions

Gradefex offers the following trading account types: Standard Trading Account, Robot Trading Account and Social Trading Account.

The broker has not mentioned the minimum deposit requirement in its account types list, but we found out that it is 250 Euros. For the basic account, the maximum leverage is 1:100, but for the Robot Trading and Social Trading accounts, the broker states that they offer flexible leverage ratios.

We only found out about the spreads after we checked the demo account, since there was no information on their website about this trading cost. We were shocked to see that the spreads started from 3.6 pips.

Grandefex – Advantages

The only advantage that you may get from trading with Grandefex is that they offer a wide range of trading instruments in Forex pairs, commodities, shares and indices. With more than 380+ assets available for trade, it’s a decent range this broker has.

Grandefex – Disadvantages

Here are all the issues we found with this broker:

Grandefex claims that its parent company is Soleil Rouge Inc., which is located in the Commonwealth of Dominica. However, the broker claims that its operations are based in Spain.

There are two things we need to highlight here. Dominica does not have strong laws in relation to forex trading, which means being registered there does not qualify a company to do business in other parts of the world.

Next, based on the fact that their accounts are denominated by the Euro and the GBP, it is clear that this broker targets customers in these two regions. And to operate in these regions, a broker needs to be licensed either by the Financial Conduct Authority of the UK or by one of the financial authorities of member countries of the European Union.

However, when we checked the online registers of the FCA as well as the CNMV (since this broker claims to be operating out of Spain, it would need authorization from the Spanish regulator), we found that it is not authorized to operate by either of the two agencies.

This means that Grandefex is completely unregulated, and is operating unlawfully.

Dealing with an unregulated broker is a risky move. They are not bound by the laws that make regulated brokers safe. They do not need to follow account segregation procedures that keep traders’ money safe. And they do not need to participate in financial schemes that compensate traders for losses incurred due to broker bankruptcy or fraud.


Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.


Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.


  • Robot-Trading Account Offered

When a broker offers a robot trading account, it’s just another way of saying that they will manage your account for you. Managed accounts constitute a conflict of interest. This is because brokers, by their very nature, profit when you lose money on the market. So, when they offer to manage your account, it is in their interest to make you lose money.

No legitimate broker will ever offer to manage your account for you, so the fact that Grandefex does is a huge cause for concern.

Yet another thing that bothers us about this broker is the fact that they offer trading bonuses. There are promotional tools used by unscrupulous brokers to get traders to invest more money with them – with promises of big returns.

However, once you have invested your money by making the deposit they ask for, you will realize that you will need to meet an impossible trading turnover target before you will be allowed to withdraw your funds and profits. If you try, the broker simply denies your withdrawal request, stating that you have not met the withdrawal criteria.

Thus, Grandefex offering such bonuses to its customers simply calls attention to the fact that they are not honest in their intentions. And since they have not clearly defined their bonus policy, you won’t even know whether you have met their turnover target so that you can withdraw your money.

Grandefex does not provide information on its spreads, and when we saw what they were on their so-called trading platform, we understood why. The spreads on the EURUSD combination stood at 3.6 pips, which is just ridiculously high and totally unfavorable for traders.

This figure is also about 3 times higher than the market standard, which means that even if this broker was legitimate, it would not be profitable for a trader to contract with Grandefex.

Grandefex does not offer its clients the MetaTrader4 trading platform. The MT4 trading platform is offered by most brokers because of its easy interface and many excellent advanced trading features. You can use their charting and market analysis options to hone your trading strategy, and you can also use their Expert Advisors – automatic trading robots – in case you want to carry out trades automatically.

What this broker offers instead is a web-based trading platform that is completely unproven and has very few advanced trading features. But considering the fact that this broker has cut corners everywhere, this is not a surprise.

  • Skrill Payment Method Not Offered

The only payment methods that this broker offers are bank wire and credit or debit cards. The popular e-wallet Skrill is missing from its list. But this also gives us another indication that this broker is not honest. Skrill has put in place a new anti-scam policy where it is very strict about the kind of brokers they will do business with – and unregulated brokers such as Grandefex do not qualify.


Everything we have investigated about this broker points to the fact that Grandefex is a potential scammer and that your money is not safe with them. We would recommend that you look for another broker that is regulated and upfront about its trading conditions.



  • Range of Assets Available


  • Unlicensed Broker
  • Robot-Trading Account Offered
  • Trading Bonuses Offered
  • Extremely High Spreads
  • Poor Trading Platform

From Chainbits Staff: Source link

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in News

Top Crypto in Real Time


Clothing and Derivatives

To Top