Note: Forex Grand's official website: https://forexgrand.com/ is currently inaccessible normally.
Forex Grand Information
Forex Grand, operates by Grand Services Ltd, is an online brokerage firm who offers trading services across currencies, CFDs on on indices, commodities, stocks and cryptocurrencies. However, concerns have arisen due to its lack of regulatory oversight, an inaccessible website, and several negative reports on WikiFX.
Pros & Cons
Pros
- Wide Range of Instruments: ForexGrand offers trading in over 70 currency pairs and more than 30 CFDs across indices, commodities, stocks, and cryptocurrencies.
- MetaTrader 4 Platform: Support for MT4, known for its user-friendly interface and robust trading tools, including advanced charting, technical analysis, and automated trading capabilities with Expert Advisors (EAs).
- Multiple Account Types: Catering to different trading needs with Basic, Gold, and Platinum accounts.
- Demo Account: Provides a free demo account for practice and testing strategies without risking real money, ideal for beginners to familiarize themselves with trading.
Cons
- Limited Regulatory Oversight: Concerns about regulatory oversight as ForexGrand is not regulated by major financial authorities, which can affect client trust and security.
- High Minimum Deposit: The minimum deposit requirement of $250 is too high, while the industry average minimum deposit is just $100.
Is Forex Grand Legit？
When considering the safety of a brokerage like Forex Grand or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:
- Regulatory sight: The broker's operation without legitimate regulatory oversight fuels concerns about its legitimacy and trustworthiness. These worries are compounded by the broker's inaccessible website.
- User feedback: There are 3 reports on WikiFX about withdrawal issues and frozen accounts. This should serve as a warning sign for anyone who is considering their services.
- Security measures: so far we have not found such info across Internet about this broker.
In the end, choosing whether or not to engage in trading with Forex Grand is an individual decision. We advise you carefully balance the risks and returns before committing to any actual trading activities.
Market Instruments
ForexGrand is a broker providing online trading opportunities across a diverse range of market instruments. Traders can access over 70 currency pairs, offering extensive choices for forex trading. Additionally, ForexGrand offers more than 30 Contracts for Difference (CFDs), allowing clients to trade on indices, commodities, stocks, and cryptocurrencies.
Account Types
ForexGrand offers three distinct account types.
The Basic account requires a minimum deposit of $250, making it accessible for beginners.
The Gold account, with a minimum deposit of $1,000, caters to more experienced traders looking for enhanced features.
For high-net-worth individuals or institutional traders, the Platinum account necessitates a minimum deposit of $50,000, offering premium benefits and services.
The company also offers a demo account for clients to practice their trading strategies in a risk-free environment.
Leverage
ForexGrand provides a consistent maximum leverage of 1:300across all its account types. This high leverage ratio allows traders to amplify their market exposure and potential returns, although it also comes with increased risk.
Spread & Commission
When it comes to spreads, ForexGrand offers competitive rates that vary by account type.
The Basic account features spreads starting from 2.5 pips, while the Gold account provides tighter spreads starting from 1.5 pips. The Platinum account offers the most favorable conditions, with spreads starting as low as 0.5 pips.
Notably, ForexGrand operates on a commission-free model.
Trading Platofrm
ForexGrand supports the widely acclaimed MetaTrader 4 (MT4) platform, known for its robust features and user-friendly interface. Despite being over a decade old, MT4 remains a favorite among traders, even as its developer, MetaQuotes, attempts to shift focus to MetaTrader 5.
The platform offers solid charting capabilities, a variety of technical analysis indicators, and an extensive back-testing environment, allowing traders to evaluate their strategies thoroughly.
Additionally, MT4 supports various automated trading systems (Expert Advisors or EAs), enabling users to automate their trading processes efficiently.
Deposit & Withdrawal
Clients can fund their accounts through traditional bank wire transfers or via credit and debit cards. Additionally, ForexGrand supports several popular e-wallet options, including WebMoney, Perfect Money, OKPAY, Qiwi, cashU, and Yandex Money.
Negative ForexGrand Reviews on WikiFX
On WikiFX, there are 3 reports detailing withdrawal issues and frozen accounts. Traders are encouraged to review information and assess risks before trading on unregulated platforms. Please consult our platform for related details. Report fraudulent brokers in our Exposure section and our team will work to resolve any issues you encounter.
Customer Service
Clients can reach support via email at support@forexgrand.com or by phone at +41 43 508 98 39. Additionally, ForexGrand maintains a presence on social media platforms like Twitter and Facebook.
Conclusion
In conclusion, Forex Grand offers a variety of online trading services encompassing Currencies; CFDs on on indices, commodities, stocks and cryptocurrencies. However, significant concerns arise from the broker's unregulated status, ongoing issues with website accessibility, and several negative customer reviews. Therefore, we strongly advise against using Forex Grand. Instead, we recommend seeking alternative platforms that prioritize transparency and regulatory compliance.
Q&A
- Is Forex Grand regulated？
No. The broker is not regulated by any authorities.
- Is Forex Grand a good broker for beginners？
No. It is not a good choice for beginners. Not only because of its lack of regulation, but also because of its unavailable website and several negative customer exposures regarding withdrawal issues and account issues on WikiFX.
- Does Forex Grand offer industry leading MT4 & MT5？
Yes, it offers MT4 trading platform.
- What is the minimum deposit required for each account type？
The Basic account requires $250, the Gold account requires $1,000, and the Platinum account requires $50,000.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
2023-03-22 16:48
