ForexGrand Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this ForexGrand Review.
ForexGrand Review
ForexGrand offers its clients several account types, depending on their initial deposit. All of them provide commission-free trading with leverage up to 1:300 and variable spreads on the MetaTrader 4 platform. Micro tradeable lots are also available, as well as swap-free services.
While the maximum leverage provided by ForexGrand is average for the forex market, the minimum initial deposit is comparatively high for a broker that is not regulated. With Cysec-licensed broker FXCM, for example, one can open an account with just $5.
We tried out ForexGrand’s services via a demo account, and found the spread on EUR/USD was around 1.8 – 1.9 pips. Taking into account that most brokers provide spreads within the range of 1.0 – 1.5 pips for this pair, this is not a very good pricing. By comparison, FXTM’s spread for this pair is averaged 0.7 pips and features a commission of $4 round trip. Nonetheless, the comparatively high spreads of ForexGrand are not its biggest disadvantage – it is the lack of proper financial regulation.
The Company. Security of Funds
ForexGrand is a broker, offering online trading in more than 70 currency pairs, over 30 CFDs (on indices, commodities, stocks and cryptocurrencies) on the widely used MT4 platform. It claims to provide a pure STP environment, however we are not sure this is the case, as the broker does not hold a forex broker license and we cannot tell which exactly is the company behind the ForexGrand brand.
The “About Us” section on the broker’s website is a presentation of a fictional character named Mr. Grand, which some may find amusing, but according to us this is purely an attempt to distract potential clients’ attention from the fact that adequate and relevant information about the company behind the brand is missing.
According to the information on its website, the brand is operated by Nordic Pearl Limited – a company headquartered in Bulgaria, which, however, is not regulated by Bulgaria’s Financial Supervision Commission (FSC). The phone number provided, however, includes the country code of Switzerland. Furthermore, the broker claims that clearing and billing services are carried out by a company based in Montenegro – Las Processing D.O.O. To make matters even more complicated, the name of yet another company appeared when we downloaded ForexGrand’s MT4 – Grand Services Ltd.
Such lack of clarity and transparency in a broker immediately reduces its level of credibility. The important thing is that ForexGrand is not licensed to provide financial services by any authority and therefore doing business with it is risky. Non-regulated and offshore regulated brokers should be avoided as a general rule, and it is not a secret that many of them are pure scams.
That is why we would advise you to select a forex broker licensed in UK, or Cyprus, for instance, where regulation is strict and there are compensation schemes, which will protect your money if your broker becomes insolvent.
Trading Platform
Like most brokers, ForexGrand supports the popular MetaTrader 4 (MT4).
MT4 has been around for over 10 years and it seems its popularity is not going away, although its developer MetaQuotes is trying to out-phase it and focus MetaTrader 5. The MT4 is easy to use, and yet offers full set of professional trading tools: solid charting, a number of technical analysis indicators, extensive back-testing environment, and various automated trading (EAs).
Methods of Payment
ForexGrand offers its clients 2 payment methods: bank wire transfer and via credit/debit, and e-wallets WebMoney, Perfect Money, OKPAY, Qiwi, cashU, and Yandex Money.
ForexGrand is a MT4 forex broker whose product portfolio is quite rich. Its main disadvantage is that it is not regulated and it is not clear which is the company behind the brand. Besides, ForexGrand’ s spreads are above the average, and the minimum investment required is a bit high.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
ForexGrand Review Conclusion
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