Overview Forex Grand Review
The foreign exchange broker Forex Grand provided a total of three trading accounts. The broker claims to provide commission-free trading and higher leverages of up to 300:1. It also provides different spreads depending upon trading accounts and world-class trading platform MT. It also claims to provide trading on micro-lots and Islamic swap-free services. However, there are issues we have identified about Forex Grand. This Forex Grand review will provide an unbiased explanation of its lower rating. Read the full Forex Grand review here.
About Forex Grand:
The provided three different trading accounts are Basic, Gold, and Platinum that needs $250, $1000, and $50000. The minimum trade size of 0.01 that is called micro lot is available for trading. All three trading accounts are provided with 300:1 max leverages. The spreads are variable and depend upon the choice of trading account. They range from 0.5 pips to 2.5 pips.
The company called Nordic Pearl Limited situated in Bulgaria is the owner of the brand Forex Brand. Nevertheless, the broker Forex Grand is unregulated. And trading with it involves a high risk of fraud. Another company called Las Processing situated in Montenegro manages billing and clearance services of the brand Forex Grand.
The provided maximum leverage level of 300:1 is considered high. High leverages can gain high returns but they can cause high damage. Therefore, it is banned in the highly regulated international markets. Also, spreads of 2.5 pips on Euro and USD foreign exchange pair can be seen on the provided trading platform. Such spreads are considered wider and high. These are the main reason behind the high cost of trading. Generally, spreads below 1.5 pips are considered affordable.
A world-famous mostly trusted and equipped with plenty of features based trading platform called Meta Trader is offered. There are several advantages of MT over other web trader trading platforms. Only two payment methods are facilitated by this broker. Bank wire transfer and many electronic wallets are provided.
Is Forex Grand scam or legit?
The Forex Grand requires a high minimum deposit. It provided max leverages of 300:1 that are banned in regulated markets. Only micro trade lots are provided. Spreads are as high as 2.5 pips are wider and increase the cost of trading at Forex Grand. Few payment methods are available at it. Importantly it is an unregulated broker. Therefore it is a potential scam broker 2020.