ForexGrand

Although the maximum leverage offered by ForexGrand is a standard for trading in forex, its minimum deposit is quite large for a broker which isn’t licensed. With the Cysec-licensed the broker FXCM For instance you is able to open an account for only $5.

We tried ForexGrand’s services using a demo account and we found that the spread on EUR/USD was between 1.8 to 1.9 Pips. When you consider that the majority of brokers offer spreads in that range between 1.0 1.5 – 1.5 pips for the pair, this is not an excellent price. For comparison, FXTM’s spread for this pair averaged at 0.7 per cent and has the option of a fee of $4 per journey. However, the relatively large spreads offered by ForexGrand aren’t its main negatives – they are the absence of a adequate financial regulation.

The Company. Security of Funds

ForexGrand offers a brokerage that offers online trading for more than 70 currencies as well as more than 30 CFDs (on commodities, indices, cryptocurrency and stocks) using the well-known MT4 platform. The company claims to offer the most secure STP environment, but we do not know if that is true since ForexGrand does not have an forex broker license. Likewise, we are unable to determine which is the business responsible for ForexGrand. ForexGrand brand.

“About Us” section on the broker’s website “About Us” section on the broker’s website features an attempt to present an imaginary character called Mr. Grand, which some might find entertaining but, as we believe, it is simply an attempt to divert prospective clients to the reality that accurate and pertinent information about the business behind the brand isn’t available.

According to the information available on its website The brand is run through Nordic Pearl Limited – a company with its headquarters in Bulgaria but, despite this is not controlled through the Bulgarian Financial Supervision Commission (FSC). The number listed is, however, a country code for Switzerland. In addition, the broker states that the clearing and billing processes are handled by a company located on Montenegro which is called Las Processing D.O.O. To make the situation even more complex The name of another business was discovered in the ForexGrand’s MT4 application – Grand Services Ltd.

A lack of transparency and clarity in the broker instantly lowers the credibility of the company. It is crucial to note that ForexGrand isn’t licensed to offer financial services by any agency and , therefore, conducting business with it can be extremely risky. Offshore and non-regulated brokers are to be avoided in standard practice, and it’s not an untruth that a lot of them are scams.

This is the reason we recommend you choose the forex broker that is licensed in UK or Cyprus For instance which has strict regulations and compensation programs are available that will safeguard your investment in case your broker fails to pay its bills.

Trading Platform

Like many broker, ForexGrand supports the popular MetaTrader 4 (MT4).

MT4 has been in use since the beginning of time and it is evident that its popularity won’t go out of fashion, even though its developer MetaQuotes is working to beat it and focus on MetaTrader 5. The MT4 is user-friendly and provides a full range of trading tools that are professional including robust charting, an array of indicators for technical analysis as well as a vast back-testing environment and a variety of automatized trader (EAs).

ForexGrand’s MT4. Click here to view a larger image.

Methods of Payment

ForexGrand provides its customers with two payment options including bank wire transfer as well as through credit/debit as well as electronic wallets WebMoney, Perfect Money, OKPAY, Qiwi, cashU, and Yandex Money.

Conclusion

ForexGrand is an MT4 forex broker, whose portfolio of products is quite extensive. The main drawback is that it isn’t regulated, and it’s not known who is the business behind the name. Additionally, ForexGrand’ s spreads are significantly higher than the norm and the minimum amount required is somewhat excessive.