Grand Primex247 – Major Reasons to Skip this Broker

Grand Primex247

You have come to this Grand Primex247 review, which means you have been actively looking for a professional and quality brokerage for your trading journey. It can be tough to resist the opportunity of trading in the financial markets, given that it has become so easy nowadays to try your luck and there are lots of chances to make money. Plus, it is also a fact that you no longer need to invest thousands of dollars to make good profits and this has made it extremely attractive. It is no wonder that millions of people all around the globe are participating in online trading.

But, the influx of more people in the online trading space has also attracted the attention of scammers and other criminals. Therefore, fraudulent platforms in the market are now dime a dozen, which means that you could also get scammed. It is a big risk and one that can make a lot of people apprehensive when they want to start online trading. Of course, you cannot let them stop you from trying your luck and possibly making a fortune, but how do you protect yourself?

It is essential to remember that in most cases, these scam companies are not that easy to identify. Their names will not give the truth away and neither will a couple of glances at their website. On the surface, they may come off the same as genuine platforms and this is the reason for most of the confusion and why these fraudsters are able to attract so many victims. The key lies in going through their offerings and following up to ensure they are what is advertised. If they do not, then you will have plenty of reasons to skip the broker, as in the case of Grand Primex247.

Offering access to forex, commodities and indices, Grand Primex247 seems to be a decent brokerage, but when you take a close look, you will find some major reasons to skip it altogether. You can go over some of them below:

False licensing claims

You should always start following up a broker’s claims with its licensing and regulatory status because this is the biggest evidence of legitimacy. Scam platforms are unlikely to have a license, at least not from a genuine and well-known regulatory body. But, legitimate brokerages will always be regulated by the appropriate authority in the jurisdiction they are in. A look at Grand Primex247’s licensing claims will impress anyone because they are supposedly regulated in several jurisdictions.

First off, you will find that Grand Primex247 claims to be licensed in the UK by the Financial Conduct Authority (FCA). Second, it claims to be regulated in California, which means that it should have a membership of the National Futures Association (NFA) and a license from the Commodity Futures Trading Commission (CFTC). Lastly, it has also mentioned a license from the Vanuatu Financial Services Commission (VFSC).

All of these claims by Grand Primex247 are nothing but a blatant lie that you will discover when you begin checking them. The brokerage is not listed in the FCA’s online register, or that of the CFTC, or NFA. Considering that it goes against the authorities’ regulatory framework in terms of leverage ratios, it does not come off as a surprise. Likewise, you can also check the VFSC’s register for Grand Primex247 and not find it listed. This means that the company is lying about its regulation and only a fraud would do that.

A clone scam

Another detail that you will discover about Grand Primex247 is that it appears to be running a clone scam. This is where a fraudulent firm copies the details of a legitimate company in order to mislead people into signing up with them. This is what Grand Primex247 is doing because it has copied the details of Vantage FX, which has been providing its services in the market for years. Its old logo and the entire landing page has been copied by Grand Primex247 and this makes it a very dangerous broker.

No functional trading platform

It is important to check the trading platform of a brokerage because it is directly connected to your trading experience and Grand Primex247 is promising a distribution of the MT4 and MT5, which are known as the best trading solutions in the market. This is one of its most prominent offerings that is likely to grab the attention of many, but you will discover that this is nothing but a lie.

When you try to access the trading platform that Grand Primex247 offers, you will come to know that there is no functional trading platform available at all. All you have is some kind of chart that does not really do anything and has been added only for creating the illusion of a legitimate broker.

High leverage and minimum deposit

There is no shortage of problems with Grand Primex247 because you will find that the leverage ratios it offers are as high as 1:500. The FCA has limited leverage to 1:30 for retail clients, while those in the US are not more than 1:50. Despite claiming to be operating in these two regions, Grand Primex247 is offering much higher ratios, which shows it is lying. Most importantly, such leverage ratios are considered extremely dangerous for traders.

Secondly, the minimum deposit that Grand Primex247 asks for is $500, which may not seem like much, but given that most brokers are allowing their clients to open their accounts for as low as $10, this seems very high. Even if the standard requirement was imposed, it should not be higher than $250, but the deposit is twice that.

No refunds possible

Another major reason for people to not sign up with Grand Primex247 is that it only supports crypto and bank wire transfers. These two payment methods do not offer traders an option of filing for a chargeback, which means there can be no refunds after a deposit.

Final Word

These are some great reasons for anyone to avoid Grand Primex247 as their broker because it is an outright scam and does not deserve your trust.