February 25, 2024

Grotfinance Reviews Avoid Falling for This Broker Scam

Heard of Grotfinance.com trading platform? Really want to find more details before choosing the broker? You can carefully read the Grotfinance reviews to know about this forex broker whether to use or not.

This post promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.

Grotfinance Homepage

About Grotfinance

Grotfinance FX otherwise known as Grotfinance.com is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients. 

Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.

What We Discovered about Grotfinance.com Regulation

First of, Grotfinance presents its address in Switzerland including an email address, a customer service phone number, and a physical address. As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit.

A check of the Swiss Financial Market Supervisory Authority (FINMA) database confirms that there is no licensed broker using the Grotfinance trade name and domain.

FINMA Database
FINMA Database

Again, the broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.

These drawbacks are for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.

Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website

Grotfinance Minimum Deposit

Grotfinance minimum deposit requires €5000. In contrast, some licensed FX brokers can offer clients trading rate as low as $100 with the assurance of their trading funds.

As for payment methods, Grotfinance advertises different deposit menu but that is not the case. The broker rightly accepts cryptocurrency. There are a few reasons why scam brokers prefer to receive payments in crypto. One, transactions are irreversible and untraceable.

Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!

Grotfinance Trading Software

Grotfinance offers access to a fairly basic web-based trading platform. The broker’s web trader comes with some basic tools and custom indicators but nothing more advanced.

Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.

Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.

Grotfinance Licensing and Regulation

Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.

Having said that, it is not far from believing that Grotfinance.com is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website

Bottom Line:

Grotfinance.com appears like a trustworthy trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, we would advise traders to steer clear from unlicensed forex broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.

Was the information helpful? Please share with us your experience in the comment section below. Thank you!

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