Grand Capital Review: this is a Forex broker that is based in Russia and operates in St. Vincent and the Grenadines, Seychelles as well as London. Is Grand Capital a legit or a scam broker?
The red flags we are getting from this brokerage is the fact that it provides two addresses while claiming to operate in three different places. These two addresses are in offshore locations:
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Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines.
Suite 102 Aarti Chambers, Mont Fleuri, Victoria, Mahe, Seychelles.
The first address is commonly used by lots of brokers that have been found to be scammers. Traders are therefore advised to be wary of this broker.
Grand Capital offers a 40% bonus on every deposit made. They claim to be holders of various trading awards and have been trading sin 2006. 60+ currency pairs are offered among the tradeable products that clients get.
There is a Sharia-compliant swap-free service offered to Islamic traders. Clients who have up to $100,000 acquire VIP status that gives them withdrawal fee free status, a personal manager and 24% annual interest.
Trading Platform of Grand Capital
It is mentioned that Horse Forex trading software is operated on a MetaTrader platform available to all their clients.
Legit brokers are known to offer at least the popular MetaTrader 4 trading platform.
This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders includes: 60+ currency pairs, CFDs on commodities (which are not stated), and cryptocurrencies.
The maximum leverage offered by the broker is 1:2000, this is very high and may be both an advantage and a disadvantage. Spreads differ from account to account but the best it offers is 1.2 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Grand Capital
Payments can be made and withdrawal requests can be processed via: MasterCard, Visa, Bank Wire Transfer, Skrill, Neteller, WebMney, OKPay, Bitcoin, and many more e-Wallets. We find this encouraging.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
A minimum deposit of $10 is required to start trading with this broker and this is affordable. There are rules apply on withdrawal of bonuses but we could not find out if fees are charged for profit withdrawals.
However, we were able to conclude that since all deposits come with bonuses, every client that starts a trade with this broker is automatically tied to the rules we hinted at in the paragraph above.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is Grand Capital Licensed?
Yes. Grand Capital operates from offshore locations and holds no license that traders can trust from these locations. Traders have become highly skeptical of brokers based in this locations. This is because the jurisdiction of Commissions does not cover these areas and brokers there may get away with mishandling clients funds.
Although we found that is under some commission known as FinaCom, which is an external dispute resolution organization based in Hong Kong. The regulations of this body is not popular and would not be enough to put the mind of traders at rest.
The means of contacting the support team of this broker is provided via a link accessible on the website.
Grand Capital is registered in offshore locations and it holds no license from a reputable commission or authority. The trading conditions seem good but the withdrawal regulations are uncomfortable. Traders are to take note of the red flags we discussed in this review.
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