Minimum Deposit: $250
Maximum Leverage: 1:300
My Score: 2.3
Hello guys, it is Valentin here with you. I am here today with ForexGrand review. ForexGrand is a Forex and CFD broker who owned by Capital FXG ltd.
ForexGrand was founded in 2012 by a group of investors with years of experience in the online financial markets.
Capital FXG ltd operating under ForexGrand brand and using forexgrand.com domain within the European Economic Area.
When I looked at the ‘’About Us’’ section on the broker’s website, I faced the presentation of a fictional character named Mr. Grand. But to me, this was an idea that would not be liked by potential customers.
Let’s take a look at what questions I answered in this review: Is ForexGrand scam or not? What are the account types offered by the broker? What are the trading conditions such as spreads, minimum deposit and leverage? Is ForexGrand regulated?
Regulation of ForexGrand
There is a lack of information about the company behind the broker. According to the information on the broker’s website, Nordic Pearl Ltd. has been operating ForexGrand. The company headquartered in Bulgaria, however, it is not regulated by Bulgari’s Financial Supervision Commission (FSC).
There is an interesting point about the broker. Although the company claims to locate in Bulgaria, the telephone number provided includes the country code of Switzerland.
Another confusing point is that when I downloaded ForexGrand’s MT4 – Grand Services Ltd., there was another company name on it.
The reason for such confusing information is that ForexGrand is an unregulated offshore broker. The lack of transparency reduces the reliability of the broker.
That’s why I advise you to choose a forex broker who regulated by reputable regulators such as Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), or Cyprus Securities and Exchange Commission (CySEC).
Account Types and Spreads
ForexGrand offers its clients three account types. These are Basic, Gold, and Platinum. All of them is commission-free and have variable spreads.
The Basic account type has $250 minimum deposit. Spreads are from 2.5 pips and the maximum leverage is up to 1:300. Minimum trade size is 0,01 lots for all account types.
The Gold account type requires 1,000 USD minimum deposit. Spreads are from 1.5 pips and the leverage is the same 1:300.
The last one, Platinum account, has 50,000 USD minimum deposit, which is quite high. Spreads are from 0.5 pips and the max leverage is the same with others, 1:300.
The minimum deposit is high for an unregulated Forex broker. The max. leverage is average. However, spreads are quite high.
If you are a newbie don’t worry. The broker offers a demo account for you. There is also an Islamic account, as known swap-free, for Muslim traders.
ForexGrand provides the most popular trading platform like many brokers. You know what I am talking about it is MetaTrader 4 (MT4).
The ForexGrand Company offers its clients an opportunity to download Metatrader4 on their smartphones, computers, or any devices that run the operating system OS X.
Despite the wide possibilities of trading platforms of the 5th generation, most traders prefer MT4 terminal. This platform is more stable and functional than the new MetaTrader5.
MT4 trading terminal provides all instruments for trading. It allows clients to make queries, to open and close transactions, and conduct the high-quality technical analysis.
In addition, there is a wide range of indicators and advisors on the platform to make the trading process more efficient.
There are various trading instruments that the broker offers. These are Forex, Indices, Metals, Energies, Futures, and Shares.
The broker claims to offer 70 currency pairs to trade. The metals are just gold and silver. There should be platinum, palladium, and copper.
There is live chat but they respond late. I asked a question, but instead of answering me, they sent the site link. Probably the computer automatically answered me.
I mentioned the phone number given in another country code. So I can say customer service is pretty bad. Let’s continue with payment methods.
Deposit and Withdrawal Methods
You can deposit your ForexGrand trading account using bank cards and electronic payment systems. Clients of the broker have an access to payment systems such as WebMoney, Neteller, Perfect Money, Yandex Money, QIWI, etc.
It is possible to deposit by a debit/credit card. ForexGrand does not charge any additional fees for depositing. However, fees can be charged by banks or payment systems according to their terms and conditions.
I think they offer enough payment methods. You can choose the method you want to fund your account or withdraw your money. But the question is, should you open an account? You can find the answer in the last section of the review.
ForexGrand is an unregulated offshore broker. That’s why you should be careful when you decide to trade with it. Trading with the broker may be risky. There are many negative comments about it.
Besides, spreads that offered by the broker are above the average and other trading conditions are not good. You should check my top forex brokers list to find a better forex broker. See you guys!