Grand Index24 is allegedly a US-based broker that offers its clients trading services for forex, indices, energy, commodities, and metals.
They claim to be a highly-specialized team with backgrounds in finance and created to help clients reach their financial goals. Additionally, trading with them will allegedly give you transparent access to the forex market and access to powerful trading platforms like MT4 and MT5.
We decided to check all of these claims that they made so read our in-depth Grand Index24 review to see how they are trying to deceive people and get them to invest.
Grand Index24 Quick Glance
Upon entering their website, we found that this broker won many awards for being a financial trading service provider of the year. This is a common practice many scammers use to seem more legit to an inexperienced trader.
After further browsing, we found a lot of other information we would like to share with you in the form of a table, so you would know what kind of scam you will be dealing with.
|Broker Type||Forex & CFD|
|Spread||Allegedly from 0.0|
Security and Regulation at Grand Index24
Grand Index24 broker claims to be regulated by both FCA in the UK and VFSC in Vanuatu.
After just a quick check it is obvious that is just a blatant lie because no company by this name is anywhere to be found in the database of these regulators. Additionally, if the broker was truly headquartered in the U.S., it should have also been licensed and authorized by CFTC, but they failed to mention this lie among the others.
Be sure to always choose a broker who has an actual license and follows regulations set by regulatory bodies.
Trading Software Available at Grand Index24
While browsing through their website we found no mention of trading software this broker uses.
Grand Index24 is obviously a scam as they failed to mention this most important tool for trading financial instruments. This is quite common with low-effort scams aimed at people with no experience with trading and who don’t know what to expect from a real broker.
We found an alleged demo account this broker offers so we tried to open it in order to access the platform, but all our efforts ultimately failed as this account doesn’t even exist.
Grand Index24 Deposit and Withdrawal Options
They claim to accept payments by:
- China Union Pay
- Perfect Money
But in reality, the only payment methods are Bitcoin and Ethereum. Cryptocurrencies are the payment of choice for most financial scammers. The reason behind this is that they are much harder to trace and therefore quite difficult for someone to get a refund.
This doesn’t mean that legit brokers do not accept crypto, but rather that they will not push it upon you and give you many other deposit options as well.
As for the withdrawal policy, we found no mention of anything of this kind on their website. We then turned to reviews to see what other people’s experiences have been once they asked for their money. And we were not surprised to find many complaints stating many withdrawal issues.
How Do Offshore Brokers Execute the Scam?
People sometimes become careless and leave personal information on the internet, and once these investment scams get a hold of them the harassment will likely start.
You will soon be overwhelmed with an enormous number of calls and even emails just so you will at least make a minimum deposit to this fraudulent broker. Be prepared to hear many made-up stories so they would appear more legit in your eyes.
Don’t feel ashamed if you have ever fallen victim to this type of deception, many people do, just be sure to report your scammer.
The Best Brokers for Forex
While Grand Index24 turned out to be just a lousy scam you should by no means give up on trading altogether. Choosing to invest with a broker who hasn’t violated any terms and conditions that will ensure your money isn’t just going to be stolen and help you make some profit along the way.
We provided you with a table down below that includes all the important information you need to be aware of before you start trading with these legitimate brokers.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Grand Index24 Summary
In our Grand Index24 review, we tried our best to warn you against this scam broker and the fraudulent activities they pull off on a daily basis.
They offer their customers an opportunity to invest in forex, CFD, and much more. However, something as basic as their platform is missing, indicating that you are dealing with a fraudulent broker.
On the internet can be found many complaints made against the broker on withdrawal issues, so we concluded that you should just stay away from them.
Think twice before taking any risks while investing money and keep in mind that this investment scam will demand at least $500 while legit brokers will ask for as little as $5 as an initial deposit.
Doing proper research is a necessary step, especially for someone new to the world of trading. Don’t rely on their get-rich-fast stories and be careful with your hard-earned money.
FAQs About Grand Index24 Broker
Is Grand Index24 Trustworthy Broker?
No, Grand Index24 isn’t a trustworthy broker as they failed to follow any regulations and secure any licenses for providing financial services of this kind.
Is my Money Safe with Grand Index24?
No, this scam broker offers no safety to your funds so you should avoid doing business with them.
How Long Does It Take to Withdraw from Grand Index24?
Getting your money can take a long time as the broker will find many fees and other expenses you must cover first.