The broker sounds too good to be true, and when something sounds too good to be true, it probably isn’t. Same is the case with the broker grand capital. The broker creates a picture of a safe trade in the min of the trader while eating out his profits in terms of commissions and spreads.
Grand Capital: Account types
The broker offers more than trading accounts. So many accounts create a sense of confusion in the head of the trader, and when that happens, loss incurs. The trader may opt for a less suited account, and the broker won’t care. Instead of elaborating how each account works and for whom it works best, the broker provides whichever account the trader asks for. A responsible broker should ensure that the trade holds an account that is best suited according to the level of expertise he has.
One of the accounts of the brokers asks for $500 as a minimum balance to trade. This account is an ECN account which means that the broker has a third party liquidity provider. Such liquidity providers move the market at their will and towards the direction of their profits. The broker at one point of time astarts acting as the provider’s broker instead of being the broker of the trader.
The broker differentiates its account on th basis of the trading platform. The older version of Metatrader, MT4, has 4 tradable accounts while the updated version only provides an ECN account. ECN brokers are not considered safe by day traders because they move spreads at their will, mostly when the market is volatile. The broker does not offer algorithmic trading on the mobile app, which does not work in its own end.
Spreads, commissions and leverage;
The broker asks for a large number of spreads when it comes to profit sharing. The commission on a CFD trade is $15 and that for a CFD ETF is 0.1% of the total trade. These rates are very much higher compared to what the market in general offers. No account does not ask for spreads. Some ask for 0.5 Pips. Some ask for 1 pip, but the commission exists. The broker also puts a limit to stop-loss orders. This can be seen as a scam approach to ensure that the trader’s loss is magnified as much as possible.
The broker Grand capital provides unimaginably negative leverage ranging from 1:300 to 1:500. The more leverage a trader is exposed to, more are the chances of him losing the trade.
Grand Capital: Education and research:
The broker offers fake daily reviews in the name of education material, and the economic calendar looks so fake. The broker fails to make worthy content in terms of education for its users. A novice trader can feel cheated when he starts trading with the broker since no education material is beneficial for the trader in any situation.
The broker wants a trader to first register with itself, and then it claims to provide with the trading education material. This is a clear scheme to make leads and create hem into potential traders. Such traders have a little idea of the market and are bound to fail in initial trades.
The broker claims to be a part of a forex change industry, making itself a third party in the market. There is nor registration number of the broker online, making it a complete scam. The broker also does not mention its own name under the regulations part; instead, as discussed, mentions a third party.
How can a trader trust such a broker that does not even provide the firm’s registration number? This is a complete unprofessional behaviour, and the broker depicting such behaviour is a scam.
The broker is a complete scam because it does not mention its regulation or the registration number. The broker also asks for spreads and commissions that cannot be understood. The third-party involvement of a firm that speaks in place of the broker also rates doubts and clarifies that the broker is not legitimate. We advise our traders to move their financial to other firms.
The broker claims to provide more than 300 tradable assets and at the same time, fails to provide any proof for the same. The acceptable cryptocurrencies are just three, with more than 1000 cryptocurrencies already circulated in the market. The broker claims that there is no trading happening on stocks, while provides real-time information for assets like currencies and indices. It has to be noted that stocks are the most traded instrument, while currencies are the most dangerous. The broker makes sure that the potential trader feels like trading with currencies and cryptocurrencies because they can generate the broker’s maximum profits.
The broker shoves the older version of a trading platform while making the newer version also available. The account types associated with MT4 are more than 4, while that of MT5 is just one. The broker wants the user to use an older version, giving him more variety. Updated ones replace older versions because they have a lot of issues with them. They have very fewer features and a minimum number of indicators.
The deliberate use of such a platform inherently forces the trader to be on the wrong side of the trade.
The game of liquidity.
The broker provides an ECN account, deliberately making the liquidity providers third party for trades. This is more than stupid, less than serious and specifically not the acts of a legitimate broker. These brokers start acting as the brokers of the liquidity providers instead of the traders after a point if time and such providers make sure that the trader is always at the less profitable side of the trade.
Grand Capital is a complete scam:
As we have researched, the broker is a complete scam and should be taken off of the market immediately. The broker completely ignores the needs of its traders and then claims that it cares about them. The spreads are uneven; the broker moves them at his will. The commissions are very high, making the broker unsuitable for day traders and the account types are messy on their own.
We recommend our traders move their financial to more reliable brokers. Brokers that have a street-rep that is more than enough for the traders to believe. Brokers like TradeATF, HFTrading, PrimeFin etc. have been around for a very long time. At the same time, these brokers have ensured that the trader has all his needs satisfied and the customer base remains maintained.