GrayScale Forex (not to be confused with Grayscale Investments) is a relatively new online trading platform with a fairly informative and user-friendly web presentation.
However, one crucial mistake this unscrupulous broker makes is false claims about proper regulation. After conducting a thorough investigation, we present you our findings in the following GrayScale Forex review.
GrayScale Forex uses a name similar to the mentioned company, successful in the domain of finances and investing. That allows them to fake connections to the more popular brands and therefore fake-boost their credibility.
The site itself is very meticulous when it comes to presenting all of the most attractive trading conditions supposedly provided, so that is also efficient in inspiring customers to trust them.
Additionally, social networks and the work of boiler room agents has the purpose to bring in more potential victims.
Besides obviously favoring the English-speaking areas, the broker doesn’t limit their activity only to these countries. The website was established during this year and up until now, most of the victims of the GrayScale Forex scam were found in these countries:
While trying to test the GrayScale Forex platform, you will immediately encounter difficulties. Firstly, you will not be able to just open a GrayScale Forex account and go to the trading area. Your account application has to be approved.
If you attempt to download the promised software, your browser or antivirus program will not allow it – the download isn’t safe and is carrying malware. So much for safety and security!
Another promised solution for quickest and most successful trades placing is the Grayscale mobile application.
The broker will have you believe this app is the next revolutionary solution for mobile trading. Sadly, when you click the link to access it in the Google or Apple store, both paths are broken.
As several trading products groups available, GrayScale Forex advertises the following:
Without overcomplicating things, creating GrayScale Forex login brings you a single account choice – Standard trading account. Allegedly encompassing everything a trader needs, this account is claimed to equip you with all the crucial features and tools to become rich overnight.
The broker fails to mention one important condition, whatsoever. And that is the deposit requirement, which you actually have to discuss with the support team first for whatever reason.
For all the traders in control of their risk taking strategies, GrayScale Forex makes their maximum leverage of 1:500 sound like a great trading condition.
The con’s website also promises spreads from just 0.0 pips with no commissions even! Any trader, even with a beginner’s knowledge and healthy ration will not believe such attractive conditions.
Without having a separate document that describes the payout process in detail, GrayScale Forex insists on offering the best withdrawal conditions. By that, they mean not charging any fees, which is unprovable. Next is the processing time that is limited to no more than 3 days. As for the methods, cards, e-wallets and wire transfers are listed as available.
Sadly, none of these could be confirmed, and are just that- empty promises like everything else with this broker.
As devastating as being scammed may feel, there’s still a solution for such a situation. It’s circumstantial to take proper action towards battling the scammers and getting your hard earned money back. Our suggestion is to report the swindler to the authorities immediately, and also get proper legal help.
For the most effective fund recovery, it would be wise to contact our support team and ask for directions on how to perform a chargeback and get you money back quickly.
GrayScale Forex is a scam broker without any license, yet claims to be trustworthy.
No, this broker only offers misinformation about their regulation and zero substantial proof.
The broker claims they make several instrument classes available such as Forex, CFDs on Crypto, Indices, Commodities and Futures.
No, there’s no guarantee the funds are safe. Please contact us immediately if you’re having trouble taking back your deposit.