Greendax opens their web presentation by unfunny claims about having impressive trading conditions and thousands of accessible global assets. High-feature trading platform at Greendax is exhibited as their strongest bid.
However, not much of all the advertised features are actually beneficial to retail traders in any sense. Especially considering the fact this broker is in no way regulated. Examining their shady offer has only led us to believe that Greendax follows no regulatory framework. All the results of our research are presented in the following Greendax review.
The answer to this burning question will be evident after you read the next lines. First off, let us direct your attention to the Greendax problem of being based in SVG. The lawless zone and at the same time the ultimate scammer lair has given birth to thousands of similar firms.
This inevitably leads us to the conclusion that SVGFSA is not in position to regulate Greendax as they have entirely stopped overseeing the brokers in this jurisdiction. In hopes of Greendax having any license at all, we started checking other registers of regulated brokers.
Tier 1 licensing organizations and government facilities in the developed countries diligently update their regulated brokers registers. But from the info we gathered, FCA, CONSOB, CNMV, BaFin and CySEC have never licensed Greendax. This was pretty much apparent, if we were to compare conditions at Greendax to the UK, EU and US regulatory standards.
One of the reasons these scam brokers could never obtain a premium license is because they miss the needed amounts of operational capital. In the US this requirement is set at jaw-dropping 20 000 000 USD. In the EU and UK this amount is lower – ‘’only’’ 730 000 EUR. But let’s revise the concrete trading conditions.
Greendax doesn’t abide by the strict licensing standards of leverage limitations to 1:30 and 1:50. The website actually offers a dangerously risky leverage of up to 1:400! And do you think this anonymous site would protect your deposit with negative balance insurance? Of course not. They’re neither implementing segregated bank accounts and compensation funds for the dispute victims.
Risky beyond measure and on their way to rob you Greendax only has lies and false promises to offer. So think well before you make another move with this one – your funds are in jeopardy.
We have to mention one important fact here. Greendax has been active on the market for almost three years. During this period, they’ve managed to explore and test their scam strategies and possibilities. The firm has, in that sense, established the preferred areas of conduct. Take a look at the countries where Greendax seems to be most active and beware of the possible danger if you reside in any of them:
Not many traders have anything positive to say about this brokerage. TrustPilot says the site owners are aware of Greendax attempting to use fake reviews for the sake of boosting their reputation and image. Most of those are deleted, but we cannot confirm the positive ones standing aren’t fake as well. The most common rating is the negative one with just one star.
We’d like to show you the advertised Greendax greatness and demonstrate superior platform features they mention. However, even account making is not a possibility here. Unless you have a specific promo code you cannot open an account with this broker.
Furthermore, if you want to preview the terminal, you have to have an account registered. We couldn’t do that, as the error window kept directing us to contact support. Without entry for the client area, access to the trading platform was a far cry too.
Greendax also has fake options to download their terminal to an Adroid or Apple device. These links also lead you to the sign up page first. None of the test-trading we planned to perform was possible.
Greendax does everything in its power to make itself come off as a reputable broker with unparalleled trading tools and conditions. Mind you, at a first glance, they may even look so. Until you scratch the surface. The point is to just look as impressive as possible, as all the services are actually fake.
Running fraudulent marketing campaigns where they sell their products and tools that bring profit you’ve never imagined is one way to attract customers. Carried away by the thoughts implemented in your thinking about profiting, you will inevitably start investing. Everytime Greendax will require more money to acquire more fake profit or to please the potential figure of romantic interest.
Alas, the prospect of earning with minimum effort is doomed to fail from the very beginning. After some 3 or 4 months of extortion, victims will start suspecting and start asking for their money. Until they see the entire charade crumbling apart along with their hopes of getting rich quickly.
Greendax likes to remind traders that access to a broad range of instruments leads to attractive opportunities. They do so by offering the following tradable asset groups, which we had no way to verify if indeed available:
True trading costs at Greendax are their own little secret. But why would Greendax care about disclosing such sensitive things when they do not abide by any regulation. Nothing obligates them to full transparency.
It’s not rare for the swindlers to be secretive about the trading fees. It allows them to manipulate the pricing better and ask for ridiculous fees. Even if they were revealing the spreads, we wouldn’t have a way to know if they’re valid values or not.
Trading accounts offered at Greendax are anything but affordable. With the cheapest account demanding at least a $2,500 deposit, this makes for a very pricey, yet unusually bad choice.
Based on the descriptions of the packages, we can’t tell they provide any groundbreaking features either. Greendax mentions analytical tools, islamic account, market news and one-click-trading. Nothing new that regulated brokers don’t already include in their standard offer.
Let us just inform you that you won’t be able to open any kind of account at all unless you have a correct Promo Code. Us not having it has prevented our advances and we couldn’t get to choose an account type or enter the client area. Because of the inability to sign up with the broker, we couldn’t see if a Demo account was available.
For dastardly schemes like this one, it’s much more likely for them not to allow trial trading. They just have too much to hide. Also, even if Demo trading was available, you wouldn’t build realistic expectations of their trading environment. The Demo setup is ordinarily fake and very well controlled, so you get high hopes on potential profit and earnings.
Most of the received critics pertain to withdrawal processes. Greendax overcomplicates the procedure by demanding outstanding conditions for the customers to reach. One of them is certainly the trading volume requirement.
The rule forces clients to comply with the bonus guidelines accordingly. But listen to this. Even if you’ve reached the trading volume necessary for the withdrawal of the bonus, the bonus amount will still be deducted from your balance as it’s treated as a non-deposited fund!
Greendax will not let you withdraw money if they judge your inquiry was incomplete. This will naturally happen, as the broker will do anything in their power to prevent you from taking back what is rightfully yours. That is how they earn.
Every withdrawal request is supposedly processed in 5 business days at most, while the minimum amount to cash out is $50. All of that sounds doable, if only Greendax was a legitimate brokerage that helped clients cash in their earnings. In this review, we’ve already established from the statistics and the complaints issued against them that they’re anything but honest and legit.
If you’ve been scammed by Greendax, don’t worry – we’re here to help. Allow us to lead you down the right path to restoring what’s been stolen from you. We have considerable experience in dealing with these threats, as you’re not the first fraud casualty that has contacted us. Your position isn’t as destitute as it may feel at first.
For the purpose of reacting punctually, use the Online Chat feature that will connect you with the first agent available. Describe your problem to the smallest detail and you will get the proper guidance to start a chargeback process and take other paramount steps to bring the fraud to justice.
Greendax is not a trustworthy brokerage entity. Their illicit status is proven by the lack of regulations and any valid license. Be it that you’ve already given them your money, please understand the funds are in grave danger and you should contact us promptly for a timely reaction.
There are several groups of financial products available at Greendax – Forex, Commodities, Stocks, Indices and Crypto.
The smallest amount of money you have to be willing to spend with Greendax is $2,500.
Because we weren’t allowed into the trading zone, we had no way to check if the advertised Greendax mobile trading app really worked or not.
Greendax is not a trustworthy brokerage entity. Their illicit status is proven by the lack of regulations and any valid license. Be it that you’ve already given them your money, please understand the funds are in grave danger and you should contact us promptly for a timely reaction.
There are several groups of financial products available at Greendax – Forex, Commodities, Stocks, Indices and Crypto.
The smallest amount of money you have to be willing to spend with Greendax is $2,500.
Because we weren’t allowed into the trading zone, we had no way to check if the advertised Greendax mobile trading app really worked or not.
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