Grand Union Markets Scam
Are you thinking of taking up a part-time job? These days, it can be very difficult for people to survive on the income they earn from one job. Even if it covers your expenses, you are unable to save, which means achieving your financial goals seems impossible. This can be a very disturbing thought and prompts people into searching for ways to generate more income. One of the best ways to make it happen is by entering the trading world. This involves investing money in financial instruments, but doesn’t have any strict requirements like massive amounts of capital, skill, background or any experience.
You can get started immediately, even if you are a complete beginner. The only thing that you do need is a broker. A brokerage connects you to the financial markets and provide you with the software and tools needed for trading. With the popularity of online trading, the number of brokers has also gone up. These days, you can find a huge number of brokerages offering their services in the market, which means you have plenty of options to choose from if you want to start trading. The only issue is that not every broker can be trusted.
The trading market has had its fair share of scammers and scam brokerages are one of them. Several fake brokerages exploited traders and made away with their money or stole their identities. Are there really such brokers? Scam broker Grand Union Markets falls in the same category. On the surface, most people may not know what to look for and consider it a decent broker. Some people have ended up falling for its trap and have lost their money and this was because they couldn’t figure out that it was a scam.
So, how can you be sure? The first red flag relating to scam broker Grand Union Markets is that it is an offshore MT4 forex broker that was only recently established. The broker opened its doors on March 23, 2020, which means it has absolutely no experience in the trading market. Signing up with such brokers is certainly not recommended because they are still figuring things out and may not have eliminated all the flaws and loopholes in their system. The official company behind Grand Union Markets is called Sky Tech Solutions Limited, which is based in Hong Kong. However, the contact phone number provided belongs to the United Kingdom.
The reason that many traders have fallen for scam broker Grand Union Markets is that they offer their clients the opportunity of trading through the MetaTrader 4 (MT4) trading platform and the CFD trading app. The broker has added the desktop version of the MT4, along with the webtrader version. Apart from that, Grand Union Markets is also offering the basic MT4 mobile app for both iOS and Android to lure in more clients. Plus, it claims to offer multiple demo accounts to day traders and investors that they can use for testing the software and getting in some trading practice.
Moreover, Grand Union Markets also has an extensive asset index in place for CFD trading, which includes more than 50 forex currency pairs, commodities like gold, silver and oil, shares trading and market indices. This is quite an impressive variety and draws the attention of traders. The standard leverage that the brokerage is offering is 1:300, which means that even the most professional and aggressive brokers will be tempted to sign up with Grand Union Markets. However, a regulated broker cannot offer this much brokerage to all traders as there is a risk associated with it.
The fact that Grand Union Markets is doing so indicates that it is a scam. It also claims to offer bonus money, but again, it is just a gimmick and traders don’t really receive anything. Nevertheless, the most prominent way in which scam broker Grand Union Markets mislead its clientele is through claims of its regulation. As mentioned above, the broker is based in Hong Kong and states that it is regulated there. It is one the most notable financial hubs in the world and the Hong Kong Securities and Futures Commission (SFC) is the official regulator in the forex market.
This regulator also oversees the country’s Stock Exchange market, which means they have very strict rules and regulations. Abiding by them is no easy feat and brokers under its wing have to uphold a lot of requirements, including participating in an Investor Compensation Fund. But, if you check their online database, you will not find any mention of scam broker Grand Union Markets. Whether you look for the broker’s name or its holding company, neither is registered with the regulator. This means that the brokerage doesn’t have the license to offer financial services and there is no information about any other type of regulation either.
It means that Grand Union Markets is an unregulated broker and it is best to steer clear of them completely. It has kept the registration process simple and easy to convince people to sign up, but the client dashboard as well as the trading conditions are very lackluster. No information is provided upfront about the trading conditions and it is only when you open an account that you realize what kind of conditions will be given. The average spread being charged for the EUR/USD pair is about 2.8 pips, which is definitely not profitable for a trader and only increases their trading costs.
Furthermore, their withdrawal policy is also vague and confusing, which means traders will have trouble withdrawing their money. There is also not much information about other charges, which means you may have to pay unsuspecting fee. No details about security measures are provided so sharing your personal information with the broker is a big risk.
All these factors show that scam broker Grand Union Markets has tried to hide its flaws to attract clients, but it is not a legitimate or regulated broker so it should be avoided at all costs.