Grotfinance Review – These people lie, steal, and invade your computer!
Don’t take online safety for granted. Grotfinance is a company that pretends to have a license which they stole from another firm. The scammers use remote access software to manipulate the data in your computer.
Their brokerage is a total sham, and their trading software is purpose made to bleed your account dry. Our Grotfinance Review will show you all the reasons why you shouldn’t trust this firm.
|Regulated / Unregulated / Offshore Broker
|Blacklisted as a Scam by:
|GrotFinance Capital Markets Limited
|Yes – Bitcoin, Ethereum, Ripple
|Types of Assets:
|Forex, Cryptocurrencies, Stocks, Indices, Commodities
|Free Demo Account:
|Accepts US clients:
|US Clients are accepted
Is Grotfinance a Legitimate Company to Trade With?
Grotfinance is a company that claims to operate from Switzerland. This is a bold claim indeed, since the Swiss regulator, FINMA is one of the most strict out there. While researching the company credentials with FINMA, we found out that this regulatory body has issued a scam warning about Grotfinance.
Another piece of false information is that Grotfinance is regulated by CySEC. This is suspicious in itself, since CySEC regulates companies based in Cyprus, not Switzerland. Another thing we found out is that Grotfinance pretends to be another company altogether, which is legally registered in Cyprus but not affiliated with Grotfinance.
But, why is regulation so important? We need to consider that many developed countries have established their own sets of rules that brokers need to follow in order to obtain a license. Some nations, like member states of the EU, have identical regulatory standards. Others have some variation to these rules or another, pertaining to the country’s respective financial framework.
Switzerland is not a member nation of the EU, but does subscribe to the MiFID regulation that is enforced by ESMA. What this means for us is that Switzerland has pretty much the same regulatory standards as the EU.
In the EU, a broker must operate at least 730 000€ of starting capital, and offer a compensation scheme of 20 000€. Maximum leverage is 1:30, and bonuses are forbidden. Clients must be provided with Segregated Bank Accounts and Negative Balance Protection.
Because Grotfinance is not authorized, they think they can get away with breaking these rules. While checking the brokers’ credibility, we have checked the databases of other regulators across Europe, and some others. Among these were FCA, BaFIN, CONSOB, CMNV, CBR, ASIC, New SRO, CFTC and NFA… And the only trace of Grotfinance was among the scam warnings!
Warnings Against Grotfinance Scam
There are currently at least two investor warnings about the Grotfinance Scam. The first was issued by Swiss FINMA, and Italian CONSOB was quick to follow for the EEA investors. These are both Tier-1 regulators, and their warnings should not be taken lightly.
You may view the warnings by following these links:
Grotfinance Is a Dangerous Clone Company!
The people behind Grotfinance claim to be regulated by CySEC, under the name of GrotFinance Capital Markets Ltd. Grotfinance has posted this license number in the footer of their website, in a piece of text that you cannot copy. This makes it difficult for search engines to recognise and verify.
The company that owns the Grotfinance alleged license number, 422/22 with CySEC is named Swissquote Capital Markets Limited. Needless to say, this company is in no way affiliated with Grotfinance.
This makes Grotfinance a so-called Clone Company, a scam entity that steals a licensed firm’s credentials to appear legitimate. We advise our readers to steer clear of this scam firm!
Where Does the Broker Operate? – Countries of Service
Grotfinance fraud is most active in European countries. We can see that the majority of their victims are from nations that have strong economies. This is nothing strange, as people in more developed nations have large incomes. This is what ultimately makes them scam targets.
The Grotfinance Scam is most active in these nations:
Which Trading Platforms Can You Expect At Grotfinance?
Grotfinance brags that their trading platform is something “you’ve never tried before”. Scam companies always overpromise and never deliver, and Grotfinance trading platform is the Web Trader. This reminds us of another scam, TraderMinds.
The good point of the Web Trader is that it’s a no-download app. You don’t need to install anything if you have a Web Browser, which is a staple of home computing these days. The software is quite limited and borderline obsolete. The problem does not lie in Web Traders’ obsolescence, however, but the fact that frauds modify it to show false market data.
Regulated brokers still use the Web Trader as a backup solution, but they rely heavily on platforms like cTrader, MT4 and MT5, which are the current industry standard.
Grotfinance Uses Remote Access Software
Because of the recent COVID outbreak, many people have become accustomed to remote access software. Grotfinance advertises the AnyDesk remote access software as a “valuable tool” for their clients.
Once you have given your consent, these nasty people can access your computer from afar, whenever they wish. Unfortunately, this opens a whole new can of worms. With unrestricted access to your computer, swindlers can encrypt your files and extort you for a key to retrieve them!
Grotfinance Trading Account Selection
Although it goes without saying that you should never invest a rusty penny with any scam company, you will be amused at how greedy Grotfinance is with their trading accounts. Fraudsters don’t offer a demo to their clients. We can see that with the Action Sure scam as well.
Even the most basic account is quite pricey, but wait ‘till you see the most expensive one – it costs as much as a used business jet! Take a look:
- Basic – €5 000
- Intermediate – €20 000
- Professional – €50 000
- Expert – €150 000
- Exclusive – €500 000
What Is Grotfinance’s range of offerings?
There is a good selection of trading instruments with Grotfinance, but once again, you shouldn’t trust a company that doesn’t have a trading license. The apparent variety of trading instruments is just another part of the scam bait, just like with the OrbitGTM scam. We’ve made a list of trading instruments divided in groups, with a few examples.
Let’s have a look at them now:
- Forex – EUR/USD, AUD/CHF, EUR/AUD, GBP/CHF
- Cryptocurrencies – Bitcoin, Litecoin, Ripple, Ethereum
- Commodities – Gold, Platinum, Brent, Cocoa
- Indices – GER30, DAX, UK100, NASDAQ
- Stocks – Alibaba, Microsoft, Bayer, Porsche
Withdrawing Funds from Grotfinance
Although there are many different payment methods listed on the Grotfinance main website, you will be hard pressed to find them where they matter. When in the Web Trader, under “Deposit” and “Withdrawal” tabs, you will only see different types of Crypto transfers.
Crypto transfers are difficult to track. Nobody can tell you with certainty where a Crypto Wallet is situated, or whether the funds are even available for transfer. The CypherTrace software can prove helpful with tracking these transactions, but a chargeback is not so easy.
We have received many complaints about Grotfinance denying withdrawals. This leads us to believe that recovering your funds might be impossible without legal aid.
Scammed by Grotfinance Broker? – Let Us Hear Your Story
It is no secret that the scammers have a bone to pick with us. Our legal team of experts has successfully achieved a great number of chargebacks in the past. If you, or somebody you know has become a victim of Grotfinance scam, we urge you to give us a call immediately.
Recovering lost funds is never easy. The more time passes, the worse your chances at getting your money back. Don’t delay! You may use the live chat to contact our staff directly for a free consultation in the shortest time.
Is Grotfinance Legit or Scam?
Grotfinance is an illicit clone company. They have a reputation of defrauding people from Europe.
Does Grotfinance Offer a Demo Account?
There is no Demo Account available for Grotfinance clients.
Are my funds safe with Grotfinance?
Any funds you have deposited with Grotfinance are in danger! Call our team of experts now for help in recovering your money from this scam!