Beware! GrahamStatus is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Any broker whose website contains TradingView charts si definitely up to something not good. We have come to expect the worst out of such entities, and not without our good reasons. 99% of all the brokers we have reviewed in the past, those that contain a third-party chart within them, have turned out to be completely unregulated. Then, what’s so different about GrahamStatus? Absolutely nothing. This is the same old shady brokerage story told once more, but with a different, slightly confusing name. It’s time someone GrahamStatus sets things straight for GrahamStatus. That someone is us. Read the review to find out all about this broker.
The familiar registration process was completed by us in a manner of seconds, and we were once again staring into the user area that we have seen hundreds of times during our time here. It’s by far one of the most overused scammer broker user area template.
We were able to get access to a web trader, revealing to us the available financial instruments: forex currency pairs, commodities, cryptos, indices, metals, and stocks. The EUR/USD spread is too good to be true at 0.1 pips. Even if there is no mention of a commission, we truly believe that there is something very fishy here. This type of spread even the big legit brokers won’t offer it without some kind of a commission.
The leverage is said to be limited to 1:30, however, the webs trader reveals it to be a 1:200.
The website is available in English only.
GRAHAMSTATUS REGULATION AND SAFETY OF FUNDS
A claim in the terms and conditions had us looking for more details. At some point, it is revealed that the broker functions in the jurisdiction of Estonia. However, there is no proof that the broker is regulated by the Estonian Financial Supervisory Authority, nor does the regulator itself claim to oversee the broker. Thus, this is only a claim and a false one.
Moreover, if GrahamStatus is located in Estonia it is illegally operating from there.
Aside from this fake news, we have no other solid regulatory claim to work with. Furthermore, there is no contact address anywhere, which makes this broker anonymous, which can also be viewed side-by-side with GrahamStatus being UNREGULATED.
Trading should be done only with risk-free brokers, and by that, we mean regulated brokers, for all brokers pose a certain risk. Regulated ones are those that warn users of the risks and are tightly overseen by the given overseer. Thus any lost funds result only because of the user’s poor judgement or because of the dynamic fluidity of the market.
We encourage users to trade with FCA or CySec regulated entities, or other European or US-based licensed brokers. These are very severe with their firms and demand of them a ton of requirements. Regulators strive to keep brokers in touch with the law!
Moreover, the FCA and CySEC offer financial reimbursement schemes to users of brokers under their gaze. This fund cover losses of users in times when the broker becomes insolvent.
GRAHAMSTATUS TRADING SOFTWARE
The web trader used here is one that we have seen being used dozens of times, all of which were used by unregulated companies. Thus, there isn’t much to be said of the web trader here.
The most obvious functions are pending orders, some limited chart customization options, indicators, and time frames. Other than that, this terminal is quite useless.
GRAHAMSTATUS DEPOSIT/WITHDRAW METHODS AND FEES
The user area reveals that the minimum deposit is $250, by means of some unknown payment methods; users have to verify their account before investing!
Judging by the legal docs, the payment methods are credit cards, debit cards, wire transfer, and alternative methods.
The following is taken from the Withdrawal Policy, a very scammer-like set of provisions.
Withdrawal requests take 5 days tops to process. There is a $50 commission applied to all wire transfers, a $35 fee for credit and debit card withdrawals, and a $25 fee for withdrawals using alternative methods. The minimum bank withdraw is $250, and $100 for all other methods.
Users have to trade at least 200 times prior to requesting a withdrawal.
Moreover, the withdrawal policy reveals that there are other, undisclosed, charges!
We cannot say for sure that these conditions apply, but for the purpose of the review, we have included them.
Although, the Non-Deposited Funds is a completely different story. Because of this clause, users cannot withdraw any profit that they might have acquired.
GrahamStatus is a risk to all traders. It is not worth investing your time and money here.
How does the scam work?
The scams are very efficient and simple to follow for both the user and broker. At times, it may seem ludicrous to consider that one is in the middle of a scam! That is how effective they are!
Online ads that promise fast money, superb investment strategies, luxurious lifestyles, and beautiful sceneries, are all often a part of an investment scam. These advertisements are specifically tailored for more susceptible users. Clicking on them will redirect the person to either the website itself or an intermediary source.
It matters not where one ends up. Sooner or later the individual will be asked to provide a phone number or an email address.
Sooner or later, the unfortunate soul to have given these contact details away will start receiving emails or phone calls from the rep of the scam. The only and ultimate goal of these calls/email correspondences is to entail a preliminary deposit. This first investment is the client’s way into the scam, and after that, it will be much easier – for the user because his guard is down, and for the scammer, because he has gained the user’s trust – to bring about more deposits.
It all culminates to the point where the client wants to see results; he/she wishes to see some profit or withdraw his deposit and leave. A few things will happen. Either result will appear, completely fabricated by the fraudster, or the scammer will cut all communications with the user.
One thing is for certain. Users will not be able to withdraw! Typically, the broker will either cut all communication, quote its shady legal documents as a counter to all requests, shut down the user account, or even close the entire website!
What to do if scammed?
Immediately upon feeling suspicious file for a chargeback. Both VISA and MasterCard have extended their chargeback time span to 540 days.
Fraudsters can take out money from your bank account, and thus we encourage defrauded users to change their bank account name and password ASAP. And then users should contact the bank to set a plan of action with it.
Deposits made through any sort of cryptocurrency are for sure to be lost forever. That is why it is imperative to never invest in crypto.
So users will come across these self-proclaimed recovery agents, whose alleged job is to recover money lost to investment scams. All they ask is a service fee, which they will take and leave the user without a trace!