Grahamalpha – Is this Broker Safe?

Website URL: https://grahamalpha.com/

Founded: 2019

Regulations: Unregulated

Languages: English, German

Deposit Methods: PayBox

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: 200+

Types of Assets: Currency Pairs, Indices, Commodities, Stocks and Cryptocurrencies

Trading Accounts and Conditions

Grahamalpha claims to be one of the leading financial institutions in Europe that specializes in FOREX and CFD trading. The broker offers a wide range of trading instruments, ranging from FOREX to CFDs on Indices, currency pairs, commodities, stocks as well as cryptocurrencies.

Grahamalpha also offers new clients as 50% joining bonus, leverage levels that are as high as 1:400, a web-based trading platform called Activ8, and 7 different account types.

The account types that are offered by this broker are the Basic Account (minimum deposit of $250), Bronze Account (minimum deposit of $1000 and a maximum leverage of 1:200), Silver Account (minimum deposit of $3000), Gold Account (minimum deposit of $7000 and a maximum leverage of 1:400), Platinum Account (minimum deposit of $15000), Diamond Account (minimum deposit of $25000) and the Black Account (minimum deposit of $50000).

The strange thing here is that leverages have only been specified for the Bronze and Gold Account types.

Grahamalpha – Advantages

There are not many advantages to using Grahamalpha as a trading platform. However, we have listed the ones that we could find.

• Range of Account Types

This broker offers its clients a range of 7 different account types from which to choose, which means that there are accounts for the uninitiated trader as well as the professional trader.

• Range of Assets

Based on Grahamalpha’s claims, the broker offers a decently wide range of trading instruments to its customers.

Grahamalpha – Disadvantages

Sadly, Grahamalpha has too many disadvantages, making it a broker that you should avoid completely. Here is the list of the top issues we found with this brokerage:

• Unlicensed, Off-shore Broker

Grahamalpha claims to be owned as well as operated by a company called EZ2GO Ltd., which, according to the address on the website, is located in Sofia, Bulgaria.

The financial watchdog in Bulgaria is called the Financial Supervision Commission (FSC) and all FOREX brokers are expected to register with this agency.

While it is not one of the most stringent or renowned of financial agencies, the FSC does offer a compensation scheme that will cover as much as 90% of traders’ funds in case a broker is insolvent.

Despite being supposedly based out of Sofia, there is no evidence whatsoever that Grahamalpha is being overseen by the FSC. In fact, when we checked the FSC’s database, there were no company called EZ2GO or even the broker Grahamalpha listed.

This clearly shows that this brokerage is unlicensed and unregulated, and you must avoid it at all costs.

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• AnyDesk Software

Grahamalpha seems to be offering its clients the AnyDesk Software. This software allows any user to access your computer remotely. What this means is that if you download this software and give Grahamalpha access to your PC, you are basically offering the broker full access to personal details, including your bank account details.

• Suspicious Withdrawal Conditions

As part of its terms and conditions, Grahamalpha insists that you authorize the broker to carry out bank withdrawals on your behalf. Added to that, you will be charged $30 for every single withdrawal request you make.

Not only that, you will also get charged a maintenance fee by the broker.

Charging such fees are not just highly unusual, they are also unethical, especially since the broker has also stated in its terms and conditions that it reserves the right to change these fees without notice, at any time and at their sole discretion.

These conditions, along with the presence of the AnyDesk software, is a clear warning sign that you need to steer clear of this brokerage.

• Trading Bonuses

When a broker offers trading bonuses, consider it an immediate red flag. Trading bonuses are forbidden in most regulated countries since they are unfair and consumers more often than not end up losing all their money to unscrupulous brokers.

And, as you would have it, this broker offers its customers a trading bonus. Grahamalpha has kept a ridiculously high trading volume requirement and holds the right to cancel your withdrawal request if you do not meet that trading volume.

This basically means that you will never be able to withdraw your money from your account.

• No Support for Skrill Payments

Grahamalpha does not offer any support for Skrill as a payment method. The broker accepts the traditional Visa and MasterCard payment methods, but not Skrill.

While not a strong red flag, it does tend to raise questions about the broker’s validity. Skrill as a company has taken a strong anti-scamming stance, and does not do business with brokers who are not regulated. So, if Grahamalpha does not have Skrill, it is an indication that the broker is not quite legitimate.

• Web-Based Trading Platform

Grahamalpha does not have the MT4 trading platform. This platform is the world favorite since it is so easy to use. It also offers users more than 100 market indicators and the facility for automated trading with the use of trading bots.

This broker offers a simple web-based trading platform that does not have any significant analytics tools for traders.

To Sum Up Our Impression of Grahamalpha

Here is a quick summary of what our deep-dive into Grahamalpha’s operations revealed:

Conclusion

Grahamalpha is an unlicensed and unregulated brokerage that has little or no credibility. Its terms and conditions of use are unreasonable and unfriendly. In fact, it looks like a clear-cut way to scam people of their money. The trading platform is an in-house design that uses a web-based interface rather than the more reliable and reputed MT4 trading platform.

Overall, our recommendation would be to stay away from this broker at all costs or you will lose your money.

Grahamalpha

3.4

User Experience

3.9/10

Payment Options

3.5/10

Security

3.0/10

Support

3.0/10

Reputation

3.5/10

Pros

• Range of Account Types
• Range of Trading Assets

Cons

• Unlicensed, Off-shore Broker
• Use of AnyDesk Software – A Security Hazard
• Suspicious Withdrawal Conditions
• Trading Bonuses
• No Skrill Payment Method Available