Grand Union Markets Review: Facts You Should Know About gum-markets.net

Meet Grand Union Markets, an offshore broker with a very short life. They were founded and shut down in the same year and in only four months, they earned an infamous reputation for scamming investors. Our Grand Union Markets review will shed light on the truth hidden behind the broker’s name. 

They are actually owned by a company called Sky Tech Solutions Limited, located in Hong Kong. Sky Tech also operates without a valid license, so traders are warned to proceed with caution. 

Who Is Grand Union Markets? All About gum-markets.net

Grand Union Markets is an offshore brokerage company founded in March 2020. As of July 2020, the broker’s website has been completely shut down, uncovering dark secrets hidden behind the name Grand Union Markets. 

Lacking regulation and transparency, the broker doesn’t provide any kind of safety to their traders. The funds are not kept in segregated accounts and there is no compensation fund. Overall, trading with Grand Union Markets will only bring you problems and debts.

Regulation Info

Grand Union Markets was operating only for four months and during that time, they were not regulated by any financial authority. The Grand Union Markets website is not been available to the public anymore, since July 2020. The broker’s only attention was to take as much money as possible and disappear, leaving many traders in debt. 

Aiming at clients from the US, Germany, or the UK would require certain regulators to oversee the broker’s operations, such as the SEC in the US, BaFin in Germany, or FCA in the UK. However, the broker is unregulated so operating from any nation is illegal for Grand Union Markets. 

Just like Motion Markets, Grand Union Markets is a fake brokerage company with a pretentious attitude and should be avoided at all costs. 

Grand Union Markets Broker Profile

GrandUnionMarkets offers a variety of instruments on the MT4 trading platform,  including 50+ currency pairs, market indices, commodities, and CFDs on shares. The standard leverage available is 1:300 and depositing the initial of $250 will open up a Bronze account. 

Information about spreads or any fees is hidden, proving the lack of transparency this broker has. The educational material is not available until you level up to the Silver account type, where the minimum deposit required is $2,000. 

Is Grand Union Markets a Reliable Broker?

Grand Union Markets is not a licensed or registered broker and neither is Sky Tech Solutions Ltd. This broker doesn’t check any positive boxes and isn’t suited for any type of trader, especially beginners. The mere fact that they existed for only four months speaks a lot about them and only proves to us their true intentions. 

Have you been scammed by Grand Union Markets or any other broker? Not to worry! Stress makes a mess and we don’t want that. Reach out to us to book your free consultation and from that moment you are our priority. Getting your money back is possible and we will stop at nothing until we do. 

How Is the Scam Carried Out?

The broker was advertising their fake services, luring traders into their scam. If they force at least one person to open their Gold or Platinum account where the deposit is $10,000 for Gold and $50,000 for Platinum, it would be enough. After that, they would just disappear, aiming at another trader. 

The majority of their victims are from the United States, Canada, Germany, the UK, and Malaysia. Since the broker is unregulated, it’s needless to say that operating in these countries would require a license from reputable authorities like IIROC in Canada or FCA in the UK. 

Deposits and Withdrawal Methods

A user can deposit via credit/debit cards and wire transfers, with a $250 minimum requirement. There are no fees associated with depositing money, however, reports indicate hidden fees during withdrawals. If a broker asks for your card over the phone to do the deposit for you, don’t believe their claims and never give out your details to anyone, especially not over the phone. 

The only way to request a withdrawal is by sending them an email, which we suspect is invalid. The processing periods can take up to 3 days, as stated in the Terms & Conditions. Also stated in T&C, it says withdrawals are available only after 30 days of opening an account. There are hidden costs for withdrawals. 

Pros and Cons of Grand Union Markets

Summarizing Grand Union Markets

Long story short, Grand Union Markets is not licensed or registered, lacks transparency and hides its fees, and the fact they were shut down after only four months tells a lot about it. They try to lure in traders to open a Gold or Platinum account, which is enough for them to lock you out of your account and disappear forever. Since they are unregulated, there is not much you can do.

We sincerely hope that our Grand Union Markets review has enlightened you as to who the broker really is; nonetheless, feel free to get in touch with us if you have any further inquiries. 

Have faith in your intuition and if you think you’re getting scammed, report the scammer and reach out for professional advice. One way or another, getting your money back is possible and that is all that matters. Avoid brokers like Axe Market and Grand Union Markets at all costs. 

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