Grow Deposits Review – Truth Behind GrowDeposits.Com Scam
Grow Deposits tried to appear as a reliable, regulated, and reputable broker by stating they were regulated by not one, but 6 different financial institutions:
- FCA (UK)
- CySEC (Cyprus)
- FSC (Belize)
- ASIC (Australia)
- VFSC (Vanuatu)
- FSC (Mauritius)
The truth is, however, that we couldn’t find Grow Deposits in the databases of mentioned regulators. We did, however, find that both FCA in the UK and FSC in Belize not so long ago issued official warnings against this fraudulent broker.
Our Grow Deposits review will cover more details on this and much more, so keep reading.
|Address||Rafael Damianou Street, Nicosia, CYPRUS, 3 8359|
Grow Deposits Regulation and Security of Funds
As mentioned above, Grow Deposits claims it’s regulated by 6 financial institutions, which we couldn’t confirm even after checking all the regulators’ registers.
Moreover, the website is not functional anymore, which means no security whatsoever, and the victims are left to look for ways to retrieve their investments by themselves.
We couldn’t find any legal documents on their website or any information about segregated accounts or negative balance protection. So, it’s safe to say your investments are not safe with this scamming broker.
Grow Deposits Supported Trading Platform
Grow Deposits provides a trading platform that barely has any functions, which is not surprising for phony scammers. We couldn’t test it ourselves as the website is down.
Trading platforms provided by brokers should be the second most important factor when choosing a broker, with the first one being their regulatory status.
Most regulated brokers provide access to MT4 and MT5, platforms with advanced trading tools and features, available on most devices.
Deposit and Withdrawal Options
The minimum deposit for opening an account with this unscrupulous broker is $1,000, a lot more than the average in this industry.
The only funding option for making a deposit at Grow Deposits apparently is with cryptocurrency, Ethereum, and Bitcoin. This is not surprising as scammers favor crypto because it’s virtually untraceable.
Reimbursement could be possible, but the process would be a lot more complicated compared to the chargeback option.
A chargeback option is available when a transaction is made by a credit/debit card and one can request a chargeback up to 540 days from the day transaction was made.
How the Fraud Is Conducted
Grow Deposits and similar scammers look for their victims mostly on social media, through Google ads, or directly over the phone.
Trained agents contact their potential new victims and easily convince them to deposit by promising them huge profits and offering bonuses.
Numerous negative reviews we found online from people who got scammed stated that their accounts got blocked after requesting a refund.
Others have said their accounts were completely drained after they had stopped making deposits and all attempts to contact the scammers were ignored.
Highly Recommended Forex Brokers
Financial institutions regulating and monitoring forex brokerages are in charge of keeping the trading market fair for everyone and ensuring traders’ investments are secured.
Regulated brokerage companies must follow a comprehensive set of rules to protect their client’s funds and affordable trading conditions.
Transparent trading conditions, fraud protection, and risk warnings are just some of the reasons we advise opting for a regulated broker. With that being said, be sure to check licensed brokers we highly recommend.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||Xm.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||Fbs.com|
Grow Deposits Summary
Grow Deposits is one of the scamming brokerages you should avoid. Warnings issued by two regulatory bodies make it clear this brokerage is not legitimate.
Negative reviews online clearly show what we’re dealing with here, a scammer with only one goal – to steal your money.
And as unregulated and offshore brokers usually remain off the grid, in case of fraud there’s no one to start legal actions against.
If you were scammed by Grow Deposits or any other fraudulent broker, we would be grateful if you could share it with us. We can assist you by reporting your scammer, and getting your money back is possible.
FAQs About Grow Deposits Broker
What Methods Can I Use to Deposit Funds?
The only available method to make a deposit is apparently with crypto, Bitcoin, and Ethereum.
What is The Funding Method at Grow Deposits?
The only available funding method At Grow Deposits seems to be crypto.
What Trading Instruments are Available at Grow Deposits?
At Grow Deposits, one could trade with forex pairs, crypto, commodities, indices, precious metals, and stocks.