• Mon. Apr 15th, 2024

Greendax Review (greendax.com) FRAUD EXPOSED – Greendax Scam Broker

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Byfraudulentbrokers.com

Oct 1, 2023
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Greendax (greendax.com)
Conclusion
The problems that you discover about Greendax indicate that you cannot trust this broker as it is likely to be another scam.
Broker Rating
0.1

Greendax (greendax.com) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! Greendax scam works by getting you to believe you can become rich by trading with them.

Greendax Review

One of the key components in your online trading journey is the broker you choose to use for giving you access to the markets. There are hundreds of thousands of online brokers to be found nowadays and you will find most of them promising you excellent services.


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But, this is the internet where anyone can promise anything, so everything has to be taken with a grain of salt. This Greendax review shows that appearances can be deceiving and what you see may not be the full picture. Hence, your priority should be to ensure that you are looking at the complete picture.

It can be tempting to just believe what you are being told and shown because you want to get started as quickly as possible. But, taking a bit of time and exercising some caution can certainly pay off when it helps you find a brokerage you can trust. After all, you want to have a long-term relationship with the broker you eventually select and that will only happen when it is the right one. Considering that the sea of companies also include shady and fraudulent ones is enough for you to proceed very carefully.

Even a small misstep on your part can lead to disaster because you could choose a fake broker and see your investment go down the drain. The only way you can trust a brokerage is when you find that it actually delivers everything it claims and promises on its website. Making promises is not that difficult on the internet, but keeping them is a completely different ballgame. You will see this yourself when you go over Greendax and its offerings. It seems like quite the legitimate broker when you first check it out and the untrained eye may not be able to see the problems right off.

Greendax website

So, how do you find out if Greendax can be trusted or not? You can do so by going over some important details. Let’s get started.

Licensing

If you are looking for a trustworthy broker, you should look for one that has a license to provide its services. This is usually granted by the regulatory body in the region where the broker is based and only after they have fulfilled requirements. It indicates that they are in compliance with rules and standards. Licensed companies can also be held accountable and this adds a layer of security because you do not need to worry about being scammed.

Therefore, when you want to figure out if you can trust Greendax or not, you should first look at its licensing status. Alarm bells should start ringing when you realize that there is no information on the Greendax website about where it is based, much less about a license. There is no talk of license at all and there is no company name, or any other corporate background. It appears that Greendax is virtually anonymous because you cannot find any information.

Even the ‘Contact Us’ section on the Greendax website does not mention an address or even a phone number. You are just given an obscure email address that does not give you any hints. The Terms and Conditions of the broker does vaguely mention Saint Vincent and the Grenadines. But, this does not reassure either because this offshore zone has a reputation of being home to scammers. The financial authorities in SVG have stated that they do not regulate the forex industry.

Therefore, being based there will not help Greendax in establishing any credibility. It means that the broker does not have a legit license to provide you its services.

Trading platform

The next step to checking the trustworthiness of a brokerage is looking at its trading platform because this feature is a must for doing the actual trading. All your activities are conducted via this platform, so it has to be capable of facilitating you. Like other brokers, Greendax also promises a good trading platform, which it says is web-based.

However, when you check out this so-called web trading platform at Greendax, you will find that the term good does not apply to it. It is a primitive trading platform that lacks even some basic tools and features, which means it is not fit for use for most traders. Even beginners will not find it very useful because it is so lacking. Plus, it is not user-friendly either and this is another downside. There is no industry-leading solution like the MT5 available, which most trustworthy brokers would have.

Trading conditions

Going over the trading conditions of an online broker is also necessary to know if it can be trusted. After all, a good and reliable company would always offer you competitive conditions to help you enjoy the opportunities the markets have to offer. This certainly does not turn out to be the case with Greendax because it does not offer any favorable conditions to its clients.

To begin with, the leverage levels you will find at Greendax are around 1:300. These seem attractive at first glance because you can make big trades, but if they go bad, you will have extremely high losses. Leverage should never be this high for retail traders. When it comes to spreads, they begin at 2 pips at Greendax and this is not appealing either because tight spreads usually start at 0.5 pips.

Payment options

Since you have to deposit money with an online broker, checking the payment options is vital. Unfortunately, the ones that are given at Greendax show that the broker cannot be trusted at all because it offers you no options that are eligible for chargeback. Deposits can only be made in crypto, or via bank wire transfers.

The former payments tend to be anonymous and irreversible, due to which they are a favorite of scammers and the latter are also final. This shows that Greendax does not have good intentions and you should not trust it with your funds.

The Verdict

The problems that you discover about Greendax indicate that you cannot trust this broker as it is likely to be another scam.

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