Groovemargins is a CFD broker whose official website domain was registered on July 5, 2023. This broker primarily offers investment services in trading markets such as forex, digital currencies, precious metals, commodities, and funds for retail and institutional clients. It does not offer services to countries or regions where doing so would violate local laws or regulations.
Company Registration Information and Regulatory Status
Public information on the Groovemargins (www.groovemargins.com) website shows that the services offered by this broker are under the jurisdiction of financial regulatory authorities in the United States. However, its terms of service page states that "any litigation arising from the terms of this website shall be conducted in courts located in Canada and can only be litigated in Canadian courts." Besides this, the broker's website does not disclose specific company registration details or regulatory information.
Upon verification, organizations such as the National Futures Association (NFA), Financial Industry Regulatory Authority (FINRA) in the United States, the Canadian Company Registrar, and the Canadian Investment Regulatory Organization (CIRO) all report no registration or regulatory information for a company named "Groovemargins."
Therefore, Groovemargins (www.groovemargins.com) is essentially a fraudulent broker website with no company entity or regulatory oversight.
Account Opening Process
The account opening process for Groovemargins trading accounts is as follows: Open the broker's official website, click “REGISTER NOW” on the homepage or “Join Now” in the upper right corner to enter the account registration page. Fill in your name, email, and other personal information as required, set a login password, and submit. After submission, verify your account to complete the registration.
Investment Plans
Groovemargins offers seven investment plans: BEGINNERS CHOICE, ADVANCED PLAN, EXPERT MINERS PLAN, REAL ESTATE CONTRACT, OIL AND GAS CONTRACT, GOLD CONTRACT PLAN, and ULTIMATE CERTIFIED CONTRACT.
BEGINNERS CHOICE:
- Trading Period: 4 weeks
- Minimum Deposit: $500
- Maximum Deposit: $3,999
- Referral Bonus: 5%
- Enhanced Security
- 24/7 Dedicated Support Service
- Daily Return Rate: 0.5%
ADVANCED PLAN:
- Trading Period: 8 weeks
- Minimum Deposit: $4,000
- Maximum Deposit: $9,999
- Referral Bonus: 5%
- Enhanced Security
- 24/7 Dedicated Support Service
- Daily Return Rate: 0.8%
EXPERT MINERS PLAN:
- Trading Period: 12 weeks
- Minimum Deposit: $10,000
- Maximum Deposit: $39,999
- Referral Bonus: 5%
- Enhanced Security
- 24/7 Dedicated Support Service
- Daily Return Rate: 1.0%
REAL ESTATE CONTRACT:
- Trading Period: 16 weeks
- Minimum Deposit: $40,000
- Maximum Deposit: $69,999
- Referral Bonus: 5%
- Enhanced Security
- 24/7 Dedicated Support Service
- Daily Return Rate: 1.2%
OIL AND GAS CONTRACT:
- Trading Period: 20 weeks
- Minimum Deposit: $70,000
- Maximum Deposit: $99,999
- Referral Bonus: 5%
- Enhanced Security
- 24/7 Dedicated Support Service
- Daily Return Rate: 1.2%
GOLD CONTRACT PLAN:
- Trading Period: 24 weeks
- Minimum Deposit: $100,000
- Maximum Deposit: $500,000
- Referral Bonus: 5%
- Enhanced Security
- 24/7 Dedicated Support Service
- Daily Return Rate: 1.6%
ULTIMATE CERTIFIED CONTRACT:
- Trading Period: 50 weeks
- Minimum Deposit: $1,000,000
- Maximum Deposit: $100,000,000
- Referral Bonus: 5%
- Enhanced Security
- 24/7 Dedicated Support Service
- Daily Return Rate: 10%
Trading Platform
Groovemargins provides users with a self-developed trading platform, but no detailed information is provided, and it is web-based only.
Deposits and Withdrawals
Groovemargins allows users to make deposits and withdrawals via cryptocurrencies. The minimum deposit amount is the equivalent of $50 in Bitcoin or other accepted cryptocurrencies, and the minimum withdrawal amount is the equivalent of $5 in Bitcoin or other accepted cryptocurrencies.
Conclusion:
Traderknows reminds investors that Groovemargins is a fraudulent broker luring investors with promises of high returns, but in reality, it lacks any regulatory oversight. Investors are advised to choose brokers with transparent information, strong regulation, and good reputation to avoid unnecessary financial losses.
Currently, this broker is marked as a "Scam" on Traderknows.
