Groovshare is a CFD broker whose official domain was registered on September 9, 2023. This broker primarily provides investment services in trading markets including forex, digital currencies, precious metals, commodities, and funds for retail and institutional clients. It does not offer services to countries and regions where it could be in violation of local laws or regulations.
Corporate Registration Information and Regulatory Status
Public information from Groovshare's official website (groovshare.com) reveals that the services provided by this broker are regulated by financial authorities under U.S. jurisdiction. Additionally, the website’s terms of service state that any legal action arising from these terms must be litigated in courts located in Canada and can only be litigated in Canadian courts. Beyond this, the broker does not disclose its company registration information or detailed regulatory information on its website.
Upon investigation, no registration or regulatory information for a company named Groovshare was found on the websites of the U.S. National Futures Association (NFA), the Financial Industry Regulatory Authority (FINRA), the Canadian Business Registry, or the Canadian Investment Regulatory Organization (CIRO).
Therefore, Groovshare (groovshare.com) is essentially an unregulated scam broker's website.
Account Opening Process
To open a trading account with Groovshare, visit the broker’s official website, click on "REGISTER NOW" on the homepage or "Join Now" in the top right corner to enter the account registration page. Fill in the required personal information such as name and email, set a login password, and submit the form. After verifying the account, registration is successful.
Investment Plans
Groovshare offers five basic investment plans: Standard Plan, Silver Plan, groov Plan, Diamond Plan, and Silver Plan. Additionally, there are three compound investment plans: Premium Plan, VIP Plan, and Veteran Plan.
Standard Plan:
- Trading Cycle: 1 week
- Minimum Deposit Amount: $300
- Maximum Deposit Amount: $2,000
- Referral Bonus: 5%
- Enhanced Security
- 24/7 Dedicated Support Service
- Weekly Return on Investment: 10%
Silver Plan:
- Trading Cycle: 1 week
- Minimum Deposit Amount: $2,000
- Maximum Deposit Amount: $11,000
- Referral Bonus: 5%
- Enhanced Security
- 24/7 Dedicated Support Service
- Weekly Return on Investment: 15%
groov Plan:
- Trading Cycle: 1 week
- Minimum Deposit Amount: $11,000
- Maximum Deposit Amount: $21,000
- Referral Bonus: 5%
- Enhanced Security
- 24/7 Dedicated Support Service
- Weekly Return on Investment: 20%
Diamond Plan:
- Trading Cycle: 1 week
- Minimum Deposit Amount: $21,000
- Maximum Deposit Amount: $50,000
- Referral Bonus: 5%
- Enhanced Security
- 24/7 Dedicated Support Service
- Weekly Return on Investment: 25%
Silver Plan:
- Trading Cycle: 1 week
- Minimum Deposit Amount: $50,000
- Maximum Deposit Amount: No Limit
- Referral Bonus: 5%
- Enhanced Security
- 24/7 Dedicated Support Service
- Weekly Return on Investment: 30%
Premium Plan:
- Trading Cycle: 3 months
- Minimum Deposit Amount: $10,000
- Maximum Deposit Amount: $25,000
- Referral Bonus: 5%
- Enhanced Security
- 24/7 Dedicated Support Service
- Weekly Return on Investment: 20%
VIP Plan:
- Trading Cycle: 6 months
- Minimum Deposit Amount: $30,000
- Maximum Deposit Amount: $55,000
- Referral Bonus: 5%
- Enhanced Security
- 24/7 Dedicated Support Service
- Weekly Return on Investment: 30%
Veteran Plan:
- Trading Cycle: 12 months
- Minimum Deposit Amount: $500,000
- Maximum Deposit Amount: No Limit
- Referral Bonus: 5%
- Enhanced Security
- 24/7 Dedicated Support Service
- Weekly Return on Investment: 50%
Trading Platform
Groovshare provides users with a self-developed trading platform, but no detailed information is provided about it and it is only available on the web.
Deposits and Withdrawals
Groovshare supports deposits and withdrawals using various cryptocurrencies.
Conclusion
Traderknows reminds investors that Groovshare is a scam broker luring investors with promises of high returns but is actually unregulated. Investors are advised to choose brokers with transparent information, strong regulation, and a good reputation to avoid unnecessary financial losses.
Currently, this broker is marked as a "Scam" on Traderknows.
