The financial services market is increasingly filled with questionable brokers, and Groshare Limited is one of them. Despite promising high returns, dealing with this company will only lead to financial losses. In this review, we will thoroughly analyze why this broker is a scam and how to identify fraud.
Why Groshare Limited Is Not a Trusted Broker
The company claims to be registered in the UK. Indeed, there is a firm with this name registered back in 1962. However, it has no connection to brokerage services, and Groshare Limited is simply using its name to mislead clients.
Legitimate brokers always provide accurate information about their registration and licenses. In the case of Groshare Limited, the following are missing:
- Legal address. The scammers did not provide a real company location.
- License for brokerage services. Checking the FCA (Financial Conduct Authority) registry showed that Groshare Limited does not hold a license.
The absence of a license means that clients of this company are not protected under the law. In case of problems, there is nowhere to turn for help.
Withdrawal: Myth or Reality?
Groshare Limited accepts deposits via bank cards and cryptocurrency wallets. However, the company does not specify how long it takes to credit the funds. Withdrawals must be made using the same method as the deposit. For example, if the account was funded through a crypto wallet, the withdrawal can only be sent back to that wallet.
Most users, however, find that withdrawing funds is impossible. Pseudo-brokers often use the following fraud schemes:
- Demanding payment of non-existent commissions or taxes. Clients are forced to pay additional amounts, being promised that it’s a mandatory condition for withdrawal.
- Creating artificial obstacles. Even after paying the “fees,” money is not returned, and the broker continues to demand more payments.
Remember: never make additional payments in such situations, or you risk losing even more money.
Company’s Operating Time
The original Groshare Limited firm was indeed registered in 1962. However, the scammers’ website groshareltd.com only appeared in November 2024. This means that this pseudo-broker has been operating for just a few weeks. This is typical for scammers: they create a new website, collect client funds, and soon disappear, only to reappear under a different name.
It’s important to note that such organizations often change domains and names to avoid responsibility. Therefore, any promises of long-term cooperation from such companies are baseless.
Additional Fraud Indicators
❗ Offering bonuses. No legitimate broker offers bonuses, as it is unprofitable for the company. Scammers freely distribute fake bonuses, knowing that clients will never be able to withdraw them.
❗ High leverage. Groshare Limited offers leverage of 1:200 and higher. This is extremely risky, especially for novice traders. Such conditions are often used by scammers to make clients lose their money faster.
❗ Unclear trading conditions. The company’s website lacks detailed descriptions of trading conditions, further indicating fraudulent intent.
Conclusion
Groshare Limited is a fraudulent organization, and working with them poses a high risk of losing all your money. The absence of a license, inability to withdraw funds, and false promises of high returns are clear signs of a scam. In case of problems, clients will not be able to seek help from regulators, as the company does not have official permission to conduct brokerage activities.
Recommendation: avoid working with Groshare Limited and be cautious when choosing brokers. Always check for licenses and the company’s real reputation.
Frequently Asked Questions (FAQ)
Does Groshare Limited have a license?
No, the company lacks a license to provide brokerage services.
Is it safe to work with Groshare Limited?
No, working with this broker is unsafe and may result in financial losses.
How can I get my money back from Groshare Limited?
If you have been scammed, try contacting your bank to initiate a chargeback or seek help from professionals specializing in fund recovery.
Yep now comes back at this stuff Without
scam people