Online trading is intriguing, and you want to jump right in? Great! However, if you’re considering a platform called Tradgrip (or any other app with a similar name) and wondering, “Is Tradgrip safe?” then you are indeed raising a valid concern.
It’s a fact that in our quick-moving digital world, with every real chance, there is a deeply deceitful trick waiting.
Why don’t we go through the signs of fraud one by one and provide you with the information to keep your money safe from counterfeit trading platforms?
TradGrip Review
TradGrip is a multi-asset online trading platform that promotes itself to users through trading forex, cryptocurrencies, stocks, and indices.
The platform, which aims to fascinate both novice and experienced traders, provides high leverage choices, sophisticated charts, and a wide range of analytics.
One can say that it is quite handy for mobile trading as the platform is offered on a proprietary WebTrader and through an app for both iOS and Android.
Fast execution, real-time charts powered by TradingView, and no hidden fees are the attributes they feature in their promotional activities.
Is TradGrip Safe in India?
TradGrip is a forex trading platform, hence question arise is TradGrip legit and safe to use.
And as per RBI & SEBI, forex trading is illegal and banned in India through such unregistered apps or unregulated online trading platforms.
Apart from this, the platform attracts people by promising high returns.
Now, this raised a lot of questions regarding the safety of the platform.
If a trading platform is offering insanely high returns like doubling your money in a week or making it seem like profits are guaranteed, then it can do more financial harm than one can think of.
Other than this let’s look at other signs that indicate risks of using it:
- Withdrawal Problems
This is the most significant signal of danger.
What you will find is a scenario where the profits will be visible on the app screen, but at the moment, you will try to withdraw your money, and there will be “taxes,” “fees,” or “volume requirements” that you need to meet beforehand.
- Association with Scams
Crucially, there are examples where a TradGrip website was explicitly used by scammers to defraud people.
Victims were led to a fake account on this site, showing huge “profits” that they could never withdraw. This is a massive red flag.
Tradgrip Complaints
Now, on one end the platform is operating illegally in India, but on the other side, scammers are using its name to target innocent people by claiming huge returns.
They generally reach out to people via WhatsApp or Telegram and redirect them to the fake TradGrip platform.
So it becomes difficult to identify is TradGrip Real or Fake, as, fake & cloned platforms that look exactly like a real app, but are actually managed by the scammer.
The stories of people losing their hard-earned money to the cloned and fake TradGrip platforms are heartbreaking and often follow a similar script.
They are masters of psychological manipulation.
One of the instances that got a lot of media attention was when an old man was tricked into losing ₹1.59 crore via an online trading scam.
- The conman reached the victim through WhatsApp, promoting a free online trading course and some tips.
- They got a link from which they accessed joining a Telegram group named a “Tradgrip Account Manager” and were then persuaded to invest.
- The scammers made a police-confirmed fake www.tradgrip.com account for the victim.
- At first, as the victim invested small amounts, they attracted ‘profits’ in view of the site. The victim invested more and more as the site kept showing massive returns.
- When the victim attempted to withdraw their money, the fraudsters said there were “technical issues” and then asked for a large ‘tax’ (approximately ₹30 lakh) to let go of the ₹3 crore ‘profit.’ This was the moment that really made the victim suspicious, and so they approached the police.
The example of this case is very clear that a domain related to Tradgrip was the fake platform that was used in a scammed investment case.
In another case, one victim deposited multiple times to the app, but when she tried to check her final balance, it showed the balance was negative as per the closing P/L.
How to Report an Online Scam?
In case you think that a fake trading platform such as Tradgrip has been used to trick you, or in case you have been a victim of any kind of investment fraud, you should take action without delay.
The faster you can do something, the better it will be to possibly put a stop to the scammers’ bank accounts.
- Stop All Contact and Payments: As soon as you can, block the scammer’s number and don’t send any more money, no matter what they tell you or promise.
- Contact Your Bank: Run to your bank or financial institution and talk to them right away. Tell them about the fraud incident and request them to intervene in the illegal transactions. It is absolutely necessary to do it as soon as possible.
- File an Cyber Crime Complaint: You should disclose every transaction detail, take pictures of your chats, and give your bank account numbers.
- Complaint to SEBI Against Company: You can go to the SEBI’s website report under the fraudulent or unregistered trading and investment platforms or companies.
Need Help?
If you have lost money to a trading scam and are feeling overwhelmed about the reporting process, or just need to talk through the steps, we can provide resources and guidance on filing official complaints.
Register with us now, and we will guide you through the process of reporting complaints.
Conclusion
Your security must be the top priority before the lure of fast money when considering financial apps.
If you come across a “Tradgrip review” or a similar platform that showcases assured, high returns without providing a regulation that can be verified, then you should consider it as being EXTREMELY DANGEROUS.
Keep trading with the safest, fully regulated brokers and under no circumstances should you invest money that you are not willing to part with.
Conduct your own investigation, and keep in mind that if it seems too good to be true, it most probably is.
