We strongly suggest you drop the plan to open an account with Grampoint because it is an unlicensed broker, a trading platform potentially posing a huge risk to your money and personal information.
Grampoint displays a certificate to support its claim that it is legally registered in New Zealand. If the assertion is true, the company, hence, is required to be authorized by the New Zealand Financial Markets Authority (NZ FMA). However, the New Zealand financial watchdog has issued a warning against Grampoint, stating that Grampoint is falsely claiming to be a New Zealand company and is not registered to provide financial services in the country.
Furthermore, Grampoint claims that it is regulated by the U.S. Securities and Exchange Commission (SEC) and the Investment Industry Regulatory Organization of Canada (IIROC). However, our search for this company in the aforementioned regulators' registers didn't yield any results either.
In essence, Grampoint is not regulated by any regulatory body. Once your funds and personal data are held by this trading platform, there are no rules in place to safeguard them. As such, investors are encouraged to stay away from unlicensed brokers like Grampoint and instead choose a fully regulated one.
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