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Green Wood International AG
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The German Bundesanstalt für Finanzdienstleistungsaufsicht has issued a warning against Green Wood International AG in August 2023
Green Wood International AG is a forex and CFD broker that claims to offer a wide range of trading instruments, including currencies, commodities, indices, stocks, and cryptocurrencies. The broker also claims to provide competitive spreads, fast execution, and reliable customer support. But are they legit?
In this blog post, we will review Green Wood International AG and see if they are a trustworthy broker or a scam. We will look at their regulatory status, trading conditions, platform, and customer feedback.
One of the most important factors to consider when choosing a broker is their regulatory status. A regulated broker is subject to strict rules and oversight by a reputable financial authority, such as the FCA in the UK, CySEC in Cyprus, or ASIC in Australia. These regulators ensure that the broker follows fair and transparent practices, protects client funds, and provides adequate dispute resolution mechanisms.
Unfortunately, Green Wood International AG is not a regulated broker. The broker claims to be based in Switzerland and registered under the name Green Wood International AG with the registration number CHE-114.905.376. However, a quick search on the website of the Swiss Financial Market Supervisory Authority (FINMA) reveals that Green Wood International AG is not authorized or supervised by FINMA. Moreover, the broker does not provide any other evidence of regulation or license from any other jurisdiction.
This means that Green Wood International AG is an unregulated and unlicensed broker that operates without any oversight or accountability. Trading with such a broker is extremely risky, as you have no guarantee that your funds are safe, your trades are fair, or your complaints are handled properly. In fact, there are many reports online of Green Wood International AG being involved in fraudulent activities, such as refusing to process withdrawal requests, manipulating prices, and closing accounts without explanation.
Another factor to consider when choosing a broker is their trading conditions, such as the spreads, commissions, leverage, and minimum deposit. These factors affect your trading costs and potential profits.
Green Wood International AG claims to offer tight spreads starting from 0.1 pips on major currency pairs, such as EUR/USD and GBP/USD. However, these spreads are not verified by any third-party source, and they may vary depending on the market conditions and the account type. The broker also charges commissions on some trades, but they do not disclose the exact amount or calculation method.
Green Wood International AG offers leverage up to 1:500 on some instruments, which may seem attractive to some traders who want to amplify their profits. However, leverage also amplifies your losses and risks, especially when trading with an unregulated broker that may manipulate prices or stop you out at any time.
Green Wood International AG requires a minimum deposit of $250 to open an account, which is relatively high compared to other brokers that offer lower or no minimum deposit requirements. The broker also offers several account types with different features and benefits, such as VIP accounts with lower spreads and higher leverage. However, these accounts require much higher deposits, ranging from $10,000 to $100,000.
Green Wood International AG provides its clients with a web-based trading platform that can be accessed from any browser or device. The platform has a simple and user-friendly interface that allows traders to execute orders, monitor positions, access charts and indicators, and use various tools and features.
However, the platform lacks some advanced functionalities and customization options that are available on other platforms, such as MetaTrader 4 or MetaTrader 5. These platforms are widely used and trusted by millions of traders around the world for their reliability, security, and versatility. They also support automated trading systems (EAs), multiple order types, market analysis tools, and social trading features.
Finally, one of the best ways to assess a broker’s reputation and performance is to look at their customer feedback. You can find reviews and ratings from real traders who have used the broker’s services on various websites and forums online.
Unfortunately, most of the feedback we found about Green Wood International AG was negative and alarming. Many traders have complained about the broker’s unethical and illegal practices, such as:
- Not processing withdrawal requests or imposing unreasonable fees and conditions
- Manipulating prices and spreads to cause losses or stop-outs
- Closing accounts without explanation or consent
- Harassing clients with phone calls and emails to deposit more money or accept bonuses
- Using aggressive and misleading marketing tactics
- Not responding to queries or complaints
- Some of these traders have even reported losing thousands of dollars to this broker and being unable to recover their funds.
Based on our review of Green Wood International AG, we conclude that they are not a legit broker but a scam. They are not regulated or licensed by any reputable authority, they offer poor and unclear trading conditions, they use an inferior and unproven platform, and they have a terrible reputation among traders.
We strongly advise you to avoid this broker at all costs and choose a regulated and reputable broker instead. You can find a list of some of the best brokers in the industry on our website.
What to Do If You’ve Lost Money with Green Wood International AG?
If you have been scammed by Green Wood International AG or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.