GlobalX Review: Is GlobalX.Company Legit?
GlobalX Review, Stumbling upon the GlobalX site immediately evokes suspicion. While the site goes on about being super reliable and multiple times regulated, they do not reveal any particularities about the firm.
Several license numbers are presented on the homepage, including FCA and IFSC. But the regulations page also has quite a few authorizations to mention. At this point, GlobalX has come off as utterly shady, so we had to examine the details. This GlobalX review is a result of a thorough investigation, so read it to learn to recognize and deal with scams.
Before proceeding, we’d like to direct your attention to the official warning on this firm, published by the leading UK regulator.
The warning should cause cautiousness in traders like several warnings on Beurax confirm. Fraudulent companies work in similar ways.
GlobalX Reliability – Regulation and Security
Although the official FCA warning clarifies all doubts about the business ethics of GlobalX, we had to get to the bottom of the issue. GlobalX first gives an address in the UK, to make their fake facade look as believable as possible. We assume this is what triggered FCA to issue a warning. Terms and Conditions doc mentions another location, which is actually Dominica.
Now, let’s talk about fake and real licenses. FCA and IFSC have never issued licenses to GlobalX. Neither have CySEC, SVGFSA or FINMA. How do we know this so precisely? All you have to do is go to the official websites of these authorities and search the respective registers for the GlobalX name. Not coming up with any results will prove our words true. This immediately rebukes all GlobalX claims about their supposed certificates.
GlobalX also assures clients they follow the MiFID directive related to enforcement of AML measures and increased transparency. ESMA is the independent EEA regulator that has come up with this law. But GlobalX shows nothing of significance that could make us believe they do, indeed, operate according to MiFID. Or any other regulation for that matter.
Not having a valid license yet providing the UK and EEA customers leverage of 1:500 is a red flag spot on. GlobalX neither provides segregation of clients’ funds through separate bank accounts. Along with the leverage ratio of 1:30, UK and EEA brokers have to provide negative balance protection and compensation funds. GlobalX does neither. This broker is unregulated and under no oversight in their brokerage activities.
Trading Platform Available at GlobalX
GlobalX imagined their trading platform to be a state-of-the-art software with best performance when it comes to trading, analysis and complex functions. All these make-believe circumstances could perhaps fool a beginner trader, but not our experienced eye.
To some extent, this distribution could suit novices to practice on, but not for a long time. Even beginners quickly learn to rely on competitive features they need for creating the most lucrative strategy. The single point of this simplistic software is their subjectiveness to modifications by the fraudster.
GlobalX Account Types
From packages described as optimal solutions for beginners to those offering all the privileges, GlobalX has an array of quite expensive account types:
- Welcome on Board account – $250
- Beginner – $1 000
- Bronze – $5 000
- Silver – $10 000
- Gold – $25 000
- Platinum – $50 000
- VIP – $100 000
The bigger your investment possibilities, the higher the leverage and better the features. However, it all may seem nice and shiny on the website, but the reality is not so bright. Most of the options are fake, and you don’t really get the promised service at all. After all, it’s a scammer we’re talking about here.
|Broker||GlobalX||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
GlobalX Deposits and Withdrawals
From the intel we managed to gather, GlobalX provides but a single way of funding your live trading account. Those are credit cards (Visa, MasterCard and Maestro). The biggest advantage of such transfers is the possibility of issuing chargebacks. However, even if you choose this payment method, you first have to send a deposit request to GlobalX. This implies a potential risk from the broker forcing another payment method while denying this one.
Processing the withdrawals lasts 48 hours, which is pretty fast, but unconfirmed if true. As for the fees, by agreeing to the T&C doc, you agree to pay all the expenses and processing fees, commissions and other charges. The single openly stated fee is the dormant account maintenance fee of $10 per month of inactivity.
Another offshore business that acts similar with withdrawals is 70Trades, so beware of them, too.
How is the Fraud Delivered?
GlobalX seems like one of those street sellers that talk a lot but in the end say nothing of value. The boiler room agents will knit a web of lies around you and walk you right into it. They will present their offer as an opportunity you can’t miss and you will accept it. If anything, out of curiosity.
When the depositing starts, you fall into the manipulators’ hands. The friendly agents will keep throwing special offers, promotions and bonuses at you to encourage fake trading and more investing.
Be weary of how fast their attitude changes once you start asking for a withdrawal. Since they remained unclear about fees and charges, they will start boosting them to stall the payouts until they have enough excuses to completely deny them.
Recommended Forex Brokers
A good Forex dealer is the one that treats their customer’s success as their own. Brokers that are setting the standards in the Forex market today are undoubtedly these from our table. Their performance and quality of services and products keeps pushing the boundaries. Some other broker dealers find it hard to keep up so only the best offers remain standing. We’ve picked some of the most popular, most awarded and by far most reliable ones out there for you:
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
GlobalX would never have a public alert on them for being a scam if they were as honest and legal as they claim to be. No brokerage with that many licenses could make such a wrong move as GlobalX does. It appears, despite all their claims, GlobalX is not in the ownership of any online trading certificate. Their statements are completely false, as our investigation makes clear.
The final advice we have for you is to always check with the authorities if your broker is as legit as they say they are.
FAQs About GlobalX Broker
Is My Money Safe With GlobalX?
Investments are most likely being eaten up by the scamming scheme at GlobalX, considering they’re not a legitimate brokerage business.
Does GlobalX Offer a Demo Account?
The only account types available are the live trading accounts and the cheapest one costs $250 to open.
Is GlobalX a Trustworthy Broker?
As the FCA warning says, this broker shouldn’t be trusted as they possess no authorization for their line of work.