Heard of Globalx.company trading platform? Really want to find more details before choosing the broker? You can carefully read the Global X reviews to know about this forex broker whether to use or not.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
What is Global X?
Global X otherwise known as Globalx.company is an offshore brokerage with a lot of promises for forex traders. The forex company is headquartered in London, United Kingdom.
What is more, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
Global X offers different account packages such as —-
What We Found about Globalx.company Broker Regulation
Global X presents its registered address to be in London, the UK and also displays certificate of regulation by FCA. The broker doesn’t stop there, it also claims regulations and licenses by the Cyprus Securities and Exchange Commission (CySEC), FINMA (Switzerland), as well as from the Financial Services Authority (FSA) of St. Vincent and the Grenadines.
First of, Global X is not licensed by either of these watchdogs. We searched all of their registers and can confidently state that this broker is lying.
In order to clear our suspicions, we searched and it turned out that there is an official warning against Global X, which states that this firm is not authorized to offer financial services therefore is not to be trusted.
See for yourself —
More so, Global X claims to be licensed by the Financial Services Authority (FSA) of St. Vincent and the Grenadines (SVG) is yet another blatant lie.
Just so you are aware, SVG is an offshore zone with no broker regulations in place. As soon as you open the website of the local Financial Services Authority you see a warning that the institution does not license forex and other types of brokers and does not supervise the activities of International Business Companies engaged in such activities.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Global X Minimum Deposit
Global X deposit is pegged $250 based on the account type. Just to put a comparison, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
On its website, there is no information of the broker funding methods. However, after we tried to fund our account, there were two options available which are Credit cards and crypto transaction.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Global X withdrawal says nothing on specific information regarding withdrawal fee and processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
Global X Platform
Checking through the Global X platform, it offers a web trading software. The platform comes with some basic tools and custom indicators but nothing more advanced.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Global X leverage can get up to 1:500 . Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Global X Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Global X located at Globalx.company has appeared like a genuine trading platform. Unfortunately, you should not take the words they say and their attractive looking website layout. By all appearances, we would advise traders to steer clear from this broker as it has been pegged red flag. To this end, we urge our readers to rely on regulated brokers like this or any licensed entity.
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