GlobalX makes trading with them sound like a real blessing. The supposedly many advantages will bring you huge profit in no time. But the FCA warning on this Dominican firm speaks differently. It has come to our attention that this company fabricates statements about their many regulations.
The grim truth is that they’re unregulated, blacklisted and labeled as scam! Keep reading this GlobalX review to find out more about it.
Legitimacy has nothing to do with how GlobalX runs their business. Even an offshore license would be something, but after checking with FSU (Dominica) we determined that GlobalX has none. The same results appeared when we ran the analysis on CySEC, NFA, IFSC, FINMA and SVGFSA databases. These are all authorities that GlobalX says they own licenses from.
The general trading parameters that GlobalX enforces are major red flags to help you discover their scamming tendencies. First off, they do not provide segregated bank accounts for safe-keeping of clients’ deposits.
As a matter of fact, this con artist attempts to push you into loss quicker, by not installing the risk-reduction measures. These are obligatory in EEA, UK, Canada and US in the form of leverage restriction to 1:30 and 1:50. EEA and UK regulators also demand negative balance protection and compensation funds planning.
Additionally, EU brokers also abide by the harsh regulations initiated by ESMA. Their set of standards called MiFID binds brokers to absolute transparency and pressure to provide best safety measures.
Based on all we found on GlobalX, it’s clear their policies significantly differ from the ones Tier 1 regulators enforce. Add a public warning to that and you get yourself a profile of a fraudster.
In a desperate attempt to build trust with customers, GlobalX makes shameless claims about having multiple licenses. These are allegedly issued by FCA, IFSC, SVGFSA, and FINMA.
However, one quick scan of the mentioned registers rebukes all this disinformation. GlobalX only boosts their fake reputation this way. The broker isn’t really regulated or permitted to perform financial services and monetary transactions. We have another similar company to warn you about when it comes to false regulation – MBChains.
GlobalX is trying their luck with as many traders as possible. The majority of the victims seem to be from the English speaking areas. However, nothing is stopping this con from reaching out to more investors. The feedback we got points as the following countries as key areas:
It seems that dealing with this company has resulted in quite a bad experience for traders. The newly registered scam hasn’t been active for a long time. However, they’ve earned a few bad reviews online. We’ll share one that made an impact on us:
‘’I use my tragic experience as a warning not to deal with a small company that is less than a year old. Stay away from GlobalX, no matter how reliable it may seem to be. Stay alert!’’
A common, web-based distribution with poor design and sloppy performance is what GlobalX offers. Nonetheless, the site dares describe it as an ultimate trading software beginners and pros can all rely on.
The joke of a trader is not equipped even with the basic and mandatory features. Forget about the advanced options that best platforms like MT4, MT5 and cTrader pack. The sole advantage is that this kind of terminal doesn’t require downloads. But that’s of minor importance when trading is not lucrative or possible at all with it.
The whole story starts innocently enough. Several phone calls from an agent offering you a deal you can’t resist. The emails, messages, and calls intensify if you show even slightest interest. And they persist until you start depositing into the scheme.
Scam agents practice ruthless and inhumane methods of deception. From fabrications about profit to emotional manipulation. Left with nothing but empty pockets and even psychological damage, victims are drained both financially and emotionally. Geetle is another example of an offshore broker displaying the same characteristics.
The offer of trading instruments at GlobalX isn’t all that impressive. Leverage with GlobalX goes up to 1:500 and the spreads are unrealistic. The single available instrument classes are as follows:
Please pay special attention to the pricing. If the trading commissions and spreads seem unreasonably low, they’re probably fake. GlobalX is one of the swindlers that presents impossible trading conditions. The point is to make their trading environment look irresistible compared to others. They will still only aim to rob you, nonetheless.
Another type of service by GlobalX described as a premium quality feature are their account types. In all honesty, all of them seem generic and common among the sites of this kind. The greater your investment abilities, the better the offer. We won’t even discuss the realism of such offers, this is a scam broker after all.
Account types are the following:
If GlobalX was indeed as heavily regulated as they claim, they would enable a Demo account. This would allow users to test the speed, reliability and performance of the platform. Thanks to the free margin, users should be able to try out the conditions and explore the possibilities. GlobalX doesn’t provide such options. They have a lot to hide and revealing anything through Demo accounts wouldn’t help them delude their victims.
GlobalX withdrawals are probably the toughest part of dealing with this site. At first promised to be processed in only 48 hours, you soon discover this to be a lie. GlobalX forces you to accept the agreement which says you’re the only responsible party for the fees. This way, GlobalX can pile up a bunch of them on you upon every withdrawal request.
All these facts are covered up on the website and GlobalX only boasts about providing payouts at no cost. Let this serve as yet another proof of GlobalX being inconsistent in their claims, non-transparent and nothing short of a liar. Also, keep this example as a reminder of how vital it is to read the legal docs thoroughly before signing up for anything.
Controlled and well-timed action is of crucial importance in case of a scam. Do not keep these things for yourself if you need help dealing with them. You don’t have to fight this battle on your own. Use the Online Chat feature on our website to quickly get in touch with support agents. Free consultation is provided immediately, and you will gather information you need to urge the authorities to pursue the criminal.
The help we offer is free. In return, the single thing we ask for is to share with us your experience and knowledge on this or any other suspicious company.
Yes, this firm is a confirmed scammer. This information is certain because it is based on the official warning against this fraud, which was published by the leading UK regulator – FCA.
Only types of accounts available at GlobalX are live trading accounts. Demo accounts are not an option given upon registration.
The trading platform provided at GlobalX is not reliable and it’s defective and hardly useful without the necessary features implemented.
Yes, this firm is a confirmed scammer. This information is certain because it is based on the official warning against this fraud, which was published by the leading UK regulator – FCA.
Only types of accounts available at GlobalX are live trading accounts. Demo accounts are not an option given upon registration.
The trading platform provided at GlobalX is not reliable and it’s defective and hardly useful without the necessary features implemented.
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