GlobelFX review – GlobelFX Legit or Scam Stay away from this scam broker

GlobelFX review – GlobelFX Legit or Scam Stay away from this scam broker – GlobelFX is a scam broker that you should avoid using for your financial trading, according to this review.

GlobelFX review – GlobelFX Legit or Scam Stay away from this scam broker

What is GlobelFX

Globel FX is a Forex trading company. Contracts for difference will allow you to trade fiat currencies, metals, energy, and indices (CFDs).

Traders can choose from three different types of accounts offered by the broker:

  1. Classic with a minimum deposit of 100 USD
  2. Pro with a minimum deposit of 500 USD
  3. VIP with a minimum deposit of 1000 USD

The maximum leverage is 1:500, with spreads starting at 3 pips on the smallest account and 2 pips on the largest.

GlobelFX also offers copy trading, which allows you to replicate other traders’ trades on your own account. I’m hoping this will pay off for you.

Last but not least, you can obtain a deposit bonus to boost your beginning capital with your investment.

Let’s take a closer look at GlobelFX to discover if it’s a scam.

GlobelFX review – GlobelFX Legit or Scam Stay away from this scam broker

GlobelFX is a scam

We have investigated Globel FX and discovered one main flaw that renders this broker dishonest. The following is the explanation.

Lying about regulation

The short version is that GlobelFX falsely claims to be “highly regulated” and hence is a fraud. Let’s get into the details now.

The majority of countries require Forex brokers to be regulated. To be authorized to deliver their services to the general public, they must get licenses and meet certain conditions.

We usually encourage trading with regulated companies since regulation provides investors with at least some basic level of protection.

Globel FX recognizes the importance of financial regulation and attempts to establish credibility by claiming to be highly regulated on its official website. However, this is not the case.

GlobelFX claims to be based in Saint Vincent and the Grenadines, yet there is no Forex regulation in this nation. This is something that their Financial Services Authority recently confirmed.

In other words, no broker in the world can have a Saint Vincent and the Grenadines license because the government and its financial authorities do not give them.

This means Globel FX is misrepresenting about its regulatory status on purpose, making it an evident scam that you should avoid.

Not even registered as a company

 

We know GlobelFX isn’t a licensed company because the Financial Services Authority has stated so.

Worse, GlobelFX isn’t even a legitimate corporation. Because there are no companies with this name in Saint Vincent and the Grenadines.

It indicates that a corporation with this name is not registered in the country, making GlobelFX even more suspicious.

Regulatory warning

We learned through this investigation that Globel Fx is not permitted to provide brokerage services to anyone. But it is doing so, and it is breaking the law in the process.

It it is the case at least in the United Kingdom. UK’s Financial Conduct Authority issued a warning about GlobelFX stating that the broker is providing financial services in the UK without the necessary authorization.

That’s it: a broker who isn’t regulated and is breaching the law by providing unlicensed financial services.

As a result, GlobelFX is not a firm you can trust with your money, and you should avoid it at all costs.

Final Thougth About Globel FX review

Globel FX is a broker that claims to be regulated but is not. We’ve established that it’s an unregistered and illegal broker with at least one financial regulator’s blacklist. Keep your distance from it.

Only utilize regulated brokers for financial trading. You can begin with a free virtual money demo.

Do not invest real money until you are certain that you understand the dangers and have a solid strategy in place.

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