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Globitex Review - is it scam or safe?

Globitex - is Globitex.com scam or good cryptocurrency exchange?

RATING: 2.9 / 1 REVIEWS ForexBrokerz Globitex

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1

0%*

 *Until later in 2018.

 

Globitex is new Lithuanian institutional grade crypto-fiat exchange, with an aim to scale the existing infrastructure to allow trading commodities, money-markets, and crypto-index futures. For now it only offers buying and selling of cryptocurrencies (BTC and BCH) for EUR.

 

Globitex advantages

 

- Regulation. The group company of Globitex - NexPay UAB received EMI (Electronic Money Institution) license from an EU regulator, which allows it to integrate the SEPA payment system directly through Lithuania’s c-bank and to issue IBAN accounts to Globitex clients. Generally, the EMIs can issue electronic money; supply payment services; in some cases grant loans linked to payment services; offer operational services and additional services like management of your payment system or commercial activity.

As for the IBAN, most likely Globitex refers to a “virtual IBAN”. Such number allows the incoming funds to be rerouted directly to the client’s “real” IBAN in a physical bank. A virtual IBAN allows clients to to do virtual worldwide international business transactions where the funds end up in their physical bank account.

 

- Trading fees. Currently Globitex does not charge trading fees. They will be enabled later in 2018.

 

- Low Deposit/withdrawal fees. Deposits of fiat currencies via SEPA and deposits of cryptocurrencies are free. Deposits via international bank wires cost EUR 10 (plus any fees of the bank). Withdrawal via SEPA costs EUR 0.3, via international bank wire – EUR 30. When withdrawing cryptocurrencies, the client only has to cover the miner’s fee.

 

- Countries. Globitex accepts clients worldwide, including from the USA. The only exceptions are some countries subject to international sanctions: North Korea, Iran, Iraq, Syria, Yemen, Afghanistan, Somalia, South Sudan.

 

- Order execution types. Globitex offers several types of order execution: Good till Cancelled – allows the trade active, until closed by the client or the position has been filled; Good till Date – keeps the position open until a set date; Fill or Kill – either fills the position by fully matching the price or closes it; Immediate or Cancel – fills the position immediately, if he position cannot be fully filled, the remaining part of the trade will be closed; Day – can be filled, closed manually or expire at 00:00 UTC.

 

- Several Account types. Globitex offers several different types of accounts, depending on the verification level, and they have various deposit and withdrawal limits. The Basic Account Level allows the client to remain anonymous, but it has fairly low limits. The Advanced Account Level allows to withdraw and deposit up to EUR 15 000 annually. The Unlimited personal account, as the name suggests, has no limits, but there may be additional requirements.  

 

 

 

 

Globitex disadvantages

 

- Limited payment methods. Globitex accepts fiat payments only through bank transfers, which can sometimes be quite slow and inconvenient. Plus, the international bank wires come with hefty fees, charged by the banks.

 

>> See crypto exchanges accepting credit cards <<

 

- No Leverage. For now Globitex does not offer leveraged trading, but perhaps will enable it at some point. Those who wish to merely speculate on the cryptocurrency prices, without buying the coins, can sign up with a regulated forex broker that offers leveraged trading of CFDs with cryptocurrencies as an underlying asset.

 

 >> See our list of regulated bitcoin forex brokers <<

 

- Minimum deposit requirements. However small, they are requirements, nevertheless: for SEPA: EUR 5, for international bank wire: EUR 50, for cryptocurrencies: the worth of EUR 10. The minimum withdrawals in fiat are the same as the deposit requirements.

 

- No Anonymity. Globitex offers the option to trade anonymously with the Basic Account Level. However, it has EUR 2500 annual deposit and EUR 1000 annual withdrawal amounts. For anything above that sum, the client needs to provide personal information and a copy of an ID, plus additional information that may be required.

 

Conclusion

 

Globitex is still a very new exchange, but there are a few things we like about it. First and foremost, it is the European EMI license, which suggests some level of regulation. Another thing we like are the low deposit and withdrawal fees and the free trading (for now).

 

What we find most inconvenient are the deposit and withdrawal options for fiat currencies, which are limited to just bank transfer. Surely, this is among the safest methods, but it can be slow and costly.

 

It looks like Globitex has big ambitions and hopefully it will carry them out.

  

 

 

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Traders` reviews for Globitex

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