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Global Online Review - is it scam or safe?

Global Online review - Is gomltd.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Global Online
Global Online is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Global Online claims to be a UK forex and CFD broker, regulated in Australia and the US. Unfortunately that turned out not to be true - Global Online is not regulated by the Australian Securities and Investments Commission (ASIC) nor it is a member of the National Futures Association (NFA) in the US. In practice the Global Online website is completely anonymous as there is no information about the company behind the broker, not even a contact address or a phone.

 

Trading account  Min. deposit Max. leverage Spread

Standard Account

$100 1:100 3,3 pips

 

Global Online Advantages:

 

Acceptable minimum deposit requirement

 

Even with low credibility brokers like Global Online we always start with all the possible advantages about the broker – in this case the relatively low minimum deposit requirement – 100 USD, which is in the lower range of what most brokers would ask you for, to open a trading account. Still bear in mind that with some big, popular brokers like FBS and IG you will be able to start trading with just 5 USD or even less.

 

Skrill accepted as payment method

 

This is another positive point – along with all major credit cards like VISA and MasterCard Global Online accepts payments with bank wire and Skrill – a popular e-wallet. No bitcoins are accepted, however, so here you may check our list of brokers, where you can pay with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader4 supported

 

This is another piece of good news - Global Online offers MetaTrader4 – the most widely used trading platform in the industry. MT4 has been around for nearly 15 years now and it still dominates the market. MT4 is a platform of choice for professional and beginner traders alike – it features numerous market indicators and customizable trading robots, with which one can easily run automated trading sessions. On top of that MT4 has an excellent charting package so here you may check our list of brokers also supporting the MetaTrader4:

 

>>MT4 Brokers<<

 

Leverage of up to 1:100

 

We tested the Global Online trading platform with a demo account and the spread we were offered – 1:100 was perfectly enough to fit even the most aggressive trading strategies. Besides, in recent years leverage levels were significantly lowered on all regulated markets except Australia, so here you may also check our list of brokers regulated there:

 

>>Brokers regulated in Australia<<

 

Global Online Disadvantages:

 

No license

 

Global Online says to be authorized and regulated by the Australian Securities and Investments Commission (ASIC) and to be a member of the National Futures Association in the US.

 

(They do not mention anything about  the Financial Conduct Authority (FCA) in the UK, although they claim to be based and founded in there.)

 

And as we already noted all of that turned out not to be true. We were not able to find Global Online Market Limited, the company operation the broker, neither in the registers of ASIC nor in those of the NFA. 

 

And besides, actually only a handful of brokers have licenses to operate on the US market and that is because of the restrictively high minimum operational capital requirement – 20 000 000 million USD – the same as the capital requirement for the Swiss banks. So it was not a surprise that we were not able to find Global Online in the registers of the NFA.

 

Unacceptably high trading commission

 

Checking  Global Online trading platform at first we were pleasantly surprised by the tight spreads – 0,2 pips – 0,3 pips for the benchmark EURUSD spread. However, when we opened a position it turned out that there is a trading commission of 30 USD per traded lot, round trip. 

 

One standard lot equals 100 000 base currency units, and if you are trading in US dollars a 30 USD commission will basically add up another 3 pips to the actual spread. That means the actual spreads with Global Online start at 3,2 pip – 3,3 pips and that is almost three times the spreads traders would usually consider attractive with a standard account. Still here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Few trading instruments

 

In its presentation Global Online says to be offering over 200 trading instruments in four asset classes, including nearly 70 currency pairs. When we tested their trading platform with a demo account however, we came across just 7 major currency pairs AUDUSD, EURJPY, EURUSD, GBPJPY, GBPUSD, USDCAD and USDJPY, as well as several CFDs on  gold, silver, oil and bitcoins. And that was all. Still, if you are tempted by the idea of trading with crypto assets, you may also check our list of  brokers, trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Conclusion:

 

Global Online is not a regulated broker and that makes depositing your funds with them extremely risky. Bear in mind that unregulated brokers are totally unaccountable for the way they handle your money, so our general advise is to trade only with legit brokers, as the ones regulated by the FCA in the UK. 

 

You can find our list of FCA regulated brokers here:

 

>>FCA Regulated Forex Brokers<<

Latest news about Global Online
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Traders` reviews for Global Online

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Platform

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Deposit/Withdraw

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Customer service

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