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Globalfx Review - is it scam or safe?

Globalfx review - Is globalfx.org scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Globalfx
Globalfx is an offshore broker. Your money is not safe.

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Globalfx says to offer a variety of services from wealth management to forex and CFD trade, with a comprehensive selection of trading instruments, with generous leverage – as high as 1:500, four account types and the MetaTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads/ Payout
Micro Account $250

1:500

1,5 pips
Standard Account $1000 1:500 1 pip
Premium Account $25 000 1:500 0,6 pips
VIP Account $100 000 1:500 0,2 pips

 

And the broker also says to run its global operations from offices in the UK, Switzerland, Singapore and Dubai. 

 

As it turned out however, not only Globalfx does not have a license to offer any kind of financial services on the above mentioned markets, as well as the European Union as a whole, but also Globalfx appears in the blacklist of potential scammers issued by CONSOB – the Italian financial regulator in late November. So if you are considering whether to invest your funds with Globalfx, better read the following review.

 

Globalfx Advantages:

 

Large selection of trading instruments

 

In the beginning of our reviews we usually try to list any possible benefits a broker might offer its clients and here with Globalfx one possible advantage could be the extensive list of trading instruments, starting with well over 60 currency pairs and various CFDs on stocks, commodities and indices, and ending with a selection of major crypto coins. Still, if you feel like trading the crypto markets we may also suggest that you check our list of brokers, offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Globalfx Disadvantages:

 

Blackslited by CONSOB, no license

 

Globalfx is said to be owned and operated by Globalfx LTD, a company supposedly headquartered in Dubai, the UAE, which also runs offices in the UK, Switzerland and Singapore. Unfortunately we were not able to confirm this. What we do know however is that Globalfx has already been blacklisted by the Italian financial regulator – CONSOB as a probable scam broker. You can see the CONSOB warning here:

 

 

Generally dealing with unregulated brokers has always been extremely risky, because they are totally unaccountable for the way they handle your money, and  most often are simply involved in scam. That is why we strongly advise you to trade only with properly regulated brokers, like the ones, licensed and authorized by reliable institutions like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

 

And besides, because with a FCA broker you will even get an extra protection from a client compensation fund, basically covering up to 85 000 GBP of your funds, here you may check as well our list of brokers regulated by the FCA in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

Part of a serial scam

 

While investigating Globalfx we came across of another unregulated broker - Richmondfx, also blacklisted by CONSOB, which has an identical content on its homepage as Globalfx. See for yourself:

 

 

Also, both Globalfx and Richmondfx offer access to the same trading platform provided by Lexbond Systems Limited and that makes us believe both websites are part of a serial scam.

 

MetaTrader4 provided by a third party

 

As we noted the MetaTrader4 platform offered by  Globalfx is provided by a third party - Lexbond Systems Limited, and that is not a common practice. Otherwise MT4 is a highly reliable trading platform, featuring numerous market indicators and even trading bots, with the help of which you can easily run automated trading sessions. On top of that the platform comes with a set of advanced charting tools, so here you may check as well our list of brokers offering the MT4:

 

>>MT4 Brokers<<

 

Few payment methods

 

As it turned out Globalfx accepts payments only with NasPay – a minor e-wallet, and bank wire. Credit and debit cards like VISA and Mastercard are not accepted, neither popular e-wallets like Skrill, and that is notable because with VISA and MasterCard you can always file for a charge back in case you realize you have been scammed, while Skrill partners only with properly licensed brokers, and as we already established  Globalfx does not have a license whatsoever. Besides, here you may check our list of brokers partnering with Skrill:

 

>>Brokers accepting Skrill<<

 

Conclusion:

 

Globalfx is not a broker that you can trust. They are not regulated and what is even worse, they are blacklisted by the Italian financial regulator – CONSOB. And as we already discussed above, we have a strong suspicion that Globalfx is part of a serial scam. So make sure you trade only with properly regulated brokers, licensed and authorized by well known institutions like the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

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Traders` reviews for Globalfx

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