Glob Fx Trading Review – Can you Trust this Brokerage?

Glob Fx Trading Review

There is an abundance of online brokers who are willing to offer you comprehensive and professional trading services that can help you achieve your financial goals. But, like other industries, this space also has some good and bad characters and you have to ensure that you choose one from the former category and avoid the latter. This is not that easy to accomplish because the shady and fraudulent ones know just how to disguise themselves to hoodwink people. You can go through this Glob Fx Trading review to figure out how to see the reality.

While people are aware of scam brokerages operating in the market, they do not know how to spot them and this is one of the reasons why they continue to become victims of these frauds. These impostors deliberately add such offerings that people become focused on them and don’t look too close. However, you have to bear in mind that you need to find a professional broker that you can trust. This means that you shouldn’t be blinded by their claims and should always make sure that everything about the company checks out.

Setting up a website on the internet is pretty straightforward these days and anyone can put up whatever content they like. The same is true for fraudulent brokerages, due to which you need to follow up on all the claims of the company to ensure they are what they promise. Once you peel off the layers, you can get to the truth and make the right decision for yourself. If you skip this step, you could end up with a lot of regrets when you lose your funds. This can happen with Glob Fx Trading, one of the brokerages that you come across.

It is offering online trading and investment services and portrays itself as one of the industry leaders. But, can you trust Glob Fx Trading? You can find the answers below:

Licensing and regulation

The first thing to check about every online brokerage is their licensing and regulatory status. This can tell you if a company is worth trusting or not. You should bear in mind that getting a license from a regulatory authority is not that simple, so a company that goes through the effort of doing so is definitely committed to its clients. Plus, a licensed brokerage can offer you safety and protections that an unlicensed one cannot.

In the case of Glob Fx Trading, you will first discover that they do not provide the name of the company that owns and operates the brand. But, it has portrayed itself as a legitimate platform, going as far as claiming to be a member of the Investor Compensation Fund (ICF). However, this membership requires them to be regulated by the Cyprus Securities and Exchange Commission (CySEC), which it isn’t. You can check CySEC’s online register to learn the truth.

Secondly, you will learn that Glob Fx Trading claims to be based in the United States, but in order to operate there, it has to have a license from the Commodity Futures Trading Commission (CFTC) and also be a member of the National Futures Association (NFA). A check of the online registers of both entities shows this is not the case. The brokerage also has a London address mentioned on its website.

In order to operate in the UK, Glob Fx Trading would need a license from the Financial Conduct Authority (FCA), but you will not find it listed there either. This means either the company is operating illegally or just outright lying about its location. Of course, this proves the platform is not worth trusting.

Things get worse when you discover that the Financial Commission (FinaCom), which is an independent organization that has been set up for dispute resolution, has blacklisted the brokerage. According to the warning of the organization, there is a good chance that Glob Fx Trading is defrauding investors, due to which they have advised that people should not deal with this entity. This warning provides further reasons as to why you should not trust this brokerage.

Investment plans

One of the most prominent claims that you will come across on the Glob Fx Trading website is that they offer both trading and investment services. But, you should note that they have not provided any clarification about how this would work. When you register on their website, you will come across a number of investment plans that the brokerage is offering.

A look at the investment plans is bound to impress just about anyone because they are offering very lucrative returns. The problem is that Glob Fx Trading does not provide any details about how these high returns would be generated. Yes, they are linked to the crypto market, but it should be noted that there no way for anyone to guarantee any kind of returns in any market.

The financial markets are known for their volatility and unpredictability, but the crypto market is even more volatile. How does Glob Fx Trading intend to generate such returns? There are absolutely no details and you should bear in mind that even the biggest experts cannot guarantee such profits. The brokerage appears to be a pyramid scheme that just aims to collect money from investors.

Payment methods

Checking the payment methods supported by a brokerage is also a must because you want to make your deposits and withdrawals conveniently and also ensure safety. How? Payment methods like debit and credit cards come with a chargeback option, which means you can file for a refund in case something goes wrong. But, when you check the payment methods supported at Glob Fx Trading, you will find that they only allow cryptocurrencies. This is a favorite of scammers because it is final and irreversible and also offers them anonymity that other methods don’t.

Final Thoughts

As it is not licensed and regulated and has other gaping holes in its story, you can conclude that Glob Fx Trading is not a brokerage to be trusted.