GlobalFTMarket Review – Making the Right Decision

GlobalFTMarket Review

The financial markets have developed a reputation of offering people a chance to make big returns on their investment. With the internet and other advancements, access to these markets has become easier than ever, but you do need to use the services of a brokerage.

They are the ones that will offer you the trading platform to use, the assets and the conditions, but this does not mean that you should make any compromises. A simple Google search gives you lots of options, but you have to remember that not each company will be up to the mark, as you will see in this GlobalFTMarket review.

There are thousands of platforms you will find and each of them will make some tall promises when it comes to offering you trading services. But, not all of them can live up to the claims they make, so you have to evaluate them carefully to make a decision.

Bear in mind that you do not just need any brokerage; you need one that is legitimate and professional. These do exist, but so do scammers that make similar promises and have a similar appearance, so you have to be cautious.

The number of scams in the market has increased twofold in the last couple of decades because of the heavy traffic. Moreover, these fraudulent platforms have gotten better at their game, which has made it more difficult for people to figure out their true nature.

They are smart enough to add such offerings that will intrigue potential victims and bring them to their platform, where they are eventually scammed. No one wants to become another statistic, which means that you need to make the decision of signing up with a broker after a great deal of thought.

It is best to do the same with GlobalFTMarket that seems to have a decent combination of offerings for its clients. It is offering forex currency pairs, stocks, indices and metal CFDs, along with a decent trading platform and has some impressive regulation claims as well. Some of the offerings of GlobalFTMarket that people find hard to resist are:

The trading platform

This is the most important feature of any online broker because it is used for all your trading activities, whether buying, or selling. It also comes with the trading tools that can help in making decisions, so it plays a very important role in your overall trading experience.

Hence, every trader wants to have access to a user-friendly yet powerful trading solution and GlobalFTMarket is offering the MetaTrader 4 (MT4), which is known to be one of the best in the market.

The MT4 platform is renowned for its merits and comes with state-of-the-art trading tools and cutting-edge technology that has made it a favorite of many traders. The fact that GlobalFTMarket is offering such a platform will automatically draw people to the brokerage.

The tight spreads

The trading conditions that an online brokerage offers are related to your profits, so you obviously want the most competitive ones possible. This is where GlobalFTMarket can be very surprising because it is offering spreads that start at 0.5 pips. These are quite tight and are becoming increasingly common, given that the number of brokers is increasing.

The payment options

When you explore the payment methods that are supported at GlobalFTMarket, you will come to know that the list includes credit cards as well as Skrill. Both these payment options can be appealing because they allow traders to get a refund in case there is a problem.

For instance, if you discover later on that GlobalFTMarket has scammed you, there is an option for you to file a chargeback and you will be able to get your money back. In this way, they will not be able to steal your funds.

While all of these offerings may make it seem that GlobalFTMarket is just the right broker for you, there are flaws that should immediately send up a red flag about it. What are they? Let’s see:

The regulation

A broker has to have a license to provide its services and it is issued in the country where it is based. Where does GlobalFTMarket have its offices? According to its website, it is located in Singapore, Poland, Dubai and Brazil, which sounds impressive, only if it were true.

As it turns out, there is no license number mentioned for any of these regions, which means it is unlikely to be regulated. This indicates that it is operating illegally, if it does exist in these countries.

Furthermore, it is also going against the regulatory framework in terms of leverage in countries like Poland because the KNF, which is the country’s regulatory authority, has limited leverage to 1:30, but GlobalFTMarket is offering ratios higher than that. So, where is it actually operating from? It turns out that GlobalFTMarket is based in Saint Vincent and the Grenadines, which is an offshore jurisdiction known for being a haven for scammers and does not regulate its forex market.

The leverage

You will find that GlobalFTMarket offers leverage as high as 1:500 and these levels are considered incredibly risky. Most regulatory authorities have limited the leverage ratios, like Poland’s KNF only allows levels of 1:30, but the broker is going way beyond that.

The minimum deposit

You will find that the minimum deposit that you have to make at GlobalFTMarket for opening an account is $500, which is twice the standard amount that most brokers ask for. As a matter of fact, due to the higher competition, many of them have reduced this amount to as low as $10.

In addition, you will also come to know that crypto deposits in Bitcoin and Ethereum are also supported at GlobalFTMarket and these should not be used because they do not allow chargebacks and are final. Hence, there will be no refunds if you opt to make your deposits in crypto.

Bottom Line

Considering that you are dealing with an unregulated broker, it is best to avoid GlobalFTMarket and look for a different one for your trading needs.