|Broker Type:||Forex Broker|
|Operating since year:||2017|
|Address:||Harju maakond, Tallinn, Kesklinna linnaosa, Roosikrantsi tn 2-K006, 10119, Republic of Estonia.|
|Broker status:||Not Regulated|
|Phone:||+44 20 80 77 40 41|
|Languages:||English, Russian, Arabic|
|Availability:||Monday-Friday: 8:00 AM – 17:00 PM|
|Trading platform(s) timezone:||GMT +2|
|Web based trading:||YES|
|Other trading instruments:||N/A|
|Minimum deposit ($)||1000 $|
|Maximal leverage (1:?)||N/A|
•GlobalFXm general information
•Trading accounts and Conditions
GlobalFXm is a broker company, registered on March 10, 2017, by PIPSEC, which by agencies and clients at an international level recognize.
Its location is in Estonia. The address of the company is Harju maakond, Tallinn, Kesklinna linnaosa, Roosikrantsi tn 2-K006, 10119, Republic of Estonia. Nostro Technology OU owns it.
The info on the site highlights all the benefits that the company possesses. It offers vast global market choices, thousands of currency pairs, commodities, indices, stocks, bond, and other endless investment opportunities. GlobalFXm online broker provides its investors with first-class support every hour of the day. An online-helping team provides site navigation through the trading arena. It helps manage personal accounts and take advantage of the multiple, advanced trading tools and features available on the platform. GlobalFXm guarantees account and personal private details. GlobalFXm employs a variety of measures to ensure the safety of all system transactions, as HTTPS secure web protocols, multi-layered SSL encryption, and strong firewalls.
Therefore, this is the basic info that we found on the web site, but let us dig deeper. We have conducted a thorough investigation into GlobalFXm. We are going to try to summarize all the offers, tools, conditions, and products that GlobalFXm has. Besides, this review will highlight the probable concerns that we have towards this company.
Is GlobalFXm Regulated at all?
As mentioned before, Private Investor Protection for Securities and Exchange Independent Registration for Financial Service Companies – PIPSEC regulates GlobalFXm for Securities and Exchange. The company is operating in Estonia. Thus, it should have gotten a license from the Estonian Financial Supervision Authority (EFSA).
The main problem is that PIPSEC is a non-governmental organization. After digging deeper, we found out that PIPSEC looks more like an anonymous website... GlobalFXm regulations are not officially on the governmental level. That leaves us with a conclusion that probably GlobalbFXm as an unregulated broker. One would agree it is hard to trust a company that is not regulated by an official state authority.
Trading accounts and Conditions
GlobalFXm offers a variety of account types like Standard, Prestige, and Royalty. Unfortunately provides no further details on the trading conditions, except the minimum initial investment required. According to the information in the FAQ section of its website, the maximum leverage offered is up to 1:300 and the broker does not charge additional trading fees, only the spread. However, spreads amounts are not specified.
GlobalFXm scam or not?
The website that the company uses is fully functional. Thus, this may lead an investor into believing that everything is all right, and the company is trustworthy. On the other hand, a reliable regulatory authority has not registered the company.
Sometimes people are too quick to judge a broker company by the number of negative comments it gets. Even reliable companies get backlash and unpleasant feedback. It is always important to pay attention to the nature of the complaints and their rationality. Because sometimes they are a good sign of being careful around certain trade companies.
Some of the GlobalFXm broker reviews suggest that in the beginning, everything went as promised. However, as soon as the clients started to deposit big amounts, something unknown began to happen with their accounts. Although this may be true, it is hard to trust the complaints on the internet and online forums.
Moreover, the company’s website does not offer clear-cut information about their policies for different account types. This fact might have been the major source of confusion. The provision of 1:300 leverage can trigger problems for new traders. The main reason is it is easier to anticipate a considerably big win. Get carried away with the seemingly lucrative leverage, sooner or later losing badly by making a huge trade.
GlobalbFXm accepts payments with credit cards like Visa, MasterCard or Diners Club, WebMoney, and even Bitcoin and Ethereum. GlobalFXm offers Skrill, Fasapay, SticPay, Payza, Credit /Debit Card (Visa) and Bank Transfer as withdrawal methods. It takes from three to five working days. The investor can use the same account/card for a withdrawal that he/she has used for the deposit. Also, he/she will need to present the necessary documents for identity verification.
However, the investor should be careful with the bonuses. When he/she accepts a trading bonus offered by GlobalbFXm, the right to withdraw GlobalFXm online system will automatically attach it to a certain minimum trade volume requirement. It is 10 000 USD for each bonus dollar received. Such a requirement might prove challenging even for professional traders. The minimum deposit requirement is 1000 USD, which is also significantly higher than with most other brokers.
Is GlobalFXm good?
After inspecting the website and analyzing customer reviews, we can summarize the information. Have a look at the main advantages and disadvantages of the GlobalFXm company.
-Relatively high leverage
Leverage allows smaller players to place larger trades with less money. This broker provides its clients with comparatively high leverage levels - up to 1:300. Some of the companies offer 1:500, so the amount is not too drastic. However, this involves a greater risk of losses, so the trader should be careful.
- MT4 available
GlobalFXm is that it supports the MetaTrader4 trading platform, which is a huge benefit, that GlobalFXm users will have. GlobalFXm is the favorite software of thousands of traders worldwide. It is user-friendly, highly praised, solid charting. It has technical analysis indicators, automated strategies (Expert Advisors), customization options, and so much more.
- Not regulated, not to be trusted
As we have stated earlier, Nostro Technology OU, a company based in Estonia, is the one that operates GlobalFXm. Several financial watchdogs have issued warnings against Nostro Technology OU (Italy’s CONSOB, New Zealand’s FMA).
Private Investor Protection for Securities and Exchange Independent Registration for Financial Service Companies PIPSEC is not regulated by the competent local governmental agency but is instead listed with Nostro Technology OU.
- Negative feedback in forums and social media
Even though, we think that one should always be skeptic about reviews on forums because other competitive broker companies can facilitate in writing them. Unfortunately, we found plenty of negative feedback on different Forex review platforms, forums, and sites, as well as on the broker’s own Facebook page. Most of them claim that GlobalFXm is a pure scam.
- No indication of spreads’ amounts, no demo
Our Global FXm review continues, and we would like to list another disadvantage that this company has. Most brokers specify the minimum or average spreads on their websites for the benefit of their clients so that they can calculate the trading costs. The standard is within the range of 1.0 – 1.5 pips on EUR/USD, and some even less.
It is hard to find GlobalFXm’s spreads on its website. Such a lack of transparency in terms of a broker’s pricing policy is a huge red flag, especially combined with its unregulated status.
The broker does not offer demo accounts. The thing closest to it is some “demo-real Promo” account, which offers a validity of demo account – 2 weeks approximately. Any losses during the trading on demo-account are not real. Also, GlobalFXm reserves the right to modify, amend or discontinue this program at any time.
There is no GlobalFXm install program. It consists strictly of the CFD trading platform, meaning the ability to buy online and sell CFDs only.
- High initial deposit required
To open an account with GlobalFXm, the client has to invest at least $1000. Most brokers demand $100-$250 as a start. Such an initial deposit required is pretty high.
GlobalFXm is an Estonian forex broker. Its website is available in English, Russian, Italian and Arabic. Broker spreads are hard to find. The company offers to trade in stocks, commodities, indices, currency pairs, bonds, cryptocurrencies, on the renowned GlobalFXm MetaTrader 4 platform.
The Estonian Financial Supervision Authority should register every Forex broker in Estonia. However, this is not the case with GlobalFXm, operated by Nostro Technology OU.
PIPSEC is a nongovernmental organization that supposedly oversees otherwise unregulated brokers. The investor should not trust it, nor GlobalFXm. There are numerous negative user reviews on various forex forums and sites, as well as on the broker’s Facebook page. Besides, it has no visible pricing policy and is no proper regulation.
Both Italy’s CONSOB and NZ’s FMA have issued warnings against GlobalFXm. The Financial Management Association FMA recommends against doing business with it.
The investor better select among brokers regulated in the UK, to which FCA applies strict rules and imposes high fines to those who fail to comply.
We would strongly advise any investor to be very discreet. We do hope this GlobalFX review helped you realize the pros and cons of this company. Beware of the scams on the internet and try to be as careful as possible when investing your money. Good Luck trading!
- Trading Instrument
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