Glob-Markets.com Review Is Global Markets A Scam Broker

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Global Markets Review – is it scam or safe?

Trading Accounts and Conditions

Global Markets is a forex brokerage registered in the Seychelles. It uses Leverate’s Sirix platform and offers the four accounts listed above. Read the full review to see both the strong and weak sides of this broker and why we gave them such a low rating.

Global Markets Advantages

Sirix platform offered

Sirix is an innovative and interactive trading platform, and therefore we consider its presence I this broker’s offer as an advantage. It ensures secure trading, while remaining friendly for maximum ease of access. Some of the platform’s key features include advanced charting, seamless social trading and Visual Trends – a tool that provides a visual interpretation of major market trends and conditions.

Click on the image to view larger.

Global Markets also provides leverage of up to 1:200, which could be viewed as an advantage, as such leverage ratios will suit most trading strategies.

Global Markets Disadvantages

No legit license

Global Markets is allegedly a trading name of Cub Service LTD, a company registered in the Seychelles. This offshore zone is a popular forex broker destination for providers looking for low registration fees and taxes, as well as freedom from all kinds of regulatory requirements and oversight.

In other words, offshore forex brokers are not subjected to any oversight on the part of a governmental agency, nor have to follow any stringent rules, such as keeping clients’ funds in segregated accounts, providing insurance in case of bankruptcy, etc. This means that their clients’ funds, accounts and interests are not protected as they should.

So, instead of risking everything with an offshore broker like Global Markets, you’d better find yourself a better trading partner.

No free testing service

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We also have to point out that Global Markets does not offer free demo accounts, which is another worrisome sign. A test-drive of a broker’s trading platform is a great advantage and shows that the company is transparent with its trading conditions.

Withdrawal fees, trading volume requirements

Furthermore, we stumbled upon worrisome provisions of the broker’s Terms and Conditions. For example, Global Markets says it might charge accounts where “the trading activity is at low level” with 5% inactivity fee. However, no trading volumes are specified.

Also, we find the withdrawal fees a bit high, ranging from EUR 25 to 50 for wire transfer.

MetaTrader not available. High spreads

Although Sirix is a solid choice of s platform, most traders still prefer trading on the MetaTrader4, as they know the software and praise it for its reliability, intuitive interface, and advanced functionality. It is very popular for its great charting and automated trading bots, called Expert Advisors.

Although this is not as important as the other disadvantages of the broker we mentioned above, the cost of trading is still an important factor.

Actually, the spreads announced for most Global Markets’s account types are above the average in the sector. Most brokers charge something in the range of 1.0 – 1.5 pips for the EUR/USD pair, while the spreads of Global Markets e start from 2.6 pips on Bronze accounts.

Conclusion

An offshore broker that doesn’t stand out in any way, Global Markets is not recommended. First and foremost, because it is not regulated, and second, it’s offer doesn’t seem very attractive anyway, considering the high spreads and fees the broker charges.

As always, we advise our readers to minimize the risk of foul play in forex trading by dealing only with well-regulated and established brokers. The most respected and reliable ones in Europe are UK’s Financial Conduct Authority and the Cyprus Securities and Exchange Commission.

And finally, here are the highlights of the present review of Global Markets:

Trading account Min. deposit Max. leverage Spread
Bronze $250 1:200 2.6 pips
Gold N/A 1:200 1.2 pips
Platinum N/A 1:200 0.7 pips
Diamond N/A 1:200
Pros Cons
Sirix platform offered No legit license
Solid leverage High spreads
MetaTrader not available, no free testing
Withdrawal fees, trading volume requirements
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Australia, Singapore FCA, ASIC, MAS, BaFin MT4, Web,
ProRealTime,
2Dealer
$0 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for Global Markets

Spread

Slippage

Requotes

Price feed

Platform

Deposit/Withdraw

Customer service

Summary

1 star

I invested 250 dollars with them the bank charged me 5 euro for change to dollars when it went to 342 dollars I said I needed my money back they kept insisting I put in more money 5000 dollars I refused and demanded my 342 dollars back they are now looking for I d which I gave them at the start and not replying to e mails now they are a total scam avoid them

Global Markets Review – 5 things you should know about glob-markets.com

Beware! Global Markets is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Global Markets is an offshore forex and CFD broker, based on the Seychelles, which offers four account types with a leverage of up to 200:1 and the Leverate’s Sirix trading platform.

The choice of trading instruments is not bad – nearly 50 forex pairs, many of which minor or exotic like USDNOK, USDSEK, USDRUB, USDTRY, USDMXN, USDZAR, USDSGD, USDRON, USDPLN, USDILS, USDHUF, USDHKD, USDDKK and USDCZK, as well as CFDs on various assets like silver, gold, aluminum, crude oil, cotton and cocoa, stocks and indices.

Spreads as advertised with their starting account were somewhat higher for our taste – 2,6 pips for the benchmark EURUSD pair is at least a pip higher than what most traders would have considered attractive. And yet spread are not our main issue with Global Markets, but their regulatory status – they just do not have a license.

Global Markets regulation & safety of funds

Global Markets is owned and operated by Cub Service LTD, which as we understand is incorporated offshore on the Seychelles and that is not very reassuring. On top of that the broker is not regulated as it should have been, if they want to service traders on regulated markets like the EU, the USA, Canada, Australia or Japan.

Bear in mind that proper regulation is the single most important factor that can guarantee the safety of your funds.

Unregulated brokers like Global Markets on the other hand are completely unaccountable for the way they handle your money – basically if you trade with a unregulated broker, you will have to rely solely on the integrity of the people, who run it, which unfortunately too often is not very high.

That is the reason we would suggest you to deal only with brokers holding legit licenses from well known and well respected regulators like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

Global Markets deposit/withdrawal methods and fees

Global Markets has a standard minimum deposit requirement of 250 USD and accepts payments with bank transfers, credit or debit cards like VISA and MasterCard and some e-wallets like PayPal.

Be aware however, that the broker might charge you with a very peculiar monthly inactivity fee – 5% or 25 USD, which ever is higher, in case your trading activity “is at a low level according to the Company’s determined standards”. That, we should note is highly unusual and no legit broker will ever charge you in such a way.

Also be aware of any trading bonuses that Global Markets might offer you, because you will have to meet a steep minimum trade volume requirement – 1 standard lot or 100 000 USD for every 5 USD of bonus you have accepted. Bear in mind that too often scammers use trading bonuses as an excuse to cancel your withdraw requests.

And besides, Global Markets says they reserve the right to change their bonus policy on their sole discretion, meaning that they can increase the minimum trade volume requirement, linked to the bonus, whenever they want.

How does the scam work?

Usually you will fall victim of a scam broker, after you register with one of the so called robo scam websites like Bitcoin Profit and Brexit Trader, which are trap portals for gullible traders.

A robo scam website is all about a video ad, where you will be told of “once of a life time investment opportunities”, where with a small deposit you will make big money – of course “risk free” and with “guaranteed returns”. And if you do leave your e-mail and phone, instantly you will be transferred to the web page of an offshore, scam broker, where you will have to deposit your first 250 USD.

And trading with the scammers might seem like a lot of fun in the beginning. Your trades will be amazingly successful and pretty soon the money in your account will seem to have doubled.

That however is just part of the scam – many fraudsters manipulate their trading platforms so that it would look like you are making a lot of money. And the idea here is that you deposit a larger sum. And that is exactly what your “senior account manager” will tell you on the phone – if you want to make some real money you will have to invest at least 10 000 USD.

Believe it or not, but by that time most people do invest that kind of money, without ever realizing they have been scammed until the very moment they request to withdraw some of their funds. Than all of a sudden it turns out they do not have the right to withdraw, because they have not met some minimum trade volume requirement, most probably linked to their welcoming bonus, they have so gladly accepted. The pretext might certainly be different, but the end result will always be the same – your money will be lost.

What to do if scammed?

The slim chance to recover your deposit is to file for a charge back with your credit card company. That is the only hope you have if you have been scammed. Fortunately, both VISA and MasterCard will allow you to do that within 540 days – that is according their new anti scam policy adopted in the fall of 2020.

And if for any reason scammers have managed to get to your banking details like credit card numbers or an online banking password, immediately change the password and block your credit card. And if you have been tricked to install a program like TeamViewer be sure to delete it as well.

One final note. Do not trust the so called recovery agencies – they will not help you in anyway, but will simply collect some fees in advance, basically scamming you a second time.

Glob-Markets.co Review Visit site

Other sites of this company include Glob-Markets.com and Glob-Markets.net.

Related sites include BudsFx.com

About Glob-Markets.co

Glob-Markets is a forex broker. Glob Markets offers the SIRIX Mobile, SIRIX Web and SIRIX Station forex trading platform. Global Markets offers over 15 forex currency pairs, cfds, commodities, stocks, indices, oil, gold and silver for your personal investment and trading options.

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Trading FX or CFDs on leverage is high risk and your losses could exceed deposits.

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