Global FX Review: Global-fx.com Vicious Forex Scam
Global FX (Global-fx.com) is a Russian-made scam brokerage firm with the intent of defrauding European investors. GlobalFX is claiming to have offices in China, Cyprus, Singapore, and the United States. Disclaimer at the footer of the homepage suggests they don’t offer services to Americans and Canadians. And this begs the question, why do they have an office in the Unites States? Scam artists are known to rant anything to sell their services. Read this genuine GLOBAL FX Review for more.
About Global FX
The platform claims to be located in Hong Kong which is a false statement. These are offshore brokers who are most likely located in St. Vincent and the Grenadines. They use the Hong Kong address as it is the home of the Financial Commission. By throwing false location details, it makes it hard to trace these scam brokers. Any recovery agent won’t be able to trace these g anonymous scam brokers. Stay safe by using transparent and trustworthy online trading broker recommended by experts.
Global FX is a shoddy platform with no real trading results. The fake awards posted are meant to throw off investors. And this is another reason to stay away from this illicit platform. No broker in Europe or Hong Kong seems to recognize this trading platform. And this is a clear sign we are dealing with a rogue trading platform. It is best to stay away from GlobalFX or else risk losing more than your deposits. Complaints from victims range from accounts blockage to having their bank accounts swept clean.
Asset Index
According to their asset specification page, the platform offers a number of trading assets. They include Cryptocurrencies, Forex, Indices, Metals, Raw Materials, and Stocks. The Digital currency assets listed include Bitcoin, Bitcoin Cash, Etherium, and Etherium Classic. Forex trading includes pairs of both major and minor currencies. They include AUDCAD, AUDJPN, and AUDNZD. These scam brokers are clearly the Asian trading block. With no other major currencies such as USDGBR, USDAUD, or GBRCAD, this is clearly Asian oriented.
Indices listed on the asset’s page include S&P, ASX 200 Index, CAC 40 Index, DAX, and AEX. The metals found on the trading website include Gold, Palladium, and Silver. These metals are pitted against the EURO and USD. Raw materials are from assets such as bent crude oil, natural gas, and WTI Crude oil. The stock market is from leading exchanges such as NYSE. These are the only available assets which to be honest, are a few. A good brokerage firm should give investors a chance to scale the global assets.
Business Owner
One of the most damning features with this platform is anonymity. No one knows who the actual owners of this platform are. The company that is behind this platform is still unknown. To try and check out the ownership details, we searched through the records of Company registers. The company register in Hong Kong has no broker listed with the above trading name. Other countries where the broker claims to have offices have no such listed broker or company. And this is concrete proof Global FX is an anonymous online trading platform. Dealing with any anonymous online investment platform is above all else, risky.
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Domain Details
According to the trusted domain register whois.net, this broker has been operating for over ten years. Records show the website global-fx.com was created on 6th February 2009. And this is enough time for the broker to have a trading license. A broker with over 10 years offering unregulated products and services is not to be trusted. And this is the reason why complaints never made it far. The victims were fooled to think that is a broker whose regulator is on the other side of the planet. And this is what makes it a rough trading experience, stay away from it.
License and Registration of Global FX
Global FX is NOT LICENSED OR REGISTERED to offer any trading products or services. The broker fails to have any valid license or registration credentials. A true trading platform will have copies of their license and registration for all to see. And this is proof we are dealing with a rogue online trading platform. Most of the regulatory bodies have no broker registered under the name Global FX. And this is proof we are dealing with a rogue trading platform with no other option.
Apart from having not complied with regulation rules, the SEC of Hong Kong has issued a warning. The Hong Kong’s SEC claims Global FX is offering unregulated services to traders. Traders have also been warned from depositing funds with this platform. According from complaints, the broker is not allowing anyone to withdraw funds with them. And this is grounds for shutting down their website. With time, authorities will investigate and shut down the entire website.
Limitations of Global FX
Account Details
Global FX is not furnishing anyone with information about the account features. A closer look at their website reveals no such information exists. From what we gather, Global FX is working as a PAMM account provider. It means you have to give control of your funds and trading accounts to the broker. The platform also does not include the acceptable minimum deposit for trading with this broker. They also fail to mention the leverage and spread available while trading with their assets.
Customer and Support
These scam brokers have listed an email support and a phone number. The main problem with their communication channels is response time. After a closer check, we can determine that the platform is not working effectively. Once you send any request via email, response takes more than a week. Calling the number is worse, it is ever busy. And these are signs we are dealing with a scam broker. They list contact details and make it impossible to reach out. Stay away from this ridiculous trading platform.
Deposit and Withdrawal
Global FX is using three depository channels for traders to use. They include MasterCard, OrangePay, and Visa. It is still unclear whether investors are able to deposit funds using E-wallets. These lousy trading services have caused hundreds to lose their funds. Withdrawing remains to be the biggest issue with GlobalFX. None of the members has come forward with evidence of ever withdrawing funds with this platform. And this is the main reason to stay away from the platform. Traders will not be able to enjoy the fruits of their labor.
Trading Platform
The broker claims to have three trading terminals on their website. They include Copy Trader, CTrader, and MetaTrader 5. These trading platforms are all in listed as being available. Once you open an account, members will be shocked to learn they are using a custom made platform. From the look of things, this trading platform is offering a cloned trading platform. Nothing on the website seems to work except the depository channels.
Safety of funds with Global FX
Whatever happens to the lost funds is anyone’s guess. A closer check reveals GlobalFX is not segregating funds as indicated by trading regulations. The platform is pooling funds in one account which is against trading rules. Members have been depositing funds straight to owner’s bank account. And this means traders have been enriching the pockets of scam brokers. The best option is to stay away and block any contact from the platform.
Scam or Legit Global FX
With the evidence as clear as day, Global FX is a scam which is waiting to pounce on unsuspecting investors. Stay away from the platform by avoiding any of their sales programs. Avoid joining any of their affiliate programs or contests. These are offshore brokers whose sole intention is to divert your funds to their bank accounts. Warn your family members from receiving any calls from people pretending to be account managers.
Bottom line
We will be adding this broker to our scam blacklist and ensure no one else falls for this trap.
Stay safe when trading digital currencies by using approved products. Go for Crypto products that have been recommended by experts. Sign up with convenient brokers with an eye for success.
We wish all traders a safe trading experience.
December 28, 2020 @ 9:56 pm
I just found out that I got scammed and lost almost $5,000.00 to a trading company called xglobalforextrade.com. Please let me know if there is anything I can do to get my money back.