GlobalFXm Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this GlobalFXm Review.
GlobalFXm Review
GlobalFXm offers several account types, but 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.
GlobalFXmAdvanatges:
– MT4 available
In our opinion, one of the few benefits of GlobalFXm is that it supports the Metatrader 4 trading platform – the favorite software of thousands of traders worldwide. It is highly praised for its ease of use, solid charting, automated strategies (Expert Advisors), technical analysis indicators, customization options, and more.
Relatively high leverage
This broker says it provides comparatively high leverage levels – up to 1:300. As most of you probably know leverage allows smaller players to place larger trades with less money. However, this involves greater risk of losses, so be careful.
GlobalFXm disdvantages:
– Not regulated, not to be trusted
According to the information on its website, GlobalFXm is operated by Nostro Technology OU, a company based in Estonia. However, it is not regulated by the competent local governmental agency, but is instead listed with PIPSEC. The latter is anything but a reliable regulator, and besides, several financial watchdogs have issued warnings against Nostro Technology OU (Italy’s CONSOB, New Zealand’s FMA).
– Negative feedback in furums and social media
As we we did our due diligence research on this broker, we found mostly negative user reviews in various forex forums and sites, as well as in the broker’s own Facebook page. Most of them claim that GlobalFXm is a pure scam.
– High initial deposit required
In order to open an account with GlobalFXm, one has to invest at least $1000. Such initial deposit required is pretty high, as most brokers demand $100-$250 as a start. Besides, many of them are properly regulated, unlike GlobalFXm. For example, you can open an account with global brokerage HYCM by depositing $100, which is ten times less than what GlobalFXm demands.
– No indication of spreads’ amounts, no demo accounts
Most brokers specify the minimum and/or average spreads (at least on majors) on their websites, so that their clients can calculate the trading costs. Most of them offers spread within the range of 1.0 – 1.5 pips on EUR/USD, and some even less.
GlobalFXm’s spreads are not specified on its website and as the broker does not offer demo accounts, we have no idea about its pricing. Such lack of transparency in terms of a broker’s pricing policy is huge red flag, especially combined with its unregulated status.
GlobalFXm is an Estonian forex broker that offers trading in currency pairs, stocks, commodities, indices, cryptocurrencies, bonds, and ETFs on the renown MetaTrader 4 platform. Its website is available in English, Russian, Italian and Arabic, however key specifics, like the broker’s spreads are not mentioned there.
Forex brokers in Estonia are supposed to be registered with the Estonian Financial Supervision Authority, however this is not the case with GlobalFXm, operated by Nostro Technology OU.
Instead, it is regitered with PIPSEC as a Financial Service Provider. PIPSEC stands for Private Investor Protection for Securities and Exchange Independent Registration for Financial Service Companies. This is a non-governmental organization which supposedly oversees otherwise unregulated brokers and is not to be trusted. Nor is GlobalFXm. Apart from the fact that it is not properly regulated and has not presented its pricing policy, there are numerous negative user reviews in various forex forums and sites, as well as in the broker’s Facebook page.
Besides, both Italy’s CONSOB and NZ’s FMA have issued warnings against GlobalFXm. The FMA says it has received reports that its representatives fare cold calling New Zealand Residents and recommends against doing business with it. So do we.
You’d better select among brokers regulated in the UK, to which FCA applies strict rules and imposes salty fines to those who fail to comply.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
GlobalFXm Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about GlobalFXm Review.