Warning! Glob Markets is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Global Markets (glob-markets.com) has one of the most cliched names for a broker suggesting two things. Either the broker is a safe and reliable provider of financial trading services, or is it just another scam in the endless row of frauds. Read on to find out.
Glob Markets is operated by Cub Service LTD which is a company that is registered in Seychelles, but nowhere does it say that it is regulated there. We took the liberty to check the Seychelles Financial Services Authority just in case to see if the broker is licensed. Our suspicions were met; Glob Markets is UNREGULATED.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
The leverage is claimed to be 1:200 in the FAQ section, while the EUR/USD spread as seen from the trading platform is approximately 3 pips which is not worth it at all. This kind of trading cost is only beneficial to the broker. It’s worth a mention the fact that we accessed live version of the trader, but were unable to open any positions because we hadn’t deposited.
As for the tradeable assets, Glob Markets offers the following: Equities, Forex Pairs, Metals, Indices, Commodities, and Crypto. This is an impressive list we have to say.
The site is translatable in English, Spanish, and Polish. However, the trading platform can be accessed in more than a dozen languages: Arabic, Azerbaijani, German, Greek, English, Spanish, French, Hebrew, Croatian, Italian, Japanese, Polish, Portuguese, Russian, Serbian, Turkish, and Chinese.
GLOB MARKETS LOGIN
Glob Markets utilizes the handy Sirix Trader.
This trader even though unmatched by the MT4 is very decent and user friendly: there are pending order, one point clicking, some room for customization, and there’s even copy trading. Furthermore, the look of it is slick and rather professional.
As mentioned, the leverage is said to be 1:200 which is pretty common stuff when it comes down to offshore brokers, while the EUR/USD spread is 2,9-3 pips, something that is clearly unacceptable and acts as a sign that this broker should not be trusted.
Islamic Accounts are charged a fee if a position stays open for over two days. On the third night the account will be commissioned “of the spread amount of the open position”, which is our case is 3 pips and is clearly very high.
Furthermore, there are undisclosed commissions on executing transaction with some assets, and are decided by the company according to the “classification” of the client:
The Sirix Trader is solely a browser-based trader.
GLOB MARKETS MINIMUM DEPOSIT
The minimum deposit as taken from the personal dashboard is $50. Deposits can be made via Credit/Debit Cards, and Wire Transfer.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These softwares allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
GLOB MARKETS WITHDRAWAL TIME AND FEES
We are unaware of what the minimum withdrawal amount is. When we tried to withdrawal we were not provided with a limit.
Withdrawal methods are surprisingly varied when compared to the depositing ones: Neteller, CreditCard, Wire Transfer, MoneyBookers, MasterCard.
According to the Terms and Conditions, withdrawals via Credit Cards are not feed. There is a commission ranging from €25-€50 depending on the amount withdrawn via Wire Transfer. The fees, if any, foe the other withdrawal methods are not indicated.
The total waiting time for a withdrawal amount to reach a users account is up to 7 days (according to the T/Cs)
ADDITIONAL FEES AND TAXES
There is a trading volume requirement that needs to be fulfilled in order to withdrawal a bonus. The trader must execute 1 lot (100 000 units) per $5 which is a ginormous amount by our calculations
However, if the client does withdraw before meeting these conditions, he or she will receive only the initial deposit; both the bonus and profits will be forfeited by the company.
The is a 5% or $25 inactive account fee. The trick here is that the time period determining whether an account is dormant is entirely up to the broker, meaning that it can easily charge you after a week of inactivity. All we are given is that the time is calculated from the moment a trading position is opened/or closed, yet we are left with the question of how can an account be considered dormant if it has an open position? Furthermore, this fee is applied if the trader does not hold a predetermined minimum sum in his/her account. Here is the entire clause:
We believe that any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
There is nothing positive to end this review on. Glob Markets is unregulated and thus is not to be trusted.