Warning! Global Holdings Capital is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Global Holdings Capital (GHC) is an interesting addition to our repertoire, not for the expected reasons. Read on to see all you need to know about this broker.
The website claims that it is regulated and supervised by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which is not the real and accepted license issuer in Canada. The main regulatory agency of forex brokers in Canada is the Investment Industry Regulatory Organization of Canada, or IIROC, and not FINTRAC. Thus Global Holdings Capital is not regulated in Canada. Furthermore, there is no other mention of a regulation anywhere on the website. What’s more is that the broker seems to have no Terms and Conditions, and other similar document. Upon registration, users are prompted to accept what seems to be the only legal document- the Risk Disclosure
Next we have the only legal document, the Risk Disclosure claims that the holding company, Global Holdings Capital Proprietary Limited, is regulated by ASIC which is not at all the case, since we checked with the regulator and found no results.
All these factors leave us with no choice but to declare that Global Holdings Capital is UNREGULATED, and therefore a risk to traders.
For those wishing to trade with Canadian brokers, we urge users to always check the IIROC database for the broker at hand. IIROC strives to set an industry standard regulatory framework, while endeavoring to protect investors, and solidifying the Canadian financial market integrity, all the while promoting fair yet efficient competition in order to propel business. All traders that have chosen to invest with a Canadian brokers are automatically enrolled into the Canadian Investor Protection Fund, which ensures that all victimized clients be reimbursed up to $1 million CAD if the broker cannot pay its dues due to insolvency or any other similar circumstance.
Before continuing, we have to note that we did not register, for the broker required from us bank details and id documents which is actually a good sign. Our point is that all trading condition information will be based on the details the website provides us, which seeing from the lack of the essential legal documents cannot be fully trusted but we are left with no choice. And also, there is no demo account.
With that said, the leverage is said to be 1:400, and the spreads are said to start from 0.1 pips. Accurate cost of trade cannot be derived from any source.
The only trading assets that seem to be present are forex pairs. The website mentions commodities as well, yet we could not confirm this.
The website can be translated into English and Chinese.
GLOBAL HOLDINGS CAPITAL LOGIN
The broker claims to be utilizing the MT4 as its only platform. We could not open an account, but we can confirm that the download link of the MT4 is of the actual broker’s very own MT4. Nevertheless, the MT4 offers some great features: micro lots, automated trading bots, 500 individual orders per account, automated trading, customizable trading indicators, and much more.
GLOBAL HOLDINGS CAPITAL MINIMUM DEPOSIT
In the payment page, we were presented with an overly simplified Bank Card Payment page, which required only a user name and a country. Since we could not open an account we cannot vouch for any actual payment methods.
As for the minimum deposit amount, according to the FAQ it’s $2000, which is a huge amount and is a clear indication that the broker is completely fraudulent.
Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
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.
AnyDesk and TeamViewer software are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
GLOBAL HOLDINGS CAPITAL WITHDRAWAL TIME AND FEES
The only information concerning withdrawals can be found only in the FAQ’s. From there we learned that the minimum amount is $50, and that there are no withdrawal fees. Other details have not been included. The missing Terms and Conditions do not help.
ADDITIONAL FEES AND TAXES
Because there are no legal documents we cannot give you any additional fees or concerning clauses. Be aware that no legal documents always speak volume for the fraudulent nature of a broker.
Nevertheless, reader should be aware that unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. And seeing that every day there are many who fall victim to their plans, one must realize that these people are smart and fully capable realizing their schemes, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
The only thing that is left to do is to file for a chargeback, and hope that the minimum amount of damage has been inflicted on your account.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
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!
Global Holdings Capital has some potential, but the fact of it unregulated nature speaks volumes. We do not recommend it. Stay away!