GOMLTD

Global Online Market Limited (GOMLTD) acts and behaves as any good broker should. The level of detail is impressive, but there are certain oddities that spill out, slowly drawing the real picture. Read on to find out more.

Firstly, Global Online Market Limited (henceforth referred to as Global Online) is said to be regulated by the National Futures Association. Here’s were the spikes begin to show. First of all the NFA is based in the US, which is the most demanding location for brokers to thrive. For a broker to operate in the US it must be a member of the National Futures Association (NFA), and has to be registered as a Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC). These two entities, the NFA and CFTC are considered to be the most austere regulatory agencies in the world. Furthermore, the leverage in the US has been limited to 1:50.

We directly checked the directory (Excel form) of CFTC Registrants and NFA Members to see if Global Online is in fact inscribed.

If one wishes to trade in the US the broker they have chosen must be authorized by both the NFA and CFTC. These entities are notoriously severe with the demands they have for candidate brokers. In order to be eligible for providing Forex trading in the US, a would be broker must first maintain a net capital of $20 million minimum; the main reason only a handful of brokers remain in operations in the USA.

Out of nowhere, the broker adds ASIC as regulatory entity, as written on the About Us page.

ASIC’s registry of registered businesses showcased us 12 close results, non of which were bearing the same name of the company:

This conveys the clear as day message that Global Online is in fact NOT REGULATED.

We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

The average spread that the Live Quotes on the Home Page indicates is 1.6 pips for the EUR/USD. Here again the sloppiness of the scammers can be detected due to the simple fact that the so called live Quotes do not budge even for an instant.

Instruments for trade are as follows: Forex Pairs, Oil, Energy, Gold, Silver and Indices.

The only languages here are English and Chinese.

GOMLTD LOGIN

MT4 makes an appearance as the only trading platform. This is very typical of suspicious brokers to included only one trading terminal.

METATRADER 4

Metatrader 4 holds on its own when it comes down to delivering what is necessary. The functionalities are all there including advanced charting, user friendly accessibility, market and pending order types. With MetaTrader 4 you can set automatic trading bot to do your deals for you while you preoccupy your time with different activities.

We were unable to create an account for we couldn’t even find a registration page, yet opening a demo account with the MT4 was a breeze. The EUR/USD spread is 0.3-0.4 pips. This a low spread is bound to have some commission attached to it. There is no mention of it on the site however. The spread is directly in contradiction with the Live Quotes on the Home Page that indicates 1.6 pips for the EUR/USD. These inconsistencies are another proof of the broker’s slippery operations.

The leverage in the US is limited to 1:50, and unlimited under ASIC, but seeing as both license issuers have really nothing to do with the broker, we wouldn’t be surprised if it offered a leverage over 1:500, should one is able to actually register.

The MT4 is said to be available on mobile and as a standalone desktop trader.

GOMLTD MINIMUM DEPOSIT

The minimum deposit is $100. This is quite low and allows clients with a lower income to give trading a shot. Too bad the trader is unregulated; this minimum deposit is always a welcome.

Methods of funding are limited to Credit/Debit cards and Wire Transfer according to the Funding sub page. However, the FAQ indicates that there are e-Wallets as well. Truly a sign of a broker that has not even taken its time to conceal the suspicious activities it engages in.

Once more: this broker is clearly unregulated, and if you choose to fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advice 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

Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

AnyDesk and TeamViewer softwares 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 softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.

GOMLTD Withdrawal time and fees

The minimum withdrawal amount is $100 for Wire Transfers and $50 for all remaining methods.

Processing times are the usual. Wire Transfers, upon the request, can take up to 5 days to be processed by the broker, while all other methods usually process request momentarily. Yet again this information is in contrast with itself. The FAQ page claims that all process times are up to 1 day:

The exact same thing can be applied to withdrawal fees. On the Funding page the broker claims that there is a charge of $10 for Wire Transfer withdrawals, but on the FAQ page a totally different claim is presented that is both contextually and grammatically wrong:

There are no other fees. Even with no additional fees, brokers without a license usually come up with sudden charges.

ADDITIONAL FEES AND TAXES

Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a chargeback with you credit card company.

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.

BOTTOM LINE

As with all unregulated brokers, cracks begin to show sooner or later. Global Online entangles itself in unjustifiable claims multiple times, and reveals itself as a suspicious broker.

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!

What remains is the certain fact that Global Online in UNREGULATED. Thus we strongly advice against it.