GlobalFXm Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team
GlobalFXm Review – is it scam or safe?
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.
– 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.
– 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 Review – is it scam or safe? Conclusion
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