This review is specifically about a controversial website called Global FX Club. The site has been accused of several misdeeds before, and our mission is to find out whether or not these accusations hold water.
Generally, when a site has extremely poor ratings, we always encourage users who want to try it to proceed with caution.
And our advice has always yielded good returns . So when we say that Global FX Club is a suspicious website, you should take it seriously because we only speak after we find enough evidence.
In as much as Global FX Club looks professional in design, user reviews speak a different language altogether.
The site seems to have specialized in deceiving investors with promises that can’t be achieved.
They claim to educate and provider traders with the right resources for trading Forex.
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But there is also evidence that Global FX Club uses manipulated results to lure traders into their subscription list.
Performance results are manipulated, and that’s for sure. If this was not the case, then we wouldn’t be having users who claim that they were ripped off by this site.
Let’s start analyzing a couple of previous users who have presented their cases against this site.
Claims that the site is fraudulent because it does not update its performance log accordingly.
The site offers a trade copier service. But the problem is that results generated by the trade copier are never reflected on the performance log.
We suspect that this is intentional because this user says he went down by -400 pips while that particular trade was represented as +130 pips gain on the performance log.
Results are always positive on the performance log but negative on the side of the user.
Their system has also been accused for opening multiple trades on same currency pair at the same time.
This is like randomly opening trades and hoping them to win. Also, Global FX Club runs another fraudulent platform called profitable forex alerts.
The second user had stayed with them for 3 months, and in all that time, he never received signals.
When he launched an investigation, he learned that Global FX Club could make adjustments to those signals before sending them a second time, and even in that case, he still did not receive the first signal.
Secondly, this user complained that the company did not update their members with open and closed trades.
We also hear that this only started happening in January 2014. Before then, Global FX Club used to send out a report of their pip gains or losses for every particular position in a given month.
However, when they started losing this game, they stopped posting these results altogether.
Finally, this user claims that their chat feature is never active. It means you will never get a response by leaving them a message there. The same thing happens to those who send them emails as well.
Basically, countless user reviews are painting Global FX Club negatively, and there is truth in what these users are saying.
Let’s look into some of the evidence that we found against this company
CFTC discovered that Global FX Club has ripped off investors an amount which is equivalent to $400k.
This happened because the site had published a series of fraudulent past performance which can be seen here http://www.globalfxclub.com/performance/.
Investors believed their word, and so they paid and even let the guys play with their portfolio.
As you can see, this website is also being promoted on an infamous platform called Stock Twits.
We’ve done a story on that investment platform already. And from what we have written, you can see that all sites or investment opportunities promoted on the platform are nothing but scams.
We also discovered that several user profiles were created on Stock Twits to promote Global FX Club — the same fraudulent platform that several users have complained about on Forex Peace Army.
Surprisingly, Global FX Club is also being promoted directly on the website of one of the founders of Stock Twits. He is called Howard Lindzon, and he has a very bad reputation by the way.
This site basically puts up ads on the platform for a small fee. These ads channel unsuspecting users to Global FX Club website.
If you find this site on Stock Twits, you will definitely believe them because, for one, there is a certain degree of implied credibility on Stock Twits.
Secondly, Global FX Club website is very good at presenting false records which unwitting investors would never have trouble believing.
The owner of this company is known as Michael Wright. He is the first person you will meet on the website as he proclaims his mastery on Forex matters with great vigor.
The first thing he does is to tempt you with his past performance results which we mentioned above.
He also says that for every profit he earns you (because he is a ”fund manager”), you will pay him 15% of that profit every month. This is supposed to happen only when you have realized a return of 100%.
Indeed these statements are very tempting. Any investor would easily fall for his smooth operating activities. However, you need to beware because this man has already been basted.
If you subscribe to Global FX Club, they will mail account statements to you at the end of every month.
This is to prompt you to make a move with real money, hoping that they will make you rich.
Today, this man is a faceless character as the website is still active, although users say that he has since gone under.
This prompted users to report him to the FBI that he had disappeared with their money. They had the allegedly genuine account statements as evidence that they had done business with him.
Luckily, investigators discovered that that man was involved in ”managing multiple Forex accounts” for his clients. An estimated $115,800 was deposited in those accounts sometime in 2016.
This man used the investors’ money to fund his expensive lifestyle at the expense of his clients.
Things got murky. However, what surprises us most is that this man still continues to operate the domain http://www.globalfxclub.com/ with impunity.
It’s not clear why authorities haven’t pulled it down yet. Even if it exchanged hands, the fact remains that this is an illegal business. No one should operate it.
All hell has broken lose already, and Forex scams are lurking everywhere on the internet. So if you want to make money, stay safe by utilizing our top-rated Forex trading tools and resources here.
Do not rely on your own knowledge because it’s too easy to fall for these scams. Unless you’re willing to commit your time in investigations, there is generally no need to waste time on products that we haven’t recommended here.
As of now, we are very confident that committing your money to Global FX Club nonsense is the dumbest thing you can ever do.
Investors who pursued them as a result of their false marketing tactics are now crying foul. Their bank accounts are characterized by horror stories. You don’t want this kind of thing to happen to you.
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