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GlobalFXCFD Review: An Unlicensed Broker

GlobalFXCFD Review: An Unlicensed Broker

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When you land on their homepage, GlobalFXCFD gives the impression of a quality broker. Our investigation reveals that this is nothing but an illicit trading platform. Those that have already signed up and deposited are now anguishing in pain. Most of the members have no access to their accounts. The broker is blocking all accounts with balances over $1,000. It’s time we exposed Global FX CFD for what they are doing to investors. Read this thorough GLOBALFXCFD Review for more.

GlobalFXCFD Review

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About GlobalFXCFD

Once you get to their About Us page, you realize that this broker uses information from other websites. Claims of this being a top online broker that is trader-oriented are false. There’s another scam platform with the same set of words on their website.

PrimeQX is another scam broker that uses the same tag line on their about us page to scam investors. Despite having an aesthetic appealing website, this is just another scam platform.

Opening an account with GlobalFXCFD is easy, and the process takes less than five minutes to complete. We were, however, suspicious of the intent when the broker demanded verification. The broker is asking for copies of your ID and credit card information.

We were hesitant as this is a sure way of having your bank account swept clean. Please stay away from this platform, as it’s a complete scam.

Algo Trading

According to the broker, they offer Algo trading, which means they have automated trading software. The issue we have with their software is that it’s not a proven program. No developer or expert has tested the software.

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Worse still, no trader has tested the software with a live account. No one knows the accuracy of the software or even the security flaws. It’s a no-go zone for us since the software is from an unknown source.

Analyst job post

The broker claims to offer an analyst position on their career page. What this means is that currently, there’s no expert analyst on the platform. The broker has been using call agents to act as a financial analyst on the platform.

You should stay away from the job posting as we are sure it’s just a gimmick. The broker doesn’t need a real professional as the website will soon shut down. These online scam trading platforms are in more often than not short-term websites.

Assets and trading instruments

There are four assets to find within the platform. These assets include commodities, forex, indices, and stocks. The broker claims to offer over 450 trading assets on their platform. Easy market entry and speeding up the trading process is their sales pitch.

Most of the assets we see don’t have any information on available features. There’s no mention of leverage or spreads for these assets.

Business owner

D&D Venture Project LTD seems to be the sole owner of this platform. The broker wants to confuse investors with the real company listed in the UK Company Registrar. D&D Ventures Ltd is a legit company; the one with the word ‘project’ is a fraud.

These are offshore brokers who know what they are doing. The broker wants to penetrate the UK trading market using false information.

Comments from various users

Global FX CFD Trading Instruments

Both Mercy and Victor have a huge amount of money invested with this broker. None of them has had the chance to talk to the broker after they made the deposit. Before making any deposit, they would get calls almost immediately urging them to sign up.

Once they did, all communication went dead. This is what scam artists do to unsuspecting investors. The best option is to stay away from Global CFD.

Domain insights (globalfxcfd.com review)

According to their online footprint, the website is barely a year old. This means that the website is short-term and is likely to shut down soon. Once regulators receive complaints from victims, they will surely shut down the website.

These offshore brokers will open another website with different services. It’s a game that offshore brokers play to ensure they get their meal ticket. Kindly read our reviews to know the latest broker scams in the trading world.

GlobalFXCFD License and Registration

GlobalFXCFD is not a legit trading website, and investors should avoid them at all costs. The broker is using another Company’s license details to fool investors. Without a trading license, it means that the broker does not comply with set rules.

These brokers will offer unfair trading conditions, such as raising the maximum leverage. You should know that the FCA has a cap on leverage and is set at 1:30.

There’s no indication that the broker is willing to apply for a license. The fact that they don’t inform users of their status means this is an untrustworthy broker. Your funds are at risk as the broker can shut down the website at any time.

Avoid any UK broker that fails to have a valid license from the Financial Conduct Authority. You can check with the regulator to see whether a broker is legit.

Pros and cons of GlobalFXCFD

Account Features

GlobalFXCFD Account Types

GlobalFXCFD is furnishing users with three account types. The accounts include Mini, Classic, and Premium. Minimum deposit for the mini account is set at $250. This is double the recommended FCA’s minimum of $250.

Other account users have to deposit $5,000 and $20,000 respectively to start trading. We also noticed that most of the features are the same apart from having a trading mentor.

Contact and support

Expect no support from this broker as the only line of communication is via email or phone. The website lacks a live chat service which is odd since nearly all brokers have this service. With users sending emails, the broker has the chance to gauge whether a member wants out.

The phone numbers on the contact page don’t work. In most cases, brokers use virtual phone numbers with a bot picking all calls.

Web Trader

Global FX CFD is using a web trader which is another flaw. A reliable broker will offer MT4, MT5, or SIRIX traders. Their web trader lacks several advanced tools to aid users with trading. The broker is likely to put you in harm’s way with their unsecured and unstable platform.

Please stay away from it and only use the above three recommended trading terminals.

Safety of funds with GlobalFXCFD

With nearly every member facing the same withdrawal issue, funds’ safety is out of the question. We suspect that the broker doesn’t segregate accounts as dictated by trading regulations.

The regulator won’t help you recover funds as this broker transfers all funds to a personal offshore account.

Scam or Legit GlobalFXCFD

globalfxcfd.com web platform

GlobalFXCFD is a scam, and more victims will fall for it if authorities don’t act fast. Please stay away from it and share this post with family and friends.

Closing remarks

We won’t recommend this broker as they lack regulation and put funds at risk.

Use formidable experts who offer fair and transparent trading conditions. It’s the recipe for success with online trading.

We wish you all the best.

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