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GlobalspotFX Review: Globalspotfx.com Shocking Scam

GlobalspotFX Review: Globalspotfx.com Shocking Scam

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GlobalspotFX (Globalspotfx.com) is another offshore broker with insane trading conditions. Globalspot FX is claiming to offer CFDs, Cryptocurrency, and Forex assets on their platform. Global Spot FX is owned by an anonymous company listed as Trade Com Limited. They claim to be based in the UK which is far from the truth. These are offshore brokers looking to steal from investors in Europe. An investigation done unearthed some damning facts. Read this genuine and transparent GLOBALSPOTFX Review for more details.

GlobalspotFX Review

About GlobalspotFX

They claim to be located in the UK which is a false statement. After asking around UK trading experts and investors, no one seems to know the broker. The mother company, Trade Com Limited is not in any company register. And this is proof we are dealing with a rogue trading platform. It is best to steer clear of such anonymous investment trading platforms. Beware of offshore brokers who clone trading websites and steal from unsuspecting investors.

Online trading can be a lucrative way of making money if the right channels are used. By having experienced and professional brokers, your chances of winning increase. Traders who have recommended brokers trade with safety being a guarantee. GlobalspotFX is another rogue trading platform with no clear headway. They are anonymous and have no online reputation which makes us question their authenticity. And this is one of the main reasons to stay away from GlobalspotFX.

Assets Found on GlobalspotFX

GlobalspotFX is promising growth and profitability on the diverse range of products they offer. These include CFDs, Energy Contracts, Equity indices, Foreign exchange, futures, and precious metals. They also claim to offer Cryptocurrency trading which is not clearly informative. There is no information on the types of Cryptos traders expect to get on their platform. The broker promises competitive variable spreads on their trading platform. They claim to offer spread as low as 0.9 pips.

The broker is majoring on major currencies when it comes to Forex trading. Major currencies are paired against the US dollar such as NZD, AUD, and Sterling Pound. Again, the broker fails to mention the leverage and spread set on currency pairs. And this poses a huge risk to investors as they sign up not knowing the trading conditions. It is best to know the trading conditions prior to committing funds with a broker. Global Spot FX is offering harsh trading conditions since withdrawing funds is next to impossible.

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Business Owner

Trade Com Limited is the company listed as the sole owner of the company. The company is not found in any register in the jurisdiction they claim to be based. Such brokers are known to use unknown company names to throw off investors. These are scam brokers who hide behind anonymity to steal from investors. And this is one of the main reasons why we should steer clear of this broker. Anonymity is a dangerous character to have in the online trading world. Kindly stay away from anonymous online investment platforms.

Domain Details

Records indicate the broker is barely 150 days old. The website was created on 23rd March 2020 which means they are barely four months old. These are scam brokers who thrive by opening new sites over time. Once a website is marked as a scam, they clone another website and bring their shoddy activities back Trading with such a broker is misguided as they rarely allow members to withdraw funds.

License Details of GlobalspotFX

GlobalspotFX is not licensed or regulated by the Financial Conduct Authority. Since they claim to be located in the UK, they should have certification from the FCA. Without a valid trading license, it means the broker is operating under no regulation. Any member who deposits funds should know there is no deposit insurance cover. The broker does not follow set guidelines regarding insuring all deposits made. An unauthorized broker is of no help especially when recovering of funds becomes an issue.

Other regulatory bodies in the EU region plan to issue a warning in regards to Global Spot FX. The broker has been targeting investors from Europe and most victims are from this jurisdiction. Once a warning is out, the broker will try as much as possible to get investors to sign up. After signing up and depositing funds, the broker will shut down the website. The broker does not even indicate their license or registration number on their website. It is an indication of an unregulated online broker.

Pros/Cons of GlobalspotFX

Account Details

GlobalspotFX Account Types

GlobalspotFX is furnishing traders with four account types to choose from. The accounts listed include Micro, Standard, Premium, and VIP. Maximum leverage set for the Micro account type is 1:500. And this is another indication we are dealing with a rogue broker. The trading features on these accounts are similar which makes us question the intent of the broker. It is why no one should sign up with the broker for security reasons.

Contact and Customer Support

The chat box at the bottom right hand side of their website is offline, most of the time. During our investigation, the chat bot was not available. And this means the broker is unwilling to communicate with members. Scam brokers would not want to give their actual communication details for a reason. They fear the retribution from authorities and victims hence, they give offline communication tools. Sending an email is not helpful as the broker will not reply on time.

Demo Account

GlobalSpot FX is furnishing traders with a demo account. It means anyone can make a guess and the demo will perceive it as true. Scam brokers are now using demo accounts to convince investors of the potential of winning. Investors will want to open a real account and see whether the positive results will apply. After depositing funds, it is when they realize they have been set up. Avoid demo accounts which offer awkward positive results.

Funding Account

The broker is accepting deposits from Bank Transfer and Credit/Debit cards. GlobalspotFX is sending members an email with instructions of where to deposit funds. The email contains a bank account number where members deposit funds. Members get the promise of seeing the balance reflect on their accounts. The main problem with Global spot FX is no one has been able to withdraw funds. Since the broker started offering their services, no one has received any funds from the platform.

Trading Platform

When it comes to their preferred terminal, Global spot FX offers a web based custom made platform. The problem with their web terminal is lack of proper security features. It does not protect members from third parties. Their trading platform lacks DDoS protection and SSL encryption. Third parties can easily gain access to the platform and steal valuable data. Credit card information is at risk of falling into the wrong hands. Stability of the platform has been an issue making it slow at executing trades.

Safety of funds with GlobalspotFX

GlobalspotFX is far from offering safe trading conditions to investors. The broker is not segregating funds as dictated by trading regulations. Members are depositing funds straight to owner’s bank account. Transparency is an issue as they don’t indicate when investors get to receive their funds. And this is another solid reason to stay away. The broker does not properly inform members of the trading conditions offered.

Scam or Legit GlobalspotFX

GlobalspotFX Trading Platform

Evidence clearly point to the fact that GlobalspotFX is a scam. They block withdrawals and have no trading license. The broker does not indicate the trading conditions available on their platform. Mark any of their emails as spam and don’t join their affiliate programs. Warn your loved ones on the dangers of using an unregulated online broker.

Bottom Line

Adding this broker to our scam blacklist will enable our readers know the risks involved. Please continue reading our reviews and find out more on online trading products and services.

Use acclaimed brokers backed by Forex experts. These brokers guarantee safe trading and help make realistic profit margins.

We wish every investor all the best.

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