Trade Global Market Review – 5 things you should know about Tradeglobalmarket.com

Trade Global Market Review – 5 things you should know about Tradeglobalmarket.com

Beware! Trade Global Market is an offshore broker! Your investment may be at risk.

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Trade Global Markets is a brokerage supposedly registered in Georgia which states that it provides the MetaTrader4 trading platform. The brokerage requires a minimum deposit of $100, which is below the industry average. Further trading conditions, however, are unclear and the brokerage chooses not to offer a test-drive of its platform.

Trade Global Markets regulation & safety of funds

According to the website of the brokerage the company behind it is registered in Georgia. Here is a screenshot:

We checked the online registry of the National Bank of Georgia and did not find the company among the list of licensees. However, we also came upon an UK phone number which is quite odd, but a search of the company name did not yield any results in the registry of the FCA as well.  Further going through the legal documents we discern that the company is actually probably registered in Saint Vincent and the Grenadines which is a favourite location for fishy brokerages. Here is a screenshot:

Readers are reminded that the government of SVG has had to publicly state quite a few times in the past that it does not regulate Forex trading and thus we may safely conclude that not only is the brokerage not regulated. Furthermore, trading with an offshore, unregulated brokerage hides a lot of risk. There may be commingling which means that the brokerage may commingle together the finances of the firm and the finances of the clients. Putting this aside, the brokerage purports to provide the MetaTrader 4 platform which we always consider a big advantage, however, there is no demo account available and we can’t get hold of the brokerage’s trading conditions. Such a lack of clarity regarding the leverage extended to clients and the spread is quite troubling and inclines us to question Trade Global Market’s legitimacy. All in all, the safety of the clients funds may be at risk when dealing with such a broker.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

Trade Global Market deposit/withdrawal methods and fees

As is usual with anonymous brokerages – there is no information regarding the payment methods as well. Usually clients are extended payment gateways such as Bank Transfer, Credit Card,as well as popular e-wallets like Neteller, Skrill, Perfect Money or Bitcoin.

We could not find in the Terms and Conditions any nasty withdrawal conditions. There is a dormant account fee for accounts that have been inactive for more than 12 months. Here is a screenshot:

There are no explicitly stated withdrawal fees, however, readers should take notice that this is no guarantee that the brokerage may not charge some unexpected withdrawal fee once it has received the initial deposit. This is why we remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

 

How does the scam work?

Scammers mostly rely on vulnerable and easily tricked people, that is why a well-informed trader is, perhaps, their most difficult target. That is why we believe all traders should be well-versed in the different ways of the scam. Here is the most popular one:

In most cases through clicking a tempting ad with promises for quick and easy profits, you will be redirected to a website like Crown Signals or Top-Algo Trade where registration will require  your address, email and phone number. Your personal information will be immediately shared with brokers in call centers who are just waiting for fresh leads. After a few minutes on the phone listening to the whole prepared brokers pitch , you decide to deposit some $200-250. And just like that –a 25 per cent commission gets wrested from the initial deposit by the broker on the phone.

After stinging you for a few hundred bucks, senior scammers will take you up and begin pushing you to further invest. You may even budge and continue investing.  At some point, however, you’ll probably begin to consider closing the account and getting back your money.

However, now comes the “recovery” part of the scam. After stating that you wish to withdraw your money, it will be high time for the “recovery people” to take it from here. They will begin further stalling in any way possible in order to remove the last guard you may have – filing a chargeback with your bank. This options expires for good after six months or more have passed since the initial deposit.

What to do if scammed?

A scam could happen to anyone, including you, and, in such a case, it would be best to know what options are still available to you. That way you’ll be certain your reaction will be adequate and on spot.

You may contact your bank or credit card provider and file a chargeback, but only within six months of the initial deposit, as was noted above.

If however you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should change it asap!

So-called “recovery agencies” should not be trusted! Such agencies target scammed and vulnerable traders in an attempt to further swindle them into giving away their money. They will require from you an “up-front payment” in order to get your money back, but no such thing will happen!

Rich Snippet Data
Review Date
Reviewed Broker
Trade Global Market
Broker Rating
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