Beware! GlobVentures is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Warning! GlobVentures is an obscure Forex broker that offers Cryptocurrencies trading and claims to be the best digital coin simulator of the year. They introduce themselves as a team with over 25 years of experience behind their backs, which operates within a safe, secure and regulated environment. The fake claims aside, it’s an anonymous entity which shows way too many red flags and scam signs, and we recommend that you should stay away and report if someone from GlobVentures approaches you on the Internet or over the phone. Find out everything you need to know about this Forex broker in the full GlobVentures review.
GlobVentures REGULATION AND SAFETY OF FUNDS
GlobVentures is an undisclosed shady Forex broker, which doesn’t hold a license to sell financial products and services. The only thing that we managed to find about this Forex broker is that the laws of Bulgaria govern it. Other than that, there aren’t any registration numbers or an address. GlobVentures lists only British contact number, but it doesn’t make any sense as it’s governed in Bulgaria.
No such company or Forex broker was found in the register of the Bulgarian financial regulator FSC, as expected. Your funds are not safe if you make a deposit with GlobVentures, it’s an unlicensed, unauthorised and unregulated Forex broker, which shows too much evidence of scam! You should avoid it!
Our strong advice is to choose between the EU(CySEC) and UK(FCA) Forex brokers, as these intermediaries are the global leaders in the retail FX and CFDs market, and will assuredly treat your funds with utmost care. There are many customer protection measures agreed and implemented throughout Europe; in fact, all the EU members have to provide similar in size and scope levels of security to the traders. For example, if a broker wants to obtain a CySEC or FCA license, it has to meet the capital adequacy requirements. A Forex broker is required to have a minimum initial capital of 730 000 EUR, safeguarding the ongoing financial soundness of the entity.
Most importantly, there are money protection schemes at the place, such as ICF in Cyprus and FSCS in the UK, which guarantee the deposits of the clients. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in the UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate such a fund, which is regarded as a last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
GlobVentures TRADING SOFTWARE
GlobVentures claims to offer their own mobile trading apps; Metatrader4 or Metatrader5 are not available. They offer Cryptocurrency pairs to trade with low leverage– up to 1:4; however, we cannot confirm that it’s a valid statement because we weren’t able to sign-up or download a functioning platform. The download links on their website are broken and simply bring you back at the top of the page, which is another major red flag!
The registration process is supposed to be on-demand. You should send an e-mail to the Customer Support, and they will open your account, at least theoretically. We recommend to our readers not to transmit any e-mails to their Customer Service because it’s most probably a scam.
No spreads known to us.
GlobVentures DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit with GlobVentures is €5000, which is an insane amount of money for retail brokerage service.
The funding methods are supposed to be Credit/Debit card, Skrill, Neteller, Sofort, Qiwi Wallet, Discover, Bitcoin, CardPay and WebMoney. Still, we cannot confirm this statement on their website, as well.
The minimum withdrawal is said to be $100, or the equivalent, but the withdrawal policy, as a whole, is full of scam clauses. For example, you need to have a positive balance above 100 UST to make a withdrawal, which is totally an unacceptable condition. Also, UST is a fishy digital coin, not a US dollar!
Also, you will not be able to withdraw funds, unless you have traded 1% of your deposit in terms of lots. For $10 000 deposit, you will have to trade 100 lots, which is $10 000 000 in trading volume! Insane!
In case you received credit as an incentive(each new account gets one automatically) you will have to reach even more significant turnover if you want to withdraw, which is the sum of the deposit plus the credit multiplied by 60!
The dormant account policy is harsh, compared even to scam brokers that we have earlier reviewed. An account becomes dormant after a month of inactivity and will be subject to a flat monthly charge of $100.
No classical bonuses offered. However, the credits that are being given away might be considered trading incentives, but ask yourself, what kind of encouragement this is.
No partnership programs introduced.
Warning! GlobVentures allows indebted account, negative balance protection is not applied, which undoubtedly once again proves that this broker has nothing to do with licenses and regulations! Their activity is not legit, which means it’s a scam, stay away from GlobVentures!
HOW DOES THE SCAM WORK
Scammers introduce financial or investment opportunities which are too good to be true. Lucrative returns (we’ve seen 800% per day) with low or no risk at all, unbeatable trading conditions, trading robots and bots that always execute the winning trades, scammers might even assure that they possess insider’s information and the profits you are going to make are guaranteed.
The scammer will promise you the moon and the stars only to gain your confidence, will persuade you to get involved and sooner or later will take advantage of you. Once you submit your details including ID, credit or debit cards, bank accounts or national insurance number, the risk becomes long-term. The scammers might not only refuse to make a withdrawal but might as well use your details to conduct criminal activities. They might dry up your bank account, might make deals on your behalf or you might even end up being an owner of a hugely indebted company. Beware!
Remember, always trust forex brokers that are legitimate and regulated by a financial authority such as CySEC or FCA.
WHAT TO DO WHEN SCAMMED
No one is immune to scam; anyone can fall into the trap. Scammers are always looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience; it is essential to protect others, as well. Be responsible!