Beware! FXGlobalTraders is an offshore broker! Your investment may be at risk.


Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


FXGlobalTraders is a special kind of broker, even if it does not seem like one. This firm is an expert in the art of concealment. We even had a hard time deciding whether to label it a risk or not. It was able to question our years of experience, that’s how good it is. Yet, with some patience and devotion, we were able to gather some pretty solid evidence that FXGlobalTraders is, at the end of the day, nothing more than an illegitimate broker, devoted only to profit. The following review reveals all the important details.

For an account to be created, one must pass a simple process that took us less than 10 seconds. A lot can be said of a broker that takes the registration process lightly. The user area was disappointing and does not live up to the expectation created by the website. However, the biggest hit below the belt was the missing trading software. We won’t reveal too much now, for there is a dedicated section in the review for this, but users must be aware that FXGlobalTraders technically does not offer FX trading services. None of the leverages, spreads, and financial assets advertised on the website are actually applicable.

The website is available only in English.


FXGlobalTraders comes with two important claims that we will discuss in the following section.

The first is found in the Terms and Conditions, where we learn that the parent company of the brokerage, Safe Side Trading LTD, is located in Saint Vincent and the Grenadines. A very popular location among the illicit broker community this Caribbean nation is. It does not have an FX regulator, and thus all brokers there are unregulated. Even if the company is located there, we cannot guarantee that users won’t be cheated.

Next, in the License & Regulation section, we learn that the broker is licensed by CySEC and the FCA, making it an EU broker. This is, of course, completely false news. FXGlobalTraders is not regulated by CySEC nor by the FCA, as we found no result of the broker in the official lists of authorized entities. Further down, we read of an ASIC and IFSC (Belize) licenses. As with the previous claims, these turned out to be complete lies.

The broker proves to be even more untrustworthy because of an official warning issued by FINMA. The  Swiss Financial Market Supervisory Authority is responsible for regulating the Swiss FX market. Aside from the United States Switzerland is by far the most demanding FX environment in the world. There is absolutely no way that FXGlobalTraders is legitimate seeing that it is blacklisted by the top.

There is absolutely nothing one can gain from depositing in an unregulated broker. We urge readers to check for a license prior to investing. The FCA and CySEC are the most popular and some of the best regulators in the world. These two, among other superb overseers, have gained the reputation of being the best through years of regulating some of the world’s top brokers. Watchdogs employ a huge set of rules by which every single broker under them has to abide. They include minimum capital requirements, segregated client bank accounts, the guarantee of funds’ safety, etc. All users under the FCA or CySEC, are eligible for compensation, in case the broker at hand cannot pay its dues. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.


Upon opening the user area, users will notice that there is no way to access a trading platform. Not only that, but the website is very secretive about a trading software, but we did not expect for FXGlobalTraders to not include even a half-functioning platform.

The alternative given here are the “packages”. The broker expects users to believe that in exchange for thousands of dollars, clients will receive a miraculous profit. For instance, the first package is available for $2000. The client is supposed to invest $2000 and receive $25 000 as a “possible return”.


Where are the returns coming from? Who is paying them back? This is laughably ridiculous, and a complete scam!


You would expect the minimum deposit to be $2000, considering that the first package is required this much to open. We cannot verify what the real minimum investment requirement is because the broker requires ID documents in order to continue within the deposit area. Without providing KYC docs, all the payment sections are closed off.

The website claims the minimum deposit at $500, while the packages scheme reveals a minimum $200. This utter confusion is typical of illegal brokers. The payment methods, for both withdrawing and deposits, are unknown. The website gives a huge plethora of supposed available methods for funding an account, but we do not believe its scammer claims.

There is a $40 handling fee for credit card payments. This is the only payment fee we learn of.

Overall, FXGlobalTraders is a risk to any investment. We believe that deposits will be lost!

How does the scam work?

Most fraudulent brokers gain their reputation because of the usage of the scheme, the most popular scheme of all in fact. Its ultimate goal is to steal from users and continue doing so until the users sniff them out, or he or she gives up. The scam follows a number of simple steps, but it is worth noting that many unregulated brokers put their own unique twist on it.

The first step is to bait the user. This happens through the usage of online ads, that appear mostly on social media websites or other similar online sources. The scammer ads are distinguishable by their outrageous promises of wealth and profit through trading, investing, or binary options trading. These advertisements showcase a luxurious life and a care-free lifestyle.

Once a user falls for these tempting clicks, he or she will be asked to provide a telephone number or an email address. Giving these away means that the broker’s first wave of representatives will be contacting you. Their one and only goal is to make one deposit. Furthermore, some brokers choose their targets based on how easily manipulated they are.

An initial deposit means that you are knees deep into the scam. The time has come for the expert scammer, a.k.a the account managers. These are relentless, compelling, and at times charming. They can easily enforce their influence on a trader, and sooner or later this trader will be depositing a second, or third, or fourth time.

At some point during the scam, the user will start getting suspicious as to why she hasn’t been paid yet after only deposit for weeks on end. Every withdrawal request will be met with resistance, and depending on the broker the ways of refusal vary. Some might change your mind and solicit you to deposit more, others might close down the user account, or shut down the entire website. A popular method is to stall until the scammer can completely disappear.

What to do if scammed?

The best advice we can give for those that have been scammed is to file for a chargeback as soon as possible. All credit and debit card companies should have this option on the ready. Note that MasterCard and VISA have extended their chargeback period to 540 days.

Bank transfer payments mean that the scammer can potentially get access to your bank account, so it is crucial to change your password and user name. Another good piece of advice is to contact the bank itself and check with them if they have a ready to go plan for such circumstances.

As for crypto deposits, they most surely are gone. That is what it is paramount to remember never to invest in a shady broker through any sort of cryptocurrency.

A final piece of advice. Victimized users might stumble on recovery agents or agencies, who will promise to get your money back, but not before you pay them a hefty fee. Once the charge is paid, they will sooner or later disappear without helping you even one bit.

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  1. scum of the eartb

  2. I put in 200 they are asking for 680 to get 8000 back in 4 days

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