Beware! Global-Solution.group 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.
Global-Solution.group cannot be distinguished from any other scam broker you would find on the Internet – the only thing they offer is audacious boasting and absolutely no bang for your buck. Not only is this broker completely unlicensed but it is also deemed to be a scam by not one but to reputable financial authorities. Of course, Global-Solution.group has the awful conditions to match their scammer reputation – wide spreads, big non-trading fees, and clauses in the Terms and Conditions specifically designed to rob you. But this is not something new – global-solution.group is just a new domain used by the same people that are behind Global-Solution.pro and global-solution.io – scams we have already uncovered. Scammers often change domains to avoid suspicion and attract as many victims as possible. However, nothing else is changed – not the logo, not the website layout, not the awful attempt to rob people insolently. Stay away from Global-Solution.group – there is absolutely no doubt that they are unregulated scammers.
Global-Solution.group REGULATION AND SAFETY OF FUNDS
Global-Solution.group claims to be registered in the Commonwealth of Dominica – and we would generally advise you to avoid offshore brokers unless you are completely sure that you are dealing with a branch of a reliable international brand that happens to have an offshore office. The Commonwealth of Dominica and St. Vincent and the Grenadines are the absolute scammer-favorites – the financial authorities in these countries do not regulate forex brokers and do not impose any laws related to forex trading. This means that all a scam broker has to do is register a company – which is fairly easy to do – and start offering their services to unsuspecting clients. They would not have to answer to a regulatory body or follow any rules and regulations – which enables scammers to perform their illegal activities without having to worry about consequences.
As we already mentioned, two European financial regulators have issued warning on the company behind Global-Solution.group – the FCA (the UK), and FINMA (Switzerland). The FCA warning is on the company’s older domains – however, the one FINMA issued regards Global-Solution.group specifically. The regulator believes that this broker cannot be found in any commercial register and therefore cannot offer financial services freely.
The only way to trade safely is to trust a reliable, licensed company – those regulated in the UK, the EU or Australia are probably the best choices since they have to maintain a very high standard if they want to remain in business. If a company is regulated one other EEA member state, they are also free to offer financial services in all such countries according to MiFID. Brokers must maintain some sort of minimum capital to prove their financial stability although the amount varies – €730 000 for the UK and the EU and A$1 million for Australia. Client money should be kept separate from the broker’s own funds in segregated accounts – this means the broker cannot use your funds for their own financial operations. Additionally, European brokers are obligated to provide money for compensation funds – if a broker becomes insolvent, their clients could receive compensation of up to €20 000 in the EU, £85 000 in the UK, and 100 000 Swiss francs in Switzerland.
For all of these reasons, trading with someone licensed would be a much better choice and could actually lead to some sort of profit – and not just to your wondering how to retrieve your money once you have deposited with the scammers.
Global-Solution.group TRADING SOFTWARE
Global-Solution.group offers access to a simple Webtrader that lacks any interesting functions and will probably become boring quite quickly, especially if you are a more experienced trader.
We would suggest that you turn to a broker who offers one of the industry-leaders when it comes trading platforms – MetaTrader 4 and MetaTrader 5. Those platforms can offer you far more in terms of functionality and available trading tools. Most clients will appreciate the advanced charting and analysis possibilities and would get access to useful features like Expert Advisors, VPSs you could purchase and keep your trading bots operating even when your computer is off, possibilities for testing strategies – in a demo account or through back-testing – customizable signals you could set for prices going above or below a certain level, and much more. If you are serious about trading, we suggest that you try MT4 or MT5 – or why not both – as soon as possible.
Global-Solution.group TRADING CONDITIONS
The minimum deposit Global-Solution.group asks for in order to open the most basic account is $250 – which is borderline okay. Most legitimate brokers would suffice with something between $1 and $100 and offer far better services.
The leverage was set on 1:100 for all assets and we could not change that from anywhere. This is quite the problem as, especially for less experienced traders, high leverage would not lead to the great profits most brokers promise. High leverage enables you to make bigger offers and subsequently does give you the chance to win big time – but huge losses are just as likely. That is why you should be careful with your leverage settings and why many jurisdictions have imposed leverage restrictions. For example, leverage in the UK and the EU cannot exceed 1:30 on forex majors and is even lower on more volatile assets such as commodities – 1:10 – and cryptocurrencies – 1:2. You could probably see for yourself that a constant leverage of 1:100 is not good news. Besides, there are far better brokers that could offer such rates if high leverage is what you are looking for.
Finally, we got spreads of around 3 pips on Global-Solution.group’s platform – when something around 1.5 pips is considered to be industry-average. Such huge spread would probably not lead to great profits for you – so check out FXTM and OctaFX who are not only perfectly legitimate but try to keep their spreads around 1 pip.
Global-Solution.group DEPOSIT/WITHDRAWAL METHODS AND FEES
Global-Solution.group only accepts deposits in credit/debit card or through a little-known online payment platform called GameChangers. They did not, however, bother to change their generic Deposit and Withdrawal Policy – if you read that, you would probably think that the broker also accepts payments made via ePayments as well as wire transfers. Global-Solution.group charges insane fees on withdrawals.
So if you wish to withdraw via wire transfer, you would have to pay $50. The sum is $35 ($25 plus $10) and $25 for credit card withdrawals and for ePayments respectively. This excludes any charges made by the payment method provider themselves. Additionally, you will be charged 10% of the withdrawal amount if your account is not verified or you have “not executed more than 200 in turnover”. Such fees are ridiculously huge, especially since many legitimate brokers have stopped charging withdrawal fees altogether.
Additionally, the broker charges an enormous inactivity fee – 10% of the money in your account for every month after the sixth one.
Finally, if the broker seems to offer bonuses as suggested by the “Non-Deposited Funds” clause in the Terms and Conditions. Bonuses are banned under many jurisdictions because they have turned in a way for scammers to deny withdrawals before the client reaches some insane turnover – in this case, 25 times your deposit plus the bonus. This does not necessarily mean you would not be able to withdraw just the bonus as the Terms and Conditions suggest – often enough, scammers will deny any withdrawals – of profits, or of your own deposited funds.
HOW DOES THE SCAM WORK?
This scam and those like it are rarely very imaginative – they usually happen in a similar manner which is why it is important to learn how to detect them.
The scam starts with something as innocent as an ad on the Internet – a broker promises you never-before-seen conditions and insane returns of investment – the only thing you have to do is deposit a certain sum. You have heard stories of people making huge profits while trading or investing so you decide to be one of them and open an account with the scammers – providing them with your phone number and email in the process.
After that, they would not leave you alone before you transfer a little deposit. Some of them will disappear right there and then but most scammers are greedy – they will do whatever it takes to make you deposit more and more money, including manipulating platforms and making it seem like you are turning a huge profit.
The problems will start once you try to withdraw – your broker will deny withdrawals under different pretexts including additional taxes or clauses in the Terms and Conditions. Sooner or later, you will figure out something is wrong – but the scammers will be long gone by that time.
WHAT TO DO WHEN SCAMMED?
Be prepared that you might never see your money again – although there are still things you could and should do.
Change any passwords and banking details you have provided the scammers with to avoid further frauds – that includes cases when you have provided them with remote access to your computer. If you have deposited with Visa or MasterCard, that is great news – their policies allow you to ask for chargeback within 540 days. Don’t trust any so-called “recovery agents” that offer to retrieve your money for a fee – this is just another type of scam targeting desperate scam victims. Make sure to notify the financial authorities in your country and try to spread the word about such scams – the more people know about them, the less such blatant robberies will happen. Even something as simple as a 1-star Google review could save dozens of people from losing their money.