Global Fx Team Review – 5 things you should know about globalfxteam.com

Global Fx Team Review – 5 things you should know about globalfxteam.com

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Beware! Global Fx Team is an offshore broker! Your investment may be at risk.

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From the get go, Global Fx Team does not look like a reliable broker – their website is pretty hideous and contains very little information about essential elements of a broker’s offer such as commissions. On top of that you will only be offered some brief and laconic Terms and Conditions. This is supposed to be a reliable UK broker – but the company is not only not regulated by the UK’ financial authority, the FCA, it also has a warning issued on its name by the regulator. This should tell you enough about the type of broker Global Fx Team is – but if you want to learn more, check out the full review below. We guarantee you would not want to invest with this broker afterwards.

Global Fx Team REGULATION AND SAFETY OF FUNDS

Global Fx Team claims to be a legitimate broker registered in the UK, and has even provided a Certificate of Incorporation on the website. However, the text on that certificate was too small to read so we checked the registration number provided by the broker in the register of the UK Companies House. It turned out that a company with that number did exist – but the address was different which leads us to believe that Global Fx Team is using someone else’s registration number. And besides, a mere registration would not be enough for any UK broker – in order to offer services in the country they have to be licensed by the UK financial authority, the FCA.

We know for a fact that Global Fx Team is not an FCA-regulated broker – the regulator has recently even issued a warning on the company because it is not authorized to offer services to UK customers and is most probably a scam.

Such a warning should be enough for you to reconsider working with Global Fx Team and turning to a legitimate UK broker instead. If this broker is comfortable with lying about one thing – especially as important as company information – they will probably not be stopping there. You will get scammed out of your money before you know with scammers like this.

UK brokers, on the other hand, are usually very trustworthy because they are regulated by one of the most merciless authorities in the world. The FCA expects only the best by brokers under its jurisdiction, and demands regular reports on transactions. All licensed brokers must maintain a minimum capital of €730 000 to prove that they are financially stable and participate in compensation schemes – so if your broker goes bankrupt, you could get a compensation of up to £85 000. Additionally, all client funds are kept in segregated accounts so you could be absolutely sure the broker is not using your money for their own operations.

Global Fx Team TRADING SOFTWARE

When we logged into Global Fx Team’s client area, we found out that they offer something that can hardly be called a trading platform.

This extremely simple software offers virtually no useful trading tools, and would provide a bland trading experience. Moreover, this platform only allows clients to trade binary options on a few assets – EURUSD, Apple and GAZPROM stocks. Binary options are a risky trading tool that is much closer to gambling than to actual trading – that is why they have been banned almost everywhere in the world. Binary options let traders bet on the short-term price of an asset – will it go up or down. As you can see, there is little to no analysis and calculated risk involved in such trading – many people have lost a lot of money using binary options as a tool for turning a profit. If a broker makes such an offer these days, they are most certainly scammers – only three US exchanges still allow this instrument.

If you are interested in trading on an actual, highly functional trading platform, give MetaTrader 4 or MetaTrader 5 a try. These two platforms are the most popular in the industry, and have built a solid reputation through the years. Both versions of the software are adored for their intuitive interface, and for the many tools they offer. Clients would be able to use features such as Expert Advisors that trade automatically, VPSs, customizable signals, add-ons on that could be purchased on the MT market. You would even be able to create your own trading bots and indicators with the MQL4/MQL5 coding languages. There are enough great brokers who can offer you one or both platforms – don’t hesitate to see what the software has in store for you.

Global Fx Team TRADING CONDITIONS

Global Fx Team asked for between $300 and $1000 in order to open the most basic account they offer – a Mini account. The promised returns on that account type were 35% – numbers only grew the more advanced the account got. First of all, $300 is a bit too much to demand these days – most legitimate brokers would not ask for more than $250 but there are enough leading brokerages that would ask for as little as something between $1 and $50. Second of all, no legitimate broker would dare to guarantee your returns in the volatile financial markets – those depend on many factors including your own knowledge and experience, the current market situation, and sometimes sheer luck. Only scammers would promise you impossibly high returns in a matter of days – with no risk, on top of that. Don’t believe such blatant lies and be patient when investing – turning a decent profit takes far more time than a few hour, or a few days.

The maximum leverage Global Fx Team offers is 1:500 – which no UK broker could legally grant access to. Leverage in the UK (as well as in many other jurisdictions) is restricted by law – up to 1:30 on forex majors. If you want to get access to anything higher, you would have to classify as a professional clients and meet two of the following three criteria – to have worked in the financial sector on a relevant position for at least a year, to have placed a certain number of significant orders in the past four quarters, or the size of your portfolio must exceed €500 000. You would not, however, have access to some of the protections that exist for retail clients – such as negative balance protection. But talking about leverage – or spreads – in relation to a broker like Global Fx Team is pointless – you would not be able to trade with them as they do not offer a functional trading platform. In such cases, all talk of spreads or leverage becomes redundant.

Global Fx Team DEPOSIT/WITHDRAWAL METHODS AND FEES

Supposedly, Global Fx Team accepts payments made with card, bank transfer, MoneyGram, Western Union, and Bitcoin. However, card payments as a whole turned out to be unavailable, and all other payment solutions with the exception of Bitcoin, required the client to contact the broker directly to learn more, and get assistance. Depositing with Bitcoin, on the other hand, was very easy – the broker provided their wallet address directly.

While there are some legitimate brokers who have started accepting crypto, scammers don’t adore Bitcoin, Ethereum, and other coins for the security, and innovation they provide. Crypto transactions are both anonymous, and irreversible – which means that if you decide to ask for chargeback at a later point, you would not be able to do so. The only way to get your money back if you have deposited in crypto, is for the recipient to send it back – which is not something such scammers would ever do. That is why we advise you to not deposit with unreliable companies like Global Fx Team – all money you transfer will be irreversibly lost.

HOW DOES THE SCAM WORK?

If you have enough information about the way such scams work, you will know how to protect yourself against them so read the following text carefully.

It all starts with you seeing a flashy ad on the Internet promising you immense riches  – you take one look at a broker’s website and decide that it looks decent enough and that all the promises and claims must be true. Such scammers often manage to convince you that they are legitimate in ingenious ways – they lie about being regulated, provide fake legal documents, draw your attention with amazing offers. So you decide to try your luck and open an account – providing the scammers with your phone number and email in the process.

After that you would not be left alone before you make a deposit – you receive dozens of calls and emails from smooth-talking scammers whose very job is to pray on unsuspecting people who are trying to turn a quick profit. And once you have deposited, they will keep asking you for more and more money – which you would gladly invest because at that point, you might even be turning a decent profit. However, all of this is lies and manipulations – and you will clearly see that once you try to withdraw your profits. Different reasons why that is impossible will appear – additional taxes, minimum withdrawal limits, previously unmentioned clauses in the Terms and Conditions.

At some point, you will start figuring out that something is wrong – and that is when the scammers will disappear with your money in their pocket.

WHAT TO DO WHEN SCAMMED?

Accept the fact that such stories rarely end happily with the victim retrieving their money. What you can mostly do is avoid additional problems by changing all banking details you have provided the scammers with, and removing all software they have asked you install. Don’t trust any recovery agents promising to retrieve your money for a fee – this is just another type of scam, often conducted by the same people who initially robbed you.

However, if you have used Visa or MasterCard to deposit , there is a decent chance of getting a chargeback – both card providers allow chargebacks within 540 days of transaction. Reversing wire transfers and payments made via an e-wallet is harder but not impossible – contact your bank or payment solution provider to ask for assistance.

Finally, make sure to notify authorities and share your story with as many people as possible – this way, others will know how to avoid horrid scam like the one you fell victim to.

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