Beware! Globexbull 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.
According to Globexbull’s website, the brokerage is an industry-leading online trading platform that’s offering nothing short of revolutionary. They claim that clients’ funds are safe and well protected, but we will not trust their assertions. In truth, Globexbull is a risky and unreliable suspected scam, and we’ll prove it in the following review.
Globexbull Regulation And Safety Of Funds
Globexbull fails to provide proof of legitimacy. In fact, it shares absolutely no corporate or contact information, so it’s basically an anonymous, unregulated brokerage. Indeed, we can neither say who owns Globexbull nor where it’s actually located, and there is an evident lack of transparency, which is always a red flag suggesting a scam. Dealing with unregulated brokers like Globexbull is always a terrible idea because your funds will remain unprotected at all times. The lack of a license is a major red flag!
That’s why we endorse regulated brokers only – regulation ensures safety for clients’ funds, transparency, integrity and trustworthiness. For example, both CySEC (Cyprus) and FCA (Britain) regulated brokers are guaranteed safe as both impose strict regulatory standards, including clients’ accounts segregation and risk-reducing measures like leverage restrictions and negative balance protection. But above all, both jurisdictions maintain deposit insurance funds created to compensate clients if things go wrong – up to €20 000 in Cyprus and up to £85 000. And needless to say, if you get scammed by the unregulated broker reviewed, you’ll be unlikely to get any refund whatsoever.
The bottom line is that your funds will be in danger if you deposit with Globexbull, so it’s recommended to stay away!
Globexbull Trading Software
Globexbull highly acclaims its trading software, but it’s just a generic Webtrader we know very well as precisely the same platform happens to be deployed by numerous shady brokers, including some officially exposed scams. It’s nowhere near MetaTrader4 and MetaTrader5 in terms of functionality, and we compare the Webtrader with both MTs as they are industry leaders and have gradually become a synonym for Forex trading. But what Globexbull’s Webtrader can actually offer? Well, absolutely nothing, and we actually consider it dangerous as its indicators and drawing objects are untrustworthy, meaning that clients may take wrong decisions based on the platform’s usage! And to wrap things up, we can’t recommend Globexbull only because of the trading software provided – it’s unreliable and, honestly speaking, just useless!
Globexbull Trading Conditions
Some of Globexbull’s trading conditions are seen in the screenshot above. The EUR/USD spread is 3 pips, which is an awfully unfavourable Buy/Sell difference as the industry standard is 1 pip or below ($10 or less for a lot traded). That said, we should warn you that Globexbull’s trading service is much more expensive than necessary.
As for leverage, arguably the second most important aspect in trading, it’s 1:200 by default, but it can reach 1:500 if customers deposit more money. Both ratios are too risky for customers and are also prohibited in way too many jurisdictions – the EU, UK and Australia impose a leverage cap of 1:30, while the maximum in the US is 1:50 for retail clients.
One positive thing is that Globexbull provides a large selection of trading instruments, including Forex, Indices, Shares, Metal, Energies, Cryptocurrencies and Agriculture. However, it doesn’t make the broker any better – Globexbull is still an unregulated suspected scam!
Globexbull Deposit/Withdraw Methods And Fees
The minimum deposit with Globexbull is $250, a requirement that’s much higher than usual – $100 on average. Also, if genuinely interested in Forex, you should check some brokers ready to open accounts for as little as a $1 deposit; for more info, see this. The funding methods are allegedly Credit/Debit cards, Wire Transfers and some unspecified wallets.
The withdrawal conditions are not good, too – the minimum withdrawal is $100 for Credit/Debit cards and $250 for Wire Transfers. And the fees are just monstrous: $50 for each Wire Transfer transaction and $35 for Credit/Debit cards as there is an additional 10% tax if customers haven’t reached 200 in turnover – that’s a midday robbery.
And to make things worse, Globexbull automatically insert bonuses with every deposit – a practice that’s already prohibited in many jurisdictions, including the EU, UK and Australia. We say things are getting worse because of a clause stating that customers cannot withdraw funds if there are bonuses unless they trade bonus+deposit 25 times! Simply put, the requirement is highly unfavourable, so customers may eventually be unable to take any money out of their balance! Beware!
And finally, we should discuss a clause we can only describe as fraudulent, and it’s about dormant accounts. As you can see below, an account becomes dormant after 6 months of inactivity and will be subject to a deduction of 10% per month – that’s a scam! In contrast, regulated brokers deduct 5 to 10 dollars per month at most, not 10%! Beware!
How Does The Scam Work
Globexbull is not officially confirmed as fraudulent, but it waves too many red flags, and with that being so, we consider it a suspected scam! That’s why we’ll now quickly describe how scammers usually work while stealing money from unfortunate customers!
Forex scams work in many different ways, but essentially, all of them are pretty much the same. Usually, the fraudulent schemes are registered offshore or are totally illegal, which makes it much harder to track the scammers down. And once you end up opening an account with such an entity, for whatever reason, you may expect an avalanche of phone calls from scammers who’ll do whatever it takes to make you fund your account as quickly as possible. They will promise bonuses, guaranteed profits, risk-free trading and anything else you could possibly imagine, urging you to start trading ASAP. And if you trust them and deposit money, you are very likely to become a victim of fraud – phone call urgency and big promises always suggest a scam!
In most cases, you will be shown fictitious profits and unrealistic gains – for example, if you deposited $250, you may expect to see thousands of dollars in profit the very next day. You’ll probably want to withdraw, but the experienced scammers won’t let you do so. They’ll insist that you can make even more money and will ask for more deposits. Or, they’ll tell you that you need to pay taxes in advance in order to get your money back, but no matter the scenario, the withdrawals will be impossible, and sooner or later, you’ll realise you’ve been scammed. It’s a horrible experience!
What To Do If Scammed
The first thing you should do is inform the authorities – call the police, contact your local regulators and other government bodies dealing with crime and fraud. Also, deactivate your cards ASAP and call your bank to inform them about what happened – they can provide essential information and help you reduce further financial damage.
If you deposited cryptocurrencies, there is not much you can do, but if you used your credit/debit cards, you could file a chargeback, hoping that all or some of the money invested can be retrieved. However, you shouldn’t go blindly looking to recover the loss because many fraudulent chargeback agencies are waiting to double-scam victims of fraud – be cautious about it!
And lastly, consider sharing your experience to help protect others and provide further information about how scams work!
