Globesfxp.com Review – 5 things you should know about Globecfds

Globesfxp.com Review – 5 things you should know about Globecfds

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

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

 

Globesfxp.com is a shady broker – a sheer look at their unprofessional website that lacks all sorts of vital information proves that. Moreover, this broker has already been exposed as a part of a dangerous scam broker network by a reliable EU regulatory body.

There cannot be any doubt about the fact that this is not a good investment choice – all money you deposit with Globesfxp.com will soon disappear.

Globesfxp.com REGULATION AND SAFETY OF FUNDS

Globesfxp.com claims to be “committed to making sure all our clients and investors stay connected to the various opportunities that arise in the market on a daily basis” and promises top-notch services and efficient support. However, this is in no way a reliable broker you can trust with your money – they did not provide an address or any license information and failed to prove that they are regulated by any authority. From the Terms and Conditions, we learned that the broker is supposedly based in the Marshall Islands – which is a red flag.

Many scam brokers choose this country as the base for their illegal activities – since the Marshall Islands do not have any sort of financial regulator, let alone one that deals with regulating forex brokers. Moreover, money transferred to such offshore locations quickly becomes untraceable – there are no transaction reporting requirements. This enables all sorts of illegal activities such as money laundering, tax evasion, and scams like this one.

Globesfxp.com has also managed to attract the attention of CONSOB – the Italian financial regulatory – and has recently been blacklisted.

According to the authority, this is a scam that operates under a few different domains – some of them we have already reviewed. With this in mind, there is no way anyone could claim that this is a legitimate broker – take such warnings extremely seriously.

Our advice for you is to choose a reliable, licensed broker to work with – companies regulated by the FCA (the UK), CySEC (Cyprus), or ASIC (Australia) are usually a solid choice. These are the most reputable financial authorities in the world so it is only natural for them to have high expectations for brokers under their supervision – there are a ton of requirements such companies are obligated to meet in order to obtain a license. For example, all licensed brokers have to prove their financial stability and long-term approach by maintaining a certain minimum capital – €730 000 in the UK and the EU, and A$1 million in Australia. They must keep client money separate from their own in segregated bank accounts – this proves that the broker would not be able to reinvest your funds and protects client investments in case of broker insolvency. We would also like to mention Negative Balance Protection is a vital safety net – as a retail investor, you could not lose more money than you have in your account.

Only work with licensed enterprises if you want to trade safely and problem-free, and if you want to rely on all of the safety nets we already described.

Globesfxp.com TRADING SOFTWARE

Globesfxp.com was supposed to offer access to an advanced web-based platform – but we were not able to establish if they offer any platform at all since we were not provided with the opportunity to open an account. When we tried to do so, we were informed that the connection is not secure – as a result, we will only have to believe the data we were able to collect from Globesfxp.com’s website.

Even if the broker does offer a web platform – and, again, we cannot be sure that they offer any platform at all – we would still like to point out that such platforms are far inferior compared to advanced software such as industry-staples MetaTrader 4 and MetaTrader 5. These established platforms are very intuitive and accessible but still highly functional and efficient. With them, you would get access to a huge number of charting and analysis tools as well as to features like Expert Advisors, VPSs, a Strategy Tester, the opportunity to set signals for prices going up or down, as well as many other useful tools.

Globesfxp.com TRADING CONDITIONS

What little we learned about Globesfxp.com’s trading conditions, we learned from the website – keep in mind that even this information might turn out to be false. The broker seems to offer a few trading account types but did not bother with extensive descriptions – it was sufficient for them to point out that the trading instruments offered are Forex, CFDs, and Commodities, and that you would be getting access to competitive spreads (no numbers were mentioned) and Online Chat Support. The broker even made a mention of MT4 here – but, of course, provided no download link and did not claim it offers the platform anywhere else on the website.

The minimum amount of money you would have to invest with Globesfxp.com is $500 – which is far too much for a basic account these days. Many great brokers would be more than willing to open an account for $100 or less.

Globesfxp.com DEPOSIT/WITHDRAWAL METHODS AND FEES

Supposedly, Globesfxp.com allows you to deposit with your credit or debit card, or via wire transfer. However, without a trading account, we cannot confirm if this information is true. If it is and you were indeed able to deposit with a card, that is great news – both Visa and MasterCard allow chargebacks within 540 days of the transaction. Wire transfers, on the other hand, are mostly irreversible. The best thing to do is not to deposit with this fraudulent enterprise in the first place.

The broker also seems to offer bonuses – at least, that is what Globesfxp.com mentions in its Terms and Conditions. However, in order to withdraw that bonus and your initial deposit, you would have to reach an enormous turnover – $20 000 for every $1 of the bonus.

This is absurd – no legitimate broker would ever require you to reach a certain turnover in order to withdraw your own deposits.  With those brokers who are allowed to offer bonuses – that is banned in the UK, the EU, and Australia – turnover requirements only extend to the bonus (if it is even withdrawable). Meanwhile, scammers like Globesfxp.com would do anything to prevent you from getting access to your own money and deny withdrawals. Just wait and you will probably see those turnover requirements grow – this is how brokers like Globesfxp.com operate. Be wary if a scam broker mentions the word “bonus” – there are always strings attached.

HOW DOES THE SCAM WORK?

Such scams are more common than you think and trick thousands of people into investing with fraudulent brokers who exist with the sole purpose to rob you. The best thing you can do to avoid them is check registers, research matters carefully, and have a general idea about how scam brokers operate.

Such brokers usually promise immense, fast profits – slow, gradual, and informed rarely seems to be the way for them. You take one look at a broker’s website and decide that it looks decent and legitimate and that all the promises and claims must be true. Such scammers often try to convince you that they are legitimate in various ways – they lie about being regulated, provide fake legal documents, and divert your attention with unbelievable offers. 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 prey 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, when you try to withdraw your profits, you will quickly see that you have been fooled. Different reasons why withdrawing is impossible will appear – additional taxes, minimum withdrawal limits, and previously unmentioned clauses in the Terms and Conditions.

At some point, you understand you are being scammed – but by the time you reach this point, the scammers will already be long gone.

WHAT TO DO WHEN SCAMMED?

Unfortunately, the chances of you tracking down the scammers and retrieving your money are not good.

You can, however, avoid additional problems and losses of money by changing your banking details and passwords, and removing all software they have asked you to install – this just provides them with easy access to your computer and all of your passwords.

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.

If you have used Visa or MasterCard to deposit, there is a chance that you might be able to get a chargeback – both card providers allow chargebacks within 540 days of the transaction. Reversing wire transfers and payments made in crypto, on the other hand, is impossible – only use these payment solutions with trusted brokers.

Finally, make sure to notify the responsible authorities and share your story with as many people as possible – this way, others will know how to avoid such scams and stay away from them.

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