GlobalFXm Scam – We Don’t Trust it! Review Uncovers Why We Are So Suspicious
GlobalFXm facilitates its clients with the provision of multiple account types. They offer 1:300 leverage (max.) without charging any fee but spread only. Going through the company’s policies, we didn’t, however, find anything about the spread amount…
The best thing about GlobalFXm is the MT4 software because most of the traders are looking for this platform to make use of various promising trading features. MT4 is easy to use, offers live streaming, Expert Advisory, solid charting, automated strategies, customization, and technical analysis.
As we all know the higher leverage can put new traders in an awkward position because of the risk of heavy loss higher. Before making a decision, we also need to see if GlobalFXm is a scam or a reliable trading platform. First, we’ll have a look at the company’s basic information.
Summary: The GlobalFXm website is still live, however there are concerns over the legitimacy of their “regulation/license” & there also appear to have been a LOT of complaints about people having lost money to GlobalFXm, therefore we do not recommend them. They seem to share a lot of traits with that of scam brokers & we believe it would be too risky to trade with GlobalFXm.
We have conducted a thorough investigation into GlobalFXm & as a result this review may end up becoming quite lengthy, so to make things easier for you we’ve put together some quick navigation links below:
Here comes the real deal and we are confused about GlobalFXm for the fact that company is operating in Estonia and it should have acquired a license from the Estonian Financial Supervision Authority (EFSA) but to our surprise, the company is actually registered with the Private Investor Protection for Securities and Exchange PIPSEC. The problem here is, PIPSEC is a non-governmental organization and we already know that most of the unregulated brokers tend to opt for this registration just to win the trust of their potential clients.
We can’t trust such regulatory authorities so, in our view, GolbalFXm is not regulated. If you think we are being harsh then call it regulated yet not to be trusted.
Another thing that keeps haunting us is that the website doesn’t talk much about the pricing policy. They haven’t properly explained their limitations for the different types of accounts.
Consob (Italy) and FMA (New Zealand) have already warned the public about the possible consequences of trading with GlobalFXm.
As per the FMA warning, the company’s reps are cold calling to convince traders from New Zealand to join their platform. Let’s have a look at the complaints section to know more about the performance of the platform from the trader’s eye.
This is going to be interesting for the fact that one of our major indicators is in the favor of GlobalFXm, i.e. the website is functional. On the other hand, the company is not registered with a reliable regulatory authority. So the nature of complaints may serve the decisive role in this review.
There are a few complaints suggesting that everything went as promised in the beginning but as soon as the clients started to deposit big amounts, something unknown began to happen with their accounts. They never knew what’s going on.
Some clients even call it a new version of 10Traders with same people operating with a new name. Upon research, we found that 10Traders is a completely separate entity and its website is functional.
Honestly, the nature of complaints is suggestive of the fact that most of the complainers are either fabricating stories or they are exaggerating beyond truth. We are not rising a green signal though! But we can’t trust the complaints that are posted on the online forums.
Moreover, the company’s website doesn’t offer specifics about their policies for different account types. This might have been the major source of confusion. The provision of 1:300 leverage can also trigger problems for new traders because it is easier to anticipate a big win, carried away with the seemingly lucrative leverage, and ultimately losing big by making a huge trade.
GlobalFXm offers Skrill, Fasapay, SticPay, Payza, Credit/Debit Card (Visa), and Bank Transfer as withdrawal methods. It takes from 5 to 7 working days. You can use the same account/card for a withdrawal that you’ve used for the deposit. You also need to present the necessary documents for identity verification.
Is GlobalFXm a Scam?
We are not 100% sure at the moment about the legitimacy of the platform because its website is still functional. On the other hand, we don’t see satisfying information about their policies published on the website. The company is not regulated by a reliable authority. On top of that, we have already witnessed scores of brokers doing well initially and disappearing overnight without a hint. We can’t trust GlobalFXm scam complaints but we can’t ignore the warnings issued by FMA and Consob. Let’s take a safe position by calling it a potential RISK.
Our Verdict on GlobalFXm
We don’t recommend trading with GlobalFXm. In our view, the company might have been thinking about selecting the right time to vanish from the internet. We can anticipate it as we write because this is a fact about all unregulated platforms. Even though we don’t trust the review against this platform, our intuition is forcing us to warn you against a possible huge loss in a year or so.
Get Your Money Back From GlobalFXm
Have you already been scammed by GlobalFXm prior to coming to this review? We’re obviously very sorry to hear that, but there is actually a good chance of you being able to get your money back.
We’ve put together a free money reclaim guide which walks you through the exact steps you can take to stand the best chance of being reunited with your funds & to date that exact guide has helped thousands of people successfully get a full refund.
Whether you have or haven’t been scammed by GlobalFXm, the truth is we don’t recommend them & we don’t recommend binary options trading in general… But there are actually better ways to make money online.
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I'm Lisa & I'm one of the researchers/writers on the Stopping Scammers team. I fell victim to a big scam myself in 2015 & now I help out here to try & protect others from falling for scams & losing money like I did back then. You can report a scam here.