Global Fx Team – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Global Fx Team - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://globalfxteam.com
Founded: 2020
Regulations: Unregulated Broker
Languages: English, All Google Translate Languages
Deposit Methods: Bitcoin
Minimum Deposit: $300
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Metals, FX Options, Commodities, Cryptos, Stocks
Trading Accounts and Conditions
Global Fx Tream does not appear to have any trading accounts. Instead, the broker seems to offer Investment Plans. Here is the list of Plans offered by them:
- Mini Plan: The deposit range for this plan is from $300 to $1,000. There is a 35% return promised when you invest in this plan.
- Silver Plan: The deposit range for this plan is from $1,000 to $5,000. There is a 50% return promised when you invest in this plan.
- Gold Plan: The deposit range for this plan is from $5,000 to $20,000. There is a 70% return promised when you invest in this plan.
- Platinum Plan: The minimum deposit you can make to invest in this plan is $20,000. There is an 85% return promised when you invest in this plan.
The broker also makes a promise that there is a guaranteed profit of up to 18% per week. There is no information given on the trading conditions offered by this broker. The only mention related to trading conditions is the leverage ratio, which is a maximum of 1:500.
Global Fx Team – Advantages
We went through Global Fx Team’s website in detail and could not find anything positive to say about this broker. They are a scam.
Global Fx Team – Disadvantages
Here are the red flags that we uncovered while reviewing Global Fx Team:
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Unregulated Clone Firm Blacklisted by FCA
Global Fx Team claims to be based in the United Kingdom. The broker also furnishes a Certificate of Incorporation to prove their legitimacy, along with a registration number from the UK Companies House (where businesses are required to be registered).
To operate as a broker in the UK, being registered with the UK Companies House is not enough. You need to be registered with the FCA – the Financial Conduct Authority – the UK’s financial regulator.
Now here are the red flags.
We checked the registration number given on Global Fx Team’s website (the UK Companies House registration number). It definitely existed. However, the address listed there did not match with the one listed on this broker’s website. This could only mean one thing – Global Fx Team has used a legitimately registered company’s credentials and has tried to pass them off as their own. This means that this broker is a clone firm – a scammer that uses other companies’ details as their own in a bid to appear legitimate and fool people into investing with them.
The second red flag which clearly reveals this broker as a scammer is the fact that Global Fx Team has been blacklisted by the FCA. The regulator has issued a public warning against this broker, stating that Global Fx Team has been targeting traders in the UK illegally and that if you deal with such a broker, then you could get scammed.
This kind of a warning from one of the foremost financial regulators in the world is enough to let us know that we are dealing with a scammer here.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Poor Trading Software
Another sign of a scam is the type of trading software the broker provides. Most legitimate brokers will ensure that they offer their clients the best possible trading software in the market, and this means either the MetaTrader 4 or MetaTrader 5 platforms. Both these platforms are outstanding. They are so easy to use that even novice traders will have no problem navigating the software, and with so many features that even the most experienced pros will have something to look forward to.
With Global Fx Team, we get such a poorly designed software that it can be called a trading platform in name only. This software has no useful trading tools and the only thing that you can do with it is carry out trades on just a few binary trading options.
We would like to point out that binary options trades are equivalent to gambling and are extremely risky. It is for this reason that this form of trading has been banned in almost all parts of the world. So, the fact that that is all you can do on this sham of a software should make it clear that you are dealing with a scammer.
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Leverage Too High
Global Fx Team offers its clients a leverage of 1:500, which is much too high.
While leverage can be a useful tool to increase your profits, it is also dangerous and can lead to serious losses – especially if you are not a seasoned trader. This is the reason why most financial regulators across the world have placed strict limits on the kind of leverage brokers may offer their clients. Thus, in the UK (which is the jurisdiction this broker seems to be targeting), the maximum allowable leverage is 1:30 (the EU and Australia have the same limits). Therefore, what this broker is offering is simply illegal – besides being dangerous.
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Returns Guaranteed
Global Fx Team guarantees that you will get a profit if you invest with them. And these profits that the broker promises are huge, ranging from 50% to 85%! There is no broker on earth that can make such promises. The forex market is so volatile that most traders lose money rather than make profits while speculating on the market. Because of this, regulated brokers are required to publish the percentage of their clients that have lost money while trading with them. That number ranges from 75% to as high as 85%.
Therefore, the promises made by this broker are just false and just another tactic to attract novice traders who don’t know better.
Conclusion
Global Fx Team is a scammer and dealing with them could lead to serious financial losses for you. It would be best not to do business with this broker.
Global Fx Team
Pros
- None
Cons
- Unregulated Clone Firm Blacklisted by the FCA
- Poor Trading Software
- Leverage Too High
- Returns Guaranteed
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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