GlobalFxExpert – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
GlobalFxExpert - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2023
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://globalfxexpert.com
Founded: 2023
Regulations: Unregistered
Languages: English, Google Translate Languages
Deposit Methods: Cryptos – Bitcoin, Ethereum
Minimum Deposit: $100
Free Demo Account: Not Provided
Number of Assets: Not Mentioned
Types of Assets: Cryptocurrencies, Forex, Shares, Indices, ETFs
Trading Accounts and Conditions
GlobalFxExpert offers their clients the following trading accounts:
- Starter: The deposit range is from $100 to $4,999. You get a 50% return per trade.
- Executive: The deposit range is from $5,000 to $19,999. You get a 100% return per trade.
- Premium: The deposit range is from $20,000 to $49,999. You get a 150% return per trade.
- VIP: The minimum deposit required is $50,000. There is no upper limit. You get a 200% return per trade.
There is no mention of trading conditions at all. The broker states that all withdrawals are instant.
GlobalFxExpert – Advantages
There are no advantages to trading with GlobalFxExpert.
GlobalFxExpert – Disadvantages
Given below is the list of issues that tell us that GlobalFxExpert is a scammer and should be avoided:
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Unregulated/Blacklisted by Multiple Authorities
The first issue we see that tells us that we cannot trust GlobalFxExpert is the fact that this broker is not regulated in any way. On their website, on the Contact Us page, the broker has given an address in the United Kingdom. However, there is no contact number anywhere on their website.
On their Regulations page, the broker claims to be registered with and regulated by the Financial Services Authority of the Seychelles. The broker also claims that their parent company GlobalFxExpert is registered as a Cyprus Investment Firm and that it is also regulated by the CySEC – the Cyprus Securities and Exchange Commission. The broker also claims that this regulation is in accordance with the MiFID – the Markets in Financial Instruments Directive.
All these claims are unfortunately lies. First, we checked the Seychelles FSA’s online register to see if this broker’s claims of being regulated by them were true. We found out that not only is GlobalFxExpert is not regulated by this authority, but that the FSA has actually issued a warning against this broker. The notice clearly warns all traders against dealing with GlobalFxExpert, which is a clear sign that we are dealing with a scammer.
Added to this, if the broker operates in the UK as this broker claims, then they need to be regulated by the UK’s FCA – Financial Conduct Authority. This broker is not regulated by the FCA and the regulator has also issued a warning against GlobalFxExpert.
We also checked the CySEC’s registry and came up empty handed.
All of our research shows that GlobalFxExpert has lied about their regulation status; this broker is not regulated at all, and the multiple warnings against them tells us clearly that we are dealing with a scammer.
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 Platform
On their website, GlobalFxExpert claims to offer a superior trading experience with their hi-tech trading platform. However, when we checked what they had to offer, we found out that it was a poorly designed, web-based trading platform that barely has any functionality at all. In fact, the main page simply shows trading charts that have been imported from TradingView.com.
The trading platform is a broker’s main product offering. Therefore, if a broker cannot even offer a decent trading platform, then you know that you are dealing with a scammer.
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No Trading Conditions
Along with the trading platform, the trading conditions are a critical offering from a broker. Therefore, regulated and legitimate brokers ensure that their prospective clients are aware of their trading conditions even before they sign up for an account with that broker.
With GlobalFxExpert, there are no trading conditions mentioned. The only information of value is their minimum deposit requirement. Beyond that, there is no information of worth given by this broker. And since their trading platform does not really work, we cannot extract that information from there either.
The lack of trading conditions is a clear indication that we are dealing with a scammer.
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Profits Promised
GlobalFxExpert promises their clients that they will make profits depending on the account type and investment they make. The maximum profit per trade is 200%.
This kind of a promise clearly tells us that we are dealing with a scam operation. There is no legitimate broker that can make such a promise. The forex and crypto markets are so volatile that losses are much more common than profits. In fact, brokers that are regulated need to post the percentage of their clients that have lost money while trading. That number is not pretty; up to 75% to 85% of all trades end up in losses.
Therefore, if your broker is promising you profits then you need to beware – this broker is a scammer.
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Single Payment Method
The only way to make payments are through cryptocurrencies. The broker offers payments in Bitcoin and Ethereum – despite the fact that they display logos of multiple cryptos.
This is another red flag to watch out for. Legitimate brokers offer their clients all possible payment methods as options – credit cards, debit cards, bank wires and transfers, e-wallets of all kinds and then finally cryptocurrencies.
With this broker, there is only one option – cryptocurrencies. And that is suspicious. Crypto transactions are all without exception permanent and anonymous. So, if you make a payment via cryptos, you will not be able to trace your money at all – and not get it back either.
This is why crypto payments are a favorite with scammers such as GlobalFxExpert.
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No Withdrawal Policy
GlobalFxExpert does not tell us about their withdrawal policy. We do not know what the trading volume requirement, the fee for withdrawals, the minimum and maximum withdrawal range and so on are.
This is another red flag to tell us that we are dealing with a scammer.
Conclusion
GlobalFxExpert is a scammer and therefore cannot be trusted. This is not a broker anyone should deal with.
GlobalFxExpert
Pros
- None
Cons
- Unregulated / Blacklisted by Multiple Authorities
- Poor Trading Platform
- No Trading Conditions
- Profits Promised
- Single Payment Method
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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