GlobalQFX – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
GlobalQFX - 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://globalqfx.net
Founded: 2021
Regulations: None
Languages: English
Deposit Methods: Bank Transfer, Perfect Money, Skrill, WebMoney
Minimum Deposit: $100
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Cryptocurrencies
Trading Accounts and Conditions
GlobalQFX offers its clients the following trading accounts:
- Standard Trading Account: The minimum deposit for this account type is $100. Approximate pip value (spreads) per lot is $0.10. Leverage is flexible, with a maximum limit of 1:500.
- Premium Trading Account: The minimum deposit ranges from $5,000 to $10,000. Pip value (spreads) per lot is still $0.10 and the leverage is also maxed at 1:500.
- VIP Trading Account: The minimum deposit starts at $25,000. Leverage is maxed at 1:500 and the approximate pip value (spread) per lot is $0.10.
GlobalQFX – Advantages
GlobalQFX has no advantages to offer its clients. It would be best to avoid this broker completely.
GlobalQFX – Disadvantages
Here are the many reasons why it would be a very bad idea for traders to do business with GlobalQFX:
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Issues With Regulation Status
According to the (sparse) information provided on GlobalQFX’s website, the broker is headquartered in Aberdeen, Scotland. This means that the broker falls under the regulatory overview of the FCA (Financial Conduct Authority) – the UK’s financial regulator.
Added to that, the broker also claims to have a branch office in the United Arab Emirates (UAE), which means that they should also be regulated by the DFSA (Dubai Financial Services Authority). And finally, the broker claims that it is regulated by the CySEC – the Cyprus Securities and Exchange Commission.
All of these claims are lies. Here’s why. We checked the online register of the regulators of all three jurisdictions. And all three registers showed that there was no company or brokerage by the name of GlobalQFX registered with them. This means that this broker is not regulated by the FCA, the DFSA or even the CySEC. Which means that this broker has actually lied about its legal status.
All of this evidence clearly tells us that this broker is 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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Issues with Creating an Account and Trading Software
GlobalQFX claims to offer its clients the popular MetaTrader 5 trading software. This platform is one of the best in the world; it has a massive range of tools that help make trading easier – charting tools, market analysis tools, automated trading bots, and so much more. Therefore, if this broker actually did offer this trading platform to its clients, it would have been a huge plus point.
Unfortunately, we could not find any download link for the software anywhere on the broker’s website. And when we tried to create an account in an effort to check for a web-based version of the MT5 platform, we got an error message, and we were unable to proceed further.
Thus, we do not know what type of trading software this broker actually offers. And we also cannot verify the trading conditions that GlobalQFX has in place for its clients.
Furthermore, because of the lack of access to their trading accounts, we could verify the types of payment methods that this broker actually offers its clients. Another unknown.
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Lack of Clarity on Types of Trading Instruments Offered
There is a distinct lack of clarity on the types of trading instruments offered by this broker. GlobalQFX cannot seem to make up its mind about whether it is a cryptocurrency or forex broker. And since we were unable to access their client area or trading platform to check for ourselves, we cannot say for sure what types of assets are on offer for trading.
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Extremely High Leverage
GlobalQFX offers its clients a leverage of 1:500. This is an extremely high leverage and is very dangerous. While high leverage offers the opportunity to get high returns on your investment, the dangers of such ratios are so serious that many traders have gone bankrupt using these types of leverages.
And because high leverages are so dangerous most regulators across the world have placed limits on the amount of leverage that brokers can offer their clients. So, in the UK, Europe and Australia, the maximum leverage allowed is 1:30. In the US and Canada, that figure is 1:50. In Japan, it is 1:20 and in Turkey it is 1:10.
It is also important to note that the fact that GlobalQFX offers a leverage of 1:500 is another indicator that this broker is a scam (since such high leverage in the UK and Europe would be illegal – both places this broker claims to operate out of).
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Selling Cryptos at Low Prices
Another huge red flag that tells us that GlobalQFX is a massive scam is the fact that this broker is offer to sell its clients popular cryptocurrencies such as Ethereum, Ripple or even Litecoin for just $100 – its minimum deposit! Considering the market price of these altcoins, only a novice would be duped into giving this broker money to buy these cryptos.
It would be best for traders to buy their cryptocurrencies from reputed exchanges such as Binance or Coinbase, to name a couple.
Another reason why this is a clear warning is because the sale of crypto derivatives or even ETNs are banned in the UK. So, GlobalQFX offering these cryptocurrencies for sale is another sign that this broker is operating outside the regulated market and is a scammer.
Conclusion
GlobalQFX is sadly just another scammer that has created a forex website (which is rather poorly designed) in a bid to attract unwary novice traders who don’t really know how the forex or cryptocurrency market works. This is not a broker that you can or should trust. It would be best to stay away from GlobalQFX.
GlobalQFX
Pros
- None
Cons
- Issues with Regulation Status
- Issues with Creating an Account and Trading Software
- Lack of Clarity on Types of Trading Instruments Offered
- Extremely High Leverage
- Selling Cryptos at Low Prices
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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