FxGlobe Review: The Truth About This Regulated Brand
Finding a reputable broker is very crucial for any investor. Before investing your money in the forex business, you need to choose the right broker to protect your interests. Can you trust FXGlobe with your money? Read this in-depth FXGlobe review to know more about the broker.
Have you lost money before trading with FXGlobe? Do you want to recover your lost funds? Our experienced team of experts can help you get it back. Book a free consultation session with us.
Here’s the truth about FXGlobe.
An Honest Look At FXGlobe
Established as a side project in 2008, FXGlobe is an online broker specializing in forex, CFDs, shares, and indices trading.
With over a decade in the making, the broker claims to provide a smooth trading experience for its traders. Since they are well established, they can attract investors, especially newbies trying their hand at forex trading for the first time.
Although everything about the company appears legitimate, how true is this, and should you trust them with your money?
What Is FXGlobe: A Brief Background
Since its establishment, FXGlobe has expanded its operations and now operates in 22 countries. With a special focus on forex, shares, CFDs, and indices, the broker trades over 70 instruments.
Globally, the brokerage firm has more than 45,00 customers and provides 24-hour customer service. According to its website, FXGlobe claims that it has an industry-leading portal with a high rating on review sites such as Forex Peace Army (FPA).
Is FXGlobe Legitimate?
To determine whether FXGlobe is legit, we’ll take a closer look at the company’s product offerings, services and activities. Additionally, we’ll tell you whether the company is regulated by any authorized bodies. With this information, we can provide a final verdict on the legitimacy of the brokerage firm.
Let’s look at the key features and services that make FXGlobe appear legitimate.
FXGlobe offers a user-friendly and innovative trading platform that ensures investors can trade on the go. They have the following options,
- Web – customers can access it from anywhere. It has professional charting features, market updates, an economic calendar, and technical analysis.
- MetaTrader 4 has multiple trading instruments, analytical tool packages, and free market analysis.
- Mobile Trading – Investors can keep track of news, charts, and reports via one interface from anywhere.
- Mac OS- Investors can download MT4 and use it on the Mac to trade.
FXGlobe offers four account types; Standard, Pro, ECN Razor and Razor Plus. Each account comes with different minimum deposits; therefore, investors can choose one depending on their capabilities.
Who Regulates FXGlobe?
FXGlobe Limited is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 205/13. The brokerage firm is also a registered company in the Republic of Cyprus.
The headquarters of this brokerage firm is in Limassol, Cyprus.
Although the company is regulated, this does not mean that it’s legitimate. There are tons of regulated companies that are
What Are the Signs That FXGlobe Is A Scam?
While FXGlobe portrays itself as a legitimate company by offering reputable products and services to investors, some red flags raise questions about the company. Let’s take a closer look at some of them.
Investors are always advised to trade with brokers that are regulated by authority bodies. In this case, FXGlobe is regulated by CySEC; however, this does not mean that your money is safe. The company is known for redirecting investors to an unregulated brand that steals their funds.
There have been complaints by customers that the broker sells customer information to unregulated brokers who keep calling with new offers.
Therefore, whether you are a seasoned investor or a beginner, you should not trust this brokerage firm just because they claim to be authorized.
FXGlobe is not the right firm to invest in, thanks to the different regulatory warnings. In 2021, the Financial Conduct Authority (FCA) issued a warning against FXGlobe International because the company was providing financial services in the UK without authorization.
Apart from the FCA, FXGlobe is also part of the websites blocked in Italy for offering financial services without authorization. Italy’s financial regulator CONSOB issued this warning in 2020.
Based on these warnings, it’s clear that FXGlobe is not a broker to trust with your investments.
Negative Customer Reviews
While the company boasts of its 4-star rating on Forex Peace Army, it has many negative customer complaints.
Most of the reviews cover the following issues:
- The broker stops responding to customer emails requesting cash withdrawals.
- They make it hard for customers to withdraw their money.
- Taking customers’ money without authorization.
- The website is too slow.
- Nagging managers
Some reviews with a 5-star rating on FPA have been removed because they came from the exact location as the FXGlobe employees. These fake reviews show that the brokerage firm has something to hide, and that’s why they are using their employees to write positive things about them.
Unclear Company Information
On the website, FXGlobe portrays itself as a leading online brokerage firm that has been providing a seamless experience for traders for the past decade. While they mention that the company was started as a side project by a group of friends, there’s no clear information about the ownership.
FXGlobe does not provide any details about the management team, and therefore, investors don’t know much about the company.
FXGlobe Review Conclusion: The Final Verdict
Based on this analysis, it’s clear that a regulated company can also be a scam. The brokerage firm provides all the best features, different account types for investors and is regulated by CySEC, but there are still multiple red flags.
FXGlobe refers its customers to unregulated brokers, making it easy for them to lose money. Additionally, multiple customer complaints and regulatory warnings prove that the company is not to be trusted.
So, in conclusion, you should not trust this regulated brand; it’s a scam.
If you’ve lost money trading with FXGlobe, we can help you recover the cash. Trader Protection has years of experience assisting traders to get their lost funds. Schedule a free consultation session with us today!