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Global Finance (globallfinance.com)is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! GlobalFinance scam works by getting you to believe you can become rich by trading with them.
With the financial markets offering substantial returns, it is not surprising that people all over the globe are interested in trying their luck in this space. Thanks to online trading, the barriers to entry have been eliminated and it also offers ease of access, which has enabled anyone to dip their toes in the financial markets of their choice.
In order to do so, you will first be required to open an account with a broker and it will lead you to this Global Finance review.
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This is due to the fact that there is a huge horde of online brokers offering their services to those who want to trade in the financial markets. You only have to look at a few to see that it is common for them to tout their services and features for attracting you to their platform.
This is understood because every business will market its own offerings, but the key is determining if it is truly offering what it promises, or not. Most importantly, you need to ensure that you are not falling into a trap because scams are very common in the online world and fraudulent brokerages have swindled countless people.
You do not want to become the next one, so checking out a brokerage thoroughly is the best way to go about it. Making a decision based primarily on the information they are touting is a big mistake because they can make all kinds of promises and not live up to any of them.
You will find Global Finance to be such a brokerage because even though it makes some very big claims, it is just a well-laid trap and nothing more. It is presented as a strongly regulated brokerage that has all the right ingredients you may want. But, this is all on the surface because Global Finance does not really have anything underneath.
Some of the aspects that can help you discover the true nature of Global Finance are highlighted below.
Regulation and licensing
The best way for you to avoid a trap is to make sure that the online broker you choose for your trading needs is regulated and licensed. Only the authentic ones will ever make the effort to obtain a license because there are requirements that they have to fulfill in order to accomplish this goal and their activities are also monitored by the regulatory body of the region they are based in. Scam brokers cannot do that because it would reveal their actual intentions.
But, you also need to know that there is a difference in being actually regulated and claiming to be regulated and Global Finance belongs in the second category. When you go through its website, you will find that it claims to be regulated by the Cyprus Securities and Exchange Commission (CySEC).
This is one of the leading regulatory bodies in the European Union and its license is considered extremely important. You will discover that Global Finance has even given a license number and those who are untrained will consider it enough and opt for the platform.
However, you have to bear in mind that every piece of information needs to be verified before you can believe it and this is particularly true for licensing and regulation. You can check the online database of CySEC and it will reveal that the license number that Global Finance has given on its website is fake.
The search turns up empty and you can also check with the broker’s name and not find it anywhere. This shows that it is outright lying about its regulatory status in order to fool people.
The trading platform is one of the most vital offerings of any online brokerage because it is used for executing your trades in the financial markets. In addition, it is equipped with the trading tools that you use for doing analysis and making decisions, which makes it a very important feature. Unfortunately, you will find that the trading platform offered at Global Finance is a lackluster in-house Webtrader.
It does not have a number of advanced features that you will come across in many of the top trading platforms in the market, such as MT4, or the MT5. Moreover, the fact that Global Finance only offers a Webtrader is very limiting because it means that you cannot download it on your PC, or your mobile.
The next step is to check out the trading conditions that Global Finance is offering because you do not want to have to bear excessive costs in the future that will eat into your profits. The leverage ratios that Global Finance is offering can come off as quite impressive, given that they start at 1:100 and go as high as 1:500. However, the first thing to note is that Global Finance should not be offering such ratios at all, given that it claims to be licensed by CySEC.
Brokers in the European Union are not allowed to offer leverage of more than 1:30 to their clients, yet Global Finance is doing so, which shows that it is not regulated.
As far as spreads are concerned, they start at 0.5 pips, which makes them quite attractive, but you will find in the Terms and Conditions of Global Finance that they also charge commissions and other fees that they do not explain in detail.
This is common amongst fraudulent brokerages, as they come up with different fees and charges to take your money and Global Finance appears to be doing the same.
A look at the payment methods supported at Global Finance will show that it only accepts Bitcoin and USDT payments and this is a major problem because crypto payments do not come with the option of a chargeback.
This means that once you have made the deposit, the payment is final and you cannot get your money back. Furthermore, these payments tend to be anonymous, so you will not know where your money is going and this makes it easier for them to get away with your funds.
All of these issues show that Global Finance is just laying out a trap for you and you have to avoid it at all costs.