You have probably heard about people making massive amounts of money from the financial markets. The forex, stocks, commodities and now the cryptocurrency markets have become renowned for offering numerous opportunities to make high returns in a short span of time. Who doesn’t want that? It doesn’t even require you to work 9 to 5 and you don’t have to study for years, or have an extensive experience to trade. There is just one prerequisite; find a broker. That doesn’t sound too hard, as you just need Google to do so. But, a look at Globalforextrade.net review will show you that it is not completely simple.
Yes, Google lets you find a bunch of options for you to explore, but you have to remember that not all brokers are the same. Each company will have different features and offerings that distinguishes them. Most importantly, there may also be scam platforms out there, as the internet has become notorious for these and you have to be very cautious to avoid it. This is easier said than done because these scammers create attractive websites and offerings and in their eagerness, people often forget to do their due diligence.
This does happen to people when they come across the option of Globalforextrade.net, which is presented as a multi-regulated, award-winning, global shares and forex broker having more than 30 years of experience. It offers its clients seamless access to more than 40,000 markets across six different asset classes, with no commissions, ultra competitive spreads and a choice of two account types. Apart from that, the brokerage also assures you that they have forex licenses granted to them by some of the most reputed regulatory authorities in the industry, such as the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) in the United Kingdom and South Africa’s Financial Sector Conduct Authority (FSCA).
All of this would have undoubtedly been great if it was true, but Globalforextrade.net is only misleading potential investors. How is it doing so? Let’s check it out:
Regulation and Licensing
This is regarded as one of the most important aspects of any brokerage because it indicates whether it is a genuine company and can be trusted or not. Opting for an unregulated broker means you are exposing yourself to risk of scam and this is something you want to avoid at all costs. The fact that Globalforextrade.net claims to be regulated by multiple regulatory authorities is reassuring because you definitely want a properly licensed and registered company.
Regrettably, you will find out that you cannot always take a broker’s word for it, particularly when it comes to a virtually anonymous one like Globalforextrade.net. How do you determine it is anonymous? All you have to do is visit the online registers of the brokerages mentioned above and run a search with the name of Globalforextrade.net. You will not find a company by that name at all, which shows that it is definitely not a registered broker.
Plus, when you check the broker’s website, you will find that it is truly and literally anonymous. There is no company address or corporate background mentioned and they haven’t even provided the name of the company that runs the entire business. If you try to make a payment, you are given a name of a company NEWTREND CICS LIMITED and the only thing you will find out about it is that it is based in Nigeria. Obviously, this does nothing to convince you about the credibility of Globalforextrade.net.
After regulation and licensing, the most important aspect of a broker is the trading platform they offer to its clientele. This is the software that has to be used for trading and it needs to do a solid job for you to have a smooth and seamless experience. Every authentic broker is aware of this fact and does it level best to fulfill the criteria. Therefore, you will be in for a surprise when you check out the trading platform provided to you by Globalforextrade.net as there really isn’t any. Instead, you will find something funny looking that is trying really hard to resemble a platform, but isn’t.
Most genuine and registered brokerages know better and offer their clients the renowned MT4 and MT5 trading platforms, but Globalforextrade.net has not done any such thing because it is not a legitimate company at all.
Making deposits and withdrawals are part of the trading process and this means checking out the payment methods that are supported by the broker. They are obviously going to vary and you need to know what choices are available in order to ensure that you find a reasonable and convenient option. When you visit the Globalforextrade.net website, you will notice the logos of VISA, MasterCard, Skrill, Neteller and PayPal visible on the homepage. This gives the impression that the company supports all these payment methods.
It is undoubtedly reassuring because it means that you have plenty of choices at your disposal. Furthermore, the choice of credit cards is given at Globalforextrade.net and this means you can file for a chargeback in case of a problem. The problem occurs when you find out that in reality, they just offer two payment methods and these are bitcoins and wire transfer. As mentioned above, the transfers are to be made to a Nigerian company and you don’t know anything about it at all.
As far as bitcoins are concerned, transactions made in cryptocurrencies are 100% irreversible and anonymous, which means that if something were to go wrong and you got scammed, you will not be able to get your money back.
What have you learnt from this Globalforextrade.net review? They don’t have reliable payment solutions, no proper trading platform and they are misleading their clients by claiming to be regulated by some of the world’s leading regulators. Just because they have a high leverage and low minimum doesn’t disguise the fact that you cannot consider Globalforextrade.net a legitimate and professional platform for trading and it is not worth it.