Beware! Forex Global Ltd is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Forex Global Ltd is a provider of online forex trade in Bitcoin and is focused on CFDs and spread betting. We looked at the company’s website and we realised that not all the information is readily available to potential clients. Lack of information and transparency do not invoke much confidence with this company.
Forex Global Ltd is not one of the forex companies we recommend to you!
Forex Global Ltd Regulation and safety of funds
Forex Global Ltd is operated by Forex Global Management Ltd. The company claims to be registered in UK (screenshot below), however, there is no such company on FCA register, which means that the company is not regulated. The possible implications for the potential clients are that if this company goes bankrupt, there is no safety of clients’ funds guaranteed. Also, it could possibly be a scam in which case, if this broker decides to shut down its site, your money will be gone! And another thing – this company’s name sounds very close to other forex companies that are legit and regulated by FCA. Is this by chance or done on purpose, we do not know. However, all these facts we mentioned above make us very suspicious about this forex broker.
We recommend that you look for a legit forex company for your forex trading. For example legitimate brokers from well-established jurisdictions, such as EU, UK or US provide better protection for your funds. Legitimate brokers from those jurisdictions go through a very stringent process to get licensed and regulated. They need to have an initial capital of no less than 730,000 EUR if they operate in EU or UK. Brokers in US need to have $20 million for the same purpose. Also, such forex brokers provide you with guarantee for your funds in case the company goes bankrupt. They are required to contribute to a compensation scheme from which traders are compensated by 20,000 EUR per person if the company is regulated by CySEC and 85,000 GBP per person if the company is regulated by FCA. In addition to that, these brokers must submit daily reports for their transaction to provide transparency about their deals. These are exactly the types of forex brokers that you should choose to trade with!
Forex Global Ltd Trading software
We searched the company’s website to find out what the trading platform is but unfortunately this information was not visible. Unless you deposit funds, you cannot access the platform. A legitimate and self-respecting forex broker company would have the trading software information readily available for its clients, so they can decide whether they want to trade via it or not.
For example, we always recommend MetaTrader 4 and MetaTrader 5 trading platforms for their exceptional tools and instruments that made these two trading platforms the most popular in the forex trade. We advise you to look up legitimate forex brokers who offer one of these platforms and you’ll find for yourself how useful they are in the forex trading. For example, these platforms come with a financial calendar, auto trading option, a demo account, VPS and code base with scripts, as well as trading signals (for a subscription fee) and app market. You won’t find better platforms than these two!
Forex Global Ltd Deposit/Withdrawal methods and fees
In the account types page, we find that the minimum initial deposit is $30. For the other accounts, the initial deposit is $500, 1,500 and 2,700 respectively. In the Terms and Conditions document, there is no mention about how the deposit/withdrawal methods and fees are set. This information should be readily available on every forex broker’s website. The fact that it is missing is another sign that this forex company is scam.
In the account type information (screenshot below), you will notice with what percentage clients profit will grow after several hours of trading. For example, in the Bronze account, after 9 hours of trading, your profit will grow by 11% and if you choose to open the Diamond account, after 4 hours of trading, your profit will grow by 65%! Do you think this is realistic in the forex trade world where statistically over 70% of the traders lose in their transactions. This is exactly the type of traps scammers set for you by promising big profit.
How does scam work?
Actually, it’s quite simple and users often fall into the trap of experienced scammers. We bet you have seen those attractive ads on the Internet promising big and quick profits over a short period of time. Just provide your personal information, and voila! The scam brokers are waiting for you and you will be inundated with phone calls promising easy profit. Tempting, right? You think ‘ok, I can spend $200-300 and see what profit it brings me’. Congratulations, you just provided a fat commission for your scammers that will be distributed down the food chain. Now you have ‘graduated’ to be handed over to a senior ‘broker’, a smooth talker who will try to convince you that there is no more perfect time like now to invest more money. After all, you want to make more profit, right? However, something starts to feel off and now you start asking yourself questions and all you want is to withdraw your money and get out fast.
Unfortunately, it is too late! Someone has pulled the cheese and you are trapped because scammers don’t give up easily. Scammers will do anything in order to delay you so that you miss the deadline for chargeback.
What to do if scammed?
Our advice is to immediately file for chargeback if you have been lucky enough to make your deposit via credit card. VISA and MasterCard allow for 540 days chargeback period, so you still have a chance to get your money back.
Things don’t look so good if your currency of choice has been Bitcoin or bank wire. In that case, you may have to wave your money goodbye.
There are some other things that you can do in case of being scammed – cancel your credit card if you have given your CVV code to the scammers. Also, erase any software from your computer that gives scammers access to your private data.
Be warned, as well, that some so-called ‘recovery agents’ may approach you promising to recover your funds for a fee. It could be another form of scam where scammers prey on your misfortune. Should you choose to use one, you must make sure that you are dealing with a genuine and legitimate agency by checking their credential and company’s information and transparency.
Forex Global Ltd