Global FX Team Review
These days, everyone is talking about the lucrative trading opportunities the financial markets have to offer. With other investment avenues not giving the same kind of returns since the global COVID-19 pandemic struck, it is not surprising that people are turning to these markets for making their money. Plus, there is also the fact that accessing them has become easier than ever with online brokers increasing exponentially in the last few years. But, are all platforms created equal? This Global FX Team review can tell you just how different they can be.
The financial markets have attracted a great deal of attention and not all of it is the good kind. Fraudsters and scammers have also become active in this space because they understand that they have opportunities to exploit people. One of the top tactics they use is setting up fraudulent brokerage that provides them the perfect opportunity to get money from people, along with their personal information. You will have no trouble in learning that thousands of people have actually fallen into such traps and have suffered from losses. Even the thought of going through something like that can be disturbing for people, which means you have to be extremely careful.
No, this does not mean that you deprive yourself of the opportunity to explore the financial markets because you are worried, but it does mean that you choose a brokerage after you have done your research. When you are considering one, you should ensure they don’t have any red flags that could indicate a scams. This approach should also be taken in the case of Global FX Team when you come across this brokerage. It offers you access to the lucrative opportunities you want, but are there any red flags? Let’s find out:
Regulatory warning about the broker
When you begin researching a broker, the best place to begin is their regulation and licensing. Opting for a regulated and licensed company is always the best approach because this can offer you a great deal of protections. Such a brokerage is expected to maintain high professional standards, comply with laws and other rules and regulations. Moreover, it can also be held accountable in case there is any issue. You are also offered protections in the form of segregated funds and negative balance protection.
It is not surprising to discover that most scam brokers are unregulated and are not authorized to offer their services. Hence, checking the regulation is a must and when you look into Global FX Team, you will find that it appears to have an office in London, United Kingdom. This means that it should have a license from the Financial Conduct Authority (FCA), which is the regulatory authority in the UK.
Unfortunately, when you do a search for the Global FX Team through the FCA’s online register, you will find that instead of it being licensed, it has been blacklisted by the authority. Indeed, it appears that the brokerage is offering its services illegally in the jurisdiction and does not have a license to provide its services. This is a major red flag because an authentic company would never operate illegally and would always obtain a license before providing its service.
Before signing up with a broker, you need to know who owns and operates the company in order to ensure you can reach out in case of a problem. Since you will be entrusting them with a great deal of your personal information as well as your money, you want to know who you are dealing with. The problem is that when you go through the Global FX Team website, you will not find any such details about the company behind the operation.
There is no corporate background available, or even a company name, which is definitely alarming. But, it gets worse because when you take a closer look at the address that Global FX Team has given on its website, you will find that plenty of other scam brokers have used the same address as well. This could mean that this broker is simply part of a serial scam and shows it cannot be trusted at all.
Going through the offerings of a broker is necessary before you open an account with them and when you do the same with Global FX Team, you will find that they appear to be offering you several investment plans to choose from. The problem with these investment plans is that they are offering you guaranteed returns in each, which are between 35% and 85%.
The problem with this scenario is that the financial markets are volatile and unpredictable, which means that no brokerage, no matter how much experience it has, can promise you any kind of returns. Anyone who is promising you profits is only fooling you. Furthermore, it is important to remember that Global FX Team is a broker, which means it is a market maker by nature, like other brokerages in the market.
Online brokers usually make their profits when their clients lose trades. Therefore, it is not possible for them to guarantee you returns because this would mean they are guaranteeing their losses. Would any company do that? Of course they would not, which means Global FX Team is just trying to exploit you.
Lack of trading software
If you think the aforementioned red flags were not enough, there is another major one you will come across at Global FX Team, which is the complete absence of a trading software. Considering that this is the primary feature that a brokerage offers and you cannot do any trading without it, its absence indicates they are leading you on.
When you register yourself with Global FX Team, you are just provided with a ridiculous that does not resemble a trading platform even remotely. It is just an illusion and they expect you to fall for it.
These red flags make it apparent that Global FX Team is not a broker you would want to open an account with at any cost.