The United Kingdom’s Financial Conduct Authority has issued a warning against Globalprofxtrade in October 2023
If you are looking for a reliable and trustworthy online broker, you might have come across Globalprofxtrade. This is a platform that claims to offer forex, CFDs, stocks, commodities, indices, and cryptocurrencies trading with low spreads, fast execution, and high leverage. But is Globalprofxtrade a scam or a legit broker? In this review, we will examine the features, pros, and cons of Globalprofxtrade and help you decide if it is worth your time and money.
What is Globalprofxtrade?
Globalprofxtrade is an online broker that was founded in 2018 and is based in St. Vincent and the Grenadines. The broker claims to be regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, but there is no evidence to verify this claim. The FSA is not a reputable regulatory body and does not provide adequate protection for investors. Therefore, Globalprofxtrade is an unregulated broker that operates in a high-risk jurisdiction.
What does Globalprofxtrade offer?
Globalprofxtrade offers a variety of trading instruments, including forex, CFDs, stocks, commodities, indices, and cryptocurrencies. The broker claims to have over 250 assets to trade with competitive spreads and commissions. However, the actual spreads and fees are not disclosed on the website, which raises suspicion about the transparency and honesty of the broker.
Globalprofxtrade also claims to provide a user-friendly trading platform that is compatible with desktop and mobile devices. The platform is web-based and does not require any download or installation. However, the platform lacks advanced features and tools that are essential for successful trading, such as charting, indicators, analysis, and automation. The platform also has a poor design and functionality that makes it difficult to navigate and execute trades.
Globalprofxtrade also offers various account types to suit different trading styles and preferences. The account types are Basic, Standard, Gold, Platinum, and VIP. The minimum deposit for the Basic account is $250, while the maximum deposit for the VIP account is $50,000. The accounts differ in terms of leverage, spreads, commissions, bonuses, educational materials, and customer support. However, the broker does not provide any details about the leverage, spreads, commissions, and bonuses for each account type, which makes it impossible to compare them and choose the best one.
What are the pros and cons of Globalprofxtrade?
Pros:
- A wide range of trading instruments
- A web-based trading platform
- Various account types
Cons:
- An unregulated broker
- A high-risk jurisdiction
- No evidence of regulation
- No transparency about spreads and fees
- A poor trading platform
- No demo account
- No customer reviews
- No customer support
Is Globalprofxtrade a scam or a legit broker?
Based on our research and analysis, we conclude that Globalprofxtrade is a scam broker that should be avoided at all costs. The broker is not regulated by any reputable authority and operates in a shady jurisdiction that does not protect investors’ rights and interests. The broker also lacks transparency about its trading conditions and charges hidden fees and commissions that can erode your profits. The broker also provides a substandard trading platform that does not meet the needs of modern traders. The broker also does not offer a demo account or customer support that can help you with any issues or queries.
Therefore, we advise you to stay away from Globalprofxtrade and look for a regulated and reputable broker that can offer you a safe and secure trading environment with fair and transparent trading conditions.
What to Do If You’ve Lost Money with Globalprofxtrade?
If you have been scammed by Globalprofxtrade or any other broker, you’ll want to seek assistance from cryptocointrace.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Cryptocointrace.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.
