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Are you thinking about entering the financial markets? There seems to be a lot of interest surrounding them nowadays, especially because other investment alternatives are no longer offering high returns because of the global pandemic. In contrast, the financial markets are brimming with opportunities and there have been plenty of success stories that have emerged quite recently. That’s enough to intrigue almost everyone and the ease and convenience provided by online trading also makes it feasible. All you have to do is find a broker to get started. But, you will get to see a different side in this FinanceGlobalFX review.
It is not all straightforward in the online trading world. Sure, the opportunities are plentiful and barriers of entry are low, but there are risks involved as well. This doesn’t just refer to the risks associated with financial trading itself; there are security risks because not all the brokers operating in the market are genuine. Scams and frauds are a common occurrence in the online world and they have made their mark in the financial markets as well. After all, the kind of money involved is enough of motivation for any criminal.
The easiest way to scam people in the financial markets is by setting up a fake brokerage. These criminals make tall claims and add offerings that draw attention and bring people in. Once they have signed up, they manipulate them to invest more money, which they end up stealing by not allowing withdrawals and compromise their sensitive information as well. Even though this has become widespread, people still end up falling for such frauds because it is not that simple to identify them, unless you know what to look for.
It is a mistake to just accept whatever claims a broker makes and not verify them. You shouldn’t trust anyone over the internet and should only sign up on a platform if you are sure of their legitimacy. This is what needs to be done in the case of FinanceGlobalFX, one of the forex brokers you will find in the market. This is a scam broker and yet they have also attempted to draw people in via several ways. You will notice that they don’t have a minimum deposit requirement, which can be appealing to people because it gives them room to start with as much or as little as they like.
In fact, by doing so, FinanceGlobalFX creates a false sense of security; people would expect a scam broker to ask for a high deposit upfront. Since they don’t, they can pretend to be authentic and legitimate. Apart from that, they have also added a leverage of maximum 1:500 on their platform and this is on the high side. You will not find many genuine brokers offering such high leverage to retail traders because it is usually not permitted by most regulatory authorities. However, people enjoy high leverage despite the risk because they are able to make more trades with this option.
Nonetheless, you shouldn’t let these offerings fool you because FinanceGlobalFX is not genuine and it will probably be exposed as a fraudulent broker because they are a clone firm. Let’s take a closer look at the red flags it has:
False regulation claim
According to FinanceGlobalFX, it is owned and operated by a legitimate Cyprus Investment Firm (CIF). This is a clear attempt to defraud investors because you would expect such a company to be regulated by one of the most renowned regulators in the world i.e. the Cyprus Securities and Exchange Commission (CySEC). As per the broker, it is a trading name of a company called TopFX Ltd., which is indeed a legitimate company that’s licensed by CySEC.
However, this firm operates TopFX and Fondex and has absolutely nothing to do with FinanceGlobalFX. This means that the latter is a fraudulent website, which is illegally using the name as well as registration number of a legitimate entity. It is not connected to it in any way and this is just an example of a scam tactic referred to as ‘a clone firm’. You can also check the online registry of CySEC and this broker will not be listed there.
Other than that, they also claim to have been licensed by the Seychelles regulator, but there is no point in following up in this regard because this is an offshore zone that doesn’t have any specific regulations for forex businesses. Hence, even if FinanceGlobalFX is licensed in Seychelles, it doesn’t make much of a difference.
Lack of transparency
Before you sign up with any broker, you would want to know what kind of fees and costs it will charge. After all, they have a direct impact on your profit, so it is not something to be taken lightly. This information is usually provided under the Terms & Conditions section, which you have to agree with when you sign up with any company. This also applies to FinanceGlobalFX, but the shocking part is that the broker has not mentioned any Terms & Conditions anywhere on their website. This means that you will have no idea what you are agreeing to and they will be able to charge you through the nose for their services. You will not be able to do anything about it and they can eat up all your funds in the name of different types of fees.
No trading platform
The extent of the fraud FinanceGlobalFX is committing can be judged by the fact that they have not provided a trading platform at all. This is the primary tool that a broker offers to help people trade in the financial markets and no platform means that you will not be able to trade. In order to hoodwink its clients, they have a strange user dashboard that only creates the illusion of a trading platform.
It is quite apparent that FinanceGlobalFX is not worth your trust because it is a clone firm misleading people and not a legitimate broker providing their services.