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Global Pairs Review
Who does not want to sign up with a top-notch brokerage? It is a fact that the brokerage you decide to use for your online trading will have a significant role to play in your experience. As a matter of fact, they also have a direct impact on your profits at the end of the day because they provide you the trading conditions. There are hundreds of online brokers that you can find these days and more are introduced on a regular basis, so finding options is not a problem. In contrast, choosing one can be a difficult road to navigate because some are not what they seem to be. This Global Pairs review is a great example of such a platform.
Rather than signing up with a directly, if you take a little time to really understand the online trading world, you will easily discover the countless scams that have happened in this space. The topmost tactic that has been used by cybercriminals for exploitation purposes is to portray themselves as legitimate and professional brokerages, when they are just scams in reality. Those who do not know any better have suffered at their hands and had to pay a very heavy price for it.
These are circumstances you hope you do not have to face because your goal is to make money via the financial markets, not lose it. In order to do so, you need to ensure that the online broker you decide to sign up with is an authentic one and not just a front created to hide a fraudulent platform. Do not make the mistake it will not happen to you because it can happen to anyone. These scammers have gotten better and smarter over time and know just how to trick you into falling into their trap.
If you are looking for an example, you do not have to go beyond Global Pairs, which has a website boasting high-tech lingo and some truly impressive pictures. It has presented itself as a legitimate brokerage and if you do not pay attention, you will not be able to figure out that it is really a scam. How can you know it is one? Read on to find out:
License and Regulation
The quickest method for you to eliminate shady and unreliable online brokers from your list is to cut out those that are not licensed and regulated. This is because licensed and regulated companies have to comply with certain rules, laws and policies, such as offering transparent services, maintaining segregated accounts and more. Hence, they can be held accountable in case of a problem and compensation can also be provided in case of a financial issue. Therefore, you need to check Global Pairs’ regulation and licensing status first.
When you go through the Global Pairs website, you will discover that the brokerage wants you to think they have an office in the United Kingdom. They have provided an address in London and this would imply that they have a license from the regulatory authority in Britain i.e. the Financial Conduct Authority (FCA). This is one of the well-respected authorities in the world and a license from the FCA is deemed immensely valuable.
But, if you check the online register of the FCA, you will not find Global Pairs listed. Furthermore, when you go through the broker’s offerings, you will realize that it cannot have a license from the FCA at all because it breaks their rules. This means that either the company is based illegally in the region, or is lying about its address. Regardless of the reason, you do not want to deal with such a brokerage because this shows it is a scam.
Terms and Conditions
It is necessary to go over the Terms and Conditions of a brokerage before signing up because this dictates the kind of relationship you will have with the company. It mentions the policies to be followed and the fee to be charged and more. When you check the Terms and Conditions at Global Pairs, you will be struck by their malicious bonus policy.
First off, the fact that Global Pairs is offering trading bonuses is already a big concern because these have been banned in most jurisdictions around the world, including the UK where the broker claims to be based. This is because they come with strings attached, which are usually against consumer interest. You will find the same when you go through the bonus policy mentioned by Global Pairs.
First off, you should note that Global Pairs only allows its clients to withdraw about 20% of their deposit before they are able to achieve a minimum trading volume requirement. The fact that this turnover requirement is massive and not possible to achieve shows that they have no intention of letting you have your money. Moreover, if they are unable to achieve this, there will be a restriction on withdrawal applicable.
The fact that Global Pairs is offering leverage ratios as high as 1:100 might be a draw for some, but you shouldn’t forget that such ratios also come with risks. Yes, they give you flexibility, as they allow you to trade more, but you should bear in mind that leverage is a double-edged sword, which means you can lose just as much. Therefore, regulatory authorities like the FCA have imposed a cap on leverage ratios, another rule that Global Pairs appears to be breaking, providing further proof that it is not authentic.
When you check out the withdrawal fees that Global Pairs is charging, you are bound to be shocked because it is excessive. The fact is that many professional brokers are actually waiving off this fee as a sign of good faith, but the opposite is happening here. When you add the inactivity fee that Global Pairs is charging for accounts, it further shows that they are only interested in exploiting their customers left and right.
These flaws in Global Pairs’ story shows that you are dealing with a scam broker that cannot and should not be trusted.