Globalfxp Review 2024 – Truth About the globalfxp.pro Scam

Global Fxp Markets has been reported as a scam broker, using deceptive tactics to trick unsuspecting users and embezzle their funds. The fraudsters utilize a bogus website, carefully designed to mimic the appearance of a legitimate trading platform. 

Shady practices landed the phony broker on the blacklist of a regulatory authority, which means the platform is dangerous like AuxCapital. Bear with us as we expose the facade of legitimacy in our Globalfxp Review. This is must-read material before engaging with any online provider.

Legal Info: Is Globalfxp Regulated?

The Globalfxp broker was up to no good. The Canadian Autorité des Marchés Financiers (AMF) has made a move against the phony provider, highlighting the dubious activities and issuing a warning on January 10, 2024. The AMF has stressed that the broker is not licensed and lacks the necessary authorization to solicit investors in Quebec. 

This official warning serves as a crucial alert to potential investors, indicating serious violations and potential risks associated with the platform. Investors’ funds are thus at risk of being stolen under suspicious circumstances.

Choosing regulated financial providers is crucial for ensuring the safety and security of your investments. Hence, opt for regulated providers supervised by renowned financial authorities such as the FCA (UK), ESMA (Europe), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), JFSA (Japan), MAS (Singapore), etc.

Regulated brokers are obligated to comply with specific standards, including measures such as offering negative balance protection, segregating client funds in reputable top-tier banks to ensure their safety in case of insolvency, and providing compensation schemes to cover potential losses.

Who Are Globalfxp’s Targets?

According to eveninsight.com, the globalfxp.pro website domain was created on October 23, 2023. Since then, the cyber con artist has been targeting mainly unsuspecting traders and investors who reside in the following countries:

• United Kingdom;
• Netherlands;
• Canada;
• Australia.

These nations are recognized for their stringent regulations and rigorous financial market oversight. Their watchdogs carefully monitor markets to prevent unauthorized individuals from executing fraudulent schemes, as evidenced by the warning issued by the AMF.

To reiterate, Globalfxp has no license. The broker directly violates European, Australian, and North American regulations by offering users leverage higher than allowed for retail clients.

Trader Reviews – Sharing Experiences

Despite searching popular forums like Trustpilot or Sitejabber, we found no Globalfxp reviews. The platform received backlash on scamadviser.com, with users claiming they were deceived. 

It is presumed that the individuals behind this illegitimate platform actively targeted potential victims across various social media platforms. Therefore, we recommend you refrain from sharing personal information with anonymous profiles and suspicious pages that may be attempting to exploit such details.

Always review user feedback about a specific provider to understand the deceptive tactics employed by thieves. In our situation, negative reviews played a pivotal role in exposing the TickerWiz scheme.

Which Trading Platforms Are Available?

Globalfxp’s first trading platform is a stripped-down web terminal supporting popular instruments such as Forex currency pairs and indices. However, it lacks sophisticated tools, providing only basic charts, indicators, and graphs.

The second is the Globalfxp Activ8 terminal. Given the broker’s questionable background, both platforms are most likely rigged, compromising users’ orders. 

To ensure a more comprehensive and reliable trading experience, we strongly recommend seeking out a licensed provider that integrates reputable third-party software such as MetaTrader 4, MetaTrader 5, or cTrader. 

The widely acclaimed MT platforms offer advanced features like automated and algorithmic trading, sophisticated charting, real-time market reports, API integration, support for 20+ timeframes, Expert Advisors (EAs), and swift order execution.

Available Live Account Types

Leverage, Spreads, Commissions, Demo Account

The maximum leverage that Globalfxp offers is capped at 1:1000, which, as mentioned, significantly exceeds the legal limit in Europe & Australia of 1:30 and North America of 1:50. Trading with high leverage presents a dual risk, amplifying both potential gains and losses. The flip side involves an elevated risk of substantial financial setbacks.

Spreads and commissions seem decent but they cannot compensate for the broker’s unlicensed status. Another significant red flag is the absence of a demo account, a crucial tool for users, especially those new to trading. A free trial period for trading allows individuals to practice with virtual funds before venturing into the challenges of using real money.

AnyDesk – Fake Customer Support

The website also supplied download links for AnyDesk, an application that permits one user to access another’s PC and assume control. While the program can serve legitimate purposes, it also holds the potential for misuse and malicious intent. 

Considering the potential damage a scammer could inflict with access to personal information, it is strongly advised not to place trust in Globalfxp in this regard.

Deposit and Withdrawal Process

The website listed several payment methods that can be used to fund live trading accounts and withdraw generated profits:

• Credit/debit cards;
• Wire transfers.

Given the issues we pointed out thus far, potential Globalfxp withdrawal problems seem inevitable, requiring victims to understand potential fund recovery methods.

Funds deposited using MasterCard or VISA credit/debit cards can seek a refund through a chargeback at the issuing bank within 540 days. In the case of wire transfers, initiating a recall is an option, but its effectiveness is limited to transactions that have not been completed.

Key Facts To Consider About Globalfxp

Globalfxp is an unregulated provider blacklisted by Canada’s AMF regulator for targeting UK, Dutch, Australian, and Canadian traders, offering illicit services. We do not recommend the platform mainly because it is unregulated. In case you have lost money to the Globalfxp scam, you must seek our professional help to recover your funds!

Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.

Book your free consultation here and start the chargeback process.

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