Please be aware: the official website of Global FX Market, found at https://globalfxmkt.com/, is presently encountering operational difficulties.
Overview of Global FX Market
Global FX Market, based in the United Kingdom, has been operating for 1-2 years without regulatory oversight. Offering an array of market instruments including Forex, CFDs, Indices, Shares, Commodities, and Cryptocurrencies.
Traders can choose from different account types such as Pro, Standard, Mini, and Micro, with a minimum deposit requirement of $100. Competitive spreads starting from 0.8 enhance the attractiveness of trading on this platform with a maximum Leverage of 1:1000.
Global FX Market supports popular trading platforms MT5 and cTrader. Additionally, traders can practice their strategies using the demo account feature. Customer support is easily accessible via email and phone. Furthermore, the platform accepts Visa and Mastercard for deposits and withdrawals.
Regulatory Status
Global FX Market operates as an unregulated trading platform. Unregulated financial institutions may be exploited by criminals for money laundering, terrorist financing, or other illicit activities due to lax anti-money laundering (AML) and know-your-customer (KYC) procedures. This poses reputational and legal risks to both the institution and its clients.
Pros and Cons
Pros:
A range of market instruments: The Global FX Market offers a wide variety of trading instruments, allowing traders to diversify their portfolios and explore different markets.
Competitive spreads: The platform provides competitive spreads, starting from 0.8 pips, which can lead to lower trading costs for users.
Multiple account types available: Traders have the flexibility to choose from different account types, for their individual trading preferences and experience levels.
Accessible demo account for practice: Global FX Market offers a demo account feature, allowing traders to practice their strategies and familiarize themselves with the platform before trading with real funds.
Customer support via email and phone: The platform offers customer support via email and phone, assisting users who may encounter issues or have inquiries about their trading activities.
Cons:
Unregulated: Global FX Market operates without regulatory oversight, and the safety and security of traders' funds and transactions may be concerning.
Limited regulatory oversight: The lack of regulation means that there is limited oversight of the platform's operations, potentially exposing traders to risks such as fraudulent activities or misconduct.
Relatively short operational history: With only 1-2 years of operation, Global FX Market has a relatively short operational history compared to more established brokers, which may impact trust and reliability.
Lack of transparency in operations: Due to the absence of regulatory oversight, there may be a lack of transparency in the Global FX Market's operations, including pricing, execution, and order handling.
Limited payment methods for deposits: The platform offers limited payment methods for deposits, which may inconvenience some traders who prefer alternative payment options.
Market Instruments
Global FX Market offers a range of market instruments including Forex, CFDs, Indices, Shares, Commodities, and Cryptocurrencies.
Forex: Traders can access the foreign exchange market, trading currency pairs from around the world. This includes major currency pairs like EUR/USD, GBP/USD, and USD/JPY, as well as minor and exotic currency pairs.
CFDs (Contracts for Difference): CFDs allow traders to speculate on the price movements of various financial instruments without owning the underlying asset. This includes CFDs on stocks, commodities, indices, and cryptocurrencies.
Indices: Global FX Market offers trading opportunities on a wide range of global stock market indices, allowing traders to speculate on the performance of entire stock markets rather than individual stocks.
Shares: Traders can trade shares of publicly listed companies from around the world, enabling them to capitalize on price movements in individual stocks across different sectors and industries.
Commodities: The platform provides access to commodities trading, including precious metals like gold and silver, energy commodities like crude oil and natural gas, as well as agricultural commodities like wheat and corn.
Cryptocurrencies: Traders can also participate in the cryptocurrency market, trading a variety of digital assets such as Bitcoin, Ethereum, Ripple, and other altcoins. This allows traders to capitalize on the volatility and potential gains in the cryptocurrency market.
Account Types
Global FX Market offers a range of account types.
The Pro account type provides the highest leverage ratio of 1:1000, making it suitable for experienced traders seeking maximum leverage. It requires a minimum deposit of $10,000 and offers a minimum spread of 0.8, ensuring competitive trading conditions.
The Standard account type offers a leverage ratio of 1:700 with a minimum deposit requirement of $3,000 and a minimum spread of 1.0.
For those with smaller capital sizes, the Mini account type provides a leverage ratio of 1:500, a minimum deposit of $500, and a minimum spread of 1.5.
Lastly, the Micro account type, suitable for beginners, offers a leverage ratio of 1:400, a minimum deposit of $100, and a minimum spread of 2.0.
How to Open an Account？
Opening an account with Global FX Market is a straightforward process that can be completed online in a matter of minutes. Here's a breakdown of the steps involved:
Visit the Global FX Market website and click “Open Account.”
Fill out the online application form: The form will request your personal information Be sure to have your identification documents (passport or ID card) and proof of address handy for uploading.
Fund your account: Global FX Market offers various deposit methods, including bank transfers, credit/debit cards, and e-wallets. Choose your preferred method and follow the instructions to complete the deposit.
Verify your account: Once your account is funded, you'll need to verify your identity and address. This typically involves submitting scanned copies of your ID documents and proof of address.
Start trading: Once your account is verified, you're ready to explore the Global FX Market trading platform and start making trades.
Spreads & Commission
At the Global FX Market, live spreads are variable and start from as low as 0.1 pips.
On leading pairs like EUR/USD, typical spreads are around 0.2 pips, while for pairs like EUR/GBP, they average around 0.4 pips.
Forex commissions begin at 7.5 USD per lot on the MT5 platform and 10 USD on cTrader.
Additionally, there's a flat 10 USD commission for commodities on cTrader. On MT5, the service fees for commodities amount to 5 USD per calendar day.
However, it's worth noting that trading costs at the Global FX Market are higher than the industry standard, especially when compared to competitors like Eagle FX, XM, and Oanda, who offer more competitive prices. For instance, spreads on the FTSE 100 index can be as high as 2232 points, while Bitcoin spreads range from 200 to 6500.
Trading Platform
Global FX Market offers two robust trading platforms: MetaTrader 5 (MT5) and cTrader.
MT5, a widely used platform in the industry, is known for its advanced charting tools, technical analysis capabilities, and algorithmic trading functionalities. It supports a wide range of financial instruments, including Forex, CFDs, indices, commodities, and cryptocurrencies.
On the other hand, cTrader is renowned for its intuitive interface and user-friendly design, making it particularly appealing to both beginner and experienced traders. It offers features such as one-click trading, advanced order types, and customizable layouts.
Deposit & Withdrawal
Global FX Market provides convenient and widely accepted payment methods through Visa and Mastercard for both deposits and withdrawals, allowing for instant deposits and withdrawals without the need for additional third-party services.
Customer Support
Global FX Market offers robust customer support through multiple channels, including email and phone assistance.
Traders can reach out to the support team via email at support@globalfxmkt.com for inquiries, account-related matters, technical support, or any other questions or concerns they may have.
Additionally, for more immediate assistance, traders can contact the customer support hotline at +44 203 7711221.
Conclusion
In summary, the Global FX Market offers a variety of trading options and competitive spreads, starting from 0.8 pips. Traders can choose from multiple account types and benefit from a convenient demo account for practice.
However, the company's unregulated status and limited operational history are concerning. Additionally, there are few payment methods available for deposits.
FAQs
Q: What financial instruments can I trade with Global FX Market？
A: Global FX Market offers trading in Forex, CFDs, indices, shares, commodities, and cryptocurrencies.
Q: What are the account types available at Global FX Market？
A: Global FX Market offers Pro, Standard, Mini, and Micro account types.
Q: What is the minimum deposit required to open an account？
A: The minimum deposit varies depending on the account type, ranging from $100 to $10,000.
Q: What trading platforms does Global FX Market support？
A: Global FX Market supports the MT5 and cTrader trading platforms.
Q: How can I contact customer support at Global FX Market？
A: You can reach Global FX Market's customer support team via email at support@globalfxmkt.com or by phone at +44 203 7711221.
2023-03-28 10:29
