Abstract：When a careless investor encounters a broker who claims to be licensed, it is easy to overlook the issue of regulation. Investors are particularly susceptible at this time since the regulatory information supplied by the fraudster may not be accessible on any Forex authority' websites. Global FX Trade is an example of a bold scammer.
When a reckless investor sees a broker claiming to be licensed, it's simple to dismiss the question of regulation. Investors are especially vulnerable at this time since the regulatory information claimed by the fraudster may not be available on the websites of any Forex authorities. This kind of scammer is a brazen fraudster, such as Global FX Trade.
Get Rich Quickly？
At first glance, the website (https://global-fx-trade.com/) shows a customer called Jonathan Larson who claims to have made $10,000 overnight by trading on Global FX Trade. He also seems to be pushing traders to “emulate his success.”
Unlike other forex brokers, Global FX Trade solely supplies investors with a platform called FITS, rather than a third-party platform (MT4 or MT5). It is not a good option for the customer, particularly if they are dealing with an unregulated broker.
Scammers do not always utilize third-party platforms because they like to have complete control over the platform so they may tamper with market data and commit fraud.
Global FX Trade (also known as Global FX Trade Advisors Corporation) is a licensed broker under multiple regulations, including the United Kingdom Financial Conduct Authority (UK FCA), the Polish Financial Supervision Authority (PFSA or KNF), and the Capital Markets Board of Turkey, according to its website (CMB). Aside from that, it claims to be a registered investment adviser with the Securities and Exchange Commission (SEC).
We searched SEC but found no matching results. Furthermore, the National Futures Association, not the SEC, is the exclusive forex regulator in the United States (NFA). Nonetheless, there is no regulatory information on Global FX Trade in the NFA.
Samely, no results matched this broker in KNF or CMB.
Furthermore, the UK FCA has cautioned the public that Global FX Trade is an unlicensed broker.
Traders should always be careful in the volatile currency market. Check the Forex Broker's status first using the WikiFX App, as well as complaints from traders all around the world.
Keep a lookout for further Broker News.
Download the WikiFX App from the App Store or Google Play Store to stay up-to-date on the latest news while on the go.
Prevention is better than cure, this is why it is important to download the WikiFX app. WikiFX is a forex broker inquiry app, which allows traders to verify and review brokers before they use them. WikiFX is preventing scams in the forex market, just like this one.
Black Friday (November 25, 2022) is almost here, so sellers are getting ready for customers looking for real bargains. Some forex brokers also take Black Friday as a good opportunity for marketing.
The World Bank has cautioned that if immediate action is not done to assure better and long-lasting results, Nigeria's fragility may increase.
Oluseye Olusoga, group managing director at Parthian Partners, and other panelists at the Nigerian Economic Summit (NES28) encouraged Nigeria to get back on the productivity track to prevent currency crises.