Beware! XGlobalMarket is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
XGlobalMarket did not strike us a looker nor a bringer of quality services. The moment we set eyes on we knew that this broker would end up in the unregulated pile, and as this review will show, it might as well end on the bottom of that pile. How bad is it? Read on to find out.
The user creation process is easy and fast to go by, as it required only the basic of details. What followed was a half-broken, half ridiculous user portal, that acts as a pure warning that this broker is probably a scam. Just take a look at this mess:
What sort of a broker, regulated or not, would expect to retain users with a chaotic area like this one? After we refreshed, things looked slightly better but still, the user the portal did not give us any hope for XGlobalMarket. We always keep mentioning that one of the earliest signs that a broker is up to no good is mirrored in its user dashboard.
The area has no trace of a trading terminal. So we went to the website to look for one, and as it turned out half the links to a platform are broken and the other half lead to a web trading platform that we were unable to access, because, get this, the trading account creation page does not exist. It’s all a huge mess. What you need to know is that we had no way to access a trading platform.
One way to look at it is that XGlobalMarket has a process of picking its own users. Shady firms usually do this based on how manipulative the client seems to be; i.e how willing he or she will be to deposit. Another way to look at it is that the process is just broken.
Without a trading platform, we cannot confirm that the trading conditions on the website are accurate. That would be the case if we were granted any details from the website, but as we discovered, there was no trading info anywhere to be seen. Yet, we have a loose grasp of what the trading instruments are: forex pairs, commodities, and cryptocurrencies.
The website can be translated into Arabic, English and Russian.
XGLOBALMARKET REGULATION AND SAFETY OF FUNDS
We will be on point: there is no indication that the broker is holding a license. Needless to say, we would be surprised if it actually claimed to be. A claim to be regulated does not sit too well with such sloppy brokers.
This section will be over quickly because XGlobalMarket is UNREGULATED. There is no need to dig further than that. We claimed it to be a scam just by the look of it, and now the lack of regulatory details further confirms this.
Brokers without a license are a risk to all invested capital and to all provided personal details!
There is only one thing left to do! All user who are interested in trading Forex or CFD, are urged to do so only with the real regulators of the industry. Some of the most renowned and secure are the FCA and CySEC. These regulators act upon a set of rules that have been put into a legal framework with the local governments, and that is why users should trade only with brokers regulated by them; once a broker is granted a license from one of these watchdogs, they immediately adapt these legal frameworks as their own rules of conduct. What’s more is that the FCA and CySEC make it is obligatory for all brokers under their gaze to participate in financial compensation schemes; 85 000 pounds per person for FCA, and up to 20 000 euros CySEC.
XGLOBALMARKET DEPOSIT/WITHDRAW METHODS AND FEES
The only way to deposit in the user area is through wire transfer. There is no minimum deposit, so technically, we can leave it at $1. And anyway, would you ever entrust your capital to a broker whose payment terminal looks like this:
The withdrawal section isn’t looking too good either. We can get no information from here.
As for the website, it is completely and utterly devoid of any withdrawal details, which confirms our belief that XGlobalMarket does not return investments!
There is absolutely no reason for anyone to invest in this one. This broker can easily go in our list of top 10 worst brokers of the year. XGlobalMarket is so bad that we unsure whether it is left to be forgotten, or just held by a complete amateur. It does not matter though. The reader should leave this one alone!
How does the scam work?
Scammers have been known to use the same type of scammer structure, with just different hues and approaches. With that said, the way the scam works is actually incredibly easy to grasp, and once yo know how it works, yo will always be able to detect it.
The first step to being scammed, if we can express ourselves so, is to be lured in by an ad online. These are found all over the internet, but especially on social media websites. Illicit FX firms advertise false promises and fake trading conditions. Internet users that are tempted by these will either be redirected to a so-called robo-scam website or straight to the unlicensed entity. These websites will require you to register with an email or a phone number, and once you provide these details, you will start getting contacted by reps of these scammer firms. These reps require a minimum deposit from users, and will probably achieve to convince you because they are charismatic and confident in what they do.
However, they are no match for the expert scammer, whose goal is to talk you into making more deposits, and in the end will tell you that you cannot withdraw your funds for a number of reasons that will sound suspicious. In the end, what matters is that the client will not be able to withdraw his or her money back.
What to do if scammed?
The only thing to do in that case is to file for a chargeback with your credit card provider. VISA and MasterCard have extended their chargeback time span to 540 days, so good news for those that at have deposited by either of these methods.
If you have deposited via bank transfer, be sure to block the account or change the password. Or you could contact your bank and see what they can do.
Never deposit funds using crypto methods into an unregulated broker. These methods are untraceable, and there is no way to get you money back.
Last but not least, do not trust the so called recovery agencies, who are nothing more than fraudsters in disguise. If you get scammed, you might get contacted by someone claiming t be a recovery agent who is willing t fight for you money back, in exchange for a small hiring fee. Once you pay them the fee, they will disappear.