Globchains is an UNREGULATED broker that claims to provide a transparent trading environment for all kind of traders. Before you consider trading with this broker, read this Globchains review.
Due to the rise in online scams as a result of the increasing popularity of forex trading, we have made it our responsibility to review investment platforms, forex brokers, expert advisors(EA) and many others, letting you know the ones that are legit as well as scam brokers in order to make sure your finances are secure. This review gives you vital information about this broker.
According to globchains.com, the brokerage is located at Austria and they trade assets such as forex, commodities, indices, shares and cryptocurrency. Going through their website, we discovered that Globchain.com is nothing but an unreliable broker.
Reasons to stay away from Globchain!
We found the following disturbing details about this broker.
Globchains licensing and regulation.
The location given on their website is Austria but the details of their license by any of the forex regulatory body is missing. This is a major red flag. Australian brokers are regulated by the ASIC while the regulatory body for forex brokers in he UK is the CFA. Trading with a broker that is not regulated is a huge risk.
Globchain deposit and withdrawal method.
The minimum deposit accepted by Globchains is $250. This is more than twice the amount accepted by most legit brokers. They offer three account types which are Silver, Gold and Platinum. The payment method stated on their website are Visa, MasterCard, Bank wire amongst others.
According to their withdrawal and deposit policy, withdrawals attract processing and handling fee of $50 for bank transfer, for withdrawals done by alternative means, a charge of $25 is deducted while for credit and debit card withdrawal, the fee is $35. It takes 5 days for withdrawal to be processed. This is more than the usual 24 hour time frame given by legit brokers. Also it is stated that bonus offers are not withdrawable.
Globchains.com trading platform.
One of the most important details to look out for when choosing a broker is the trading platform they offer. Unfortunately, Globchains does not offer the well known Metatrader 4 and 5 platform commonly used by legit brokers. The Metatrader platforms are user friendly and this makes it generally accepted.
They also claim to offer a maximum leverage of 1:200. We cannot guarantee accuracy from a broker that is unregulated.
Conclusion: Is Globchain a trusted broker?
NO! Globchains is a broker operating without license. Accepting to trade with this broker will result to a complete waste of money. We do not recommend globchains.com because the broker is NOT regulated. We advise you to go for brokers that are regulated by a reputable agency.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website