Allglobalfin review – 5 things you should know about allglobalfin.com

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Beware! Allglobalfin is an offshore broker! Your investment may be at risk.

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Allglobalfin is the typical delusive broker we are going to review in this article. They pretend to be headquartered in New York, to be regulated and at the same time compliant with the Marshall Islands governing laws. What’s more, the broker claims to be a part of the Cyprus Investment Compensation Fund, which is a highly suspicious statement. Find out what this business really is in the full Allglobalfin review.

Allglobalfin REGULATION AND SAFETY OF FUNDS

As explained in the Intro, Allglobalfin is allegedly a US-based broker residing in New York. Well, that’s not true because there is no registered entity bearing the same name on the location pointed out.  They also claim to be regulated, but the information in the Terms and Conditions suggests that Allglobalfin is an offshore broker because allegedly, the Marshall Islands laws govern their business conduct. That’s problematic because the islands do not even have a financial authority, let alone a regulated market. The entities incorporated there are virtually anonymous, and no one controls or in any way supervises their business activities. As Allglobalfin is not associated with licensed companies, your funds won’t be safe if you deposit with the broker. Worse, though, the fraudulent claims they make indicate it’s a scam scheme, so you’d better avoid it.

That said, we can offer high-rated EU brokers and British brokers, which are trustworthy and stringently regulated. The European companies are secured by deposit insurance funds, laid down to protect clients’ money in case of insolvency or fraud, and that’s why we highly recommend those. For example, if you trade with a CySEC broker, you can claim up to 20 000 EUR in compensation, while the British protections are of even up to 85 000 GBP per person. If you trade with shady FX creatures like Allglobalfin, you won’t get any protection but will also expose yourself to potential fraud.

Allglobalfin TRADING SOFTWARE

Allglobalfin offers an untrustworthy Webtrader and a downloadable platform we refused to install and test due to security reasons. The web-based software we accessed doesn’t feature any of the trading tools you can find in MetaTrader. There are too few indicators, the charting tools are unreliable, and the EUR/USD spread is too wide- 3 pips. The spread is the Buy/Sell difference, forming part of the trading costs, so the lower it is, the better for traders. The FX market is overcrowded with brokers offering tight spreads of 1 pip and below, so it’s not worth wasting your time with Allglobalfin.

Instead, you’d better consider the MetaTrader4 brokers and MetaTrader5 brokers topping both lists. The MT platforms feature advanced tools such as Expert Advisors, complex indicators, and first-class charting tools, which are also very easy to use. MetaTrader also comes with a Marketplace where traders and investors can find more than 10 000 apps and third-party developed solutions.

Allglobalfin provides a fixed leverage level that’s impossible to alter- 1:200, which is a significant downside and evidence of a scam. 1:200 is too risky a ratio, so the broker knowingly creates a dangerous trading environment where traders can easily lose their money. Allglobalfin is a market maker, meaning that their clients’ losses form the company’s profits. Beware!

In fact, leverage is so dangerous that many financial authorities imposed a market cap restricting its usage on the respective markets. Consequently, EU, British and Australian brokers are bound to limit clients to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t provide more than 1:50. Most of the high-leverage FX companies are poorly regulated and very likely a scam, so be cautious.

Allglobalfin DEPOSIT/WITHDRAW METHODS AND FEES

Allglobalfin doesn’t introduce account types or minimum deposit requirements. In fact, the broker does not even mention a word about the matter, which indicates carelessness. In contrast, the reputable FX companies are compelled to determine the deposit provisions applicable. Anyway, it’s only possible to fund accounts via Credit/Debit cards, which is somewhat a positive feature because traders can later dispute transactions and get a refund if things go wrong.

While discussing deposits, we can offer the Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The companies topping the lists are adequately regulated, and you won’t face scammers if you choose a high-rated one.

The minimum withdrawal requirements, fees and request processing time are also unknown. However, half of the T&Cs document concerns only the broker’s bonuses and promotions, which effectively settle the withdrawal provisions. After a bonus, traders have to execute $20 000 in turnover for each dollar given to become eligible for withdrawal. That’s unfair and a typical scam clause.

Allglobalfin also says to provide risk-free trades, which is a highly suspicious offer and even more evidence of a scam. There is no such thing as risk-free trade in the Forex market, so the offer suggests a kind of a game, not real trading.

Next, we got on to the inactivity fees, which are truly unfair, as well. After only 30 days of inactivity, an account becomes dormant and will be charged $36 per month. In other words, if clients halt trading for a year, the broker will cut more than $400 just to handle the money. That’s a scam!

Overall, Allglobalfin is a highly suspicious unregulated broker, which is more than enough to stay away from this shady entity.

HOW DOES THE SCAM WORK

Scammers are working online today. Social media and the Internet, in general, is plagued by scammers and their fraudulent offers. If you fancied an opportunity, clicked on and submitted your e-mail and contact numbers, scammers would ring you at once. They are seasoned manipulators who would promise the moon and the stars to lure people into their crooked schemes. During the phone call, you’d be offered bonuses, promotions, risk-free offers, bitcoin deals, and anything else you could possibly imagine. Scammers would claim to work with reputable firms, banks, governments, and so on while pushing you to invest with them. Those thieves lie big time and would promise you anything to gain your confidence and steal your money thereafter.

But the first deposit is just the beginning. Steadily scammers would carry on asking for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, you’d be convinced to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do whatever it takes to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d push you to transfer more money over and over again for no obvious reason. Urgency is a treacherous sign, so if someone forces you to invest ASAP, that’s a scam.

WHAT TO DO WHEN SCAMMED

Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.

Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!

Remember, it’s crucial not to rush blindly trying to recover your funds because fraudulent chargeback and fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!

Last but not least, share online your experience; it’s important to inform the public about scams. Be responsible!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-27

Reviewed Broker

Allglobalfin

Broker Rating

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