Beware! Globe Pro 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.
Globe Pro is licensed, but it’s facing troubles nowadays. In fact, the license the broker has is not as trustworthy, and the entity apparently exceeds it. As a result, it was blacklisted by European regulators, and it’s now on par with the dirtiest scam schemes. In the following review, you can find out which regulator issued a warning against Globe Pro and why it’s not recommended to trade with this broker.
Globe Pro REGULATION AND SAFETY OF FUNDS
Globe Pro is registered in Vanuatu and licensed by the local regulator VFSC, so at least on paper, it should be a legit broker. However, the Vanuatu regulation is pretty loose, and VFSC doesn’t strictly control its Forex market. In fact, the customer protection there is nearly non-existent as the only measure worth mentioning is the capital requirement of $50 000. Well, that doesn’t really change anything at all.
Worse, though, Globe Pro apparently exceeded its license limit and was detected by the Spanish regulator CNMV that issued a warning against the broker. So, your funds won’t be safe if you deposit with Globe Pro because it’s unreliable. For more info, have a look at the screenshot at the end of the section.
Avoid Globe Pro, and better see the high-rated EU brokers and British brokers on both lists. The European companies are adequately regulated, but most importantly, participating in deposit insurance funds created to protect investors’ money if things go wrong. For example, CySEC brokers’ clients can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are up to 85 000 GBP. The deposit funds guarantee extra customer protection, and if you can open accounts with European companies, you can safely do so.
Globe Pro TRADING SOFTWARE
Globe Pro’s software is the highly renowned MetaTrader4, but that’s not enough to consider the broker any better than the rest of the suspicious offshore FX creatures. The EUR/USD spread is 1.7 pips fixed with the Demo account we opened, which is still a tolerable Buy/Sell difference, but not the best one you can find. Too many legit companies are presently offering much tighter spreads of 1 pip or less, so it’s useless wasting your time with blacklisted entities like Globe Pro.
That being said, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists, which surely deliver the best Forex platforms. The MTs are packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions, which happens to be an unrivalled advantage. In fact, MT5 lately surpassed MT4 in the number of companies offering it but still lacks in volumes. Both platforms dominate the market, and you’d be much better off with adequately regulated MetaTrader brokers.
Globe Pro provides 1:200 leverage and that’s a risky ratio considered unsuitable for retail traders. In fact, due to leverage misuse, more than 90% of the clients were on the losing side, so many financial authorities restricted its usage. Thus, licensed EU, British and Australian brokers have to restrain clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are reliable but not leverage restrained, so risk-tolerant traders eligible to open an account in Switzerland can safely go for it. Leverage is risky, and you’d better use it wisely.
Globe Pro DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250, which is slightly higher than the regulated brokers’ demands on average- around $100. Still, various regulated companies are now offering micro accounts starting from as little as 5 to 10 dollars, so people can find loads of better opportunities. The funding methods are said to be Credit/Debit cards, Wire Transfers, Neteller and more, but Globe Pro doesn’t mention any other options. In fact, we couldn’t test their system due to some registration error, which further undermines the brokers’ already cracked reputation. You can see what we are talking about in one of the screenshots below.
Speaking of deposits, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers, so you can safely open accounts.
There are no minimum withdrawal requirements, and Globe Pro claims all transactions are free of charge. However, it’s a blacklisted broker, so we can’t take their word for it. In fact, the only charges imposed are the overnight and inactivity fees, but Globe Pro doesn’t specify those in size and scope. We only know that an account becomes dormant after only 90 days of inactivity and will be subject to unknown monthly charges.
Globe Pro generally offers bonuses and promotions, and currently, it’s in a Free Forex signals campaign. However, the broker fails to specify anything about it, which is yet another flop.
Overall, Globe Pro is a blacklisted broker, so you should avoid this unreliable entity.
HOW DOES THE SCAM WORK
Fraudulent brokers and fishy websites come forth every single day. Nevertheless, most new scam projects represent a modification of common fraud that’s similar from country to country.
Nowadays, scammers are stalking victims mainly on the Internet and social media. Their offers look legit and present exciting opportunities to put your money in the Forex market. To get enticed, people will be reassured the broker can secure high returns and risk-free trading guaranteed by seasoned financial professionals. The scammers intentionally make people believe Forex is harmless, but precisely the opposite is true- you can lose everything if not careful enough.
In the usual scenario, scammers just pocket victims’ deposits and won’t send a dollar back. Sometime after the deposit, clients would ask for a withdrawal or a refund, but the con artists would delay or downright refuse to pay back. Make no mistake, scammers would find excuses to deny withdrawals and would even shamelessly ask for more money to let clients get their money. At the end, when fraud becomes evident, the scammers would simply cut the communication, leaving the victims defrauded. Then, sooner or later, the fraudulent broker will be abandoned, and another one will appear in its place. Scammers are professionals and will carry on forging crooked schemes, so you need to stay alert and always double-check.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your bank card immediately and contact your bank and ask for advice.
Then, report what happened to you, file a complaint, contact the authorities, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because fraudulent chargeback agencies and individuals are stalking, trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
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