Global FX Review 2024

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Our Rating

2.5 / 5

Global FX is #108 in our CFD broker rankings.

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Global FX is an unregulated broker offering a suite of trading tools and products.

Minimum Deposit $300

Trading Platforms MT5, cTrader

Instruments Forex, CFDs, indices, shares, commodities, cryptocurrencies

Bonus Offer -

Account Currencies USD, EUR, RUB

Payment Options Visa, Mastercard

Forex Trading

Trade a long list of global currencies with high leverage rates.

Stock Trading

Trade over 1,400 stocks and shares at Global FX with floating spreads.

CFD Trading

Start trading the financial markets with leveraged CFDs at Global FX.

Crypto Trading

Trade 16 crypto pairs, including crypto only and crypto fiat cross pairs.

Copy Trading

Global FX offers a CopyDeal service where clients can follow and execute the positions and strategies of top traders.

Global FX is an international STP service where clients can trade in forex, indices and cryptocurrencies on MT5, cTrader and CopyDeal platforms. But is Global FX a reliable company? Read on for details on the financial instruments available to trade, its regulation, along with spreads and commissions.

Global FX Details

Global FX was founded in 2009 under the Global Group financial holding company. Shortly after, Global FX expanded its operations in Hong Kong, Singapore, and the USA, further giving attention to the Russian market in 2014. Global FX have recently moved their head offices to Toronto in 2019. However, Global FX does not provide services to American and Canadian citizens.

The brokerage offers clients 1200 trading instruments, including access to 36 world stock exchanges. Yet despite over 10 years in operation, Global FX remains unregulated.

Trading Platforms

MetaTrader 5

Global FX clients can trade with MT5, an updated platform to its MT4 predecessor. The platform supports a wider range of tools and analysis, which includes the following features:

• 21 timeframes
• Easy access to market volumes
• Built-in news feeds and economic calendar
• 82 technical indicators and analytical tools
• Ability to trade with multiple financial instruments from one account

MT5 is available on Windows, Mac, Android and iOS.

cTrader

cTrader is a leading multi-asset platform for forex and CFD trading. Its trading terminal runs on STP technology, making entry and execution instant. cTrader also boasts an impressive suite of 70 indicators and 28 chart timeframes, plus advanced level forex scalping strategies. This is thanks to it’s one-click transaction feature and adjustable minute timeframes. cTrader Copy, (formally cMirror), is also a fully integrated feature of the cTrader platform, allowing for the automatic opening and closing positions by copying trading signals.

cTrader is available on Windows, Mac, Android, iOS as well as a web version for browsers on computer and mobile.

CopyDeal

CopyDeal is a social network that bridges professional and new traders. The automated copying of strategies is available. A copy ratio is manually set but CopyDeal lets you modify and fine tune your strategy. The user is also able to test the profitability of several strategies with its built-in equity chart.

Assets

Clients can trade in a range of 1200 trading instruments from 36 world stock exchanges across 18 countries, including:

• Forex – 76 major and exotic currency pairs
• Stocks – 1440 stocks available from recognisable names such as 3M, Adobe and Coty Inc
• Indices – Trade in 14 leading indices, such as Nikkei 225, Dow Jones and FTSE 100
• Cryptocurrencies – 16 pairs of coins available, comprising popular brands such as Bitcoin, Ethereum and Ripple
• Metals – 6 pairs available in silver, gold, palladium and platinum with Euro or US Dollars
• Commodities – Trade in oil and gas

Spreads & Commission

Live spreads are variable at Global FX and start from 0.1 pips. Typical spreads on leading pairs EUR/USD are 0.2 pips and 0.4 on EUR/GBP with forex commissions starting from 7.5 USD per lot on MT5 and 10 USD on cTrader. Spreads on the FTSE 100 index come in at a hefty 2232 points. Bitcoin spreads vary from 200 to 6500.

To clarify, Global FX charges 7.5 USD for forex and 10 USD for commodities on the MT5 platform, whereas cTrader comes with a flat 10 USD commission. Service fees are charged on cTrader accounts, at 5 USD per calendar day. Therefore, trading costs are above the industry standard, when compared to the more competitive prices offered from the likes of Eagle FX, XM and Oanda.

Leverage Rates

Global FX offers generous floating leverage up to 1:1000 on both MT5 and cTrader platforms. Users can change credit leverage on their profile pages. However, as Global X is unregulated, users should be aware of the risks when configuring leverage on their trading accounts.

Mobile App Rankings

Global FX does not currently offer its own mobile app. However, the MT5 and cTrader platforms both come as a mobile app, which are free to download from the App Store and Google Play. The apps retain much of their desktop counterpart functionality, including instant deposits and automated trading.

Payments

To finance accounts, the Global FX trading group offers 2 instant deposit methods:

• Credit/Debit card – Visa & Mastercard
• Electronic payments – Tether

The currencies available for deposit are RUB, EUR and USD for card payments and USD for electronic payments. Deposit time on all options are instant with no commission.

On card payments, withdrawals come with a flat fee of 7 USD, plus 3% of the amount withdrawn and can take up to 7 business days to process. Note that withdrawals on card payments are only available in RUB and USD. Electronic payments on Tether come with a 1% withdrawal commission.

Demo Account Reviews

Global FX offers a free demo account. Users can master the full functionality of trading platforms on all instruments provided by the broker without the risk of losing money. Experienced traders are also able to practice trading strategies. You can then open a live trading account whenever you’re ready.

Demo accounts are available on both MT5 and cTrader platforms across Windows, Mac OS, iOS and Android devices.

Bonuses

While Global FX have run a few bonus schemes in 2012 and 2016, they do not currently offer any no deposit bonus deals. Traders can check the broker’s website and members area for future promotions. Always be aware of bonus terms and requirements before claiming.

Regulation

Global FX is unregulated and unlicensed in financial and currency markets. Traders should note that there is no guarantee that your investment is safe nor will the company follow the trading codes a regulated broker should.

Furthermore, Global FX has caught the attention of regulators like CONSOB and SEC, who have blacklisted it as a scam and have warned traders from depositing funds with the platform. Other online reviews have flagged complaints from members not being able to withdraw funds. With many doubting Global FX’s legitimacy, potential investors should consider more credible companies before depositing funds.

Additional Features

Global FX offers a training program designed for beginners. It promises to educate new traders on market terminology, analysing schedules on its MT5 and cTrader platforms, and practicing strategies on a demo account. If you want to learn how to achieve successful investments before trading on a real account, the training program could be beneficial.

Furthermore, Global FX’s education program is also available for traders based in Ghana. You can access this via: forex.globalfxgh.com

The website also offers daily macroeconomic analysis, market news, market insights and an events calendar.

Trading Accounts

Global FX offers one standard account type for all clients with a minimum deposit requirement of 300 USD. The maximum market volume lot size is 100. If clients deposit at least $1,000, they get a forex trading course and advice from a personal manager. To add, clients who deposit at least $10,000 in capital get discounts on trading commissions and are provided with an analyst to advise on forex trading strategies.

Global FX’s login processes are fairly straightforward. Creating a live account involves filling out a form on their website and submitting passport details and documents. Once approved, you will have access to MT5 and cTrader terminals. Sign into the client’s area and start trading and withdrawing funds once you’ve added a minimum of 300 USD into your account.

Benefits

• Zero deposit fees
• Volatility (VIX) 75 Index on MT5
• Structured training program for new traders
• Trade in a wide range of instruments and currencies

Drawbacks

• Unregulated and unlicensed
• High withdrawing commission
• US and Canadian clients are not accepted
• Blacklisted by CONSOB and SEC as fraudulent
• Customer complaints of not being able to withdraw funds

Trading Hours

Trading hours on forex are open 24/5 from Monday to Friday, except days that fall on national holidays. Crypto markets are open 24/7. Specific trading hours for other markets can be found on the MT5 and cTrader platforms.

Customer Support

The Global FX support team is available 24/5, Monday to Friday. They can be reached via email at support@global-fx.com. Those who prefer to speak on the phone can call them on +85239733963 (Hong Kong based number).

The broker’s newest Toronto head office is not highlighted on their ‘Contact Us’ page. The more reliable address would be their Hong Kong office in Grand Millennium Plaza, 181 Queen’s Road Central, 7/F, Low Block, Hong Kong. They’re open Monday – Friday, 10:00 – 21:00.

Trader Security

While the MetaTrader 5 and cTrader platforms are highly secure, the fact that Global FX has been flagged by regulators, members and reviews for its credibility and fraudulence means we cannot trust the company’s safety protocols. We suggest looking at other regulated brokers.

Global FX Verdict

Global FX offers a comprehensive range of trading instruments and currencies and access to distinguished platforms like MT5 and cTrader. It also offers educational training programs for beginners and a demo account. However, its trading costs aren’t competitive, and most notably, it is an unlicensed broker that’s been blacklisted by regulatory bodies.

Top 3 Alternatives to Global FX

Compare Global FX with the top 3 similar brokers that accept traders from your location.

1. FP Markets – FP Markets is an ASIC- and CySEC-regulated broker that offers forex and CFD trading on a broad range of assets through the MT4, MT5 and IRESS platforms. With trading available through standard and raw spread accounts on thousands of international stocks, forex, indices, commodities, cryptocurrencies, bonds and ETFs, this broker has some of the most comprehensive market coverage available. FP Markets also offers a full range of additional features, including educational resources and access to powerful software such as Autochartist.
   Go to FP Markets
2. IC Markets – IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
   Go to IC Markets
3. AvaTrade – AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.
   Go to AvaTrade

Global FX Comparison Table

Compare Trading Instruments

Compare the markets and instruments offered by Global FX and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Global FX vs Other Brokers

Compare Global FX with any other broker by selecting the other broker below.

	Visit	Global FX is an unregulated broker offering a suite of trading tools and products.
Global FX is an unregulated broker offering a suite of trading tools and products.

FAQ

Is Global FX regulated?

Global FX does not hold a regulatory license. The broker won’t offer the same level of protection as providers such as the FCA and CySEC.

Does Global FX offer a demo account?

Yes, Global FX allows you to create as many free demo accounts as you wish. Select ‘Open Demo Account’ on their website to get up and running with a test simulator.

How much capital do I need to trade with Global FX?

A minimum deposit of 300 USD is required to trade on the MT5 and cTrader platforms. Global FX also offers certain privileges when depositing $1,000 or $10,000 in capital.

Is Global FX a good broker?

Global FX offers a comprehensive list of trading instruments and currency pairs and is supported by trusted platforms like MT5 and cTrader. However, its limited credibility as an unregulated broker leads us to advise against opening an account.

Is Global FX a trustworthy broker?

Global FX has been blacklisted by two regulatory bodies. Its dubious head office details, lack of information on its founders and lack of regulation with a respected financial authority means we consider Global FX as an untrustworthy broker.