Best GlobePay Brokers 2024
GlobePay is a digital wallet that allows day traders and other users to make fast payments to supported merchants, including online brokers. This wallet review will explore how traders can get started with the payment solution, with a guide to transaction times, transfer fees, and potential drawbacks. We have also compiled a list of the top trading brokers that accept GlobePay deposits.
Best GlobePay Brokers
These are the 4 highest rated brokers with GlobePay payments, based on our tests:
GlobePay Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage | Visit |
|---|---|---|---|---|---|
|
$10 | Forex, CFDs, metals, indices, cryptocurrencies | MT4, MT5 | 1:400 | Visit |
|
$10 | Forex, CFDs, Indices, Commodities, Stocks | FXTM App, MT4, MT5 | - | Visit |
|
$50 | Forex, CFDs, indices, shares, metals, commodities, cryptocurrencies | MultiBank-Plus, MT4, MT5, cTrader | 1:500 | Visit |
|
$10 | CFD, Forex, Crypto, Stocks, Digital Options | Own | 1:500 | Visit |
#1 - 4xCube
Why We Chose 4xCube
4xCube is an online forex and CFD broker registered and licensed in the Cook Islands. Clients can trade on popular financial markets and choose between three accounts based on their capital and trading strategy.
"4xCube is a great option for traders familiar with the MetaTrader suite and those interested in copy trading."
- DayTrading Review Team
- Instruments: Forex, CFDs, metals, indices, cryptocurrencies
- Regulator: FSC Cook Islands
- Platforms: MT4, MT5
- Minimum Deposit: $10
- Minimum Trade: 0.01 Lots
- Leverage: 1:400
Pros
- Large trading community on Discord
- Hokocloud copy trading tool
- Good trading courses and guides for beginners
Cons
- US clients are not accepted
- High fees for some payment methods
- The broker is not regulated by a trusted authority
#2 - FXTM
Why We Chose FXTM
FXTM is a top-rated forex and CFD broker established in 2011 and operating across 4 continents. The company is secure and regulated by leading authorities, including the FCA and CySEC. Offering 1000+ day trading markets and three account types, they cater to all levels of trader.
"FXTM is a good pick for day traders seeking low forex commissions on the MetaTrader 4 platform. That said, the range of other assets is not extensive for those looking to diversify, especially stocks and cryptocurrencies."
- DayTrading Review Team
- Instruments: Forex, CFDs, Indices, Commodities, Stocks
- Regulator: CySEC, FCA, FSCA, FSC
- Platforms: FXTM App, MT4, MT5
- Minimum Deposit: $10
- Minimum Trade: 0.01 Lots
Pros
- The broker has a good reputation with multiple industry awards and oversight from top-tier regulators like the CySEC
- Negative Balance Protection is available to clients registering with the EU and UK entities
- Beginners can access a strong range of free educational materials and short-term market insights, including a podcast hosted by the brand’s expert team
Cons
- Withdrawal fees apply, including a 30 EUR fee on bank wire withdrawals
- There are limited e-wallet payment options compared to alternatives
- It’s a shame that ETFs and bond products are not available, and the selection of stocks is not extensive compared to competitors like AvaTrade
#3 - MultiBank FX
Why We Chose MultiBank FX
MultiBank FX is an established broker offering forex and CFD products since 2005. With 20,000+ instruments, plenty of local payment methods and 24/7 multilingual customer support, the broker is a popular choice among traders globally. New clients can also access a variety of bonus offers and access the hugely popular MT4 and MT5 trading platforms.
"MultiBank FX is a great option for active forex traders with 55 currency pairs, spreads from 0.0 pips and high leverage up to 1:500."
- DayTrading Review Team
- Instruments: Forex, CFDs, indices, shares, metals, commodities, cryptocurrencies
- Regulator: SCA, MAS, CySEC, ASIC, AUSTRAC, BaFin, FMA, FSC, CIMA, TFG, VFSC
- Platforms: MultiBank-Plus, MT4, MT5, cTrader
- Minimum Deposit: $50
- Minimum Trade: 0.1 Lots
- Leverage: 1:500
Pros
- Vast range of local payment methods with fast withdrawals within 24 hours
- Renowned MT4 and MT5 platforms, plus proprietary MultiBank-Plus solutions and social trading
- MAM, PAMM and FIX API access for high-volume or pro traders, plus EAs and VPS hosting for algorithmic trading
Cons
- $5,000 minimum deposit required to access ECN spreads
- $60 monthly inactivity fee
- Average education and market research
#4 - IQ Option
Why We Chose IQ Option
IQ Option is a trusted broker with multi-asset trading on its user-friendly proprietary platform. The broker provides trading on forex, stocks, cryptos, indices, commodities and ETFs with competitive fees and a good suite of extra features and educational content. You can also open an account with just $10.
"IQ Option is a good broker for beginners with a slick platform and low minimum investment. New users can also open an account in three easy steps."
- DayTrading Review Team
- Instruments: CFD, Forex, Crypto, Stocks, Digital Options
- Platforms: Own
- Minimum Deposit: $10
- Minimum Trade: 0.001 Lots
- Leverage: 1:500
Pros
- Reliable 24/7 multilingual support
- Excellent range of payment methods
- Access to IQ Option community
Cons
- No MetaTrader 4 integration
- €10 inactivity fee after 90 days
What Is GlobePay Wallet?
Established in India in 2011, GlobePay is an international payment service that allows users to transfer money online using debit and credit cards, much like other e-wallets, such as PayPal.
Currently, the company has two offices, one in India and one in the UAE. The payment solution has gained popularity for many uses across the world, including in day trading, due to the speed at which transactions can be processed.
Like other e-wallets, the brand offers a convenient way to pay for goods and services online without having to enter card details and makes the process of digital payment seamless.
How To Create An Account
Before you begin trading with GlobePay, you will need to set up an account.
You can sign up for an account on the official website in a few minutes by entering your email address and coming up with a password and four-digit ‘master key’ for enhanced security. This will create a virtual wallet where you can link your bank cards, including Visa and Mastercard.
Money can now be transferred from your bank account to your e-wallet and vice versa. From your digital wallet, you can then make deposits to GlobePay brokers.
Fees
It is free to open a GlobePay account, but the company charges a 1% fee for payment processing if you are withdrawing in India, and a 3% fee if you are withdrawing outside the country. This is something to keep in mind if you are planning on depositing and withdrawing large amounts to your online trading account.
The brand also charges vendors for withdrawals and foreign exchange, including brokers that accept GlobePay deposits. This means that your brokerage might forward these fees to you when you make a payment with the transfer solution. Fortunately, several of the leading GlobePay brokers do not charge deposit fees, including Pocket Option, IQ Option and MultiBank FX.
Deposit & Withdrawal Speeds
Like most e-wallets the firm provides some of the fastest transaction times for depositing and withdrawing trading funds. It offers investors the opportunity to transfer funds instantly, which many day traders view as a necessity.
However, not all trading brokers that accept GlobePay facilitate instant deposits, even if the payment provider does. Some GlobePay brokers state that transactions can take as long as three working days. Fortunately, most of the reputed and popular trading brokers on the market do offer instant deposits via e-wallets, including 4XC and Alpari.
The company also allows traders to withdraw money from their virtual wallet to their bank account instantly, so once the withdrawal has been processed you will be able to access the money right away.
Security
The payment firm does offer a small page of safety advice, but their ‘Security’ section has little information about how they keep user funds safe and secure, or how they are regulated. The security tips offered by the brand include basic advice such as:
- Never reply to an email asking you to update or give out your password
- Avoid emailing personal financial information to anyone
- Never disclose your master key or password to anyone
- Email them at support@globepayinc.com if you receive any suspicious mail
- Type the full website address into the search bar
Even though the company does not provide much information about the technical side of its security measures, this payment method is offered by some leading regulated forex brokers such as Capital.com. This is a good indication that the firm offers a decent level of security to its users.
Since trading is risky anyway, it is important that you keep your funds safe with well-regulated bodies. The best thing you can do is only trade with GlobePay brokers that are fully regulated by a trustworthy body such as the UK FCA. If you choose a reliable broker that is legally obliged to be transparent, honest, and keep traders’ funds safe, then you can be assured they aren’t partnered with a payment provider that is going to jeopardize your earnings.
How To Deposit Using GlobePay
To make a payment to your trading account, you need to find brokers that accept GlobePay deposits and enter your details into your brokerage’s website along with the amount that you would like to deposit. Note that most GlobePay brokers will have a minimum deposit amount.
Also, several brokers that accept GlobePay only allow withdrawals through this method that are equal to the amount that was deposited using the same payment method. This means that you will only be able to withdraw to your e-wallet the same amount as you deposited with it and not more.
Pros Of GlobePay For Day Trading
- Flexibility – One of the key benefits of GlobePay brokers is flexibility. The payment solution has both a web version and an app, so it can be used on any device – mobile, tablet, or desktop.
- Availability – The company is available in 190 countries and regions across the world. As a result, there is a decent list of trading brokers that accept GlobePay deposits.
- Speed – The payment solution allows users to benefit from instant deposits that do not slow down the trading process.
Cons Of GlobePay For Day Trading
- Withdrawal Fees – The fee for withdrawing money from GlobePay to your bank account outside of India is 3%, which is high in comparison to other e-wallets such as PayPal.
- Public Information – The official website lacks a lot of important security information, and there is little in-depth detail about how the company protects its user’s funds. There are also vital pages missing from the site such as the ‘Make Payment Now’ page which makes it difficult for users to get started with this transfer method and use it for trading. Overall the site is not informative and this may be a cause for concern among traders.
- Undetermined Security Level – The company does not provide much technical information about the security measures the firm applies to keep users’ funds secure. This is a concern for traders as the safety of funds is key. However, if you trade with trusted and regulated brokers that accept GlobePay deposits, this will help ensure that your funds are secure on the brokerage’s end.
Customer Service
If you are having issues with trading payments or have a question, you can consult the company’s help center, which answers many queries from the basics of how to set up an account to more complex issues. The search function will also help users easily find what they are looking for. If a search does not answer your question, you can phone the brand via their contact helpline number: +91-9910603232, or raise a ticket, and a member of the support team will get back to you.
Alternatively, the top GlobePay brokers offer responsive live chat support that can help with deposit and withdrawal queries.
Is GlobePay Good For Day Trading?
Brokers that accept GlobePay deposits offer a fast payment solution that is widely accepted around the world. With that said, the payment method does not offer anything that really sets it apart from other e-wallets like PayPal, Neteller, and Skrill. Furthermore, the relatively high fees for withdrawing money outside of India make this method costly for traders in other countries.
See our list of the top GlobePay brokers to make a deposit and start trading.
FAQ
Can I Track Trading Deposits And Withdrawals On GlobePay?
Yes, you can track all of your transactions in real-time via the desktop login and the mobile application. If you run into deposit or withdrawal issues, you can also contact your broker’s customer support team.
How Do I Withdraw Trading Profits From GlobePay?
You can withdraw money using the desktop website or the mobile app by selecting the ‘withdraw’ function and choosing which bank card or account you would like to withdraw to. Note, GlobePay brokers may need to verify your identity before releasing trading profits to your e-wallet.
Do All Forex Brokers Accept GlobePay?
There are several forex brokers that accept GlobePay deposits, including MultiBank FX. You can check a broker’s accepted payment methods on their website. Alternatively, we have compiled a list of the best GlobePay brokers.
What Currencies Do GlobePay Brokers Support?
The company allows you to keep your balance in five popular currencies: USD, EUR, GPB, INR, and AED. Most leading brokers that accept GlobePay deposits do not charge currency conversion fees if making deposits in USD, EUR or GBP, in particular.
Is GlobePay A Legitimate Deposit Solution For Trading?
GlobePay is used by some well-known, regulated brokers, but information on its own security measures is limited. For this reason, we recommend choosing a payment method with a better security guarantee and tight regulation, such as PayPal or Neteller.