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Broker Reviews

Published on September 30th, 2020 | by Sara Kane

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Global Spot FX: Legitimate Broker or Forex Scam?

Global Spot FX is a Forex brokerage site that offers investment plans that are based on Forex trading, indices, commodities, and CFDs. They claim to be based in the UK and offer a wide range of investment options. The company also claims to be dealing in cryptocurrencies, although they have not provided much detail about which currencies they deal in. They claim to offer the trader the benefit of a diverse portfolio which includes Forex trading, cryptocurrencies, and other investments. They also offer a low spread of 0.9 to attract traders. However, there is no mention of a risk aversion strategy, which is necessary for most trading companies. If you are an experienced trader, then this site is probably not for you as they do not offer many resources with their trading platform, which is unknown in the trading sector. If you are a new trader, then you may be tempted to try this site out, but there are several factors that you should consider before deciding whether it is safe to invest your money in this site or not.

Global Spot FX was created in early 2020 and has only been in operation recently. They claim to be based in the UK under a parent company by the name of Trade Com limited. However, their registration cannot be verified with the UK registration authorities. Furthermore, they are providing financial services, but are not registered with the financial regulatory authority either. This means that they are either unregulated or are not actually based in the UK. They have provided a London address at 4901A, 5 Jewry St, London EC3N 2EX, UK. However, this address does not seem to have any operational business as they claim. Unfortunately, they have not provided any phone numbers or email addresses, but you can contact them by filling out a contact form on their website. With so little information about this company, it’s difficult to trust whether they are legitimate or not.

Global Spot FX review

The Global Spot FX site is designed to attract both Forex traders and people who are interested in investing in crypto. While they do advertise the trading potential of Forex trading, they are basically offering investment options, so it is unclear how your money will be invested. They offer different trading options from a standard to a VIP account. The minimum investment required is $250, which is the industry average. They offer a web-based trading platform as well as a mobile trading platform. However, they did not provide any features of this trading platform such as trading tools, etc. There is also a section where you can learn about Forex trading and they do offer currency trading as well. However, none of these platforms seem to hold anything special.

Strategy

The trading strategy of Global Spot FX is based on leverage trading as well as having a unique trading platform. They offer low pip to investors which ranges from 1 pip to 0.2 pip. However, they do not mention exactly how they are able to offer such low pip. They offer leverage of 1:500 to standard traders and they offer 1:100 leverage to VIP members. While they do offer all the minimum requirements for traders, they are not specific when it comes to the actual trading strategy.

Analysis

  • Company: Global Spot FX
  • Product: Forex trading, cryptocurrency, commodities, and CFDs
  • Minimum investment: $250
  • Trading strategy: Unclear
  • Trading results: Unverified
  • Customer Feedback: Not available

You may be interested in looking into other similar platforms…Uptos, Instaforex, Mentor FX, and FX Base.

Trading Results

Global Spot FX is a relatively new company and so they do not share any of their trading results. However, they do have a demo account that shows positive results. Unfortunately, these results cannot be viewed as a true indication of the company’s performance as the real trading environment is quite different. Besides, most demo trading accounts are not authentic in the first place. While they are still a relatively new company, they have been operational for a few months now, so they should at least have a few weeks of trading results to prove that they are actually trading.

Client Feedback

There is still a lack of customer feedback when it comes to Global Spot FX because they are a relatively new company. However, a few review sites have suggested that they ae not authentic. While it is still too early to call them a scam, it’s always better to wait for authentic customer feedback to see if this site is legitimate or not.

Conclusion

Global Spot FX is a new broker that has quite a diverse options for investment. However, they are not providing correct information about their registration, which is a matter of concern. They also don’t have enough verified trading results and have not provided authentic contact details either. While it is still too early to declare this a scam, there are certain indications that they are not providing correct information.

If you have had any experience with this company, we would love to hear from you. So, share with us in the comments section below.

Global Spot FX

$250 (minimum investment)

1.1

Price


1.0/10

Strategy


2.0/10

Trading Results


1.0/10

Client Feedback


1.0/10

Customer Support


0.5/10

Pros

  • They claim to have a diverse portfolio
  • They are offering a low spread of 0.9 to traders

Cons

  • The contact address that they have mentioned does not seem to have an operational business
  • They have not provided specifications of the strategy
  • They have not shared any credible trading results


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