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GLB Markets Trading Platform Review: High Risk (Suspected Fraud)

TraderKnows
TraderKnows
2023-12-08

GLB Markets is a forex broker established in 2018. This article aims to provide a comprehensive assessment of GLB Markets, covering dimensions such as corporate entity, domain registration, regulatory licenses, corporate employees, trading software, trading products, etc.

GLB Markets Overview

GLB Markets is a forex brokerage established in 2018, with its corporate headquarters undisclosed. It claims to be affiliated with Global Investment House Limited, operating as a trading brand under the same corporate umbrella. According to information publicly available on its official website, the company is registered with the Financial Services Authority (FSA) in Seychelles as an International Business Company. Additionally, other brokers that also claim affiliation with Global Investment House Limited include IFE MARKETS. Both of these trading brands assert the use of their in-house developed X-web and X-mobile trading platforms.

GLB Markets

Domain Registration of GLB Markets

According to a Whois search, Traderknows found that the official website domain of GLB Markets was registered on August 26, 2018, and it has been five years since then.

GLB Markets

Is GLB Markets legit or a scam? Does GLB Markets have any regulatory licenses?

GLB Markets claims to be regulated by the Financial Services Authority (FSA) of Seychelles. However, the FSA official website does not list any company named Global Investment House Limited or GLB Markets, indicating that neither entity is registered or authorized by the Financial Services Authority in Seychelles.

Furthermore, in the "Risk Warning" section on the broker's official website, it was discovered that in certain instances, "GLB Markets" was replaced with "Zx Market." Notably, "Zx Market" is a defunct contract for difference (CFD) brokerage platform that has ceased operations. Consequently, there is a possibility that the broker is engaged in fraudulent activities, attempting to conceal its true status.

GLB Markets

GLB Markets

GLB Markets

Employees of GLB Markets

Traderknows was unable to find any information about the company's team members on public networks.

Trading Software Provided by GLB Markets

GLB Markets and IFE MARKETS both offer users their proprietary trading platforms, X-Web, and X-mobile. There is no underlying entity behind these trading software, posing significant risks to users. Traders can engage in various illicit activities through these platforms, such as market manipulation, forced liquidation, and unauthorized control, as there is no legitimate company supporting the functionality of these trading softwares.

GLB Markets

IFE Markets

Online Reputation and Client Complaints

GLB Markets is not regulated or authorized by any major regulatory body. This means that in cases where the company decides to ignore withdrawal requests or suspend accounts, customers may have little to no legal recourse. Despite GLB Markets claiming to be regulated by the Seychelles FSA and the FCA, these assertions have not been verified by the respective regulatory bodies. Therefore, GLB Markets is likely not subject to effective oversight by any recognized regulatory authority, posing potential risks for investors.

GLB Markets的舆情1

GLB Markets的舆情2


GLB Markets has withdrawal issues, and customers may experience delays or obstacles. Particularly, investors who have signed the managed account agreement may face additional controls, making the withdrawal process more cumbersome.

GLB Markets的舆情3

GLB Markets may operate in a manner similar to typical online trading scams. This pattern typically involves initially presenting profitable trades to gain the trust of investors, then enticing them to invest more funds, ultimately leading to the suspension of accounts and restricting access to funds.

GLB Markets的舆情4

Trading Products Provided by GLB Markets

GLB Markets primarily offers investors contracts for difference (CFD) trading services in forex, metals, commodities, indices, and stocks. The broker provides users with three different types of trading accounts: X-STANDARD, X-PREMIUM, and X-PRO. Moreover, the content of the offered trading account types is identical to that of IFE MARKETS, suggesting they may originate from the same forex broker. It is advised that investors exercise caution and take measures to safeguard their financial assets.

GLB Markets

IFE Markets

Contact Information

Investors can contact GLB Markets through various methods such as: phone, email and online service.

Conclusion

GLB Markets and IFE Markets appear to be forex trading scam platforms, suspected to have emerged after the closure of Zx Market. The broker has not provided any essential information regarding user fund security, corporate employees, or registered address. Currently, GLB Markets is flagged as "Suspected Fraud" on Traderknows. We hereby advise investors that GLB Markets is an extremely high-risk forex trading platform. Please stay away from this platform to prevent potential financial losses to your personal assets.

GLB Markets(英)

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Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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Wiki

Pig Butchering Scam

The 'Pig Butchering Scam' is a type of financial fraud that originated in Southeast Asia, but has now become prevalent globally. The name stems from the scammers' method of dealing with their victims: similar to raising pigs, they first 'fatten' them by building trust, and then 'slaughter' them by swindling away all their money.

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