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.
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.
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.
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.
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 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 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.
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.
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.
