Globalinwest markets itself as your gateway to the financial markets, boasting an impressive array of over 40,000 trading instruments and a cutting-edge trading terminal. Let’s delve into whether this is a legitimate brokerage or just another case of deception. If you’re curious, read on for the full review.
- Globalinwest General Information
- Registration and Client Portal Review
- Globalinwest Trading Conditions
- Account Types Review
- Trading Platform
- Globalinwest — Deposit and Withdrawal of Funds
- Additional Options
- Is Globalinwest a Scam?
- Legal Information and License
- Globalinwest.com Domain Info
- Contacts Review
- More details
- Pros and Cons
- Frequently Asked Questions (FAQ)
Globalinwest General Information
|22 Kildare Street, Dublin 2, Ireland
|Up to 1:400
Registration and Client Portal Review
Globalinwest introduces itself to traders with a bold statement that successful investments start with risk management, not avoidance. The entire website is crafted in a sophisticated tone, exuding a sense of confidence. Despite the predominantly Polish content, the English section is present. The design is aesthetically pleasing, creating a favorable first impression. However, the website is laden with self-promotion, making it imperative to delve deeper into the company’s details for a more thorough investigation. Overall, the website is inviting but lacks extraordinary features.
At the initial stage of registration, we anticipated a smooth process but, unfortunately, faced setbacks. Attempting to create an account, we discovered that Globalinwest artificially restricts registration. Creating an account is not allowed; only logging into an existing account is possible. Even in the chat, where there seems to be an option for registration, the “Register” button is non-functional. Users are consistently redirected to the authorization form. It appears that the broker might be controlling new client access to its platform.
Closed registration is a dubious practice, often employed by less transparent brokers. Reputable brokers with nothing to hide seldom resort to such measures. The reasons for this closed-door approach are unclear. It might involve the need for a referral invitation for access or the company directly reaching out to potential clients, neither of which bodes well.
Globalinwest Trading Conditions
The broker is very proud of its trading conditions. This is mentioned literally in every sentence on the company’s website. So let’s see if they are really as great as they say.
Account Types Review
Globalinwest offers three account types to choose from. However, minimum deposits for each of them are not specified. The first account offers leverage up to 1:100, 24/5 customer support, and MetaTrader. That’s it. The next account also does not disclose the required deposit. However, it offers increased leverage up to 200, a deposit bonus of 30%, a spread discount of 20%, and a swap discount of 10%. The most profitable account is the Premium account. It offers leverage up to 1:400, a deposit bonus of 100%, a spread discount of 50%, and a swap discount of 40%. Meanwhile, the platform does not offer a demo account, which is quite disappointing. Overall, we did not notice that Globalinwest offers any exclusive trading conditions. They are quite standard and not too profitable. Especially since they are not described in detail.
Also, Globalinwest refrains from providing information about the technological infrastructure it operates on. Standard industry practice involves brokers clearly stating whether they operate on an ECN (Electronic Communication Network) or STP (Straight Through Processing) model.
In contrast, Globalinwest’s silence on this matter may indicate a dealing desk model, where the broker executes trades internally. Such brokers often present limited information, creating an illusion of transparency while concealing critical details.
Globalinwest’s trading platform is also a bit of a mystery. We don’t know what kind of terminal it is, but we do know that it is a web-trader. There are no download links for the platform provided on the website. However, traders say that it is not a very user-friendly trading platform. It has a relatively simple design and a minimum number of indicators. Overall, it is not cutting-edge and is unlikely to appeal to experienced traders. Typically, MT5 is not hidden behind a closed registration.
Globalinwest — Deposit and Withdrawal of Funds
Globalinwest introduces uncertainty regarding deposit methods on its platform. While the website mentions starting trading with $250, the specific methods for depositing funds remain undisclosed. It can be inferred that the broker likely accepts payments through credit and debit cards, given the mention of AML (Anti-Money Laundering) and KYC (Know Your Customer) policies on the website. However, the absence of detailed information about deposit methods poses challenges for traders looking to fund their accounts.
Additionally, the withdrawal process is not clearly outlined, leaving traders in the dark about how they can retrieve their funds. The hope is that the user dashboard, once accessible, will provide a withdrawal option for clients.
Globalinwest requires users to undergo a verification process, a common practice among financial service providers to comply with regulations and ensure the security of users’ accounts. The verification process typically involves the following steps:
- Users are required to provide accurate personal information, including full name, date of birth, and address.
- Users need to submit official identification documents to prove their identity. This often includes a valid government-issued photo ID, such as a passport or driver’s license.
- Proof of address is usually required, and this can be provided through documents like utility bills or bank statements that display the user’s name and address.
Globalinwest presents itself as a comprehensive broker, offering a wide range of additional services. Among these services, one can find consultations with analysts, portfolio management, and more. However, it has come to our attention that the broker provides deposit bonuses, a practice prohibited by reputable regulators. Additionally, the company keeps the names of its employees hidden and has not made any forecasts publicly available, making it challenging for us to assess their credibility.
Is Globalinwest a Scam?
Moving on to the crucial aspect of our review – the legitimacy of Globalinwest – we encountered some discrepancies.
Legal Information and License
The broker seems to be half English and half Polish, yet it appears to have no connection to Poland. The footer displays an address in Ireland, prompting us to check the Irish registry. Despite having the provided name and number, we found no matches in the Irish registry. Curiously, a Google search revealed a warning about the broker operating illegally, advising against investing with them. Consequently, it appears that Globalinwest lacks a license and is working unlawfully.
Globalinwest.com Domain Info
Now, let’s delve into the seemingly miraculous statistics. On the homepage, Globalinwest boasts eight-year experience and three years of licensed operation. However, as we scrutinized the domain registry, it became clear that the broker only established its official website on September 9, 2023. Does this make the broker as enticing as it initially seemed?
Globalinwest provides various contact options, including a telephone number, email, and even an address in Ireland. While the likelihood of anyone waiting for you at the given Irish address is questionable, the broker also offers an online chat support widget located in the bottom right corner of the official website.
Globalinwest raises significant concerns due to the absence of any mention of liquidity providers on its website. Given that the broker offers CFD trading, it is likely operating on a boiler-room model. This model introduces a conflict of interest on the platform.
In a boiler room scenario, the broker may act as the counterparty to its clients’ trades. This means that when clients incur losses, the broker profits, creating a misalignment of interests. The broker’s success is tied to clients’ failures, raising questions about the fairness and transparency of the trading environment.
Pros and Cons
- Multiple contact options, including phone, email, and live chat.
- Lack of transparency regarding licensing.
- Short duration of operation in the market.
- Limited information about the company.
- Prohibitive registration process.
- Unavailability of a demo account.
- Questionable deposit bonus practices.
Frequently Asked Questions (FAQ)
Globalinwest claims to be your first step into financial markets, offering over 40,000 trading instruments and an advanced trading terminal.
In accordance with trading conditions, the minimum deposit is set at $250.
No, Globalinwest is not considered safe as it lacks proper licensing, making it just another unregulated broker.