Beware! CFDglobe is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We are reviewing CFDglobe, a shady offshore brokerage claiming to be reliable, fair and professional. Well, the truth is quite the opposite because it’s a confirmed scam scheme that was blacklisted by a European financial authority. Find out which regulator issued a warning against this broker in the full CFDglobe review.
CFDglobe REGULATION AND SAFETY OF FUNDS
CFDglobe is a St. Vincent and the Grenadines broker, and that’s an argument enough to put them on the list of scam suspects. The Caribbean island a poorly regulated tax haven, and the local authority SVGFSA does not even license the brokers operating there. Consequently, the SVG FX companies are free to do whatever they want without bearing any consequences for their actions, which makes the island overcrowded with scammers and other dodgy companies.
CFDglobe is a fine example of what we’ve just said because it was exposed as a scam scheme by the Spanish financial authority CNMV which issued a warning against the broker. Your funds are in danger if you deposit with CFDglobe, so you should avoid it.
Instead, see the high-rated EU brokers and British brokers, which are reputable and genuinely regulated. We recommend those because the European financial market is safe, and the FX companies licensed there are covered by deposit insurance funds laid down to protect clients in case of insolvency or fraud. So, CySEC brokers’ traders can claim up to 20 000 EUR in compensation, while the British guarantees are even up to 85 000 GBP per person. Consider these figures when choosing a broker to trade with.
CFDglobe TRADING SOFTWARE
CFDglobe offers web-based trading software called Sirix. The CFDglobe’s distribution is terrible and doesn’t even feature charting tools, which itself is more than enough to stay away from this broker. The EUR/USD spread is floating around 4 pips, which is 4 times worse than the industry standards, and that makes trading too costly. CFDglobe is a scam broker anyway, so make sure to find adequately regulated brokers; there are many on the market.
To do so, see the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists, which deliver high-class trading software. We recommend these because MetaTrader is the leading Forex platform, featuring advanced tools such as Expert Advisors, Algo Trading, as well as many complex indicators and excellent charting tools. There is also a marketplace with more than 10 000 trading apps you can successfully fit into your strategy.
The leverage is fixed at 1:100, and it’s impossible to change it, which is a major red flag. 1:100 is too risky a ratio, so CFDglobe is knowingly pushing its clients into a dangerous trading environment. It’s not an ECN broker, so they can only act as a market maker, which means that the traders’ losses turn into broker’s profits.
In fact, leverage is so dangerous that many financial authorities enforced regulations to reduce leverage-related losses. As a result, EU, British and Australian brokers have to limit their clients to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t offer more than 1:50. Most of the high-leverage FX companies are poorly regulated and dangerous to deal with, so be cautious.
CFDglobe DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with CFDglobe is supposed to be 5000 EUR, which is around 60 times more than the regulated brokers’ requirements on average- $100. Various funding methods are enlisted on the website, but Wire Transfers and Credit/Debit cards are the only possible actually. The latter one is safer because it allows getting a refund for an extended period of time, but you shouldn’t transfer any money to this broker.
While talking about deposits, see the high-rated Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers on the lists if you have trusted payment systems. The brokers on top of the lists are strictly regulated, and you wouldn’t come across scammers.
There is no information about withdrawal requirements and fees. The withdrawal request processing time is also unknown because CFDglobe gives plenty of conflicting information. According to separate clauses, it’s 2 days, 5 days or 7 days, and it shows how fraudulent this broker is, trying to bamboozle the people who are going through their legal documentation.
The same applies to the inactivity fees. After 12 months of inactivity, an account becomes dormant and will be charged either $30 per year or $50 per month. Well, the fraudulent CFDglobe would steal your money much earlier than 12 months, so the dormant policy doesn’t make any difference whatsoever.
There are trading incentives offered, but when traders accept bonuses, they have to trade 30 times the bonus plus the deposit to become eligible for withdrawal. That’s yet another scam clause we’ve seen included in the Terms and Conditions of thousands of fraudulent brokers.
Overall, CFDglobe is an exposed scam, so you should avoid it. Make sure to contact the authorities if people working for the broker approach you.
HOW DOES THE SCAM WORK
Internet is plagued by scammers’ fraudulent ads and deceitful social media profiles, promising get-rich-quick schemes, and it’s tempting to at least have a look.
If you click on and provide your e-mail and contact numbers, they’d ring you at once. You’ll be offered bonuses, managed accounts, risk-free deals, guaranteed profits and so on. Most scammers are seasoned manipulators, and while trying to strike a deal, they would inevitably ask for your bank card details so that you can start investing straight away. However, their actions would indicate urgency, and that’s a treacherous sign and evidence of a scam. So if someone pushes you over the phone to start trading ASAP, then it’s most probably a scam.
Nevertheless, the first deposit is just the beginning. Gradually they’d ask for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d demand from you to fund your account over and over again for no obvious reason. Reputable companies wouldn’t push you to make deposits, so if you feel pressurised, that’s apparently a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!
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