Watch out! UK FCA Warns Unlicensed FX Broker Global FX Trade

When inquiring about a broker's regulation, it's easy to take it lightly when a careless investor sees a broker claiming to be regulated. Investors are most likely to fall into the trap at this time, as the regulatory information the scammer claims may not be found on any forex regulators' websites. A bold fraudster like Global FX Trade is this kind of scammer.

Get Rich Overnight?

At first sight of the website (https://global-fx-trade.com/), we can see a client named Jonathan Larson saying he got $10,000 overnight by trading on Global FX Trade. And it seems that he's encouraging traders to "copy his success".

Non-MT4/MT5

Unlike most brokers in the forex market, which provide a third-party platform - MT4/MT5 for trading, Global FX Trade only provides investors with a platform called FITS. It is not a good choice for the client, especially when trading with an unlicensed broker.

Sometimes, scammers do not use third-party platforms as they want a platform fully controlled by them so that they can tamper with market data and conduct scams.

Regulated? No!

According to its webpage, Global FX Trade (whose company name is Global FX Trade Advisors Corporation) is a licensed broker under multiple regulations including the United Kingdom Financial Conduct Authority (UK FCA), the Polish Financial Supervision Authority (PFSA or KNF), and Capital Markets Board of Turkey (CMB). Except for those, it also claims to be an investment advisor registered with U.S Securities and Exchange Commission (SEC).

We searched SEC but did not find any matching results. Besides, the only forex regulator in the USA is not SEC but the National Futures Association (NFA). Still, we can not find any regulatory information about Global FX Trade in NFA.

Samely, no results matched this broker in KNF or CMB.

What's more, UK FCA has warned the public that Global FX Trade is a broker without authorization.

In the risky forex market, traders should always stay cautious. If you dont know how to check the license of a broker, just ask a question on BrokersView Q&A and let us help you.