Globex360 Broker Review

Author By Jeffrey Cammack
Updated: September 24, 2021
Overall Rating
2.72 2.72 / 5
Min. Deposit
USD 100
Regulators
Trading Desk
Trading Cost
USD 32
Website Language
English
Support Language
English
Alert0 of retail investor accounts lose money when trading CFDs with this provider

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Summary

We do not recommend Globex360 for Tanzanian traders due to the high cost of trading and the numerous complaints we have received. 

Globex360 minimum deposits start at 100 USD, but trading costs are expensive. Spreads are wide, starting at 2 pips on the basic account. A large commission per trade is also charged on all accounts, which is unusual for a broker with such wide spreads. Full spreads are not published.

In addition, while Globex 360 states that withdrawals are free, we have received multiple claims that deposits do not reflect to trading accounts and withdrawals do not reflect to bank accounts. Clients have also complained that customer service is extremely poor, or non-existent when it comes to funding issues.

 

Reviews

Regulation
111003/ 5
Trading Conditions
110002/ 5
Trading Platforms
111104/ 5
Deposit & Withdrawal
100001/ 5
Education & Research
110002/ 5
Assets Available
1110.503.5/ 5
Customer Service
111003/ 5
Beginner Friendly
Poor
Bonuses
100% deposit bonus

Account Information

Base Currencies
ZAR, USD, KWD, EUR, GBP
Number of FX Pairs
50
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
1.60 pips
Commission
8 USD / lot
EUR/USD
1.60 pips
GBP/USD
0 pips
USD/JPY
0 pips
Max. Leverage
500:1

Company Details

Company Name
Globex360 (PTY) LTD
Founded
2017
Office Locations
South Africa

Pros

  • Quick account opening

Cons

  • Poor customer support
  • Limited demo account
  • Non transparent spreads

Is Globex360 Safe?

Globex360 was founded in 2017 in Johannesburg and has been regulated by the FSCA since 2019 under FSP #50130. The FSCA has brought in a new licence for South African brokers called the ODP licence, but it is unclear if Globex360 has applied for this yet.

Globex360 is an STP broker and operates without a dealing desk – though trade execution on Basic Accounts is instant, insinuating an automated dealing desk of some kind. Standard and Professional Accounts are both market execution. 

Globex360 does not offer negative balance protection, stating that Negative balance protection is not guaranteed. The general practice is that we cover the negative balance, but all cases are reviewed on a case-by-case basis.”

We have received many complaints from South African traders with a Globex360 login regarding deposit and withdrawal issues. We cannot prove that any of these allegations are true, but since the collapse of JP Markets traders should be very careful when choosing a Forex broker.

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Additional Fees
FSCA
STP
2017
South Africa
Yes

 

Should I trade with Globex360?

We do not recommend Globex360 for Tanzanian Forex traders.

Even if the allegations of funding problems are untrue, Globex360’s trading costs are unreasonably high and its Forex education is poor. Even though Globex360’s minimum deposit is quite low at 100 USD, it does not publish its complete spreads, and the only platform available is MT4. 

We recommend choosing another broker from one of our lists: 

We only recommend well-regulated, honest brokers with good trading conditions. 

Alert0 of retail investor accounts lose money when trading CFDs with this provider
Scroll for more detailsPreviousNext
Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
110.5002.72/ 5
USD 100
FSCA Regulated Forex Brokers
STP
Forex
Indices
Commodities
Stock CFDs
50
0
  • Quick account opening
  • Poor customer support
  • Limited demo account
  • Non transparent spreads
111003/ 5
110002/ 5
111104/ 5
100001/ 5
110002/ 5
1110.503.5/ 5
111003/ 5
0 of retail investor accounts lose money when trading CFDs with this provider
500:1
1.60 pips
Basic
Professional
Standard
Visa
Mastercard
Neteller
Skrill
Bitcoin
Bank Transfer
PayFast
8 USD / lot
1110.503.84/ 5
USD 0
CySEC Regulated Brokers
ECN/DMA
STP
Forex
Metals
Cryptocurrencies
Energies
71
0
  • Tight spreads
  • MT4 only
  • Limited education
  • Limited market analysis
  • Expensive withdrawals
  • High minimum deposit
1110.503.5/ 5
111115/ 5
111104/ 5
111003/ 5
110.5002.5/ 5
11110.54.5/ 5
1110.503.5/ 5
66% of retail investor accounts lose money when trading CFDs with this provider
500:1
0.10 pips
ECN Advanced
ECN Standard
ECN XL
Visa
Mastercard
Neteller
Skrill
Bank Transfer
Unionpay
None
1110.503.47/ 5
USD 100
FSCA Regulated Forex Brokers
STP
Commodities
Forex
39
0
  • ZAR Accounts
  • Fast and free withdrawals
  • Great customer support
  • Local regulation only
  • No swap-free account option
111003/ 5
111003/ 5
111104/ 5
11110.54.5/ 5
1110.503.5/ 5
1110.503.5/ 5
1110.503.5/ 5
0 of retail investor accounts lose money when trading CFDs with this provider
30:1
0.60 pips
Basic
Premier
Standard
VIP
Bank Transfer
Visa
Mastercard
Fees Included in Spread
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