Abstract：Have you witnessed a lacklustre investment experience with Global Markets Group, a United Kingdom-based brokerage entity? Has the forex broker allegedly scammed your deposits? Is there no movement after you request withdrawals with Global Markets Group? Have you had to seek legal assistance to recover funds? These issues have been reported vehemently on broker review platforms such as WikiFX. This Global Markets Group review article aims to investigate the allegations and give you the takeaways so that you can make the right investment call. Let’s begin!
Have you witnessed a lacklustre investment experience with Global Markets Group, a United Kingdom-based brokerage entity? Has the forex broker allegedly scammed your deposits? Is there no movement after you request withdrawals with Global Markets Group? Have you had to seek legal assistance to recover funds? These issues have been reported vehemently on broker review platforms such as WikiFX. This Global Markets Group review article aims to investigate the allegations and give you the takeaways so that you can make the right investment call. Lets begin!
Global Markets Group Overview: Company Profile, Account Types & Market Access
Global Markets Group claims to have been operating for over eight years in the brokerage market, having opened 1.5K trading accounts and offering over 100 products for investments. With a wide range of trading tools such as AutoChartist Software and a host of technical and fundamental analysis guides, the brokerage entity aims to enhance the traders experience navigating a complex landscape of forex and other trading markets.
On the account type, the brokerage house offers three accounts - Raw Spread, Standard and Elective PRO Account - designed to meet the unique needs of traders. Spreads, a charge imposed by the broker both at the time of position purchase and sale, can be as low as 0-0.2 pips. The Standard account features no commission, while the Raw Spread account has a commission of $3.5 per lot side.
As far as the trading product portfolio is concerned, Global Markets Group offers forex, commodities and indices for investors to trade. They can trade all these on the MetaTrader 5 (MT5) platform.
Top Trading Allegations Against Global Markets Group
A Good Initial Experience Followed by a Poor Fund Withdrawal Service
A Sweden-based user highlighted in his review that everything was normal until the withdrawal application. The broker allegedly failed to honor its obligation, leading to a fund trap for the trader. Looking at the overall situation, the trader sought legal assistance to recover the stuck funds successfully.
Another Case Involving Legal Support for Fund Recovery
A New Zealand user reported in the local Maori language about his poor trading experience with Global Markets Group. According to the complaint, the user and his daughter both traded. However, while his daughter witnessed a smooth withdrawal experience, he could not. The user reportedly was scared. However, after contacting the legal team, he was informed that it was a strategy to defraud him. The legal team helped him recover funds. Look at the complaint below.
Long Pending Withdrawal Complaints
Several traders complained about no response to the withdrawal requests placed months ago. At the time of sharing Global Markets Group reviews, some traders complained of a pending withdrawal for 5-6months, making the brokers trading activities suspicious. Here are the long-pending withdrawal accusations made by traders.
The Inaccessible Website and No Service Complaint Against Global Markets Group
A Hong Kong-based user reported severe allegations against Global Markets Group, claiming that it did not have an accessible website. With the additional complaint of ‘NO SERVICE’, the situation became critical for the trader, who could not withdraw funds because of these issues. Read this small but critical complaint in the context of trading experience.
The Vague Reply on Withdrawal Request
As the withdrawal request remained pending for months, a trader from Hong Kong understandably contacted the broker, which, according to the former, gave excuses and replied vaguely, making the situation even more critical for the user. Disturbed by the overall experience, the trader shared this Global Markets Group review, questioning its trading practices.
A Complaint Involving the Withholding of Funds Worth $50,000
The Global Markets Group review section also witnessed a fund withholding case involving an amount as high as $50,000. At the time of filing a complaint, the trader admitted to having failed to receive any funds based on the Global Markets Group withdrawal request, even after a month. Have a look at the whole complaint.
Multiple Complaints on Poor Customer Service
Multiple traders have accused the Global Markets Group of providing poor customer service. They have labeled it as unresponsive and unclear. Adding to the complaint, some traders even complained about the poor Global Markets Group login access. With no clear answers, the support service allegedly made it difficult for traders to remain silent over these issues. As a result, many vented out on WikiFX, a leading forex broker regulation inquiry tool. Lets read every complaint in the screenshots below.
Global Markets Group Review by WikiFX: The Regulatory Status & Score Update
Global Markets Group has received quite a substantial number of complaints concerning fund withdrawals. This made it imperative for the WikiFX team to investigate its regulatory status. After the investigation, the team came to know that it was an unverified entity, substantially raising investment risks for traders. As a result, the broker could not only score 2.45 out of 10.
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