About the company:
Globtrex, operated by Coverdeal Holdings Limited, offers online trading on Forex, CFDs on stocks, bonds, indices, and commodities on two trading platforms.
Company. Security of funds
Globtrex.com is a domain operated by Coverdeal Holdings Limited which is licensed (231/14) by the Cyprus Securities and Exchange Commission. The company was founded in Cyprus and has branches in the Czech Republic and Poland. However, their domains are no longer active.
Thanks to its competitive tax regime, well-developed financial sector, and strict regulations, Cyprus has become a very popular hub among forex and binary options brokers.
Companies licensed by CySEC must meet capital adequacy requirement of 730,000 euros. Besides, they are obliged to report transactions, keep client funds in segregated accounts and meet a number of other requirements.
All CySEC regulated brokers are free to operate in all EU Member States and required to participate in the Investor Compensation Fund program. However, in its Client agreement Globtrex warns that the funds of some clients may be held in segregated accounts outside the EU and in the event of insolvency or any other analogous proceedings in relation to that bank, the money of such clients may be treated differently.
Globtrex.com offers its clients three account types, all of which provide commission-free trading with leverage up to 1:200. Actually, much of the information about trading conditions on the different account types is unavailable on the broker’s website.
Minimum initial deposit
In order to open an account with Globtrex.com, traders have to invest at least $100.
Spreads and commissions
Although Globtrex.com claims to ensure floating spreads, a demo account has very high fixed spreads amounting to 3 pips for the EUR/USD pair.
The maximum leverage level offered by Globtrex.com is 1:200 (for Forex) which is an average ratio. The default leverage level provided by the broker is in line with the latest CySEC guidelines.
Globtrex.com provides the MetaTrader 5 platform that has desktop and mobile versions. It also offers Sirix Webtrader.
MT5 is an upgraded version of MT4. The platform has even more functions. But nevertheless, many brokers still prefer MT4, as its indicators and advisors (EA) are not supported on MT5. Recently, MetaTrader 5 has become more popular, and finally, the hedging option and a number of other improvements have been added. In addition, MetaQuotes said it would no longer release updates for MT4.
The Sirix web platform is also very popular in the forex industry. It is user-friendly, requires no download, and has great social trading capacities. Investors are able to copy deals of other traders directly.
Analytics and news
Globtrex.com suggests a rich Educational section with ebooks, videos and glossary. All these materials are available to any trader.
The headquarters are located in Limassol, Cyprus. There is also a branch in Prague. Support specialists answer customer questions via phone and email. It does not offer online chat, though this method of communication is most preferred by traders.
The website is available in English, Italian, Spanish, Polish, Czech, Slovenian, Croatian and Hungarian.
Globtrex.com supports bank cards, wire transfer, WebMoney and local transfers.
Globtrex 1/10 (votes 2241)