GLOBAL STOCK 365 Review (globalstock365.com) What Makes it a Dangerous Broker?
With the financial markets filled to the brim with online brokers that are touting their services, it is easy for anyone to become confused about which one to choose. You have to bear in mind that not all companies are created equal, just like any other industry.
But, it is even more important to remember that the difference in companies here is not just in terms of quality, services or features. Many of the online brokers are actually scammers that have disguised themselves to fool people. These platforms can be downright dangerous, as you will discover through this GLOBALSTOCK365.com review.
All you have to is Google to find out the countless stories of people who have lost their hard-earned funds to these fraudulent platforms. Do you want to be the next victim? No one wants to see their money go to waste this way, but you can only ensure this when you are ready to make some effort. This means you need to be prepared to do your homework when you are shopping for an online broker and not just take their word for what they are promising you.
If you expect a company to tell you its own flaws, then you are quite mistaken. Moreover, scammers are going to do the exact opposite i.e. do their level best to hide their flaws and try to convince you that they are a genuine brokerage. This is what makes GLOBALSTOCK365 truly dangerous because it is also using the same tactic and is quite good at presenting the appearance of a legitimate brokerage. It has created a website that gives off the impression of a reliable broker and offers a variety of forex pairs, energy and commodities, indices, shares and metals as well as crypto coins.
Plus, you add the best and award-winning trading platform that GLOBALSTOCK365 and you may find the brokerage just the perfect choice. But, this is what makes the brokerage so dangerous, as it is able to present a very convincing front. What are some of the problems that you will come across? Let’s take a look:
Absence of licensing and regulation
Being licensed and regulated is a requirement for brokerages to provide their services in most of the countries around the world. If a company is operating without a license, then you should immediately be concerned because no authentic broker would ever do so. It would harm their reputation and credibility because it indicates that something is wrong, or they have something to hide. You obviously do not want to deal with a brokerage like that because they are clearly not worth trusting.
As it turns out, GLOBALSTOCK365 falls in the same category. Sure, it claims on its website to be authorized in a number of jurisdictions around the world, but cannot offer you any proof to back this up. You obviously cannot just take their word for it, but if you run their name through the online registers of regulatory bodies in the US, UK, Australia, or the EU, you will not find the brokerage listed. Moreover, they are also offering contradictory information in the ‘Regulations’ section on their website.
You will find that GLOBALSTOCK365 admits to being unregulated in this section, but tries to reassure people by claiming that they still comply with the required obligations. They further promise to be working towards getting regulated, but until they do, you cannot trust them. This is because until they do, they will be considered an offshore brokerage, as they are registered in Saint Vincent and the Grenadines. It is considered a scam haven as it does not regulate its forex market.
Therefore, this registration is worthless and does not help convince anyone to trust GLOBALSTOCK365 in any way.
Lack of a good trading platform
One of the biggest draws on the GLOBAL STOCK 365 website is the promise of an award-winning and best trading platform, but this is just a lure. The trading platform is a vital tool in the online trading process because you have to use it for trade execution and for doing your analysis and provides you with the tools required. The fact that you are promised the best and award-winning trading platform will mislead you into thinking that it offers you the MT4, or the MT5 platform.
But, what you do get is a simple web trading platform at GLOBALSTOCK365 that has nothing special to offer. It is an oversimplified software that lacks any such advanced trading tools and functionalities that you can get from a powerful trading platform like the MT5. This means that the brokerage is just misleading you and this is something no legitimate one would do.
Excessive leverage
If you want more proof about the lack of regulation of GLOBALSTOCK365, all you have to do is look at the leverage ratios it is offering. The fact that they go as high as 1:500 is all the proof you need that the brokerage is not regulated in most of the jurisdictions around the world, as it claims. This is because regulatory bodies have imposed a limit on the amount of leverage that can be given to retail traders and this is significantly higher than what they allow because leverage can be extremely risky.
The deposit methods and requirement
Another problem that you will encounter when you go through GLOBALSTOCK365 is the fact that there is no way to confirm their deposit methods. Sure, they claim to offer you VISA and MasterCard that are eligible for chargeback, along with bank wire transfers. But, when you try to do so, you will be instructed to wait for the account manager to get in touch.
This is usually the norm for scam brokers and when you are contacted by account managers, they usually ask you to make deposits in the crypto, which are final and non-refundable. Plus, even though GLOBALSTOCK365 claims to have a minimum deposit of $250, it recommends that you deposit $2,500, yet another tactic that scammers use.
Final Thoughts
These problems that you uncover at GLOBAL STOCK 365 make it a truly dangerous broker and one you should avoid altogether.
