Globex360

Founded in 2017 and headquartered in Johannesburg, South Africa, Globex360 has been regulated by the FSCA since 2019.  The FSCA has brought in new license requirements for South African brokers, called the ODP license, but Globex360 has not yet had its application for this new licence approved.

Under the FSCA, all client funds are held in a segregated account separate from the company’s funds, but the company does not offer negative balance protection, which means that traders can lose more than their initial deposits.  It also does not participate in any compensation scheme, which means that traders’ funds will not be refunded should the company go into liquidation. 

Additionally, TradeforexAustralia has received numerous complaints about the broker, including extremely slow withdrawal times and complaints about the non-responsive customer service.

Overall, although Globex360 is an FSCA-regulated broker that segregates client funds from its operating capital, we recommend proceeding with caution.

The account-opening process at Globex360 is easy, hassle-free, and fully digital.

All traders can open an account at Globex360 but will need to meet the following minimum deposit requirements to do so;

• Standard Account: 100 USD
• Expert Account: 5,000 USD
• Islamic Account: 5,000 USD

Creating an account is straightforward, the process is fully digital, and accounts are usually ready within one day.  Globex360 offers both individual and corporate accounts, but for the purposes of this review, we will focus on opening an individual account:

1. First, click on the “Start Trading” button at the top right-hand corner of the Home Page.
2. Globex360’s intake form requires clients to fill in their personal details, including name, country of residence, email address, birth date, ID number and will have to create a password. On the same form, traders will have to select their trading account, preferred base currency, and level of leverage (up to 300:1).  Traders will also have to outline their trading experience and financial status.  
3. Clients will then have to agree to Globex360’s terms and conditions.
4. Globex360 requires at least two documents to accept you as an individual client:
   1. Proof of Identification – Globex360 accepts all government-issued identification documents such as Passport, national ID card, driving license, or other government-issued ID. 
   2. Proof of Address – Proof of residence/address document must be issued in the name of the Amana Capital’s account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority.
5. We advise you to read Globex360’s risk disclosure, customer agreement, and terms of business before you start trading. 

Once all the documents have been received, the account will be ready for trading within one day.  

Overall, Globex360’s account opening process is fast, hassle-free, and fully digital compared to other similar brokers.

Apart from the reasonable selection of Forex pairs, Globex360 has a disappointing range of CFDs, with no cryptocurrencies, nor specialty CFDs such as bonds or ETFs.

Globex360 offers three trading accounts with trading costs that vary depending on the account chosen by the trader.   However, the overall trading costs are higher than average across all accounts, though the accounts themselves do offer more benefits tied to higher minimum deposits.

Globex360’s accounts were assessed to compare the costs to those of other forex brokers.

Unfortunately, Globex360 is not transparent about the spreads and commissions associated with each account, and these costs are not published on its website.  Our calculations were therefore based on the information published in its account section.

The trading costs on the Standard Account are lower than those on the Expert and Islamic Accounts, but still significantly higher than those of other brokers. Most other brokers have an average trading cost of around 9 USD per lot traded.   

In addition to higher trading costs, the minimum deposit requirements on the Expert and Islamic Accounts are 5000 USD, making them unappealing to most traders.

Swap Fees

Another important cost to consider is the swap rate charged on positions held overnight.   Interest is paid (or received) for each night a position is held. When trading a currency, you are borrowing one currency to purchase another. The swap interest fee is calculated based on the difference between the two interest rates of the traded currencies.

Unfortunately, Globex360’s swap fees are not available to view until you have opened a live account and logged in. This is unusual and not consumer-friendly, as most brokers publish all their swap fees on their websites. 

We opened and tested Globex360’s accounts:

Standard Account

The minimum deposit on the Standard Account is 100 USD, but spreads are extremely wide, starting at 1.6 pips on the EUR/USD. Maximum leverage is 300:1, maximum order size is ten lots, and there is a guaranteed stop-loss order.   Traders have access to free account management, educational events, and automated trading.  

Expert Account

Expert Accounts are designed for professional traders.  The minimum deposit is 5000 USD, leverage is flexible – up to 500:1, spreads start at 1.2 pips, and a commission of 8 USD per trade is charged, which is still extremely high compared to other brokers.  The Expert account’s maximum order size is 50 lots, and traders have access to one-on-one training, automated trading, and educational events.

Islamic Account

Islamic Accounts or swap-free accounts are available for Muslim clients who cannot pay or receive interest due to the tenets of the Shariah law.  In order to open an Islamic account, traders have to deposit a minimum of 5000 USD.  Trading conditions are similar to the Expert Account, with spreads of 1.2 pips on the EUR/USD and a round turn commission of 8 USD/lot. 

Demo Accounts

Globex360 offers a free demo account for clients to practice trading risk-free on the MT4 and MT5 platforms, but it is difficult to determine any details about the Globex360’s demo account from the website.

Globex360’s mobile trading platforms are average compared to other similar brokers.  It offers mobile versions of MT4 and MT5, but no proprietary mobile trading solutions.  

Globex360 offers support for MT4 and MT5 mobile trading apps for Android and iOS. Traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options, but traders can close and modify existing orders, calculate profit and loss, and trade on the charts. 

Globex360 offers support for the MetaTrader4 (MT4) and Metatrader5 (MT5) platforms. These platforms allow for a smooth trading experience with all the necessary trading tools and resources on hand to conduct research and analysis, enter and exit trades, and use third-party automated trading software.  Note, that there is no information about the MT5 platform published on Globex360’s website. 

All platform choices are free to use, all can be downloaded to your PC or Mac and all have web versions of the platform. All platforms are also available on mobile Android and iOS devices.

MT4

While not the most beginner-friendly software, MT4 has been the industry-standard platform for trading Forex and CFDs since 2005. Its intuitive interface and user-friendly environment provide essential tools and resources for successful online trading.    Features of the MT4 include:

• A built-in library of more than 50 indicators and tools to streamline the analysis process.
• An impressive array of analytical tools, available in nine timeframes for each financial instrument.
• Live price streaming on live accounts and demo accounts 128-bits encryption for secure trading
• Algorithmic trading, which allows any trading strategy to be formalised and implemented as an Expert Advisor. 
• Customisable alerts
• Access to MetaTrader market and MQL4 community

MT5 

The MT5 trading platform is being adopted by more Forex brokers all the time; it has a more modern interface, allows for an unlimited number of charts to be used, shows Depth of Market, and has a built-in Economic Calendar. It also has a larger number of pending order types than MT4 and features an embedded chat system. Additionally, the MQL5 scripting language is more efficient than its precursor, and MT5 has more advanced charting tools than MT4.  Note that the MT5 platform is the only one on which traders can trade real shares. Other features of MT5 include:

• Optimised processing speeds
• Share trading
• Built-in economic calendar
• 21 timeframes.
• 38 inbuilt indicators.

Most brokers with Anti-Money Laundering laws in place only allow funds to be withdrawn back to the source. However, Globex360 states that traders can withdraw funds through a different payment method from that used for deposits, as long as it carries the same name and personal information.

Globex360 offers several methods for depositing and withdrawing funds. These methods include PayFast, BitCoin, Neteller, Skrill, and Debit and Credit Cards. However, although Globex360 states that fees are charged for deposits and withdrawals, it is almost impossible to find any information regarding the various funding methods on Globex 360’s website. This is unusual and not consumer-friendly, as most brokers publish all deposit and withdrawal information on their websites.  

Additionally, Globex360 will not cover conversion fees if the trader deposits or withdraws funds from a different currency than that of the trading account. 

In terms of processing times, deposits are instant, but withdrawals may take several days to be processed. The length of time it takes for funds to reach the trader’s bank account varies depending on the bank’s policy.  Globex360 states that withdrawals from banks can take up to two to eight working days, while credit card and debit card withdrawals can take longer, up to eight business days.

It is important to note that TradeForexAustralia has received multiple claims from traders that deposits do not reflect to trading accounts and withdrawals do not reflect to bank accounts.

Globex360 offers 5 base currencies, an average range compared to other forex brokers, but does not offer accounts denominated in AUD.   

Globex360 offers a reasonable range of base currencies, including USD, KWD, EUR, GBP, and ZAR, but does not offer accounts denominated in AUD.  Australian traders will therefore have to pay currency conversion fees on both deposits and withdrawals.  

For traders that want to protect their capital from currency fluctuation, multiple trading accounts can be opened in different currencies at the same time. This allows clients to transfer funds from one account to another through an internal transfer straight from the Trader’s Room.

Market analysis materials at Globex360 are sorely lacking.  Globex360 offers a basic calculator to determine currency conversion rates and an economic calendar.

One will find a ‘Knowledge Base’ tab on the website; however, it is basically a glossary of trading terms. Traders can access educational events, but only once deposits are paid, and it is unclear what is offered at these events.

In our experience, we found that it was only available during business hours (and that agents take an hour’s lunch break with no one available to answer the phones).

Additionally, we found the live chat customer support to be non-responsive to any queries. 

FxScouts has also received multiple complaints from traders alleging the poor quality of Globex360’s customer support.