Globex360 Review

Author By Jeffrey Cammack
Updated: March 9, 2021
Overall Rating
2.72 2.72 / 5
Rated #67 of 68 Recommended Brokers
Min. Deposit
USD 100
Regulators
Trading Desk
Trading Cost
USD 32
Website Language
English
Support Language
English
AlertAccepts SA Clients. Average spread EUR/USD 0 pips on trading account with lowest minimum deposit. Max leverage 400:1. Globex360 offers support for the MT4 platform. Globex360 regulated by the FSCA. 0 of traders lose money with this provider.

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Summary

Globex360 is a South African STP broker offering trading on a range of assets, including forex, indices, commodities, and equities on the MT4 platform.  Globex360’s minimum deposits start at 100 USD, but trading costs are very expensive, including wide spreads and high commissions on all accounts.  Furthermore, full spreads are not published so exact trading costs are impossible to determine.

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. We also found that customer service is extremely unresponsive.

We do not recommend Globex360 for South African traders due to the high trading cost and the numerous complaints we have received. If you are looking for a good South African Forex broker, we recommend Blackstone Futures or KhweziTrade instead.

 

 

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
Number of FX Pairs
50
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
1.20 pips
Commission
8 USD/lot
EUR/USD
0 pips
GBP/USD
0 pips
USD/JPY
0 pips
Max. Leverage
400:1

Company Details

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

Pros

  • Tight spreads
  • Great customer support

Cons

  • MT4 only
  • Limited demo account
  • No swap-free account option
  • High minimum deposit

Is Globex360 safe?

Founded in 2017 and headquartered in Johannesburg, 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.

  • Globex360is an FSCA regulated CFD broker, with registration number 50130.

All client funds are held in a segregated account separate from the company’s funds, but the company does not offer negative balance protection. 

Trading Conditions

Globex360 is an STP broker offering trading on forex pairs, indices, and commodities on the MT4 platform only.  Three accounts are available for trading, namely the Basic, Standard, and Professional accounts.  Maximum leverage is 400:1, and minimum spreads start at 1.2 pips, although it’s not clear from Globex360’s website which currency pairs this refers to. 

Commissions are also charged on each account, ranging from 8 to 12 USD, which are unusually high, especially for a broker with such wide spreads.  Margin Stop Out levels on all accounts are at 30%, and minimum deposits start at 100 USD on the cheapest account.  Globex360 also allows hedging and scalping on all accounts. 

Globex360 offers Islamic Swap-Free accounts, but a minimum deposit of 5000 USD is required on these accounts. 

 

Globex360 AccountsBasic Account

The minimum deposit on the Basic account is 100 USD, but spreads are extremely wide, starting at 2.0 pips, and a commission of 12 USD is charged per trade. Maximum leverage is 100:1, maximum order size is ten lots, and there is a guaranteed stop-loss order.  However, no automated trading is allowed, and traders do not have access to educational events.

Standard Account

Similar to the Basic Account, but with a few extra benefits, the Standard Account offers leverage of 200:1.  The minimum deposit is 100 USD, spreads start at 1.6 pips, and a commission of 10 USD is charged per trade.  The maximum order size on this account is 20 lots.  Traders are afforded automated trading and access to educational events. 

Professional Account

Professional Accounts are designed for professional traders.  The minimum deposit is 5000 USD, leverage is 400:1, 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 professional account’s maximum order size is 50 lots, and traders have access to a personal account manager, automated trading, and educational events.

Demo Accounts

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

Scroll for more detailsPreviousNext
Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
Basic
USD 100
100:1
2
12 USD/lot
Account Details
Professional
USD 5000
400:1
1.20
8 USD/lot
Account Details
Standard
USD 100
200:1
1.60
10 USD/lot
Account Details

Spreads & Commission

Globex360’s spreads are some of the widest in the business, ranging from 1.2 pips on the Professional Account to 2.0 on the Basic Account.  An exceptionally high commission (of between 8 to 10 USD) per trade is also charged on all accounts, which is unusual for a broker with such wide spreads. Full spread details are also not published, so exact trading costs are impossible to determine. 

Deposits and Withdrawals

Globex360 offers several methods for depositing and withdrawing funds. These methods include PayFast, BitCoin, Debit, and Credit Cards. Globex360 only accepts payments in the following currencies: USD, EUR, and MMK.

Deposits are free of charge, and withdrawals are free for amounts over 800 EUR/1000 USD, but a fee of 5 EUR/5 USD is charged if smaller amounts are being withdrawn.  Furthermore, a transfer fee could be charged by the bank.  Globex360 will also not cover conversion fees if the trader deposits or withdraws funds from a different currency than that of the trading account – for South African traders this means that all Rand (ZAR) deposits and withdrawals will be charged a conversion fee

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.

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 that withdrawals from banks can take up to two to eight working days. Credit Card and Debit Card withdrawals can take longer, up to eight business days.

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

Globex 360 Deposits and Withdrawals

Globex360 for Beginners

Globex360 has a limited selection of educational and market analysis materials, making it a poor choice for beginner traders.

Educational Materials

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 high deposit fees are paid, and it is unclear what is offered at these events.

Market Analysis

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

Customer support

The customer service of Globex360 is available 24/5 days a week via phone, live chat, and email.  However, we found the live chat customer support to be non-responsive to any queries. TradeForexSA has received multiple complaints from South African traders alleging the poor quality of Globex360’s customer support.

Trading Platforms

Globex360 offers full support for the MT4 platform.  The MT4 Desktop Terminal is one of the most popular and well-known trading platforms globally, with many user-friendly features.

It has a straightforward structure that is considered easy-to-use for both novice and experienced traders alike.  Features of the MT4 platform include 50 technical tools, 30 built-in indicators, multiple chart types, and 9 timeframes.

Mobile Apps

Globex360 offers the MetaTrader4 Mobile Trading Application, which is the same trading platform as MT4 Desktop, but it has the option of being accessed through a mobile device. 

Globex360 MT4

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of how we review Globex360’s product offering. Central to that process is the evaluation of the broker’s reliability, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Globex360’s Risk Warning

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. Globex360 would like you to know that: Contracts for Difference (”CFDs”) are leveraged products and carry a high level risk to your capital as prices may move rapidly against you. Losses can exceed your deposits and you may be required to make further payments. These products may not be suitable for all clients, therefore, ensure you understand the risks and seek independent advice.

Overview

Globex360 is an FSCA-regulated STP broker, offering trading on forex, commodities, indices, and equities.  Trading conditions are remarkably poor, with wide spreads and high commissions charged on all accounts.  The biggest concern about trading with Globex360 is the claims we have received that withdrawals take so long to be processed and often do not reach traders’ bank accounts.

Globex 360 also offers minimal educational and market analysis materials, with unresponsive customer support, making it a poor choice for beginner traders.

AlertAccepts SA Clients. Average spread EUR/USD 0 pips on trading account with lowest minimum deposit. Max leverage 400:1. Globex360 offers support for the MT4 platform. Globex360 regulated by the FSCA. 0 of traders lose money 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
STP
Forex
Indicies
Commodities
Equities
50
0
  • Tight spreads
  • Great customer support
  • MT4 only
  • Limited demo account
  • No swap-free account option
  • High minimum deposit
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
400:1
1.20 pips
Basic
Professional
Standard
Visa
Mastercard
Maestro
Neteller
Skrill
Bitcoin
8 USD/lot
1110.503.07/ 5
USD 100
ECN/DMA
STP
Forex
Metals
28
0
  • Tight spreads
  • MT4 only
  • Limited education
  • Limited market analysis
  • Expensive withdrawals
  • High minimum deposit
1110.503.5/ 5
111003/ 5
111104/ 5
100001/ 5
110002/ 5
1110.503.5/ 5
1110.503.5/ 5
66% of retail investor accounts lose money when trading CFDs with this provider
200:1
0.10 pips
ECN Advanced
ECN Standard
ECN XL
Visa
Mastercard
Neteller
Skrill
None
1110.503.47/ 5
ZAR 2000
STP
Commodities
Forex
32
0
  • ZAR Accounts
  • Fast and free withdrawals
  • 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
200:1
0.60 pips
Basic
Premier
Standard
VIP
Bank Transfer
Visa
Mastercard
Fees Included in Spread
Visit Broker
AlertTradeForexSA does NOT recommend Globex360 due to unfairly high trading costs. We suggest you continue your search using our approved brokers list.

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