Globex360 Broker Review

Is Globex360 safe?

Globex360 is regulated by the FSCA in SOuth Africa, which does not force brokers to offer negative balance protection, nor participate in compensation schemes. Additionally, some traders have reported issues when trading with Globex360. 

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

• Globex360 is an FSCA regulated CFD broker, with registration number 50130.

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. 

In May 2022, Globex360 was fined R50,000 by the FSCA for non-compliance. Unfortunately, the FSCA has not published the details of the contravention and whether or not Globex360 has taken steps to resolve the issue. 

Additionally, Tradeforexsa 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.  

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Trading Fees

Globex360’s trading fees are higher than other similar brokers.

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. Click here for more details on Globex360’s accounts.

Globex360’s accounts were assessed to compare the costs to those of other forex brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spreads and commission.

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.

Trading Cost Formula: Spread x Trade Size + Commission = Cost in Secondary Currency (USD):

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As you can see from the table above, 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.

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Broker

Trading Conditions

Base Currencies

EURUSD (Standard)

Trading Cost (Standard)

EURUSD (Best)

GBPUSD (Best)

USDJPY (Best)

Commission

Globex360

2/ 5

ZAR, USD, KWD, EUR, GBP

2.00 pips

USD 32

1.60 pips

0 pips

0 pips

USD 12

IG

4.5/ 5

AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD

0.60 pips

USD 6

0.85 pips

1.40 pips

0.94 pips

USD 0

Pepperstone

4.5/ 5

AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD

1.00 pips

USD 10

0.10 pips

0.40 pips

0.30 pips

USD 0

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. 

Overall, Globex360’s trading fees are higher than other brokers and it does not publish spreads nor swap fees on its website.  

Non-trading Fees

It is difficult to establish the non-trading fees at Globex360 because these are not published on its website. 

Some of the most overlooked trading costs are the non-trading fees that are charged by brokers.  These fees can significantly affect your profitability and so should be carefully scrutinised.

According to the Globex360 website, fees are charged for deposits and withdrawals, but these are not specified. However, Globex360 does not charge inactivity fees on dormant accounts, but these accounts will be closed after three months of account dormancy.

Opening an Account at Globex360

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.

Globex360 Accounts

Globex360 offers three accounts, which is limited compared to other brokers, but it has high trading costs – making them unsuitable for beginner traders and unpalatable for experienced traders. 

An STP broker, Globex360 offers one commission-free account with lower minimum deposits, but wider spreads and two ECN accounts with tighter spreads in exchange for a commission per lot.  

Note that Globex360’s account structure has recently changed (as of November 2021).  It used to offer a Basic Account, a Standard Account, and Professional Account. The account types on offer now are the Standard Account (formerly the Basic Account), the Expert Account (formerly Professional Account), and an Islamic Account.

 Trading is offered on multiple assets, including forex, commodities, indices, and equities (click here for more on Globex360’s financial assets) and both the MT4 and MT5 platforms are supported. 

The minimum deposit requirement on Globex360’s Standard Account is 100 USD, making it accessible to beginner traders. We define beginner traders as inexperienced traders who have never traded before or have been trading for less than a year. Beginners often do not want to risk trading large sums of money, and will generally not be able to trade full-time during the workweek.  The trading costs on the Standard account are higher than those on other brokers’ entry-level accounts.  

In general, experienced traders tend to prefer accounts with higher minimum deposits, tighter spreads, and a commission per lot. Globex360’s Expert and Islamic Accounts offer tighter spreads – of 1.2 pips and a round turn commission of 8 USD/lot.  However, these costs are still higher than the trading costs on other brokers’ entry-level accounts.  

Overall, it is difficult to find any advantages with Globex360’s accounts, either for experienced or beginner traders. As mentioned above, the accounts have higher ongoing costs than similar accounts at other brokers. In addition, Globex360’s Expert and Islamic Accounts have high minimum deposit requirements and don’t deliver the lower ongoing trading costs that more experienced traders would be looking for.

Maximum leverage is up to 300:1 on all accounts, but Globex360 will provide leverage of up to 500:1 on request. Margin Stop Out levels on both accounts are at 30%, and it allows all trading strategies, including hedging, scalping, and copy trading.

Globex360 offers Islamic Swap-Free accounts, but a minimum deposit of 5000 USD is required on these accounts.   See below for account details:

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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.

Deposits and Withdrawals

Globex360 offers a limited range of deposit and withdrawal methods, but it is not clear whether fees are charged and how long it takes for payments to be processed.  

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. See below for account details:

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

Base Currencies (Trading Account Currencies)

Globex360 offers 5 base currencies, an average range compared to other forex brokers.   

Globex360 offers a reasonable range of base currencies, including USD, KWD, EUR, GBP, and ZAR, which is good for Ugandans who will likely have ZAR bank accounts. Ugandan traders will therefore be able to avoid paying conversion fees, unless trading on instruments with other base currencies, such as the EUR/USD.

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.

Trading Platforms

With MT4 and MT5 available, Globex360’s platform support is average compared to other similar brokers.  

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, for more on Globex360’s mobile trading platforms, please click here.

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Broker

Platform Choice

Copy Trading

Platforms

Globex360

4.5/ 5

Yes

MT4

IG

4.5/ 5

No

MT4

L2 Dealer

ProRealTime

Pepperstone

5/ 5

Yes

MT4

MT5

cTrader

TradingView

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.

Overall, although Globex360 only offers the Metatrader suite of platforms, which are not as beginner-friendly as the proprietary platforms offered at other brokers, MT4 and MT5 are considered some of the best third-party platforms in the industry.  

Globex360 Mobile Trading 

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. 

Trading Tools

Globex360 offers virtually no trading tools, which is limited compared to other similar brokers.  Most other brokers offer free technical and fundamental analysis tools such as Autochartist or Trading Central.

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Broker

Economic Calendar

Autochartist

Trading Central

Trading View

Free VPS

Globex360

Yes

No

No

No

No

IG

Yes

Yes

No

No

Yes

Pepperstone

Yes

Yes

No

Yes

Yes

Globex360’s Trading Instruments

Globex360’s range of financial instruments to trade is smaller than most other brokers. Additionally, it does not publish any of the trading specifications for each instrument on its website.

While Globex360 does offer a selection of CFDs to trade, it has only just introduced the MT5 trading platform, and the MT4 platform is primarily a Forex trading platform. This shows in Globex360’s limited range of financial instruments:

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• Forex: Globex360 offers 50 currency pairs for trading, including majors (EUR/USD, GBP/USD, and USD/JPY) and minors (NZD/CAD, EUR/JPY, and GBP/NZD), and exotics (EUR/NOK, USD/SEK and EUR/ZAR). This is an average range compared to most other brokers.
• Indices: Globex360 offers trading on 20 indices, which is limited compared to other similar brokers, and includes the likes of the UK 100, US 30, US 500, and the DE 30. 
• Commodities: Globex360 offers trading on 20 commodities, a broader range than is typically available at other brokers. These include energies, precious metals, and agriculture, but no trading specifications are available on any of the instruments.
• Share CFDs: Globex only offers 33 share CFDs, which is severely limited compared to other brokers.  Additionally, no information regarding these instruments is available on its website.  

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 for Beginners

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

Educational Materials

Globex360’s educational materials are severely limited compared to other similar brokers.

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.

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Broker

Beginner Course

Advanced Course

Well Structured Education

Education Quality

Webinars

Globex360

No

No

No

Low

No

IG

Yes

Yes

Yes

High

Yes

Pepperstone

Yes

Yes

Yes

Medium

Yes

Market Analysis

Market analysis materials at Globex360 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, 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.

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 of 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.

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.