Who is Globtrex.com?
Globtrex.com is a domain operated by Coverdeal Holdings Limited which is regulated by the Cyprus Securities and Exchange Commission (CySEC) to offer the investment service of reception and transmission and the ancillary services of granting credits or loans to clients and foreign exchange services in connection with the provision of investment services. Coverdeal is regulated under the Cyprus Investment Firms Law (Law 144(I)/2007).
What kind of broker is Globrex.com?
Globtrex is an STP broker. Straight Through Processing (STP) means, that all informations about client are provided by liquid providers (banks, other brokers), which means, that conflict of interests beetwen client and broker is not existing. Globtrex.com receiving remuneration only for the provision of margin to the end customer, and not reciving benefits from clients loss.
Is Globtrex.com regulated?
Is Globtrex.com regulated?
Globtrex.com is a domain operated by Coverdeal Holdings Limited, a Cyprus Investment Firm regulated and licensed by the Cyprus Securities and Exchange Commission (CySEC) to offer the investment services of:
- Reception and transmission of orders in relation to one or more financial instruments
- Execution of orders on behalf of clients
Ancillary services of:
- Safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management
- Granting credits or loans to an investor to allow him to carry out a transaction in one or more financial instruments, where the firm granting the credit or loans is more involved in the transaction
- Foreign exchange services where these are connected to the provision of investment services
- Investment research and financial analysis or other forms of general recommendation in relation to the following financial instruments:
- Transferable securities
- Money-market instruments
- Units and collective investment undertakings
- Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest or yields, or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash.
- Options, futures swaps, forward rate agreements and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one parties (otherwise than by reason of a default or other event) *
- Options, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be physically settled that they are traded on a regulated market or/and an MTF.
- Options, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be physically settled not otherwise mentioned in paragraph 6 of Part III and not being for commercial purposes, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are cleared and settled through recognized clearing houses or are subject to regular margin cells.
- Derivative instruments for differences
- Financial contracts for differences
- Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates, emission allowances or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event), as well as any other derivative contract relating to assets, rights, obligations, indices and measures not otherwise mentioned in this Part, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are traded on a regulated market or an MTF, are cleared and settled through recognized clearing houses or are subject to regular margin cells.
Coverdeal is regulated under the Cyprus Investment Firms Law (Law 144(I)/2007).
* This financial instrument is provided only for foreign exchange services where these are connected to the provision of investment services.
Where is Globtrex.com located?
Globtrex.com operates from Cyprus. Cyprus is a full member state of the European Union. Due to its competitive tax regime, skilled workforce and strict regulations, Cyprus has a growing financial sector which is quickly becoming a regional powerhouse.
What is CYSEC?
CySEC (Cyprus Securities and Exchange Commission) is the commission charged with regulating Cyprus’ financial markets. http://www.cysec.gov.cy It ensures that CIF’s (Cypriot Investment Firms) adhere to strict financial guidelines in accordance with the laws and regulations of Cyprus and the European Union. CySEC is a public body that supervises and controls operations and transactions carried out in the Stock Exchange.
CySEC duties include but are not limited to:
- Supervising and Controlling licensed investment services companies
- Carrying out inspections over brokers and brokerage firms
- Granting operational licenses to investment firms
Cyprus is a full member-state of the European Union and as such shares similar powers to financial supervisory authorities in Europe (such as the UK’s FSA).
What is the MiFID?
MiFID (Markets in Financial Instruments Directive) is a European Union law with the objective of increasing competition and consumer protection in investment services. MiFID provides regulatory harmony for investment services across member-states operating in the European Economic Area.
What security do I have when trading with Globtrex.com?
At Globtrex.com we understand that the security of your funds is a primary concern. Rest assured that we consider the implementation and strict adherence to financial guidelines – both internal and external – a top priority, and concrete safeguards are built within the system to ensure an efficient trading experience.
When was Globtrex.com founded?
Globtrex.com was founded in 2014 by a group of professional traders, investment managers and software engineers.
What type of trading accounts does Globtrex.com offer?
Globtrex.com offers 3 types of trading accounts: Micro, Standard and VIP. To learn more about account types, please visit the Accounts page.
I’m a novice forex trader. Can I use Globtrex.com?
From beginners to professionals, Globtrex.com services all levels of forex traders! Providing 24/7, multi-lingual support, Globtrex.com offers a flexible platform with powerful tools to assist you in all your online trading needs.
How do I open an account?
Designed with you in mind, opening a Globtrex.com account is easy. Simply click on the register online link and fill in the required information page. Once your account has been successfully created, you will need to send verification documents in order to complete the registration process. These can be faxed, scanned or emailed. As soon as your documents have been approved, you will be able to fund your account and begin trading.
What documents are required to open a Globtrex.com account?
In order to activate your account the following documents are required:
- An identifying document such as a passport, drivers license or official ID
- Proof of Address such as a utility bill or bank statement (Must be no more then 6 months old)
I have registered but can’t login to my account. What I should do?
After registering, you will receive a welcome email with a verification link. Please check your email and follow the link. If the verification link does not work, please try copying and pasting the link into your browser’s address bar. If this does not resolve the issue, please contact the Globtrex.com support team via chat or email at: email@example.com.
Can my company open an account?
Globtrex.com will consider accepting corporate accounts; however, corporate accounts will only be accepted after undergoing and passing a rigorous compliance process. If you are interested in applying, please contact firstname.lastname@example.org for further details.
Can I open a joint account?
PFor more information, please contact email@example.com
What is the minimum transaction size?
How do I change my account details?
To change your account details, please contact your Client Relationship Manager or a member of our support team.
Does Globtrex.com charge any commission and/ or trading fees?
Globtrex.com DOES NOT charge any commission or fee as a result of your trading. Globtrex.com is compensated for its services through the Bid/Ask spread.
Will someone manage my investments?
No. Globtrex.com does not manage funds for its clients as this may create a conflict of interest. In order to remain 100% impartial, and always have our clients’ profit and interest in mind, we do not manage funds. However, while you will be managing your own investments, you will be assigned an Client Relationship Manager to help you along the way.
Does Globtrex.com deduct any amount from my account for tax purposes?
Globtrex.com does not deduct taxes from client accounts. It is the individual client’s responsibility to handle his or her own tax obligations in accordance with local law.
What happens to my open positions at the end of a trading day?
All open positions are automatically rolled or swapped over to the next business day. Traditionally, all spot trades in the FX market are performed for a period of two working days (when the delivery of the transaction takes place). Hence, in order to avoid the delivery of the trade, the positions are automatically closed for the original trade date and reopened for the next trade date. To give maximum advantage to our clients, the open and close rates of the rollover are kept the same as the open position rate. A premium is then added or subtracted based on the difference in interest rate between the two currencies being traded.
Can I trade over the phone?
Only under certain conditions (e.g. client terminal malfunction) and only certain orders (close, editing of stop loss and take profit). A client is welcome to call the RTO department 24 hours a day monday to friday. The RT officer will quote the customer a two way price (bid and ask) and the customer may place the authorized order(s). The RT officer will confirm the trade.
What is the maximum trade size?
There is no maximum trade size, although large trades need to be authorized by the dealing room and may have different terms.
What are your margin requirements?
Globtrex.com clients can trade using a leverage of up to 200:1, depending on the asset they wish to trade and the trade size. Leverage of 200:1 means that a client is able to open a position which is up to 200 times the size of his or her deposit. For example, if a client has deposited $1,000 he or she will be able to open a trade up to $200,000 in value. A minimum 0.5% margin must be maintained at all times. To learn more about Globtrex.com trading conditions and margin requirements for assets, please visit our Forex Trading Conditions page and/or CFD Trading Conditions page.
Does Globtrex.com use margin calls?
Absolutely. The WebTrader platform will trigger a margin call notification when your account equity level falls to 100% (or less) of the required margins by your open positions. If the equity of your account falls to 20% of the required margin then the platform will close all open positions. The service is not available in MT4 For example, a client opens a 200,000 USD/JPY position with Equity holding at $2,000. The Margin Requirement for such a position would be $1,000 (which stands for the Used Margin as well). If the client’s Equity falls to $1,000, the client will receive a Margin Call notification. If the client’s Equity continues falling and drops to $200, the position will be closed at market rate.
Is Forex / CFD trading risky?
It is worth keeping in mind that Foreign Currency & CFD trading carries a high degree of risk and may result in serious financial loss. Foreign Currency & CFD trading is not suitable for everyone. The high degree of leverage and volatility involved in Forex & CFD trading means that transactions can result in heavy losses as well as significant gains. We recommend that you trade with extreme caution and care. For help and guidance, make sure to take full advantage of all our services and highly trained support team. We also have a comprehensive library of educational resources available on our website. To help minimize potential losses, we also provide essential trading tools such as stop loss orders. However, such tools do not remove the significant element of risk that is involved in forex trading. To learn more about the risks involved with Forex & CFD trading, please visit the risk disclaimer page.
What hours can I trade?
Due to very low liquidity (and until further notice), trading hours will open on Sunday at 22:00 GMT and close on Friday at 22:00 GMT.
Why do I have to fill the questionnaire on the web page?
Broker follows the laws and regulations, which order him to process the identification and verification of his clients and to receive enough information from clients for monitoring ongoing business relationship of clients due to the Anti Money Laundering policy. This information are necessary for verification whether the steps taken by the client are in accordance with the information provided and in accordance with the information evaluated by the broker.
If I choose to send wire transfers. Who should I send it to?
Globtrex.com works with many local banks. You can view a complete list of banks within your account area and choose whichever one is best-suited for you.
Which payment methods can I use to deposit funds into my account?
Globtrex.com accepts a wide variety of payment methods, such as:
- Credit/ Debit card (Visa, MasterCard or Diners Club)
- Fast Wire Transfer
- Local Payment Methods
For a full list of payment methods please login to your account and go to the deposit page.
What is the minimum deposit amount for online trading with Globtrex.com?
The minimum amount to open a Globtrex.com account is $/€/£ 100.
Is there a deposit fee?
Globtrex.com does not charge clients when they deposit funds into their accounts. However, we recommend you check with your bank or credit card company for any money transfer costs and / or extra charges. Please Note: if a client deposits over $/€/£ 2,500, any transfer fees will be covered by Globtrex.com.
When will my funds appear in my account?
The time it takes for funds to appear in your account may vary depending on the deposit method used: 1.Credit/ Debit Cards take approximately 24 hours to process (from time of receipt), 2.Wire Transfer Deposits take approximately 1 – 2 business days to process (from time of receipt)
How do I withdraw funds from my account?
In order to withdraw funds you can either log in to your account and select the “Withdraw Funds” tab and follow the instructions there or fill out a withdrawal request form. You can also scan and email the request form to: firstname.lastname@example.org
In order to process your withdrawal request in a quick and efficient manner, please refer to the following guidelines:
- Funds can be transferred directly to your bank account by wire transfer or returned to your credit card. However, a withdrawal can only be made using the exact same method you used for depositing. For example, if you deposited using a specific credit card, your funds can only be returned to that same credit card.
- Withdrawal requests are usually processed within one business day of receipt of all required documentation.
- In order to withdraw funds from your account you must maintain your margin requirements in case you have open positions. If you request a withdrawal of funds from your account and we cannot comply without closing some part of your open positions, we will not be able to fulfill your request until you have closed sufficient positions to enable your withdrawal. Please Note: In compliance with international anti-money laundering regulations, Globtrex.com is allowed to transfer funds only to a bank account or a credit card bearing your name which was used for your initial deposit. The credit card copies should be provided upon registration and approved by Globtrex.com compliance department.
Does Globtrex.com charge any deposit or withdrawal fees?
Globtrex.com does not charge any deposit or withdrawal fees. However, please keep in mind that some banks might charge transaction fees. These fees are not covered by Globtrex.com. F any bank fees incurred by VIP clients are covered by Globtrex.com.
If I withdraw funds, how long does it take to receive the money?
We work hard to make sure your funds are transferred in a prompt and efficient manner. Regular money transfers normally take approximately three to six business days for approval; however, please keep in mind that there are several factors which might affect the speed in which your account is credited/ debited. These factors include, but are not limited to, the specific service you use to wire/ request funds. Approved wire transfer withdrawals are forwarded to our bank on the day of their approval and are usually sent out from our bank on the same day. Wire transfers often make their way between several banks in several countries, and this can take a little longer as foreign financial institutions usually require a few working days to remit funds around the world. Once processed, for any withdrawal via bank wire transfer or credit card, please allow up to 7 business days for the funds to reach your bank account. Please Note: In compliance with international anti-money laundering regulations, Globtrex.com is allowed to transfer funds only to a bank account or a credit card bearing your name which was used for your initial deposit. The credit card copies should be provided upon registration and approved by Globtrex.com compliance department.
Who can help me with questions about my account and/ or withdrawals?
Your Account Manager is ready to help you with any questions you might have. To obtain a quick response, you can reach your Account Manager via email or telephone. If your Account Manager is unavailable, our highly trained support team will be on hand to answer your questions. Rest assured that there is always a staff member available to take care of all your needs. Feel free to contact us at anytime.
Payments service providers and Financial Institutions
We operate only with reputable payment institutions and payment providers such as:
1. SafeCharge Limited, an Electronic Money Institution authorised and regulated by the Central Bank of Cyprus and is a principal member of MasterCard, Visa and Unionpay International (CUP). SafeCharge Financial Services Limited is authorised and regulated by the Financial Conduct Authority as a Payment Institution. Both SafeCharge companies are wholly owned by SafeCharge International Group Limited.
2. Bank of Cyprus Group, bank in Cyprus and is regulated by the Central Bank of Cyprus and the European Central Bank.
3. Česká spořitelna, a bank in Czech Republic and regulated by the Central Bank of Czech Republic and the European Central Bank.
How many trading platforms are available?
Globtrex.com offers 4 trading platforms:
- MetaTrader 4: take advantage of one-click, at-best order execution, advanced technical analysis and unmatched automation capabilities!
- Globtrex.com WebTrader: a user friendly web platform which synchronizes all trades with your MT4 account.
- Globtrex.com Mobile Trader: a state-of-the-art platform developed using HTML 5. Market Mobile Trader is compatible with Smartphones that support HTML 5.
- Globtrex.com Tablet Trader: a tablet optimized trading platform fully synchronized with your MT4 account.
To learn more about the trading platforms, please visit the Trading Platforms page.
What are the recommended system requirements for using Globtrex.com trading platform?
The recommended PC requirements are: Computer: Intel Pentium IV 3.0GHz, 512 MB RAM, or higher Monitor: A minimum resolution of 800×600 pixels Operating system: Microsoft Windows XP, Windows 2000 Web browser: Microsoft Internet Explorer 6.X Internet connection: Broadband internet connection with a min 1.5 MB download speed Note: Systems that do not meet these requirements may experience limited functionality.
What is stop out/margin call?
Margin call is at 100% of margin level. If you reach margin call, then you will be addressed either to close some of your open positions or make deposit to strengthen your current open positions.
Stop out is at 20% of margin level. If your margin level decreases to 20%, your positions will start automatically closing. First are always closed positions with the highest loss.
What is Trailing Stop?
A Trailing Stop is a stop-loss order that automatically adjusts itself as the market rate moves in the direction of your open position. The trailing price literally trails behind rising prices, allowing you to capture more profits while ensuring that if prices suddenly drop you are still protected by the automatic Stop-Loss order. Important Note for MetaTrader 4 Platform: Since Trailing Stop works on the client terminal side, unlike Stop Loss and Take Profit, that work on the server side, it won’t work if the client terminal is closed. If the client terminal is closed, only Stop Loss that was placed by Trailing Stop before the terminal was closed, can trigger.
Can I change the layout of Globtrex.com trading platform?
Yes. Once you have logged-in to Globtrex.com trading platform you can customize the platform’s layout according to your personal preferences. This enables you to organize windows, add charts and create new workspaces.
What is Forex?
In short, the Foreign Exchange market, also referred to as the “Forex” or “FX“ market, is the largest and most liquid financial market in the world, with a daily turnover volume of roughly 4 Trillion US Dollars. Forex trading is the buying and selling of one country’s currency against another. To learn more about the Forex market, please refer to the Education page.
What is spread?
The spread is the difference between the bid price (selling price) and the ask price (buying price). Example: If the quote for the EUR/USD pair is 1.2910 against 1.2913 then the spread is 3 pips.
What is a Pip?
Pip is an acronym for Price Interest Point . This represents the smallest value of measurement for forex currencies.
How does a Stop Loss order work?
Stop Loss orders are used to reduce risk by closing a losing trade once a market passes a trigger value pre-determined by the trader. Globtrex.com will do its best to fill your trade at the price requested. However, because the order will close your trade at the best available price once activated, the Stop Loss is exposed to a gapping market. For the sake of absolute transparency, this means Globtrex.com cannot guarantee a Stop Loss.
When is the forex market open for trading?
The Forex market is open for trading 24 hours a day, five days a week. The market opens on Sunday evening at 22:00 GMT when Asian markets open, and concludes on Friday night when the New York markets close.
What is the rollover?
A rollover is when interest is paid or deducted from open positions. Trading currencies always involves two different currencies with their own individual interest rate. When you buy a currency that has a higher interest rate than the sold currency, you will be paid interest. However, when you buy a currency with a lower interest rate than the sold currency you will pay interest, and money will be deducted from your account. A rollover applies only to overnight trades.