Updated on March 13, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Trade Global Market due to the issues we've identified.
Is Trade Global Market a Scam or a Legitimate Broker? ▲
Trade Global Market emerges as a broker that lacks regulatory oversight, rendering it an unsafe choice for traders. Without any form of authorization or registration for its purported address, the entity raises significant suspicion. The absence of a regulatory license is a critical red flag, suggesting that Trade Global Market might be operating its services from a location entirely different from what is claimed. This situation poses a considerable risk to traders, as the broker's operations are not under any regulatory scrutiny to ensure fairness and security.
Regulatory Status
Trade Global Market, operating under TGM Financial LLC and claiming a base in Tbilisi, Georgia, lacks the necessary regulatory license to be considered safe for trading. Despite assertions of being regulated, verification with the National Bank of Georgia reveals no registration or licensing for Trade Global Market or TGM Financial LLC. This discrepancy is alarming, especially for a broker that also provides contact numbers with a British code, implying a connection to the UK, yet lacking authorization from the UK's Financial Conduct Authority (FCA).
Misleading Information
The broker's utilization of an address belonging to Zixipay Limited, a registered and authorized entity in Georgia, further complicates the trustworthiness of Trade Global Market. This usage of another company's address to potentially deceive customers further underscores the risks involved in dealing with Trade Global Market.
What is Trade Global Market? ▲
Trade Global Market positions itself as a premier online trading brokerage, purportedly specializing in delivering services across international financial markets to both individuals and organizations. The broker advertises trading opportunities in various currency pairs, along with commodities like Gold (Spot) and Silver (Spot), and CFDs as well as indices.
Ownership and Claims
Owned and operated by TGM Financial LLC, Trade Global Market's claim of being situated in Tbilisi, Georgia, is brought into question by the lack of regulatory compliance and the issues surrounding its purported address. The broker's claim of regulation and the provision of a registration number, when juxtaposed with the absence of any record in Georgia’s regulatory registers, paints a picture of a broker whose claims cannot be taken at face value.
Overall Trade Global Market Ranking ▲
Given the regulatory concerns and safety issues surrounding Trade Global Market, our assessment places the broker at a disadvantage when compared to a broader field of over 1000 brokers we've reviewed. Based on our extensive experience and thorough testing methodologies, Trade Global Market's overall ranking stands at a disappointing 0.4 out of 5. This score reflects our grave concerns over the broker's operational integrity and commitment to trader safety.
Trade Global Market Deposits and Withdrawals ▲
Trade Global Market stipulates a minimum initial deposit requirement of 100 USD for account funding. The primary method recommended for transferring funds is via bank wire, which is noted to take between 1-3 business days for the processing and crediting of funds to a client's account.
Funding Process
Clients looking to execute a wire transfer must navigate through their Trader Board, complete an invoice, and subsequently provide or send the wiring instructions to their banking institution. This process, while seemingly straightforward, is marred by the overarching concerns regarding the broker's legitimacy and safety.
Our comprehensive evaluation strongly advises investors and traders to steer clear of Trade Global Market and other brokers lacking regulatory oversight. The absence of critical information regarding the broker's regulatory status, trading conditions, and transparent contact details serves as a substantial warning sign. Typically, entities with such opaque operations are involved in investment scams, posing significant risks to investors. Traders are encouraged to engage with brokers that are well-regulated, opting for entities with established reputations for reliability and compliance with regulatory standards, such as those regulated by the FCA in the UK or ASIC in Australia.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Trade Global Market Review 2024
