Convenience is king these days, and we have access to a wide range of services thanks to online platforms. However, not every platform runs with good intentions. Of these, New global investment has become a major participant, although concerns about its behavior have been raised by recent revelations.
This forex broker is not honorable in the slightest. Make sure to trade exclusively with reputable and transparent forex brokers if you want to succeed as a trader.
Convenience is the bait used by scam brokers to lure in victims. They say that trading has never been simpler, that all it takes is a few clicks to go from poverty to wealth. But occasionally, this ease of use might come at a high price.
HOW DO THEY WORK
You can trade stocks, energy, digital currencies, metals, indexes, commodities, and currencies with this broker. Six different account kinds are available from the broker, each with different trading terms. The minimum deposit is one of the characteristics that sets the accounts apart.
The broker allegedly has more than 30 million open positions, $1.2 billion in monthly trading volume, and more than 4.5 million registered users. While these statistics are amazing, they also raise some questions.
According to the broker, New global investment is in charge of running their website. The identities of the company’s founders and current executives aren’t disclosed, though. This is troubling since it’s difficult to comprehend the business and its philosophies without these specifics. A leader’s bad reputation will affect the commercial operations of the organization.
To evade inspection, this broker has concealed its executives. They are aware that people will be interested in learning about the founders’ backgrounds and identities. This is a typical strategy used by con artists who are aware of their leaders’ dubious background.
There is a live chat feature, email address, and phone number. But when we attempted to use the live chat feature, it required us to provide contact information, including an email address. They won’t respond right away, so they will do so later. Quick communication is crucial while trading forex. Brokers must be accessible to address any questions or concerns because traders occasionally need to make quick judgments.
In United Kingdom, new global investment is unregulated. A business must apply to the Financial Conduct Authority in order to be granted a license to function as a forex broker in this country. In addition, they must adhere to the guidelines outlined in the Financial Conduct Authority. The business and its principal employees also need to fulfill the FCA’s fit and suitable requirements. This covers elements like competence, honesty, integrity, and reputation.
The broker must maintain sufficient client money protection procedures and separate client funds from its own assets in order to obtain a license. Additionally, they have to give customers precise and understandable information about the services they offer, the costs involved, and the dangers of forex trading. It must also send the FCA reports on a regular basis.
These requirements for registration have not been met by this broker. For this reason, they are inducing a false sense of urgency in order to compel people to act quickly. The tempting messages are positioned to give you the impression that something is lacking. Before making any investing selections, take your time and do extensive research.
There is a 200:1 leverage. This isn’t too elevated. But the spread and fee costs—which are crucial considerations when selecting a broker—have not been disclosed by the broker. It is difficult for traders to select this broker. Typically, a trader chooses the broker with the lowest minimum deposit and spreads.
We come to the conclusion that New Global Investment cannot be trusted since it is not a regulated broker. A business can operate with some degree of impunity whenever it lacks oversight.
Traders are thereby left defenseless and exposed. There isn’t much the government can do to help people get their money back if a broker steals it. For this reason, traders ought to deal exclusively with trustworthy and open forex brokers.