Globtrex is a commission-free platform which offers its clients three account types with a leverage up to 1:200. There are micro lots available for trade and a fixed spread on demo accounts. However, the users find it difficult to find any further information on the platform’s website on the different account type.
The platform also offers a huge educational section with ebooks and videos which sometimes do not load and you cannot access them as a novice trader which is one of the most needed tools when starting. The website is available in Polish, Czech, Slovenian, Croatian and English. The broker doesn’t manage the clients’ funds and there are no PAMM and MAM accounts offered.
The company was founded in 2014 and now Globtrex offers to trade in forex, CFDs, stocks, bonds, and commodities on two platforms: Sirix and MetaTrader 4. The broker is operated by the Coverdal Holdings Limited which is based in Cyprus and has branches in Poland and the Czech Republic. The competitive tax regime has brought to strict regulations so Cyprus become the home of many companies and forex online brokers. In order to open a company there, the brokerages have to meet capital up to 730,000 EUR and maintain it.
Globtrex warned that the funds of some of the clients may be held in multiple accounts outside the EU which many users found it weird since the company noted that the money of such clients may be treated differently. If you want to open an account at Globtrex, the traders will have to invest at least $100 but some other brokers based in Cyprus require less. In order to open an account, you will also have to deposit an extra of $5.
Globtrex claims that it offers variable spreads but if you open a demo account, you will learn that the spreads are fixed and extremely high amounting up to 3 pips for the EUR/USD pair. For comparison, easyMarkets provides spreads fixed at 1.0 pips on EUR/USD. The maximum leverage level offered by Globtrex is 1:200 which is an average ratio but if traders want to use higher leverage they will have to pass a test.