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Globtrex Review

Globtrex is a trade name of Coverdeal Holdings Ltd, which is regulated by the Cyprus Securities and Exchange Commission (CySEC), under license number 231/14.

Trading assets include 53 currency pairs, 14 global indices, 15 commodities, over 240 global shares and 5 cryptocurrencies. The average spread for the EUR/USD pair starts at 3 pips, which is at the upper range of values for that pair.

Customers can get access to all products on MetaTrader 5 (MT5) platform. It is available as a desktop version, as a web-based version or as a mobile app for iOS and Android devices. MT5 is designed to support both amateur and advanced traders, allowing the best trading experience. It is a user-friendly platform where you can complete transactions, view the status of your account, stay up to date on all financial news, and view analytical charts to help make trading decisions.

There are two trading accounts that differ mostly in the initial deposit. The Starter account requires a minimum deposit of USD100, while you must invest at least USD1,000 to open a Smart account. The other difference is that you will receive an individual account assistant in the Smart account. Customers can fund their account by bank transfer, credit/debit cards, Skrill, and Neteller.

The Order Execution Policy document shows that Globtrex offers “execution only” trading to its clients. It is written: ” We will execute all of our clients’ orders as Agents, Matched Principal or Riskless Principal to the trade. We facilitate each order you place with us by placing an identical order (our Back to Back Order) on our execution/dealer venue or counterparty. Upon our Back to Back Order being matched or filled in whole (see Fill or Kill), we shall open or close a trade on your account (“Back to Back Trade) at the same or marked-up price and in the same size as our Back to Back Order. This means we act as a “Riskless Principal” to every trade opened or closed in your account.” The company uses a Straight Through Processing (STP) model to execute orders and there is no conflict of interest like that with market makers.

The company also informs that stop orders become market orders available for execution at the next available market price. Stop orders guarantee execution but do not guarantee a particular price, or they are not guaranteed. All other orders are subject to slippage and will be filled at the first available market price. The same document reveals that the company operates on a negative balance protection basis, which means retail clients cannot lose more than their invested capital.

In general, is a CySEC-regulated brokerage company, which offers a wide range of financial assets for trade on the popular MT5 platform. The minimum deposit is relatively low (USD100) and all retail clients receive negative balance protection. However, the spreads for instruments are too wide and widely traded bitcoin is not among the cryptocurrencies.

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