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Alison Heyerdahl is the Head of Content at FxScouts, a Chartered Market Technician (CMT), and an experienced trader, as well as a financial writer with extensive expertise in Forex trading, broker analysis, and market research. She has reviewed 100+ brokers, publishes weekly YouTube trading videos, and co-hosts the “Let’s Talk Forex” podcast.
In February 2023, Globex360 was fined R50 000 by the FSCA for acting as an over-the-counter derivative provider (ODP) without authorisation. Globex360 has since shut down and is no longer accepting new clients.
An FSCA-regulated South African broker, Globex360 appeals to traders who prefer to have trading accounts denominated in ZAR and local South African support. However, Globex360’s trading costs are higher than similar brokers, and none of the trading costs are published on its website.Globex360 offers trading on a limited number of tradable assets compared to other brokers, including 50 forex pairs, 15 indices, 20 commodities, and only 33 equities. Minimum deposits start at 100 USD on its entry-level account, but spreads are wide, and commissions are high across all account options. Additionally, the full spreads are not published, so exact trading costs are impossible to determine.
While Globex 360 states that withdrawals are free, we have received multiple claims that deposits do not reflect in trading accounts and withdrawals do not reflect in bank accounts. We also found Globex360’s customer service mostly non-responsive and uninformed.
We do not recommend Globex360 for South African traders due to the high trading cost and the numerous complaints we have received. If you are looking for a good Forex broker, we recommend Pepperstone or AvaTrade.
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Partner Manager and Financial Writer
Head of Content
Financial Writer
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