Globchains-Overview of Minimum Deposit, Leverage, Spreads

Note: Since Globchains official site (https://www.globchains.com/) is not accessible while writing this introduction, only a cursory understanding can be obtained from the Internet.

General Information & Regulation

Globchains is allegedly an unregulated forex broker registered in Austria that claims to provide its clients with various tradable financial instruments with flexible leverage up to 1:200 and tight spreads from 0.7 pips, as well as a choice of three different account types.

Market Instruments

Globchains advertises that it offers a wide range of trading instruments in financial markets, including forex currency pairs, commodities, indices, shares and cryptocurrencies.

Account Types

There are three live trading accounts offered by Globchains, namely Silver, Gold and Platinum. Opening a Silver account requires the minimum initial deposit amount of $250, while the other two account types have much higher minimum initial capital requirements of $5,000 and $50,000 respectively.

Leverage

Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Silver account can experience leverage of 1:100, while the Gold and Platinum accounts can enjoy the maximum leverage of 1:200. Inexperienced traders are advised not to use too much leverage since leverage magnifies gains and losses.

Spreads

Globchains claims that different account types can enjoy quite different spreads. In particular, the Silver and Gold account can enjoy tight spreads from 0.7 pips, while of which the Platinum is not involved.

Deposit & Withdrawal

Globchains says to accept payments with credit cards like VISA and MasterCard, ePayments of OK Pay and wire transfers. The minimum initial deposit requirement is said to be $250, and the minimum withdrawal amount is $/€/£250 for wire transfers and $/€/£100 for other withdrawal methods.

The broker also charges the withdrawal fee. In particular, $/€/£50 for wire transfers, $/€/£25 for credit cards plus a processing fee of $10/€7/£5 and $25 for ePayments. A levy of 10% of the withdrawal amount will be charged to only withdraw from an account that has not executed more than 200 in turnover and/or from accounts that have not been verified. Note that these charges exclude the transaction fee imposed. Therefore, if a minimum of 250 is to be withdrawn by bank wire transfer, a transaction fee of $50 will be charged.

As for the processing time of withdrawal requests, it varies depending on methods, usually up to 5 business days.

Customer Support

Globchains customer support can be reached by telephone: +442038161279, email: support@globchains.com. Company address: Rivergate Business Centre, Handelskai 92, 1200 Wien, Austria.