Unregulated Broker The Global FX Accused of Delaying Account Closure

Jagadheesan, an Indian investor, filed a complaint against forex broker The Global Fx via BrokersView and demanded the return of his funds.

According to Jagadheesan, he deposited $5,000 with The Global Fx in 2023 and traded using the copy trading strategy "Nexusewave. Until March 2025, the investor was paid promptly for all withdrawal requests submitted to the broker. However, The Global Fx has been delayed for more than two months when he tried to close his account.

TheGlobalFx’s website

Waiting for a refund for over two months

In April, due to personal financial difficulties, Jagadheesan requested that The Global Fx close his account and return the remaining funds. However, instead of honoring his request, the broker responded with a notice stating that his account was under investigation for “abnormal withdrawal activity.

The broker claimed that Jagadheesan's account had experienced several unusual withdrawal requests over the past three to six months, which were suspected to be related to fraudulent activity.

As part of the “investigation”, The Global Fx closed the withdrawal portal and suspended pending withdrawal requests. Additionally, for ”ensuring the security of client assets”, the broker would re-deposit funds in social trading accounts.

_{The full notice sent by TheGlobalFx}

Despite The Global Fx's repeated assurances regarding the safety of funds, Jagadheesan said he didn’t receive a penny over the past two months.

The Global Fx does not hold any financial license

According to its website, theglobalfx.com, The Global Fx claims to be operated by TheGlobalFX ltd, a company regulated by the Seychelles Financial Services Authority (FSA).

_{TheGlobalFx claims to be regulated in Seychelles}

However, but the official website of the Seychelles FSA does not contain any regulatory information about TheGlobalFX ltd. In other words, TheGlobalFX is unregulated.

_{Seychelles FSA does not regulate TheGlobalFx}

BrokersView reminds you

To protect your funds and avoid unnecessary risks, it is recommended that you confirm your broker has obtained relevant financial licenses from the local regulators before investing. For more information about forex brokers, you can ask BrokersView.