Globtrex – what we know and have as facts about it; The website is owned and operated by Coverdeal Holdings Ltd, which is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 231/14. This license allows it to conduct various financial services, including receiving, transmitting, and executing customer orders.
We have found in the Order Execution Policy document that Globtrex acts as an agent, matched principal or riskless principal when entering into a customer order transaction. The company claims that it places an identical order (so called Back to Back Order) on its execution venue and when this order is matched or filled, the company will open or close a trade on the client’s account. This order differs only in the added marked-up. This means Coverdeal Holdings Ltd acts as a “Riskless Principal” to every trade opened or closed in the customer’s 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.
So far, we have not received any complaints from customers of Globtrex. If you have any criticism to share with us or feel annoyed by Globtrex, please fill in the form below, detailing your case. Once we have made your case public, we may attempt to mediate between you and Globtrex if you wish.