Glen Markets Review: The TradeLTD Scam - Topedgefx.com

Glen Markets Review: The TradeLTD Scam

Glen Markets, also known as Glenmore Investments, is a broker that rebranded its business to merge with TradeLTD.

Glen Markets is currently under Currency Board OU, which is the company behind TradeLTD broker.

The website Glenm.com was registered back in 2012, and has underwent several changes since then.

glen markets review

At some point, this broker was running its operations under Magna Technologies Ltd which is based in the Commonwealth of Dominica.

Glen Markets was using an Estonian-based phone number (+3726347390) and an email associated with their domain (support@glenm.com).

The broker has now moved over its clients account details including funds to TradeLTD.

Their clients will login to their accounts directly from TradeLTD and not from Glenm.com.

They claim that TradeLTD has many benefits such as automated social trading, mirror trading, robo advisory services and that traders can also enhance their skills through the platform’s “world-class education center”.

Note: Check out this page for a complete list of regulated Forex brokers.

Glen Markets Review

Since this broker is no longer offering its services to traders but through TradeLTD, we’d like to focus on TradeLTD and not Glen markets.

trade ltd review

The questions that arise are as follows:

How safe are funds that are deposited through the TradeLTD platform?

Are they regulated?

Are their trading conditions fair or reasonable?

If we can find comprehensive answers to the above questions, then it will fairly safe to move on according to the transition that Glen Markets made.

On the other hand, if we can’t find answers, we’re afraid that this will be yet another risky venture to engage in.

Note: It’s important to note that before Glen Markets made any changes to their website, they were once owned by Magna Technologies Ltd and the broker was not licensed or authorized to prove financial services.

What does TradeLTD offer?

TradeLTD offers Forex and Share trading on their Web Trader and MT4 for desktop and mobile respectively.

Basic leverage offered by the broker is 1:100 and they’ve also published average spreads for various assets on their website.

We looked at the EURUSD pair and found that spreads were as high as 2.40 pips.

This is definitely not what we expect from a broker that claims to be a world-class service provider.

The best brokers in the business offer 1.30 pips or less on EURUSD. So TradeLTD is definitely an expensive Forex broker to trade with.

We do not like their trading conditions.

They’re currently offering 5 account types with minimum deposit starting $200.

Their basic account attracts a commission of $0.5 Fixed per trade. However, other account types are commission-free.

And of course TradeLTD claims they do not charge fees for withdrawals. On top of this, they provide traders with a vast amount of learning materials including webinars, market analysis and trade rooms.

Is TradeLTD in partnership with Glen Markets regulated?

TradeLTD operates its business out of Estonia but has no brokers license provided by the Financial Supervision and Resolution Authority.

Before we can go any further, we also want to remind you that the Financial Supervisory Authority in countries like the UK and New Zealand have even issued a warning against using the services of TradeLTD.

The FCA has said TradeLTD is not authorized to provide its services in the UK or target citizens of this country.

The Financial Markets Authority have also warned against using the services of this broker.

Conclusion

Glen Markets used to operate its business without a financial regulator’s license.

We suspect the reason they rebranded was because there were too many negative reviews.

We’re likely to see a scenario where the domain Glenm.com will ultimately disappear.

Now they’re pointing customers to yet another unregulated brokerage platform which they own in one way or the other.

This is disaster waiting to happen. As a trader, you are advised never to trade with unregulated platforms.

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