Global Reach Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
Business
License
FCA Revoked 
I downloaded Sugram and Global Reach under JiZhuHuiYi’s guidance. I transferred 440,000 RMB to three bank card given by the customer service. I profited 3,872,703 RMB in total while I can’t withdraw funds.
Summary: Global Reach has garnered a mixed reputation in the international money transfer arena, with many users praising its personalized service and competitive rates. However, some concerns regarding transparency and regulatory issues have emerged, particularly in relation to its operations across different jurisdictions.
Note: It is important to highlight that Global Reach operates through various regional entities, which can affect user experience and regulatory compliance. This review aims to present a balanced perspective based on multiple sources to ensure fairness and accuracy.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 7 |
| Tools and Resources | 6 |
| Customer Service and Support | 8 |
| Trading Experience | 7 |
| Trustworthiness | 6 |
| User Experience | 7 |
We assess brokers based on user feedback, expert opinions, and factual data from reputable sources.
Founded in 2001, Global Reach has established itself as a reputable player in the international money transfer market. The company is headquartered in London and has expanded its operations to various countries, including Canada and several European nations. Global Reach primarily focuses on currency exchange and international payments, handling over £7 billion in transactions annually. It is regulated by the Financial Conduct Authority (FCA) in the UK and the Financial Transactions and Reports Analysis Centre (FINTRAC) in Canada, ensuring a degree of consumer protection and operational integrity.
Global Reach does not utilize popular trading platforms like MT4 or MT5, as it primarily serves as a currency broker rather than a trading platform. Instead, it offers a user-friendly online platform that allows clients to manage their transactions efficiently.
Global Reach is regulated in the UK by the FCA and in Canada by FINTRAC. However, it has faced scrutiny regarding its operations in other jurisdictions, particularly due to the revocation of its licenses in Australia and New Zealand. This raises concerns about its overall regulatory compliance and the protection of client funds.
Global Reach supports multiple currencies for deposits and withdrawals, primarily focusing on major currencies such as GBP, EUR, and USD. However, it does not currently support cryptocurrency transactions, which may limit options for clients looking to engage in digital asset transfers.
The minimum transfer amount with Global Reach is £1,000 (or the equivalent in other currencies), which may be considered high for individual clients needing to send smaller sums. This restriction could deter potential users who only wish to make occasional transfers.
Currently, Global Reach does not offer any promotional bonuses or incentives for new clients. This lack of promotional activity may be a drawback compared to competitors who frequently provide attractive offers to attract new customers.
Global Reach primarily focuses on currency transfers and foreign exchange services. It does not offer a wide variety of asset classes, which may limit options for users looking for a more diverse trading experience.
Global Reach has a transparent fee structure, charging a maximum fee of £20 for transfers under £3,000, while transfers above this threshold incur no fees. The exchange rate margins vary based on transaction size, ranging from 0.4% for larger transfers to 1.9% for smaller amounts. While these rates are competitive compared to traditional banks, the lack of published exchange rates can lead to some transparency issues.
Global Reach does not offer leverage as it primarily functions as a currency broker rather than a trading platform. This absence of leverage may appeal to clients seeking a more conservative approach to currency exchanges.
Global Reach operates through its proprietary online platform, which is designed for ease of use. However, it lacks a mobile application, which may hinder accessibility for clients who prefer to manage their transactions on the go.
Global Reach's services are not available to residents of the United States, which limits its reach and potential client base. Additionally, certain countries are excluded from its service, including Afghanistan, Cuba, and North Korea.
Currently, Global Reach offers customer support primarily in English. This limitation may pose challenges for non-English speaking clients, especially in regions where multiple languages are prevalent.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 7 |
| Tools and Resources | 6 |
| Customer Service and Support | 8 |
| Trading Experience | 7 |
| Trustworthiness | 6 |
| User Experience | 7 |
Global Reach's account conditions are relatively straightforward, but the high minimum transfer limit can be a barrier for smaller clients. The absence of a mobile app also detracts from the overall user experience.
While Global Reach offers various tools for managing currency risk, such as forward contracts and stop-loss orders, its overall resource offering is limited compared to other providers in the market.
Customer service at Global Reach has received positive feedback, with many users commending the responsiveness and professionalism of their dedicated currency specialists. However, the lack of 24/7 support and online chat options may limit assistance for clients needing immediate help.
The trading experience with Global Reach is generally positive, with transactions typically completed within 1-2 business days. However, the absence of a mobile app and limited online features can hinder the overall experience.
Despite being regulated by reputable authorities, Global Reach's mixed reviews regarding transparency and regulatory compliance raise questions about its overall trustworthiness. Users have reported issues related to transfer delays and a lack of clarity regarding fees.
The user experience with Global Reach is generally favorable, with many clients appreciating the ease of use of their online platform. However, the lack of a mobile application and the high minimum transfer limit may deter some potential users.
In conclusion, while Global Reach offers a solid service for larger transfers with competitive rates and personalized support, potential clients should carefully consider its limitations, particularly regarding minimum transfer amounts and the absence of a mobile app. Overall, it remains a viable option for those seeking reliable international money transfer services.
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