Leverage up to 1:1000? Beware of the Unlicensed Broker GLORY TRADE

We all know that online currency investing is very dangerous. There are a large number of forex scams online, initiated by fraudsters who convince investors of high returns by trading on the forex market. Once you believe these defrauds, you will suffer losses. Here we found a forex broker named GLORY TRADE, who is conducting illegitimate forex trading activities.

A false regulation statement

GLORY TRADE claims to be owned by GLORY COMMERCE LIMITED, a company regulated by the Belize International Financial Services Commission (Belize FSC) under license number IFSC/60/430/TS/19. However, we did not find any match results to the company name or the license number in Belize FSC.

A new company with 11th anniversary?

At the front homepage, the broker is celebrating its 11th anniversary. However, evidence tells the company was first created in December 2021. How comes with 11 years? Here is another red flag here.

High leverage

GLORY TRADE offers leverage of up to 1:1000 and this high leverage is ridiculous. This figure is too high for any broker who is trying to convince you that it is a supervised broker( it says it holds Belize FSC license) as financial regulators have imposed leverage restrictions to protect investors from the higher losses trading with such big leverage can result in. GLORY TRADE has many offices including the UK base as it shows in "Contact us" For example, UK and EU brokers are not allowed to offer anything higher than 1:30 to retail clients.  

Based on the above information, we can conclude that GLORY TRADE is a scam.