GlobalFX Trade Insurance (GTI)

goodlivin4

Recruit
Messages
8
Hello,

Has anyone ever used the service of GlobalFX Trade Insurance (GTI)?

Their site is:
globalfxinsurance.ltd

The issue I am having is that after paying their fees, I still have not received my funds into my personal bank account.

Has anyone ever used this service and received their funds?

goodlivin4
 

Pharaoh

Colonel
Messages
19,959
Insurance for trading losses. Consider that somewhere between 80 and 98% of all traders lose, any serious insurance company would have to charge an incredibly high premium. Call up and licensed and regulated stockbroker and ask about insuring your stock trades (which are generally far safer than how most people trade forex) against losses. I think they'll react like this:

rotflaugh-rat.gif



But, let's try to dissect your issue to see if anything can be done about it:

1. How did you find out about the "insurance" company (found it yourself online, referred by someone online, referred by your broker, mysteriously contacted by the insurance company, some other way)?

2. What broker were you using.

3. What were the terms of your policy? How much was insured? How much did you pay for the insurance? How did you pay for the insurance (credit card, bank wire, crypto transfer, some other method)? Other than losing money, what else did you have to do to qualify to file a claim?

4. How much did you lose?

5. When did you file the claim?

6. Have you tried to contact them since filing? If so, how many times and by what methods?
 

goodlivin4

Recruit
Messages
8
But, let's try to dissect your issue to see if anything can be done about it:

1. How did you find out about the "insurance" company (found it yourself online, referred by someone online, referred by your broker, mysteriously contacted by the insurance company, some other way)?

Answer: I was referred by someone online, as well as, by the broker.

2. What broker were you using.

Answer: I was using the broker, Solid Trade Capital. They traded on my behalf.

3. What were the terms of your policy? How much was insured? How much did you pay for the insurance? How did you pay for the insurance (credit card, bank wire, crypto transfer, some other method)? Other than losing money, what else did you have to do to qualify to file a claim?

Answer:

Amount insured was approx. $500,000.
I paid about $45,000 for the insurance.

The payments were made in installments using crypto transfer.


4. How much did you lose?

5. When did you file the claim?

Answer: I have one final payment due in the amount of $9,000 approx. So, I used the brokerage Solid Trade Capital to raise funds which were sent to the Trading Insurance as separate. Now, I am waiting for the Trading Insurance to transfer this $9,000 to my bank account.

Upon receipt of my $9,000, I will send my final payment to the Trading Insurance who I expect to transfer my funds of $500,000 approx. to my bank account.

6. Have you tried to contact them since filing? If so, how many times and by what methods?

Answer: Yes. I contact them daily since the beginning of July 2020 as I am expecting the Trading Insurance to transfer this $9,000 to my bank account this July. Methods used: emails and text messages.
 
Last edited by a moderator:

acertablet

Sergeant
Messages
293
which country is Solid Trade Capital located? and do they have license from financial regulator? company offering forex, gold, financial trading product require to obtain license from financial regulator, the license can be cross check with financial authority website. if broker company operate without verifiable license number, most likely it is fake trading, and your trade doesnt pass to the real market exchange. the money is gone for good as soon as you send the deposit
 

goodlivin4

Recruit
Messages
8
which country is Solid Trade Capital located? and do they have license from financial regulator? company offering forex, gold, financial trading product require to obtain license from financial regulator, the license can be cross check with financial authority website. if broker company operate without verifiable license number, most likely it is fake trading, and your trade doesnt pass to the real market exchange. the money is gone for good as soon as you send the deposit

Solid Trade Capital is located in USA: 131 Dartmouth Street Boston, Massachusetts 02116 United States.

How do we check with financial regulator? I do not know if they have license from financial regulator.
 

goodlivin4

Recruit
Messages
8
Currently, my funds are with the FX Trade Insurance company (GTI). From GTI's website, "GlobalFX Trade Insurance is the leading exchange and insurance firm, offering binary options and spreads. Regulated by the CFTC , the UK Financial Conduct Authority (FCA Formerly FSA), the Cyprus Securities and Exchange Commission (CySEC) and Central Bank." My challenge is getting my funds out from GTI.

But, I see your point, if the brokerage seems not legit and the earnings were generated from fake trades then GTI could also likely be fake as well as the two could be partners in crime.
 

marco_mmbiz

Sergeant
Messages
184
Solid Trade Capital is located in USA: 131 Dartmouth Street Boston, Massachusetts 02116 United States.
How do we check with financial regulator? I do not know if they have license from financial regulator.

If the company is operating in the USA, and if you're also from the USA, then the financial company should be regulated by the NFA: https://www.nfa.futures.org/BasicNet/basic-search-results.aspx?rnd=8086.203688044537
Solid Trade Capital.png
As you can see it's not even registered.
I just googled and found 2 different homepages (one is "solidtrade..." and the other is "solidtrades..."), but both pages don't even work! Are you sure this "broker" even exists?


From GTI's website, "GlobalFX Trade Insurance is the leading exchange and insurance firm, offering binary options and spreads. Regulated by the CFTC , the UK Financial Conduct Authority (FCA Formerly FSA), the Cyprus Securities and Exchange Commission (CySEC) and Central Bank." My challenge is getting my funds out from GTI.

This is a joke, or?

Because same goes for that "insurance" company: https://www.nfa.futures.org/BasicNet/basic-search-results.aspx?rnd=1464.1593452326315
GlobalFX.png

How can someone believe that all this stuff is even legit?
Here you could file a complaint: https://www.nfa.futures.org/ComplaintNET/Complaint.aspx
But I guess you won't see any money. I'm sorry for your loss.
 
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goodlivin4

Recruit
Messages
8
Hello marco_mmbiz

Thank you for doing this search. Now, it seems that I have lost my funds with this trading insurance company and broker. The broker's site: solidstradecapital.com

Yes, they both operate out of USA supposedly.
 

Pharaoh

Colonel
Messages
19,959
Report both the broker and the insurance company to CFTC.gov immediately. They lack a license and appear to have scammed you very thoroughly.

Amount insured was approx. $500,000.
I paid about $45,000 for the insurance.

The payments were made in installments using crypto transfer.

Think about it. You could open 2 accounts, insure both for $90,000, place a large trade in each account (one buy, one sell) during high volatility. One account makes a profit of well over 100K. The other account loses the same amount and you exercise the insurance. Yes, the insurance company could have rules, but you and a collaborator could do this in a way that's virtually undetectable.

So, even if the natural failure of so many traders wouldn't make such an insurance company quickly go out of business, people cheating the insurance company would drive it into bankruptcy even faster.

What's next in fake insurance? Maybe online casinos referring people to a company that insures you against gambling losses. :D
 

goodlivin4

Recruit
Messages
8
Thank you. Yes, I filed a thorough Complaint file with the cftc.gov and received a confirmation pdf file.

I expect the CFTC to be contacting me soon. So, there are many lessons learned by me in the hard and extremely costly way: There is no such thing as trading insurance and most importantly, check every futures firm: Check that a broker is registered with the respective regulatory bodies:

Financial Supervisory Authority (FSA),
Commodity Futures Trading Commission (CFTC),
National Futures Association (NFA),
Securities and Exchange Commission (SEC),
Financial Industry Regulatory Authority (FINRA),
Canada Deposit Insurance Corporation (CDIC),
Mutual Fund Dealers Association (MFDA),
Investment Industry Regulatory Organization of Canada (IIROC).

If a broker claims to be regulated by the SEC for example. You would contact the SEC (Do not ask the broker, contact the SEC yourself) to see whether that broker is registered. If not, then that broker is not credible and should not be trusted with your hard-earned money. Do not invest your funds with that broker. You can file a complaint against that broker and walk away as such a broker will be a scam broker executing fake trades as in my unfortunate circumstance.
 
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