Minimum Deposit: $250
Maximum Leverage: 1:200
Glenmore Investments is one of the fairly new forex brokers established in January 2018. Since January, it has been serving forex traders. I can even say that they have a pretty good trend. In a short period of time they managed to reach a large number of investors. I have to say that they are successful for such a new broker.
Let’s come to the most important points… Is Glenmore Investments scam or a reliable broker? How can we understand that? Which criteria do you need to consider? What are the account types and spreads offered by Glenmore? What are the deposit and withdrawal methods? Are there any withdrawal problem? In this Glenmore Investments review you can find the answer to all of these questions.
Regulation is one of the most important issues for forex brokers. As you can see, many investors are still ignoring the importance of regulation. One of the reasons for this is that newly established brokers on the market have difficulties in obtaining licenses but offer advantageous offers in terms of trading conditions like lower spreads, better account types or higher leverage. Due to the advantage of these better trading conditions, investors may not care about regulation.
Despite all this regulation is a very important criteria. It may be difficult for a new broker to fulfill the conditions mandated by regulators such as FCA or CySEC. Because these regulators really have very strict rules. To get over this, new brokers have licenses that are more readily available. They are trying to offer better trading conditions to close the gap.
It is understandable to obtain a license from less reputable regulators. But being unlicensed is not acceptable. Because there is no regulator that investors can apply if they meet any problem. For this reason I always recommend you to work with licensed brokers. Glenmore Investments is a brand of GoldTech Media Services LTD registered in Estonia. But there is no license from any regulator.
Account Types in Glenmore Investments
There are 4 types of accounts offered by Glenmore Investments : Mini, Standard, Premium and VIP. As you can see in the table below, the main difference between these account types is the minimum deposit amount.
|Account Type||Minimum Deposit||Maximum Leverage||Average Spreads on EURUSD|
|Mini||250 USD/EUR||1:200||2.6 pips|
|Standard||2,500 USD/EUR||1:200||2.4 pips|
|Premium||10,000 USD/EUR||1:200||2 pip|
|VIP||50,000 USD/EUR||1:200||1.6 pips|
There is no significant difference except for differences in the minimum deposit amount. So you do not have a major advantage if you’re funding $ 2,500 to use a standard account or $ 10,000 to use a Premium account. The Mini accounts that is offered by other brokers is a kind of nano account, usually. However, there is no difference between the standard account and the mini account type offered by Glennmore. Therefore, this broker does not have a type of account that can be traded with nano lots, where investors can test themselves or the broker.
The minimum deposit is $ 250 for the Mini account type. I can say that the amount is quite high, especially for a new, unlicensed broker. The maximum leverage is 1: 200 for all account types. Average spreads in Mini account type are 2.6 pips on EURUSD. These spread are also far from competitive.
As you can see, although 4 different account types are offered, account types are not functional and efficient.
Deposit and Withdrawal Methods
The deposit and withdrawal methods offered by Glenmore Investments are quite limited. You can use credit / debit card wire transfer as you would any other broker to make a deposit. If you want to fund with wire transfer, the minimum amount is 250 dollars. The fastest method is to make funding with credit card as it is also in other brokers. In addition to these deposit methods you can also fund with bitcoin.
There are very few ways to withdraw money. You can withdraw via refunding to credit card or wire transfer. Popular e-wallet systems like Neteller, Paypal are not available in this broker.