- USA clients are accepted
- Swap-free accounts
- Minimum deposit requirement as low as $1
- Automated trading
- Limited range of products available
- Unavailability of MT5
- Educational resources are very basic
Spread:from 0.1 pip
Trading platforms:MT4, WebTrader
FxGlory is an offshore broker that offers clients the option of trading in forex as well as commodities. This review particularly focuses on the services FxGlory offers, such as deposit and withdrawal methods, bonuses and account types. We have also discussed whether FxGlory is a legitimate broker or not. So, get your facts straight before you open an account with FxGlory.
FxGlory Review – Company Details
FxGlory was established in 2011 by a team of financial specialists with an aim to provide an excellent trading experience with zero commissions, high leverage and rapid executions via the Meta 4 trading platform. The company is headquartered in Dubai and has multiple offices in locations such as Malaysia, Cyprus, UK and Spain. Recently, the broker opened an office in Saint Vincent & the Grenadines. Unfortunately, FxGlory is not a regulated and licensed broker; therefore, its status in the industry is quite questionable due to safety concerns.
The users of FxGlory can access a handful of trading instruments. The broker provides access to 34 minor, major and exotic forex pairs. Popular cryptocurrencies such as Bitcoin and Ethereum are also available. Apart from this, traders can also get their hands on precious metals and oil.
The biggest drawback of FxGlory is its high fees, which come in the form of fixed spreads (for all account types) but are relatively high compared to other brokers. For standard accounts, pip value starts from w pips on major forex pairs. However, on a positive note, fixed spreads make it easier to keep costs within budget. Additionally, there are no commissions involved.
The leverage offered by FxGlory can vary depending on the account type. Some standard leverage ratios for different accounts are:
- Standard: 1:3000
- Premium: 1:2000
- VIP: 1:300
- CIP: 1:50
FxGlory is one of the few retail brokers with such high leverage ratios. Although the 1:3000 leverage ratio may appear tempting, it has its own set of risks.
FxGlory offers a mobile app so that clients can manage their accounts on the go. Additionally, the MT4 trading platform is available for iOS and Android smartphones with an easy-to-navigate interface and a quick login process.
FxGlory Review – Payment Methods
FxGlory offers a wide range of flexible payment options for deposits and withdrawals, such as cryptocurrencies, credit and debit cards, eWallets, PayPal and bank wire transfers.
Most deposits are processed on the same day, but wire transfers can take some time (maximum seven days). Additionally, the minimum deposit requirement is just $1, which makes it an accessible option for newbie traders.
FxGlory Review – Demo Account
In order to open a FxGlory demo account, all you need to do is download the MT4 platform and fill out the details. After that, you can enjoy risk-free trading with fast execution speed while testing your strategies, broker’s services and the trading platform.
Bonuses And Coupon Codes
FxGlory offers its clients a 50% deposit bonus. However, the offer is only available to real-money traders, and the bonus amount cannot exceed $1000 at any cost. All you need to do is check the bonus box when opening an account, and the bonus will automatically be added to your balance when you make a deposit.
FxGlory is registered offshore in Saint Vincent and the Grenadines; however, it does not hold any license from any regulator. This is a huge concern because unlicensed brokers cannot ensure the safety of your funds. Also, limited legal aid will be available to you in case you experience any withdrawal issues or scam problems.
FxGlory Review – Additional Features
Following is the list of features that FxGlory offers to help you make informed trading decisions:
- Knowledgeable content for novice traders
- Forex news and market analysis
- FAQ help portal
- Access to a margin calculator
- Glossary of important trading terminologies
FxGlory Review – Account Types
FxGlory offers four account types: Standard, Premium, CIP and VIP, with minimum deposit requirements varying from $1 to $50,000.
FxGlory is available 24*7 but might be restricted to some specific hours for some markets.
Customer support is available 24*5 on FxGlory via phone (+ (44) 322 473 800) and email (firstname.lastname@example.org). Reviews are good, and the staff responds to the queries timely.
FxGlory uses encrypted technology to protect client data. Also, the company keeps the clients’ funds separate from the business funds and provides investors access to multiple risk management tools.
Although FxGlory offers access to the MT4 trading platform, bonuses, and minimum deposit requirements, it also has some drawbacks. Firstly, the fixed spreads are very much high compared to other brokers. Also, the number of tradable products is limited. Furthermore, the offshore status and lack of quality educational resources don’t make FxGlory the first choice of many traders.