FXGlobe Review 2020
FXGlobe is a regulated trading broker offering 70+ instruments for trading online via the MetaTrader 4 (MT4) platforms for desktop, web and mobile devices (iOS & Android). The brokers spreads are not the lowest whilst there is a lack of educational resources and daily market analysis to assist traders.
FXGlobe Review 2020, Pros & Cons
- Regulated brokerage firm
- Variety of account funding options
- MT4 trading platform
- No USA clients allowed
- Lack of traders educational materials
- No daily market analysis
- Limited non-FX trading instruments
- No live chat on the website
- No social trading platform
- Marked-up spreads
In this detailed FXGlobe review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
FXGlobe is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including FXGlobe.
FXGlobe Review: Summary
Founded in 2008, FXGlobe describes itself as a “no-nonsense” ECN broker, focused on optimising their trading services and technology. They offer over 70 instruments including Forex, CFD, Stocks, Shares and Cryptos for trading online. The broker caters to over 45,000 traders across the globe, of all experience levels and investment sizes. They operate a no dealing desk (NDD) model so there should be no conflict of interest with their clients.
FXGlobe started out as a side project for a group of trading friends in 2008 who would spend a few evenings a week trading together and sharing information. This grew with other traders joining the community and the majority of them complaining about brokerages. Thus, the group decided to create their own brokerage and that’s how FXGlobe was born – by traders, for traders.
FXGlobe Review: Regulation
FXGlobe Limited is a Registered Company in the Republic of Cyprus with Registration Number HE 254133 and is Authorized and Regulated by the Cyprus Securities and Exchange Commission (CySEC), the Regulatory Authority of the Republic of Cyprus, License Number 205/13.
The Cyprus Securities and Exchange Commission, better known as CySEC, is the financial regulatory agency of Cyprus. As an EU member state, CySEC’s financial regulations and operations comply with the European MiFID financial harmonization law.
FXGlobe LTD is an investment firm authorized to provide order reception, execution of orders, the ancillary services of safekeeping, granting loans in regards to clients and foreign exchange services and transmission services on behalf of its clients on a cross-border basis within the European Union.
The broker is governed by the European Markets in Financial Instruments Directive (MiFID), fully supporting its purpose to provide unified investment services regulatory management in the European Economic Area (EEA), increasing efficiency, competition and consumer protection.
Clients funds are segregated from FXGlobe’s funds in top tier European banks and cannot be used by the company or any other third party, under any circumstances.
FXGlobe Review: Countries
FXGlobe does not provide services to residents of the United States. Some FXGlobe broker features and products mentioned within this FXGlobe review may not be available to traders from specific countries due to legal restrictions.
FXGlobe Review: Trading Platforms
FXGlobe provide one of the world’s leading desktop trading platforms, MetaTrader 4 (MT4). MT4 is also available as a WebTrader which runs direct in most modern web browsers without needing to download or install any additional software. There is the MT4 mobile application for iOS and Android devices which is useful for traders who need to access the markets whilst on the go from anywhere in the world where they have an internet connection.
MT4 has a wide variety of features including:
- User friendly platform
- Fully customisable
- Multiple chart types
- Multiple timeframes from 1 minute to 1 year
- Multiple order types
- 30+ technical indicators & graphical objects for chart analysis
- Automated trading with expert advisors (EAs)
- Strategy tester to back test EAs over historical data
- Price alert notifications via email, SMS & pop-ups
FXGlobe Review: Trading Tools
Pip Value Calculator
Use the provided pip value calculator to calculate the value of a point/tick/pip quickly on any symbol that the broker offers.
The economic calendar on the brokers website displays up and coming news events along with the potential impact that they can have on different markets. You can filter news releases according to your preferences and also see past results. This is often used as part of a fundamental analysis to help anticipate what direction the markets will move following a news release.
FXGlobe Review: Education
There is a frequently asked question section on the brokers website that covers some basic trading related questions that new traders may find useful. Unfortunately, there are no tutorial videos or trading guides.
FXGlobe Review: Trading Instruments
Clients can trade a range of markets from a single account with this broker. You may trade during all international trading hours, from Sunday at 23:00 GMT to Friday at 22:00 GMT. They offer the following assets for trading online:
- Stocks & Shares
FXGlobe Review: Trading Accounts & Fees
FXGlobe offers Standard, Pro and ECN Razor accounts with raw spreads starting from 0.02 pips and a minimum $250 deposit requirement. Leverage of up to 1:200 is available. Spreads are marked up to cover the brokers costs.
- Standard: No Dealing Desk, 0.01 min lots, customer support, min $250 deposit
- Pro: No Dealing Desk, 0.01 min lots, account manager, min $1,000 deposit
- ECN Razor: No Dealing Desk, 0.01 min lots, dedicated account manager, min $2,000 deposit
Inactive accounts are subject to a quarterly charge of $15 (or equivalent in other currencies), relating to the maintenance/administration of such inactive accounts. Any inactive accounts that are holding zero balance/equity, shall be turned to a dormant account. For re-activation of dormant accounts, the customer must contact FXGlobe customer support and inform them that they wish to reactivate the dormant account.
Demo accounts are also available that allow you to test out the different trading platforms and practice your trading strategies. If your MT4 demo account is inactive for 30 days, it will expire.
As broker fees can vary and change, there may be additional fees that are not listed in this FXGlobe review. It is imperative to ensure that you check and understand all of the latest information before you open a FXGlobe broker account for online trading.
FXGlobe Review: Customer Service
FXGlobe provide 24/5 customer service for clients so there is someone there for you whenever you need them. They are happy to answer all technical, general and account related queries in a prompt and efficient manner. You can contact support via email, phone or some social media channels. Unfortunately, there is no live chat option on the brokers website at this time. Trading support and account management is available for traders of all experience levels.
FXGlobe Review: Deposit & Withdrawal
FXGlobe have a variety of convenient methods for depositing and withdrawing funds from your trading account. This includes bank wire, credit/debit card and online payment systems such as Neteller and Skrill. Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal. Some fees may be charged when using certain payment methods.
You can make a deposit via MyFXGlobe dashboard. You can also withdraw your funds by completing a withdrawal request via MyFXGlobe dashboard. You may withdraw funds at any time. FXGlobe complies with all relevant regulatory requirements and as such all withdrawals are processed within 24 hours. Please note that funds can take longer to reach you depending on your withdrawal method. The withdrawal time can vary depending on the payment provider and method. Bank transfers may take a few business days to clear whilst some methods can be instant. You can only withdraw your money via the method you used when making a deposit.
Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. FXGlobe does not allow deposits made by a third-party credit card. If you’ve made a withdrawal, it will be credited to the card used when making a deposit. Your account name and the name appearing on the credit card must be the same.
FXGlobe Review: Account Opening
You can start trading online with FXGlobe in just a few minutes. There is a short online application form to open a live trading account. You will be asked to submit your documentation during the registration process:
- A copy of your passport/ID, including your photo in color showing; full name, date of birth, passport/ID expiration date and passport/ID number
- A utility bill showing your full name and full address
- A copy of your credit card with only the last 4 digits showing, clearly stating your full name and the card expiration date
FXGlobe is a regulated forex broker and are required by law to confirm the identity of all their traders. Once the accounts team have verified your account, you will be able to fund it using any of the convenient account funding methods and you can then commence trading online.
FXGlobe Review: Conclusion
FXGlobe is a regulated trading broker with a simple offering including a modest selection of tradeable assets. The MT4 platform is easy to use thus making it an option for beginners whilst still having enough advanced functionality to satisfy the more experienced traders. The broker has a good selection of convenient account funding options and account types to suit different trading strategies.
However, the brokers spreads are not the lowest and the non-FX currency pair offering is limited when compared to some of the best online brokers. Furthermore, they do not have many educational materials or standalone trading tools to assist traders. Some traders would like to see daily market analysis which is not provided. The broker would also benefit from adding a live chat feature on their website and also by extending regulation to beyond CySEC.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing you money.