FXGlory Review 2020
FXGlory is an offshore broker offering online forex and CFD trading. They provide the MT4 platform with fixed spread accounts and multiple payment options. However, this broker is unregulated with a very limited amount of trading instruments. It is advised to take extra caution if you are considering FXGlory especially when there are so many other regulated brokers to choose from.
FXGlory Review 2020, Pros & Cons
- Swap free accounts
- Fixed spread accounts
- A deposit of $1 is required to start live trading
- Multiple account funding options
- 24/7 client support desk
- Limited trading instruments
- Limited trading platforms
- No ECN execution model
- No variable spread accounts
In this detailed FXGlory 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.
FXGlory 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 FXGlory.
FXGlory Review: Summary
Founded in 2011 with a mission to provide online forex trading to clients across the globe, FXGlory is an online brokerage firm that offer forex and CFDs for trading on the MT4 platform. Its head office is in United Arab Emirates (UAE) but it has offices in St. Vincent and the Grenadines and Malaysia. The broker also has support offices in UK, Switzerland and Cyprus.
FXGlory offers high leverage, no commissions and swift executions on the popular MT4 trading platform. Most of the management team members are professional traders who understand what a trader needs. Hence, the mission of the company is to satisfy the needs of all clients and partners. However, it should be noted that they do apply a mark up to the spread and trading on high leverage can be very dangerous.
FXGlory offers both instant and market executions on multiple trading instruments. They accept multiple payment options and offer some trading tools useful to the average retail trader.
FXGlory Review: Regulation
FXGlory is registered in St. Vincent and the Grenadines with the reg. no: 23463. The broker provides no regulatory information on its website. The broker states that it was established in the Department of Economic Development of the U.A.E.
FXGlory states that all clients’ funds are maintained in separate bank accounts which are completely different from its own funds. The company states that they do not use client funds for its own operations. Without regulation this cannot be verified.
The trading environments as well as the broker website are encrypted using a 256-bit Secured Socket Layer (SSL) technology. This technology ensures that all user data are encoded before it is transmitted to the servers via the internet. The reason is to ensure a digitally safe transaction environment for all clients.
FXGlory asserts that it is committed to the Anti-Money Laundering Committee (AMLC) instructions in order to assist governments to prevent money laundering and terrorism financing. So, the broker has implemented the policies stipulated by the AMLC. One of the rules is customer verification through ‘Know Your Customer’ (KYC) procedures. FXGlory verifies the identity of all clients through ‘proof of identity’ and ‘proof of address.’ Before a withdrawal request is approved, the client must have completed KYC verifications by uploading a valid government issued ID card and a utility bill.
FXGlory regulation is not the greatest and you should do your own due diligence on all brokers and proceed with caution when the regulation if not established. There are many other online brokers to choose from with a better reputation and stronger regulations in place to protect traders and the funds that they invest to trade through an online broker.
FXGlory Review: Countries
FXGlory provides no information on restricted regions or countries. Some FXGlory broker features and products mentioned within this FXGlory review may not be available to traders from specific countries due to legal restrictions.
FXGlory Review: Trading Platforms
MetaTrader 4 (MT4) Desktop Trading Platform
MT4 is one of the most widely used trading platforms in the world of online forex and CFD trading. It is a complete trading platform that is simple enough for new traders, yet, has enough advanced functionality for professionals and expert traders. It is replete with analytical and trading tools needed to analyse and trade the financial markets. It also has the tools needed to create and use automated programs that scan the markets, then enter and exit positions based on preconfigured parameters – known as expert advisors (EAs). The FXGlory MT4 desktop software is downloadable on a Windows computer/laptop.
Here are some of the MT4 platforms primary features:
- Customisable windows, charts, layouts, quotes and strategy templates.
- Secured and reliable platform protected by a 128-bit SSL encryption.
- Supports the deployment of expert advisors (EAs) which automate trading activities.
- Advanced charting using 9 timeframes, technical indicators and drawing tools.
- Available in over 35 languages.
- Multiple order types including market orders, 4 pending order types, risk management using Stop Loss, Take profit, etc.
FXGlory also provides the WebTrader version of MT4. This runs on most modern web browsers and can be accessed directly from the website. The WebTrader MT4 accounts integrate with the desktop and mobile versions of the platform. No downloads or installations are required and it runs on all devices and on all operating systems. The WebTrader platform maintains most of the same features as the desktop version of the MT4.
MT4 Mobile Trading Platform
FXGlory provides the mobile version of the MT4 to all its clients who own smart phones. This version is available as mobile apps developed for Android and iOS devices. The apps are freely available for download on the FXGlory website and on the relevant app stores.
Here are some features of the MT4 mobile apps:
- Live quotes of all trading instruments which can be customised to show only your favourite assets.
- Supports all order types including pending orders, stop loss, take profit, etc.
- Real-time zooming, scrolling and analyses of charts on up to 9 timeframes.
- 30 inbuilt technical indicators and over 20 analytical tools.
- Simple and intuitive app interface with customisable charts, layouts, colours, and price alerts, etc.
FXGlory Review: Trading Tools
Virtual Private Server (VPS)
A VPS is normally required by traders who need stable, high quality and reliable internet connection to the trading servers. It is often demanded by advanced traders who use complex trading systems, Expert Advisors (EAs), etc. A VPS can run trading platform 24/7 remotely without the user needing their own computer switched on. The FXGlory VPS is provided at no cost to traders with a minimum balance of $1,000. The VIP VPS service has better hardware configuration and it is only for clients with an account balance of $5,000 and above.
This calculator is used to calculate the amount required to open a position when the user has selected an asset, leverage and lot size.
This section of the website gives a frequently updated economic news and market analysis on some selected assets, primarily forex currency pairs.
FXGlory Review: Education
There are a few articles written for beginner traders. The articles are aimed at introducing forex trading to a novice. The FXGlory Knowledge base is available in 6 languages; English, Russian, Italian, German, Arabic and Greek. It consists of articles and eBooks that teach newbies how to trade. It also contains forex market ‘Frequently asked questions’ (FAQs) and their answers. The knowledgebase also has a glossary of over 180 trading terminologies and their meanings.
FXGlory Review: Trading Instruments
FXGlory offers about 34 currency pairs which are made up of the major, minor and exotic pairs. The other tradable instruments are: 2 futures and metal assets. This is a very limited asset range compared to most other online brokers. Even for a dedicated forex broker, the fx pairs are limited.
FXGlory Review: Trading Accounts & Fees
For all accounts, only fixed spreads are available. The trading fees are incorporated into the spread. No commissions are charged but the spreads will be marked up and thus higher than most other brokers.
- Standard Account: The fixed spread starts from 2 pips while a minimum deposit of $1 is required to open this account. The maximum leverage is 1:3000.
- Premium Account: A deposit of $1,000 is needed to open this account. The maximum leverage is 1:2000 and the minimum lot size is 0.10.
- VIP Account: $5,000 is required to activate a VIP account. The maximum leverage is 1:300 and the fixed spreads start from 0.7 pips. The leverage is capped at 1:300 and premium VPS is available to account holders.
- CIP Account: The minimum deposit required is $50,000 and the spreads start from 0.1 pips. The leverage is limited to 1:50.
As broker fees can vary and change, there may be additional fees that are not listed in this FXGlory review. It is imperative to ensure that you check and understand all of the latest information before you open a FXGlory broker account for online trading.
FXGlory Review: Customer Service
FXGlory customer support team operates from 6 locations; Dubai, SVG, Malaysia, Cyprus, UK and Switzerland. Each of these support centres has their own contact email addresses and phone numbers. The support team can also be reached through instant web chat and a form on the ‘support page’ of the website. On social media, FXGlory is on Facebook, Twitter, LinkedIn, Reddit, Vimeo, YouTube, Flickr, Pinterest and Digg.
FXGlory Review: Deposit & Withdrawal
In compliance with the AMLC directives, FXGlory do not accept cash deposits. All clients’ money transactions are properly documented. The following payment options are accepted:
- Credit/Debit Cards: Visa, Mastercard and American Express cards are accepted for payments and withdrawals. The minimum deposit is $50 while the minimum withdrawal is $10. The withdrawal fee is 5%.
- Bank Wire transfer: The minimum deposit and withdrawal is $500. There are no deposit fees but a withdrawal fee of 9% is charged.
- Online Payments: Payza, Skrill, OKPAY, WebMoney, Sticpay and Perfect Money payments are accepted. The minimum deposit is $1 while the minimum withdrawal is $5. There are no deposit fees but the withdrawal fee is $3.
- PayPal: The minimum deposit is $50 and the minimum withdrawal is $10. There are no deposit fees while the withdrawal commission is 9%.
- Neteller: The minimum deposit is $2 while the withdrawal is $5. The commission is $3 + 4% for withdrawals less than $50 and 4% for withdrawals greater than $50.
- Cryptocurrencies: The cryptos accepted are Bitcoin, Ethereum, Litecoin and Ripple. The minimum deposit is an equivalent of $1 while the withdrawal is $5. Up to 10% discount is offered to clients on conversion of USD to cryptos. For withdrawals, the commission is 0-10%.
FXGlory Review: Account Opening
It takes a few minutes to open an account and start trading with FXGlory. To open a live account, visit the website. From the menu bar, navigate to ‘For Traders’ >> Open a Real Account. Fill the form that displays.
After filling in the personal and account details required, click ‘Register’. Immediately, an activation email is sent to the registered email. Check your email and click on the link provided. On successful email verification, another email containing the MT4 account login details as well as the clients’ cabinet login details are received. From the clients’ cabinet area, you can create more accounts, make deposits, download platforms, get support and completely manage your brokerage accounts.
FXGlory Review: Conclusion
FXGlory is an offshore broker with limited regulations that would put off most online traders. The very high leverage is also dangerous. Whilst all accounts are swap free and no commissions are charged on trades, the spreads are very high as they are marked up to cover broker costs.
The provided MT4 platform is full of trading tools and is standard in the online trading industry. All traders are welcome with any type of trading strategy, including hedging and automated trading. A free VPS is provided for high volume traders who maintain a minimum of $1,000 account balance. Daily technical analysis is also provided from the in-house experts.
When compared to other brokers, FXGlory provide a very restricted number of tradeable assets. The broker offers less than 50 trading instruments when competing brokers offer over 10,000 tradable assets. The training materials provided are also insufficient to completely train a new trader. There are no training videos, no webinars and no structured academic courses.
The regulatory status of FXGlory is undefined, hence the assumption that the broker is unregulated. This is not good as all traders are generally advised to avoid unregulated brokers. You should apply caution when trading with this broker in our opinion.
Forex trading entails high risks and is not suitable for all traders/investors. Before making any investment or entering into any transaction, investors should carefully consider their investment goals and the level of risk they are willing to assume. They might lose part or all of their initial investment. Therefore, they should only invest risk capital in order to avoid compromising their personal financial status.