FxGlory is an offshore forex broker offering stocks, commodities, indices and currencies since 2011. FXGlory offers the MT4 platform and is unregulated.
|#||Broker's Features||FXGLORY Availability|
|#||Accepts US traders||✔|
|#||24 hour trading||✔|
|#||Trading by phone||✔|
|#||1st deposit bonus||❌|
|#||Forex contests competitions||✔|
|#||Interest charges on the balance||❌|
|#||24 hour support||✔|
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review FxGlory.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. FxGlory offers Online Financial Trading and Investment Services Such as N/A.
Tradable Products: Offers a modest selection of 24 currency pairs, although on their website they claim to offer a lot more.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. FxGlory is STP.
Features: Offers fixed spreads and high leverage ratio. Broker also offers VPS for 24 hour automated trading accessibility.
FxGlory allows you to execute a minimum trade of 0.01. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As FxGlory offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades.
Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. FxGlory recommended minimum capital is $1.
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. FxGlory is regulated by IFSA. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Investor Protection & Regulations: Does not have any kind of regulatory oversight or offer any form of investor protection. Maintains segregated accounts and uses 256 bit encryption for security.
Account currencies: Next lets consider the Account currencies each broker offers. FxGlory offers USD different account currencies for each account types.
Account Openning: 3 types of trading account offered with a low minimum deposit requirement, Standard with $1 minimum deposit requirement and 1:30000 leverage ratio, Premium with $1000 deposit and 1:2000 leverage and VIP and VIP for 1:300 leverage. There is also a demo account.
FxGlory offers a demo account for practicing trading skills and get familiar with the broker’s trading platform.
Languages Available: Next lets have a look at each broker's different Language options. FxGlory offers English.
Payment methods: Next lets have a look at each broker's payment options. FxGlory offers PayPal, Credit/Debit Cards, Skrill, OKPAY,Payza, Netelle different payment methods for each account types.
Deposit and withdrawal: Supports wire transfers, credit cards, e-wallets and cryptocurrency wallets, with commission free deposits. Also accepts deposits in cryptocurrencies. Withdrawal requests are processed within 24 hours and are free except for wire transfer.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, FxGlory makes MT4, WebTrader available to clients.
Web & Desktop Trading Platforms: Supports the MT4 platform through download client, WebTrader and mobile app. Trade, manage your account, use Expert Advisors and stay on top of market movements.
Mobile Trading Platforms: Mobile MT4 app available for both Android and iOS. You can trade and read the news on these generic MT4 apps.
Educational resources are limited to basic articles, a glossary and an FAQ section.
Offers a 50% bonus for every deposit which is added automatically to your account, It’s important to note that you will have to reach a certain trading volume before you can withdraw it.
FXGlory support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian. Live chat is also available and the support staff are polite and responsive.
Overall, the broker offers reasonable and competitive trading conditions on the range of trading instruments, yet with an extreme level of leverage up to 1:3000 and binary options that are also very controversial. That level of leverage is considered to be a very risky one since the capital is traded at significant risk while the opportunities and losses are multiplied timely.
We advise all investors and traders to avoid FXGLory and other brokers from St. Vincent and the Grenadines.
Apart from the numerous negative reviews and complaints from the traders which had an experience with FXGlory, the company was detected for scam operations that obviously showed cases with withdrawal delays, or ignorance of the clients, as well as the market price violations. In addition, CONSOB issued a warning against the FXGLory.