FXGlory Review 2023
One of the most respected brokers in the Forex market, FXGlory combines flexibility and ease of use with remarkable professionalism. It offers cutting-edge trading tools, trustworthy trade execution, great leverage, and high-quality services, which makes it an exciting broker to try out.
In this post, we reviewed the company’s brokerage services, examining its regulations, platforms, global access, registration, account options, leverage, trading fees, customer support, education, and reputation.
Regulation and Security
Founded in 2011, FXGlorystrives to provide clients with high-class services and a reliable and accessible environment using modern technologies.
FXGlory was initially established in the Department of Economic Development of the UAE. After one year of experience in Asia, FXGlory opened its new branches in some European countries. The broker recently established and registered a new office in Saint Vincent and the Grenadines with registration number: 23463. The broker is working to gain regulation by tier-1 UK and European regulators.
In fact, the identity of FXGlory Ltd at Tbilisi GE has been verified by Geo Trust Extended Validation SSL CA. The HTTPS data encryption protocol used in the clients’ profiles makes data transfers between the client and the server secure. It also excludes any acts of the client’s personal data interception.
The broker also uses other safeguards such as firewalls, authentication systems (e.g., passwords and personal identification numbers), and access control mechanisms to control unauthorized access to systems and data. The company restricts access to information at its offices so that only officers and employees who need to know the information can access it.
Negative Balance Protection
This is a safety mechanism to ensure no client is responsible for paying back a negative balance when margin calls and stop-outs do not function correctly. With this, you can’t lose more than you invested and won’t end up owing the broker.
FXGloryis committed to assisting governments in combating the threat of money laundering and terrorist financing activities worldwide. The broker has set up a highly sophisticated electronic system for that purpose. The movement of funds derived from criminal activities will be prohibited by preventing money laundering. This will, in turn, restrict the available funds used for illegal activities.
For security reasons, the broker does not accept cash deposits or pay out cash under any circumstances. It does not accept third-party payments.
Is FXGlory available worldwide?
FXGlory is a global online broker founded in Dubai in 2011, and over the years, it has opened branches in Malaysia, Switzerland, Cyprus, the UK, and Saint Vincent and the Grenadines. FXGlory is restricted to residents of the following countries Georgia, Bangladesh, Indonesia, North Korea, Syria, Sudan, Iran, Nigeria, and some other countries which are under UN sanctions.
FXGlory provides traders with the full suite of an industry-leading trading platform to help them get the most out of their trades. The available trading platforms at FXGlory include the following:
FXGlory provides traders with the high-performing MetaTrader 4 trading platform. The trading platform combines a user-friendly interface with many powerful functions. There are nine timeframes available for each financial instrument for a detailed analysis of quote dynamics. More than 50 built-in indicators and tools help simplify the analysis, enabling it to determine trends, define various shapes, determine entry and exit points, etc.
MetaTrader 4 also gives traders access to advanced custom-made chart templates to make appropriate decisions and take the lead in the forex market. It provides the necessary tools and resources to analyze the price dynamics of financial instruments, carry out transactions, and create and use automated trading programs (Expert Advisors).
In addition to the desktop version, the MT4 trading platform is available in a web-based version. The MT4 web trader is an online trading platform for trading directly through a browser without installing an application on your computer. It provides traders with a convenient, comfortable trading environment, and powerful features to enable them to trade professionally.
With Fxglory web-based platform, you will have access to different features such as depositing and withdrawing funds, opening and closing positions, and viewing your trade history.
The broker also offers the mobile version of the MT4 trading platform, which can be used on iPhones, iPad, Android, or Windows system devices. You can easily download the apps from the relevant app stores to access your trading accounts and check trading positions on the go.
Mobile trading allows you to manage your accounts from portable devices like smartphones and tablet PCs. With this MetaTrader 4 mobile trading, you have a great variety of analytical options and execution tools to place and monitor your trades from anywhere.
Using mobile terminals in trading offers a convenient way to keep up with your accounts when you don’t have access to a desktop computer. Wherever you are, you can keep abreast with the market’s latest developments, analyze them and perform trading operations at any time.
Other trading tools
The broker also provides traders with some other helpful trading tools, including the following:
The economic calendar shows a real-time forecast of market-moving news events. It is an important tool for trading in the Forex market. Successful traders use this tool to choose the optimum trading time and to develop strategies based on market-moving news and macroeconomic indices from different countries. With the economic calendar, Fxglory clients will always make their trading on the Forex market more deliberate and successful.
The broker provides traders with a margin calculator. The margin calculator can be used to evaluate the margin requirements of a position according to the given leverage and account base currency, both in trade and account currency.
FXGlory has integrated a one-click trading function in MetaTrader 4. It simplifies the trading process and noticeably reduces the time it takes to open a trade. You can open and close orders, set Stop Loss and Take Profit levels, and place pending orders only with a simple mouse click. This way, you can enter the market rapidly and get the price you want without waiting.
FXGlory strives to satisfy the needs of different clients; therefore, it provides clients with three live trading account options. The accounts vary in lot sizes, minimum deposit amounts, and other features. While choosing the account that suits you best, you have to consider different points, including the amount of your investment, risk tolerance, and more.
The available live trading account options at FXGlory include the following:
This is the broker’s primary account option; before Fxglory introduced its various account types, all accounts were considered Standard accounts. It has a minimum lot size of 0.01 lots and a leverage that is capped at 1:3000. The main advantage of this type of account is its universality and fixed spread. The Standard account has a minimum deposit of $1.
The Premium account has a minimum deposit requirement of $1,000. It allows clients to trade multiple financial instruments on the MT4 trading platform. It has spreads that start from 2 pips, but charges zero commission fees on all trades. There is a leverage of up to 1:2,000. The Premium account offers bonuses of up to $1,000.
The VIP account is one of the broker’s advanced live trading account options. The account has a minimum deposit of $5,000. It has a maximum leverage of 1:300 and tight spreads starting from 0.7 pips. The main advantages of this type of account are fixed and lower spreads, free VPS, bonuses, and many other features.
The CIP account is a more advanced live trading account option that is designed specifically for traders with deep pockets. The account comes with a minimum deposit requirement of $50,000. It offers tight spreads as low as 0.1 pips. The maximum leverage is 1:50.
The broker provides traders with a Swap-free account. Muslim traders who don’t want to pay or receive swap fees can open a swap-free Standard account.
To open a trading account with FXGlory, click the “Open Live Account” button on the homepage of the broker’s website. You will be directed to the online application page, where you will be required to key in your name; provide your email, phone number, and date of birth; and create a password, as you can see in the form below:
After completing the form, click the “Register” button to submit. The broker will require you to submit your means of identification (a government-issued ID) and proof of address (a utility bill or bank statement not more than three months old) to verify your account.
Deposit and Withdrawals
FXGloryallows traders to deposit and withdraw funds, to and from their online trading accounts, using the following secure payment options: Wire Transfer (Local and International), Credit Debit Card, Skrill, SticPay, American Express, Perfect Money, Neteller, PayPal, and more.
Due to anti-money laundering regulations worldwide, deposits and withdrawals must be made by the same person as the trading account holder. No third-party payments are allowed.
The transaction fees vary with the payment methods, and some of the methods may not be available in your particular country. You may have to contact the support team for more details.
FXGloryhas a limited selection of trading instruments. Clients can trade up to 34 currency pairs, a few cryptocurrencies, and some commodities using the available trading accounts.
Commissions and Fees
FXGlory charges zero commission on most live trading account types. The spread varies from one account to the other: the Standard and Premium accounts have spreads from 2 pips. The VIP account has low spreads from 0.7 pips. The CIP account offers tight spreads as low as 0.1 pips but may also charge trading commissions.
Leverage enables you to increase your position size by borrowing from the broker, but while it helps you increase your potential profits, it can also magnify losses if misused. FXGlory offers a leverage of up to 1:3000.
Analysis and Education
To help traders make informed trading decisions, the broker makes a good selection of educational resources available on its website. The available educational resources include learning articles, trading guides, ebooks, and market news that keeps traders up-to-date with the latest happenings in the financial markets.
FXGlory provides clients with a responsive client support team that can respond to their general, technical, and account-based inquiries. The support team can be reached via various contact channels, including live chat, email, callback form, and telephone.
Can beginners trade with FXGlory?
Beginners can easily trade with FXGlory since the broker provides training resources and offers a demo account to help new traders familiarize themselves with its trading platforms. Moreover, a minimum deposit of $1 is good for beginners who would want to test the waters with a small amount.
FXGlory is an experienced broker, having been in operation since 2011. The broker offers the popular MT4 trading platform with a suite of useful trading tools and provides traders with various educational resources. Its minimum deposit of $1, zero commission charges, multiple account options, high leverage, and automated trading make it appealing to many traders. However, the broker is not yet regulated by any tier-1 financial regulator.