FXGlory Information
Fxglory is an online broker founded in 2010 that provides trading in forex currency pairs, precious metals, and oil with leverage up to 1:3000 via the MT4 and MT5 trading platforms. Demo accounts are available and the minimum deposit requirement is as low as 1 USD. However, Fxglory is not authorized or regulated by any regulatory authority.
Pros & Cons
Is FXGlory Safe or Scam?
FXGlory's claims of offering client fund segregation, SSL encryption, advanced risk management, regular audits, and transparency, as well as various security measures such as two-factor authentication, penetration testing, and real-time monitoring, suggest a commitment to security and client protection.
However, it's important to note that FXGlory is an offshore broker and is not regulated by any reputable financial authority. This lack of regulation raises concerns about the safety of funds and the level of oversight the broker operates under. Traders should exercise caution and thoroughly research the broker before engaging in any trading activities. It is advisable to choose brokers that are regulated by recognized authorities to ensure a higher level of safety and accountability.
Market Instruments
FXGlory only offers trading in currency pairs, precious metals, and oil. Other popular trading assets like indices, stocks, cryptocurrencies are not available.
Account Types
FXGlory offers four live account types to cater to the varying needs of traders. The Standard account is designed for beginners or those who prefer to start with a smaller initial deposit. It has a minimum deposit requirement of only $1, making it accessible to traders with limited capital. The Standard account provides access to all the basic features and trading instruments offered by FXGlory.
For traders who are ready to invest more, the Premium account requires a minimum deposit of $1,000. This account type offers additional benefits such as lower spreads and access to exclusive trading tools and resources. The Premium account is suitable for intermediate traders who seek enhanced trading conditions and a more personalized trading experience.
The VIP account is designed for high-volume traders or experienced professionals. It requires a minimum deposit of $5,000 and offers even tighter spreads, faster execution speeds, and dedicated customer support. VIP account holders also enjoy priority access to new features and promotions.
FXGlory also offers a CIP (Capital Investment Program) account for institutional or high-net-worth individuals. This account requires a substantial minimum deposit of $50,000 and provides custom-tailored trading conditions, including personalized risk management strategies and dedicated account managers.
Additionally, FXGlory offers demo accounts for traders to practice their strategies and familiarize themselves with the trading platforms without risking real money. Swap-free (Islamic) accounts are also available for clients who adhere to Sharia principles.
Leverage
FXGlory offers different leverage levels based on the type of trading account.
It's important to note that while higher leverage can amplify potential profits, it also increases the risk of significant losses. Traders should carefully consider their risk tolerance and trading strategies when deciding on the appropriate leverage level to use.
Spreads & Commissions
FXGlory offers spreads across its different account types. For the Standard and Premium accounts, the spread starts from 2 pips. This spread is higher than the industry average of 1.5 pips.
The VIP account offers tighter spreads, starting from 0.7 pips. This lower spread allows traders to benefit from more competitive pricing and potentially reduce trading costs. Traders using the VIP account can take advantage of narrower spreads, which can be particularly beneficial for frequent traders or those executing larger trade volumes.
For the CIP account, FXGlory offers even tighter spreads, starting from 0.1 pips. This account type is specifically designed for institutional or high-net-worth individuals, and the lower spreads reflect the advantages and privileges provided to this category of traders.
Also, spreads vary on the trading instrument. More specific information can be found in the below screenshot.
One notable feature of FXGlory is that it does not charge any commission for forex trading on any of its four account types. This means that traders can focus on trading without worrying about additional commission costs, which can be particularly appealing for those who prefer commission-free trading.
Trading Platforms
FXGlory provides traders with the widely recognized MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.
Trading Tools
FXGlory provides traders with a range of useful trading tools. One of these tools is the Economic Calendar, which displays important economic events, news releases, and indicators that can impact the financial markets. Traders can use the Economic Calendar to stay updated on upcoming events and plan their trading strategies accordingly, as well as monitor the market reactions to economic data releases.
Another valuable tool offered by FXGlory is the Margin Calculator. This tool helps traders calculate the required margin for their trades based on their desired leverage, trade size, and currency pair.
FXGlory also offers the convenience of One-Click Trading, which allows traders to execute trades with a single click of a button. This feature is particularly useful for traders who need to enter or exit positions quickly, as it eliminates the need to manually confirm trade orders.
Deposits & Withdrawals
FXGlory offers a wide range of convenient deposit and withdrawal methods. Traders can choose from various options such as SticPay, American Express, Perfect Money, Cryptocurrencies including Ripple, Litecoin, Ethereum, and Bitcoin, EPay, WebMoney, MasterCard, Visa, Wire Transfer, Skrill, NETELLER, and PayPal, among others.
FXGlory minimum deposit vs other brokers
One of the advantages of FXGlory is that it does not charge any deposit fees, allowing traders to fund their accounts without incurring additional costs. However, withdrawal fees may vary depending on the chosen withdrawal method. Traders should review the fees associated with each method before initiating a withdrawal.
To comply with anti-money laundering regulations and ensure the security of funds, FXGlory requires that the withdrawal method be the same as the deposit method. This helps to prevent any potential fraudulent activity and ensures that funds are returned to the same source from which they were deposited.
Withdrawals at FXGlory are processed by the Finance department from Monday to Friday. The processing time for withdrawals may vary depending on the chosen withdrawal method, typically ranging from 1 to 10 business days.
Education
FXGlory offers a Knowledgebase and Glossary for traders.
The Knowledgebase provides a comprehensive collection of articles and guides covering various aspects of trading, including fundamental and technical analysis, risk management, trading strategies, and more.
The Glossary serves as a valuable tool for traders to familiarize themselves with industry-specific terms and terminology. It provides definitions and explanations for key terms commonly used in trading.
Customer Service
Clients with any inquiry can get in touch with Fxglory 24/7 through various channels, including live chat, phone support, email, and online messaging. More detailed contact information can be found in the below screenshots or you can directly search on the brokers website.
Conclusion
As a whole, FXGlory is a brokerage that offers multiple account options, high leverage ratios, and low minimum deposit. The availability of MT4/5 and convenient deposit/withdrawal methods adds to the convenience for clients. However, it's crucial to consider the fact that FXGlory operates as an unregulated broker, which introduces potential risks. There have been reports of difficulties with withdrawals raises concerns about the safety of client funds. Traders should exercise caution and thoroughly evaluate the associated risks before engaging in trading activities with FXGlory.
Frequently Asked Questions (FAQs)
Is FXGlory a regulated broker?
No. It has been verified that this broker currently has no valid regulation.
Does FXGlory offer demo accounts?
Yes.
Does FXGlory offer the industry leading MT4 & MT5?
Yes. Both MT4 and MT5 are available.
What is the minimum deposit to get started with FXGlory?
The minimum initial deposit to open an account is 1 USD for MT4, while 100 USD for MT5.
Is FXGlory suitable for beginner traders?
No. It is not a good choice for beginners. Though it advertises well, it lacks valid regulation.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
FX4164477099
Hong Kong
I applied for a withdrawal of USD 6290 (account balance: USD 6296.76) on November 19, 2021, but received a reply from FXGlory on November 22 that the account cannot be withdrawn due to insufficient funds. Then, I logged in my account and found that all funds had been removed and the account balance was 0. Then, I sent an email to ask FXGlory what happened and they replied that I had conducted some illegal transactions so they removed my funds. Actually, I just made normal foreign exchange transactions and now I just want to get back the funds in my account.
Exposure
2021-11-24
Talal Baig68948
Pakistan
I have account in FxGlory number 46321. I made deposit 1000$ use Skrill 24 november 2017.After some time and made a profit of $2334. 8 december i made request withdrawal my profit 2334$. But Fxglory rejected my request and canceled all my profit 2334$.They told me I broke rule 4.12.I believe they cancelled my profit is illegal and just return my initial deposit 1000$. Also before that I had another account in my FXglory profile. On that account, I had previously done a completely identical.
Exposure
2021-10-07
FX3517856271
Philippines
Just wanted to warn people for this broker. There are already tons of warning on other websites but I didn't find anything here so I thought I make a post. They are based in the country Georgia but their website say that they are "regulated". Lost thousands of dollars on this broker. Many more people have lost more.-Requotes - 23 times requote in a row resulting in massive loss for me at one time -SL not respected. Sometimes more than 5 to 10 times. -You can't scalp or trade during any "important" news or high volatility. The market has to be stable as they call it. They will and they do remove any profits made from any trades open during any important news announcement.
Exposure
2021-09-15
Earzh Narathorn
Spain
The leverage is crazy high, makes me worried about losing money. Risky AF. But the demo account helps me practice.
Neutral
2024-07-30
fengAAA
Philippines
FXGlory offers a unique trading experience laden with ups and downs. They really nailed their crypto deposit system with unmatched speed. Beware though, withdrawal fees stand at a staggering 9% - something to think about. Customer service efforts deserve a shout-out for their commitment and genuine help. Always stay informed!
Neutral
2024-04-19
Marko.P
United States
however, I myself would rather not use so much leverage. You know, it simply doesn't sit right with me. Although the speed of execution is respectable, I must admit that the withdrawal procedure for card transactions can occasionally be a nuisance. You won't believe it, but they don't even provide Paypal. A real bummer. Oh, and to all the scalpers out there: they don't allow that, so this might not be your playground.
Neutral
2023-05-15
搭UFO去旅行
Singapore
Maximum leverage up to 1:3000, 50% deposit bonus, minimum deposit of $1, attracted me to step into a trading journey scattered with losses. So, advice from me: never trade with unregulated brokers, never believe brokers’ promise easily.
Neutral
2023-02-16
FX1061914763
Philippines
One of my friend recommend this platform to me. He said he was impressed by this platform’s generous leverage, deposit bonus, low entry threshold… But I checked out this broker’s regulatory details, disappointingly to find that this broker is totally unregulated! This makes me feel extremely unsafe, I’d better choose some well-regulated ones.
Neutral
2022-11-28
Nate J
United Kingdom
Great customer service and a good deposit bonus but the downside is that it’s not a welcome bonus.
Positive
2023-12-12
Reginald
United Kingdom
Excellent market analysis and helpful customer support. recommend.
Positive
2023-08-27
Callagun
Australia
Been using Fxglory for a while now. Customer service's pretty good, but withdrawals could be faster and spreads lower. They've got deposit bonuses and crypto discounts, which is great. Website's a bit old-fashioned though.
Positive
2023-06-15
HarryL
United States
This broker is a good choice for traders of all backgrounds and goals. They offer a wide range of assets to trade, a comfortable trading platform, and favorable trading conditions, making them a reliable partner in the market.
Positive
2023-05-19
Marko.P
United States
Hello, everybody! Just wanted to add my voice regarding this broker I joined about six mnths ago. They were suggested to me by a friend who has been rocking out for more than 3 yrs with them. Gotta admit, they have their positive and negative aspects, just like any other broker out there. If that's your thing, they have some extremely high leverage options and provide some pretty fantastic bonuses and discounts.
Positive
2023-05-15
Grace751
United States
I recommend FxGlory to anyone looking for a reliable and trustworthy broker. Their fast execution and low spreads have helped me increase my profits, but their platform can be a bit slow at times. Overall, a good broker.
Positive
2023-03-24
Patricia1987
United States
The execution speed at Fxglory is really impressive - trades are processed quickly and efficiently. I love the range of trading instruments available on their platform, but the withdrawal fee can be a bit high at times.
Positive
2023-03-03
Vince2953
United States
I'm really satisfied with the service this broker offers. The demo account and the education in the FAQ are really helpful, I just started with that and recommend it to everyone. the minimum deposit allows everyone to try this broker and the leverage is unbelievable! 1:3000.
Positive
2023-02-05
Sean8942
United States
I liked the levrage and the discount on crypto deposit. All is good as of now.
Positive
2023-01-13