Position in Rating | Overall Rating | Trading Terminals |
76th  | 3.8 Overall Rating |  |
FXGlory Review
FXGlory is an international options and forex broker that allows traders to make trades in various markets with low spreads, lightning-fast executions, and multiple trading platforms. Since its launch in 2011, FXGlory has grown to become one of the most used trading platforms in the world, with over 5 million traders and counting.
This broker offers IB (Introducing Broker) and White Label plans to ensure that its clients and partners have solid structures in place for their collaboration. Furthermore, with several trading instruments like forex and currency pairs, precious metals, oil, etc., as well as several trading platforms, FXGlory gives traders a good degree of diversification.
In this FXGlory review, we will dive deep into this broker, discussing its features, trading platforms, fees and commissions, spreads, customer reviews, account types, and more. In addition, we ensure that this broker meets our standard evaluation criteria to help you make an informed decision about your trading partner.
What is FXGlory?
FXGlory, originally based out of the Department of Economic Development in UAE, continues to expand its footprint worldwide. Established in 2011, FXGlory Group Ltd made its mark with headquarters in Dubai. The company has since extended its reach to Malaysia, Cyprus, Spain, and the UK, most recently opening an office in Saint Vincent and the Grenadines.
To provide traders with a more advantageous online trading experience, FXGlory was established by financial professionals specializing in leverage investments with no commissions and lightning-fast trades on the MetaTrader 4 platform. FXGlory provides various services such as forex and currency pairs, precious metals, oil, and natural gas. Besides that, traders can also trade shares of well-known brands like Mcdonald's, Walt Disney, and Coca-Cola.
Moreover, traders can gain the advantage of lucrative and convenient trading conditions with a variety of tools designed to help them make informed decisions. From margin calculators and Fibonacci calculators to currency converters and charts, this established platform provides unparalleled access to real-time market news that will undoubtedly increase your potential profits.
Advantages and Disadvantages of Trading with FXGlory
Advantages
DisadvantagesBenefits of Trading with FXGlory
FXGlory offers the exceptional MetaTrader 4 (MT4) platform and an easy-to-use WebTrader option. MT4 has long been praised for its accessibility, powerful features, and personalization options — perfect for newbies just starting in trading yet robust enough to meet the needs of seasoned professionals too.
In addition, this broker offers 3 charting options that provide data analysis, the ability to customize orders and indicators, as well as comprehensive analytical tools. With FXGlory’s risk management tool, traders can hedge their positions and protect themselves from large losses. The presence of several technical indicators and customized indicators is also beneficial for traders.
Moreover, FXGlory offers a 50% bonus on each deposit and a free-of-charge remote VPS server to provide an optimal trading environment. The broker also provides 24/7 customer support and a wide range of deposit options such as debit/credit cards, eWallets, cryptocurrencies, and instant and non-instant payment methods.
FXGlory Pros and Cons
Pros
- Low deposit fee
- High leverage
- Risk management tools and Fibonacci calculators
Cons
- Limited trading instruments
- No educational content or research tools
- No scalping trading rules
FXGlory Customer Reviews
Our team of experts has looked deep into the customer reviews to understand what traders are saying about FXGlory. Our analysis shows that they have a good reputation in the Forex trading industry. Most clients were satisfied with their trading experience and appreciated the low deposit fee, high leverage, and risk management tools.
Furthermore, they have recently launched a new platform that is much better than the old one. The ticketing system has also been improved to make the customer experience better. Traders also appreciate the fast deposits via cryptocurrencies. However, withdrawals take time on weekends which can be a major issue for traders.
Most customers are satisfied with their trading experience and believe that FXGlory is a good choice for Forex traders. However, we noticed withdrawal issues, so traders should remember that before investing.
FXGlory Spreads, Fees, and Commissions
FXGlory Spreads
FXGlory has 4 accounts, and each account has different spread limits:
- Standard account: from 2 pips
- Premium account: from 2 pips
- VIP account: from 0.7 pips
- CIP account from 0.1 pips
FXGlory Fees
There are no deposit fees; however, withdrawal fees may vary depending on the payment method and account type.
For example, on wire transfers and Paypal, a fee of 9% is charged; for debit/credit cards, the fee is 5%; and for eWallets, it is $3. However, the fee charged depends on the amount you will withdraw.
FXGlory Minimum Deposit Fee
The minimum deposit fee depends on the account type you choose.
- Standard account: $1
- Premium account: $1000
- VIP account: $5000
- CIP account: $50,000
FXGlory Commissions
FXGlory does not charge any commissions on its trading products, making it a great choice for traders who want to save on the cost of trading.
Account Types
FXGlory offers four different types of accounts, and below are the details about each of them:
#1. Standard Account
A standard trading account is best for beginner traders with a minimum deposit fee of $1. With this account, traders can trade the lot size between 0.01 to 1 with a leverage of 1:3000. Moreover, the spreads offered on this account start from 2 pips and the hedged margin of 50%.
- Minimum deposit fee: $1
- Maximum bonus: $500
- Leverage: 1:3000
- Spread: from 2 pips
- Premium VPS: No
#2. Premium Account
The Premium Account has a minimum deposit fee of $1000 and offers more features than the standard account. It is best for experienced traders who want to access advanced features such as a hedged margin of 50%, trading alerts, and more.
- Minimum deposit fee: $1000
- Maximum bonus: $1000
- Leverage: 1:2000
- Spread: from 2 pips
- Premium VPS: No
#3. VIP Account
This account is designed for traders who wish to take large positions. With a minimum deposit of $5,000 and a maximum trade volume of up to 1,000 lots, you'll have access to leverage ratios as high as 1:300.
- Minimum deposit fee: $5000
- Maximum bonus: $2000
- Leverage: 1:300
- Spread: from 0.7 pips
- Premium VPS: Yes
#4. CIP Account
Ideal for institutional investors, this account comes with a minimum deposit of $50,000 and allows up to 5 lots per position at the maximum leverage rate of 1:50.Minimum deposit fee: $50,000.
- Maximum bonus: $0
- Leverage: 1:50
- Spread: from 0.1 pips
- Premium VPS: Yes
Demo Account
FXGlory offers a free demo account which is best for beginner traders who are just starting out. The demo account gives traders access to all the features of the live trading account. This way, traders can practice their strategies and test out different accounts before investing real money in the market.
The demo account also offers live market trading and analysis tools that help traders practice risk management and money management strategies in a simulated environment.
How To Open Your Account?
Below is the step-by-step guide to opening an account on FXGlory:
- First, go to the official website and click ‘Open a real account.'
- Then, on the next screen, choose between personal or company accounts and click continue.
- Now add your personal details like name, address, gender, email, country code, and birth country, and click on ‘continue.'
- Now add the complete address details and referral details and submit the form for review.
- Choose the account, make a deposit to your FXGlory account, and start trading. Moreover, make sure to verify your account before trading, as it is a requirement for withdrawing funds.
What Can You Trade on FXGlory
FXGlory customers can gain access to a plentiful selection of tradeable instruments. Among them are 34 major, minor, and exotic currency pairings, such as the GBP/USD and EUR/USD. Below are a few of the most common tradable instruments available on FXGlory:
Currency Pairs
Major currency pairs such as EUR/USD and GBP/USD are the most traded instruments on FXGlory. Other popular pairings include AUD/USD, USD/JPY, and USD/CAD.
Forex
Forex is also available for trading on FXGlory. These allow traders to speculate on the movement of currency pairs without owning the underlying asset.
Precious Metals
The broker also offers to trade gold, silver, platinum, and palladium.
Oil and Gas
FXGlory customers can also access the energy market and trade in crude oil, natural gas, and other commodities.
FXGlory Customer Support
FXGlory provides customer support in just the English language. The support team can be contacted through email or telephone during market hours. FXGlory also has an online chat feature that customers can use for immediate assistance.
- Phone: +(44) 322 473 800
- Email: info@fxglory.com
- Address: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, St. Vincent and the Grenadines
Advantages and Disadvantages of FXGlory Customer Support
Security for Investors
FXGlory broker is registered in the offshore jurisdiction of Saint Vincent and the Grenadines (registration number 23463), but that does not mean a professional regulatory body regulates it. Furthermore, this business does not mention having a brokerage license.
However, they have unique data encryption technology to protect customers' data and funds. Moreover, clients' funds are kept in segregated accounts and are not used to cover operational expenses. FXGlory also has an internal security system and customer verification process to ensure client funds' safety.
Withdrawal Options and Fees
FXGlory acts on trader requests for withdrawals without hesitation or limitation. No cap is placed on the number of withdrawal requests that can be made at one time. Moreover, traders can use several methods to withdraw funds from FXGlory, like SticPay, Perfect Money, American Express, cryptocurrencies, PayPal, Neteller, EPay, WebMoney, Wire Transfer, Skrill, Visa, and Mastercard.
Traders can withdraw a minimum of $5 depending on the payment methods. The withdrawal processing time varies from one payment method to another, and there are no withdrawal fees. Moreover, clients using Paypal can face a daily withdrawal limit, and the processing time for Paypal is 1-72 hours.
To withdraw funds, traders must verify their accounts and use the same payment method they used to deposit funds. All withdrawals are processed on weekdays only. Processing time for wire transfers may take 1 to 10 days; however, eWallets withdraw fast and take up to 1 to 24 hours.
FXGlory Vs Other Brokers
Below is the in-depth comparison of FXGlory with other top-tier brokers:
#1. FXGlory vs AvaTrade
AvaTrade offers clients a range of trading instruments for all types of traders, and the broker’s product portfolio includes over 250 assets. AvaTrade also offers competitive spreads starting from 0.9 pips on major currency pairs, while FXGlory has an average spread of 1.3 on major pairs.
AvaTrade is a superior trading platform with plentiful payment options, top-notch customer service, and more advanced tools to assist you while dealing. With automated systems in operation, it empowers traders to make their own decisions regarding trade opportunities without any limitations.
On the other hand, FXGlory offers only two advanced trading platforms – MetaTrader 4 and Web Trader. Additionally, Avatrade offers 24/5 customer support in multiple languages and is regulated by the Central Bank of Ireland and 4 other top-tier regulators, whereas FXGlory doesn't have regulation. Moreover, AvaTrade has more trading instruments compared to FXGlory.
Overall, AvaTrade is more reliable and better equipped to deal with the challenges of modern-day trading. It also has better customer support and is a much more reliable choice than FXGlory. Therefore, AvaTrade is a better choice for experienced and novice traders.
#2. FXGlory vs Roboforex
RoboForex is a broker that offers clients access to various trading instruments and CFDs for all types of traders. RoboForex has great spreads starting from 0.1 pips on the majors, while FXGlory has an average spread of 1.3 on major pairs.
RoboForex offers its traders a range of advanced trading platforms, including MetaTrader 4, WebTrader, and R Trader. Moreover, RoboForex is regulated by the International Financial Services Commission and CySEC and allows clients to trade with leverage up to 1:2000.
When it comes to minimum deposits, RoboForex is the clear winner, with only $10 required compared to FXGlory's Standard account deposit of $1. Additionally, RoboForex excels in customer service by providing superior chat support and an expansive FAQ section that comprehensively describes various trading topics.
RoboForex also offers clients a wide range of payment options, such as bank wire, credit cards, e-wallets, and cryptocurrencies. Overall, RoboForex is the clear winner compared with FXGlory and offers a variety of advantages to its customers. Therefore, it is a much better choice for traders.
#3. FXGlory vs Alpari
Alpari is a popular broker that offers clients access to various trading instruments and CFDs. It has great spreads starting from 0.1 pips on the majors, while FXGlory has an average spread of 1.3 on major pairs. Moreover, it has many trading accounts and platforms to choose from.
Established in 1999, Alpari has earned an impeccable reputation as a dependable broker that offers traders optimal trading conditions. To ensure the best possible experience for novice and experienced traders, the company provides cent and classic accounts, respectively, suited to each demographic.
Additionally, with Alpari ECN accounts boasting lower spreads, professional investors can access superior services through Alpari's platform. In addition, Alpari brokers are highly attentive to the ratings of their managers, allowing investors to operate with minimal risk when selecting a PAMM account or portfolio appropriate for their investment objectives.
On the other hand, FXGlory offers only two advanced trading platforms – MetaTrader 4 and Web Trader. Moreover, it doesn't have any regulations. Therefore, Alpari is a much better choice for traders in comparison to FXGlory. In addition, it has the edge over FXGlory regarding trading accounts, platforms, customer support, and regulations. Thus, Alpari is a superior choice for experienced and novice traders alike.
Conclusion: FXGlory Review
FXGlory is a broker that has been in the market since 2011. It offers its clients access to various trading instruments, but it lacks financial regulation and has a limited number of trading accounts. As a result, its spreads are higher than other brokers, and its customer service is also not the best.
At the same time, this broker also has a margin calculator that allows traders to calculate the margin requirements for a certain trade and their potential risks. It also provides an MT4 platform that is free of charge and allows traders to access a wide range of trading instruments. Moreover, it has a VPS server that allows traders to trade without interruption.
In conclusion, FXGlory is a trusted and well-reputed broker; however, due to the lack of financial regulation and the limited number of trading accounts and platforms, it is only suitable for some types of investors. Therefore, while it may be a good option for some, it is important to research and ensures that FXGlory is the right choice for you.
FXGlory Review FAQs
Is FXGlory regulated?
No, FXGlory is not regulated. It does not have any regulatory laws governing its operations. Therefore, traders are advised to be extra cautious when using the services of this broker. However, the broker is working on getting a license from top-tier regulators.
What is the FXGlory minimum deposit?
The FXGlory minimum deposit is $1 on a Standard account. This allows traders to start trading with a relatively small amount of money. The minimum deposit for other accounts is as follows:
- Premium account: $1000
- VIP account: $5000
- CIP account: $50,000
How long does FXGlory withdrawal take?
FXGlory usually processes withdrawals within the same day for eWallets. However, depending on the other payment methods used and other factors, it may take 1 to 10 business days for the funds to be credited to the trader's account.
