Last Updated on: 18th July 2021, 01:36 pm
FxGlory is an online forex broker providing clients with trading in forex and commodities. This review will look at the services on offer, from deposit and withdrawal methods to account types and bonuses. We’ll also investigate whether fxglory.com is a legitimate online broker. So get the facts before you open an account and head to the login page.
Table of Contents
- FxGlory Company Details
- MetaTrader 4 Platform
- Mobile App
- Payment Methods
- Demo Account
- Bonuses & Coupon Codes
- Additional Features
- Account Types
- Trading Hours
- Customer Support
- FxGlory Verdict
- Accepted Countries
FxGlory Company Details
It was founded in 2011, FxGlory Group Ltd is headquartered in Dubai and has offices in several locations, including Malaysia, Cyprus, Spain, and the UK. The broker also recently opened an office in Saint Vincent and the Grenadines. Unfortunately, FxGlory isn’t licensed with a well-respected regulatory body which does raise some safety concerns.
The company was formed by a team of financial specialists, aiming to provide a superior online trading experience with high leverage, zero commissions, and rapid executions through the MetaTrader 4 trading platform.
MetaTrader 4 Platform
FxGlory offers the MetaTrader 4 (MT4) platform and a WebTrader alternative. MT4 is well-regarded for its ease of use, advanced features, and customization options. Its simplicity is great for novice traders while its advanced functionality ensures that it also caters to more experienced trading professionals.
Platform features include:
- Nine timeframes
- Three charting options
- Risk management tools
- Instant & pending order types
- Dozens of technical indicators
- Market for custom additional indicators
The broker also offers a web-based trading platform. With no need for lengthy downloads or the installation of software, WebTrader allows you to trade directly through an internet browser. It’s suitable for a range of devices including Mac and PC. The platform retains nearly all of the features of the downloadable platform, including one-click trading, a built-in news feed, and multilingual support.
FxGlory users have access to a handful of tradeable instruments. Trade 34 major, minor and exotic forex pairs such as the GBP/USD and EUR/USD. Popular cryptocurrency brands are also available including Bitcoin and Ethereum, as well as oil and precious metals.
In 2018, the broker stopped offering binary options trading. There are also no stocks or indices available to trade. So if you look at FxGlory vs the likes of FBS, TradersWay, or HotForex, the broker does fall short.
Unfortunately, this review was disappointed with the trading fees charged. Fixed spreads are available across all account types, but they are high compared to other brokers. With the Standard account, spreads start from 2 pips on major forex pairs. For CIP account holders, spreads start at 0.1 pips. On a more positive note, fixed spreads make it easier to budget for expected fees and no commissions are charged.
There is little information regarding any additional fees, so to avoid unexpected charges, clients should check terms and conditions when signing up.
Leverage offered by the broker varies depending on the account type:
- Standard – 1:3000
- Premium – 1:2000
- VIP – 1:300
- CIP – 1:50
FxGlory was among the first retail brokers to offer such high leverage rates. But while 1:3000 leverage may appear tempting, it does significantly increase the risk of losses.
Note a margin calculator is available at fxglory.com.
FxGlory offers a mobile app that enables clients to manage accounts on the go. The MT4 platform is available for download on iOS and Android devices and supports all forms of trade orders and execution modes. Just like the desktop-based version, the interface is easy to navigate and the login process is quick and simple.
It offers a variety of flexible deposit and withdrawal options:
- Cryptocurrency – Bitcoin, Litecoin, Ethereum
- Credit & debit cards – Visa, MasterCard
- eWallets – Skrill, Neteller
- Bank wire transfer
Most deposits are processed the same day, but wire transfers can take up to seven days. The minimum deposit is low at $1, making it an accessible choice for new traders.
To make a withdrawal from Fxlgory, log in through the Client Cabinet tab and fill in the withdrawal request form. Withdrawals generally receive positive reviews, with few reporting problems.
To open a demo account, download the MT4 platform and register your details. You can then enjoy risk-free trading with fast executions while testing the MT4 platform, a new strategy, and the broker’s services.
Note that there is a reduced list of currency pairs available with the demo account.
Bonuses & Coupon Codes
At the time of writing, FxGlory offers clients a 50% deposit bonus. The offer is available to real-money traders only and the bonus cannot exceed $1000. Simply check the bonus box when you open an account and the bonus will automatically be credited when you make a deposit.
The deposit bonus can only be redeemed once. For full bonus terms and conditions, head to the Promotion tab of the FxGlory website.
The broker is registered in Saint Vincent and the Grenadines with registration number 23463. It does not hold a license from a respected regulatory body, such as the FCA or CySEC. This is a concern as we cannot guarantee the safety of client funds and limited legal channels will be available should you experience withdrawal issues or scam problems.
FxGlory provides a range of additional features to assist clients with making informed trading decisions. Tools include:
- Knowledge base with articles and educational content, though primarily aimed at more experienced traders
- Forex news and market analysis
- Glossary of trading terms
- Margin calculator
- FAQ help portal
FxGlory offers four account types: Standard, Premium, VIP, and CIP.
Minimum deposits range from $1 to $50,000. All accounts offer instant executions, zero conditions, and swap-free trading conditions.
The Standard account is best suited to novice traders with a maximum position of 1 lot, leverage up to 1:3000, and a $1 minimum deposit. The Premium and VIP accounts are targeted at more experienced traders with higher minimum deposits, more competitive spreads, plus a free VPS. The CIP account comes with a hefty minimum deposit of $50,000, a minimum trade size of 1 lot, and zero bonuses, but it does offer the most competitive spreads.
To open a live account, clients need to sign up at fxglory.com. Once registered, head to the login page in the Client Cabinet tab.
This review found FxGlory performs well in certain areas:
- Micro-lot trading
- Automated trading
- $1 minimum deposit
- US clients are accepted
- Swap-free trading conditions
Downsides to trading with FxGlory include:
- Not regulated
- No MT5 platform
- No trading signals
- Limited product range
- No scalping trading rules
- Basic educational resources
The trading platform is open 24/7 but trading in some markets is restricted to specified hours. The forex market opens on Sunday at 5 pm EST and closes on Friday at 5 pm EST. More information on specific trading hours is available on the Trading Account Conditions page on the broker’s website.
Customer support is available 24/5 at FxGlory and can be accessed via:
- Phone – +(44) 322 473 800
- Email – [email protected]
There is also a live chat function available from the chat logo in the bottom right of the website. Reviews of customer support are good, with staff quick to respond to real server and platform queries.
FxGlory uses 256-bit SSL encryption technology on its website and platform to protect client data. Also, the company holds funds in segregated accounts and clients have access to multiple risk management tools.
The broker offers an MT4 platform download, low minimum deposits plus bonuses, it does also have several drawbacks. Firstly, the fixed spreads are relatively high and the number of tradable products is limited. Also, their offshore status and lacking educational resources means the broker wouldn’t be our first choice.
FxGlory accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.
Traders can not use FxGlory from Georgia, Bangladesh, Korea, Syria, Sudan, Iran, Nigeria.
Where is FxGlory regulated?
FxGlory is an offshore broker registered in Saint Vincent and the Grenadines. As a result, the company doesn’t have to adhere to the same quality and security standards as CySEC-regulated brokers, for example.
Is FxGlory a legitimate broker?
FxGlory is a legitimate broker but due to its unregulated status, we would recommend caution before registering for an account. See alternative providers here.
What are the trading rules at FxGlory?
Clients are not able to use scalping strategies, news trader, or arbitrage EAs at FxGlory. Also, scalping is not allowed.
Is FxGlory a good broker?
FxGlory offers the popular MT4 trading platform, flexible account options, and a competitive trading environment. On the downside, fees are high, the product list is limited and the broker is unregulated.
Is FxGlory a scam?
Despite its offshore status, FxGlory is not a scam. It is a legitimate broker offering to trade in forex and commodities, just with limited regulatory oversight.
Is FxGlory safe to trade with?
FxGlory is an established online trading broker. However, there are some complaints in online reviews around withdrawal problems, so we would recommend caution.
|FxGlory offers leveraged trading in forex and commodities through the MT4 desktop and mobile platforms.|
Vincent Nyagaka is a Professional Trader, Analyst & Author. He has been actively engaged in market analysis for the past 7 years. He has a monthly readership of 100,000+ traders and has taught over 1,000 students since 2014. Vincent is also an experienced instructor and public speaker. Check out Vincent’s Professional Trading Course here.