FXGlory Broker Review

Is FXGlory a scam?

According to the Fxglory website, the broker is registered as a financial service provider in the Commonwealth of Dominica and is regulated by the Commonwealth of Dominica Financial Services Unit (FSU). However, it’s important to note that the regulatory framework in Dominica is relatively weaker than other countries with more established financial regulatory bodies.

While Fxglory claims to maintain segregated accounts for client funds and implements various security measures to protect client information, it’s worth noting that the level of protection and regulation provided by the Commonwealth of Dominica may not be as robust as those provided by other more established financial regulators.

Additionally, Fxglory has been flagged by several financial regulatory authorities such as the French regulator AMF, the Belgian regulator FSMA and the Italian regulator CONSOB for operating in their respective jurisdictions without proper authorization.

It’s important to thoroughly research and consider the regulatory status and safety of any broker before investing funds with them. Traders should look for brokers that are regulated by well-respected and established financial regulatory bodies, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, or the Securities and Exchange Commission (SEC) in the US.

FXGlory Trading Platforms

Fxglory offers two trading platforms to its clients:

1. MetaTrader 4 (MT4): MT4 is a popular and widely used trading platform in the forex industry. It is known for its user-friendly interface, advanced charting capabilities, and a wide range of technical analysis tools. MT4 also allows for the use of expert advisors (EAs) and custom indicators, which can be programmed to automate trading strategies.
2. WebTrader: Fxglory’s WebTrader platform is a web-based trading platform that allows clients to access their accounts and trade from any web-enabled device without the need to download and install software. It offers basic charting tools and allows for the execution of trades directly from the platform.

Both platforms support a range of order types, including market, limit, stop, and trailing stop orders, and offer access to a range of financial instruments, including forex, commodities, indices, and cryptocurrencies. Additionally, Fxglory offers a mobile app for both iOS and Android devices, which allows traders to access their accounts and trade on the go.

Products FXGlory provides

Fxglory provides access to a range of financial instruments, including:

1. Forex: Fxglory offers trading in a range of major, minor, and exotic currency pairs, including EUR/USD, USD/JPY, and GBP/JPY.
2. Commodities: Clients can trade commodities such as gold, silver, and oil.
3. Indices: Fxglory provides access to global stock indices, including the S&P 500, NASDAQ, and the FTSE 100.
4. Cryptocurrencies: Clients can also trade popular cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin.

Fxglory allows clients to trade these financial instruments with leverage of up to 1:3000, which means that traders can potentially increase their profits, but it also increases the risk of losses. It’s important to note that trading in financial markets carries a high level of risk, and traders should carefully consider their trading objectives and risk tolerance before investing funds.

FXGlory account types

Fxglory offers three different account types to its clients:

1. Standard Account: This account requires a minimum deposit of $1 and offers variable spreads starting from 2 pips. The maximum leverage available on the Standard Account is 1:3000.
2. Premium Account: The Premium Account requires a minimum deposit of $1,000 and offers lower variable spreads starting from 1.5 pips. The maximum leverage available on the Premium Account is also 1:3000.
3. VIP Account: The VIP Account is designed for high-volume traders and requires a minimum deposit of $10,000. It offers the lowest variable spreads starting from 0.5 pips and the maximum leverage available is also 1:3000.

All three account types offer access to the same range of financial instruments, including forex, commodities, indices, and cryptocurrencies. Fxglory also offers a demo account that allows clients to practice trading strategies without risking real funds.

FXGlory trading fees

Fxglory charges trading fees in the form of spreads and commissions.

1. Spreads: Spreads are the difference between the bid and ask price of a financial instrument, and they can vary depending on the type of account and market conditions. Fxglory offers variable spreads, which means that the spread can widen or narrow depending on market volatility.
2. Commissions: Fxglory charges commissions on its Premium and VIP accounts. The commission for Premium accounts is $6 per lot round turn, and the commission for VIP accounts is $3 per lot round turn.

Fxglory does not charge any deposit or withdrawal fees, but clients may incur fees from their payment providers. It’s important to note that overnight financing charges, also known as swap fees, may also apply to positions held open overnight.

Clients should carefully consider these fees and charges when evaluating the costs associated with trading on Fxglory’s platforms. Additionally, it’s worth noting that trading fees can have a significant impact on a trader’s profitability, and traders should ensure that they have a solid understanding of these costs before investing funds.

FXGlory Funding and Withdrawal Options

Fxglory offers a variety of funding and withdrawal options for its clients:

1. Deposit options: Clients can fund their accounts using a range of payment methods, including bank wire transfers, credit/debit cards, Skrill, Neteller, Perfect Money, and Bitcoin. Deposits made using most payment methods are processed instantly, except for bank wire transfers which may take 1-5 business days to be credited to the client’s account. Fxglory does not charge any deposit fees, but clients may incur fees from their payment providers.
2. Withdrawal options: Clients can withdraw funds from their accounts using bank wire transfers, credit/debit cards, Skrill, Neteller, and Perfect Money. Withdrawal requests are processed within 24 hours, and clients can expect to receive their funds within 1-5 business days, depending on the withdrawal method. Fxglory does not charge any withdrawal fees, but clients may incur fees from their payment providers.
3. Fees and processing time: Fxglory does not charge any fees for deposits or withdrawals, but clients may incur fees from their payment providers. Bank wire transfers may incur additional fees from intermediary banks, and clients should check with their banks for details. Processing times for withdrawals may also vary depending on the payment method used.

It’s important to note that Fxglory may require additional verification documents before processing withdrawal requests, and clients should ensure that their accounts are fully verified to avoid any delays in the withdrawal process. Additionally, clients should carefully consider any fees and processing times associated with funding and withdrawing from their trading accounts when evaluating the overall costs of trading with Fxglory.

FXGlory’ promotions

Fxglory offers several promotions to its clients:

1. Welcome bonus: Fxglory offers a 50% welcome bonus to new clients on their first deposit, up to a maximum of $1,000. The bonus is credited to the client’s trading account and can be used to trade in financial markets. However, the bonus cannot be withdrawn until the client meets certain trading volume requirements.
2. Loyalty bonus: Fxglory offers a loyalty bonus to clients who have been trading with the company for a certain period of time. The bonus amount varies depending on the client’s trading volume and activity.
3. Referral bonus: Clients can earn a referral bonus by referring new clients to Fxglory. The referral bonus amount varies depending on the new client’s trading volume and activity.
4. Cashback rebate: Fxglory offers a cashback rebate program that allows clients to earn rebates on their trading volume. The rebate amount varies depending on the client’s trading volume and the type of account they hold.

It’s important to note that bonus programs and promotions can have certain terms and conditions that must be met before the bonus can be withdrawn. Clients should carefully read and understand the terms and conditions of any bonus program or promotion before participating. Additionally, clients should also consider the potential impact of bonuses and promotions on their overall trading strategy and risk management.

FXGlory customer support

Fxglory provides customer support via several channels to help its clients with any questions or issues they may have:

1. Live chat: Clients can access Fxglory’s live chat feature on the company’s website. The live chat support team is available 24/5 to answer any questions or provide assistance.
2. Email: Clients can also contact Fxglory’s customer support team via email. The company provides different email addresses for various departments, including customer support, account opening, and compliance.
3. Phone: Fxglory offers phone support in several languages. Clients can find the relevant phone numbers on the company’s website.
4. FAQ section: Fxglory has an extensive FAQ section on its website that covers a wide range of topics, including account opening, funding and withdrawals, trading platforms, and more.

Fxglory also offers support in several languages, including English, Arabic, Spanish, French, and Chinese.

Overall, Fxglory appears to be committed to providing a high level of customer support to its clients. The company offers multiple channels of communication, including live chat, email, and phone, as well as an extensive FAQ section. Clients should feel confident that they can receive timely and helpful support from Fxglory’s customer service team when needed.

FXGlory Educational Resources

Fxglory provides several educational resources to help its clients improve their trading skills and knowledge:

1. Webinars: Fxglory hosts regular webinars on a range of topics, including market analysis, trading strategies, and risk management. These webinars are conducted by experienced traders and analysts and are designed to help clients improve their trading skills.
2. E-books: Fxglory offers several e-books on various trading topics, including technical analysis, fundamental analysis, and trading psychology. These e-books are available for free on the company’s website.
3. Video tutorials: Fxglory provides video tutorials on its trading platforms and other trading-related topics. These tutorials are designed to help clients understand how to use the trading platforms and to learn new trading strategies.
4. Articles: Fxglory regularly publishes articles on its website covering a wide range of trading topics, including market analysis, trading strategies, and risk management.
5. Glossary: Fxglory has a comprehensive glossary of trading terms on its website. This glossary can be a useful resource for clients who are new to trading or who are unfamiliar with certain trading terms.

Overall, Fxglory offers a range of educational resources to help its clients improve their trading skills and knowledge. The company’s webinars, e-books, video tutorials, articles, and glossary can be valuable tools for clients who are looking to develop their trading skills and stay informed about market trends and analysis.

Pros and cons of FXGlory

Pros:

1. No minimum deposit: Fxglory does not require a minimum deposit to open an account, making it accessible to traders with different budgets.
2. High leverage: Fxglory offers high leverage of up to 1:3000, which can provide traders with the opportunity to make significant profits with a small investment.
3. Multiple account types: Fxglory offers a variety of account types, including ECN, VIP, and Standard accounts, which cater to different trading needs and preferences.
4. Educational resources: Fxglory provides a range of educational resources, including webinars, trading guides, and video tutorials, to help its clients improve their trading skills and knowledge.
5. Customer support: Fxglory offers 24/5 customer support through multiple channels, including live chat, email, and phone.

Cons:

1. Lack of regulation: Fxglory is not regulated by any major financial regulatory body, which may raise concerns for some traders about the safety and security of their funds.
2. Limited payment options: Fxglory offers limited payment options compared to other brokers, which may be inconvenient for some traders.
3. Limited product offerings: Fxglory’s product offerings are limited to forex, commodities, and indices, which may not be sufficient for some traders who are interested in trading other asset classes.
4. Inactivity fees: Fxglory charges inactivity fees for accounts that have been inactive for more than 180 days, which may be a drawback for traders who do not trade frequently.
5. Withdrawal fees: Fxglory charges withdrawal fees, which may be a disadvantage for traders who want to withdraw their funds frequently.

Overall, while Fxglory offers some attractive features such as high leverage and educational resources, the lack of regulation and limited payment options may raise concerns for some traders. It is important for traders to carefully consider their options and do their due diligence before choosing a broker.

Frequently asked questions about FXGlory

Is Fxglory regulated?

No, Fxglory is not regulated by any major financial regulatory body.

What account types does Fxglory offer?

Fxglory offers a variety of account types, including ECN, VIP, and Standard accounts, which cater to different trading needs and preferences.

What trading platforms does Fxglory offer?

Fxglory offers the popular MetaTrader 4 (MT4) trading platform for desktop and mobile devices.

What are the funding and withdrawal options at Fxglory?

Fxglory offers a range of funding and withdrawal options, including bank transfer, credit/debit card, and e-wallets such as Neteller and Skrill.

Does Fxglory offer educational resources for traders?

Yes, Fxglory offers a range of educational resources, including webinars, trading guides, and video tutorials, to help traders improve their skills and knowledge.

What is the minimum deposit to open an account with Fxglory?

Fxglory does not require a minimum deposit to open an account.

Does Fxglory charge commissions on trades?

Fxglory charges commissions on trades for its ECN and VIP account types, while its Standard account charges a spread-only fee.

Does Fxglory offer a demo account for practice trading?

Yes, Fxglory offers a demo account for traders to practice trading with virtual funds.

What is the maximum leverage offered by Fxglory?

Fxglory offers high leverage of up to 1:3000 for forex trading.

What are the inactivity fees and withdrawal fees charged by Fxglory?

Fxglory charges inactivity fees for accounts that have been inactive for more than 180 days, and withdrawal fees for certain payment methods.