FxGlory Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this FxGlory Review.
FxGlory offers 3 forex trading account types, depending on the initial deposit amount. Standard & Premium account types provide the same fixed spreads, and high leverage levels. Micro lots are available solely on standard accounts.
All accounts are swap-free and Sharia-compliant.
Now, overall the offerings of FxGlory seem reasonable, except for the extremely high leverage offered – up to 1:3000. Such leverage levels expose traders to great risks. Otherwise, a fixed spread of 2 pips for the EUR/USD pair is standard for the industry. Variable spreads are also available with this broker, however one has to deposit 5 thousand bucks, which according to us, is not the wisest thing to do, as FxGlory is not a regulated broker.
The Company. Security of Funds
Founded in 2011, FxGlory offers trading forex and some CFDs on the widely used MetaTrader 4 platform and also offers its proprietary binary options platform Fxglory Option. Behind the brand is FxGlory LTD, a company that used to operate out of the UAE and now has branches registered in Georgia and in ST. Vincent and the Grenadines (SVG).
None of this branches is regulated and there is no authority overseeing the activities of this broker.
That is why we generally advise traders to avoid offshore (and/or unregulated) companies and to invest with brokers regulated by reliable authorities such as UK’s FCA, or Australia’s ASIC.
Although FxGlory has been around for more than 5 years and its offerings seem decent, we recommend a high level of caution dealing with this company. There is a guilty verdict at the Forex Peace Army’s Traders Court and furthermore, Italian regulator CONSOB has recently issued a warning against binary options broker FxGlory.
FxGlory supports the most popular platforms among traders – MetaTrader 4 (MT4), available as PC, web and mobile versions.
MT4 is a professional Forex trading software which is preferred by both beginners and experienced traders. It is equipped with advanced charts and technical analysis indicators so that traders can make appropriate decisions and take the lead in the Forex market. The platform also offers a wide range of Expert Advisors (EA), allowing clients to fully automate their trades. In this regard, the broker also provides the use of VPS services to clients with deposits of at least $1000.
Here you may look up more forex brokers offering MT4 platform.
FxGlory offers 50% on-deposit bonus on each deposit up to $1000. A client must trade in specified number of trades and specified intervals for withdrawing.
Methods of Payment
FxGlory offers its clients the following payment modes: credit/debit card, bank wire transfer, and popular e-wallets Skrill, Neteller, WebMoney, Payza, OKPAY and PayPal.
Keep in mind that withdrawal fees apply.
FxGlory is a non-regulated MT4 broker that has been operating on the FX scene for more than 5 years. It offers reasonable trading conditions, yet it looks like it utilizes a Market Maker model (fixed spreads and bonuses subject to trading volume conditions).
FxGlory Review Conclusion
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