FxGlory is a popular forex broker who has been offering their service at competitive rates to the retail side for over a decade. They are unregulated, but still somehow have managed to maintain a good reputation. Their website will surely give you the early 2000’s vibes and the flexibility they offer is unlike most brokers in the sector.
This platform tries to maintain a transparent relation with their clients by opting for the NDD operational model and their customer support is exceptional. When we were going through their website, we found a lot of factors which can be considered as concerning.
For the most part, this platform does help traders face the markets with ease, but as far as security of funds is considered, they don’t outshine in that category. Choosing a reliable broker is important for every trader and one slight mistake in that process might have severe consequences.
In order to know every aspect about FxGlory, stick with us till the end and make an informed decision.
FxGlory Platform Details, Regulation and Contact Information
This platform was founded in 2011, FxGlory was incorporated in the Department of Economic Development of the UAE and after one year they expanded into several European countries. At the time of writing this review, FxGlory is operating from Saint Vincent and the Grenadines (registration number – 23463).
The regulatory status of this firm is not good in any manner and if things go wrong with them, then clients will have to face a hard time. On their website, they do claim to hold funds in Tier1 bank accounts, but just like most unregulated brokers, they haven’t provided any means to cross check the details.
We are not labelling them as a scam, but given the characteristics they show, it is not productive to trust them without seeing actual evidence. On the bright side, this broker provides exceptional customer support and anyone can contact their support team through phone, livechat and email.
Address – Fxglory Ltd, Suite 305, Griffith Corporate Centre , P.O. Box 1510, Beachmont Kingstown , St. Vincent and the Grenadines.
Phone – +(44) 322 473 800
Email – info@fxglory.com
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Trading Tools, Services and Features
FxGlory supports MetaTrader 4 platform and even offers a web trader interface. Almost anyone who has advanced electronic gadgets with an active internet connection can get started with them and make best use of the available resources.
Users can run upto 9 currency charts simultaneously and employ or create any custom indicator they need. As this broker offers demo accounts for free, newbies can try out new strategies without taking on any risk and conduct back tests. Moreover, they allow all kinds of trading approaches, but keep an eye on the spreads during volatile periods as they can erode your profits very quickly.
If you love automated trading such as MAM services and Expert Advisers, then you will be delighted to know that they offer VPS services too which means you will get the best experience. Nonetheless, if a liquidity crisis takes place and if you are stuck on the wrong side of the trade, then there is a possibility of losing a large chunk of your capital.
They do follow the NDD business model which reduces the conflict of interest dramatically. There is a position size calculator provided on their platform so that clients can check the margin requirement and other details at a glance.
Before you place any trades, always make sure you have enough funds in order to avoid margin calls. We also found an economic calendar on their homepage along with analyst’s comments which is a nice touch.
Account types, Leverage and Spreads
Out of all the unregulated brokers we have reviewed on this blog so far, this one does have some sleek tricks up its sleeve. First of all, the leverage offered by them depends upon the account type and it goes all the way up to 1:3000. The higher leverage might capture your attention at first, but remember that it is a double edged sword which can amplify both your profits and losses.
Newbie traders should always stay away from that degree of risk and even if you are an experienced trader unless you are properly hedged, you should never take on higher leverage. There are primarily 4 account types and the minimum funding required to get started ranges from $1 to over $50,000.
Premium accounts will equip the traders with additional benefits, but given the steep capital requirement, we feel it is better to go with regulated alternatives. Oddly, the hedge margin ranges between 25% to 50% which is weird to say the least.
Spreads on this brokerage are not outrageous and it lies anywhere between 0.1 pip to 2 pips. Do note that spreads can increase dramatically during new trading sessions, holiday or illiquid times and news events.
Payment Methods Information
As this broker offers mini trading accounts, the minimum funding required to get started starts at $1. Payment methods supported by them are Skrill, Bitcoin, Neteller, Paypal, Wire transfer, Visa and Mastercard. Minimum withdrawal amount is unknown and the time required for processing them is also kept as a mystery.
Moreover, any information regarding inactivity fees are also not mentioned by them. To get specific answers, clients have to contact the support team and with so many question marks, their reputation does seem to take a hit. Just like the majority of the brokers before applying for a withdrawal, clients have to submit all the required documents to verify their identity.
Lastly, there are some turnover requirements which are subject to change at their discretion and if you have accepted any bonuses, then you can’t withdraw your funds till you fulfil the conditions.
Referral Program
FxGlory offers an impressive range of referral programs. People who understand the world of online marketing can use this platform to maximize their income by monetizing their traffic. Promoters will get a fixed percentage of commissions per client and this platform even provides them with access to promotional tools such as banners, personal manager, etc,.
If you are a super successful affiliate, then you can use their white label program to get the best return on investment via creating your own brand and infusing it with their existing technology. Affiliates can choose any method to gain traffic, but it shouldn’t violate any law and spamming is not allowed.
Client Feedback
There are literally thousands of comments made by the clients on this firm which can be found on forex forums. Most of the comments appear unbiased, but it doesn’t provide any valuable insights. On the flip side, there are a lot of complaints about their policies on withdrawals, bonus issues and more.
Look at some of the issues faced by the clients and decide for yourself whether it is worth it to invest with them or not? (Source – Forex-ratings.com)
I tried to see the good through the bad reviews but they literally EAT your money, the one click trade button when you sell WONT work and this server WILL close trades when they’re finally negative and when you contact them they beat around the bush basically trying to say thank you for paying them.
Worst broker ever they trade against you, they prohibit you from adding a stop loss or take profit once your order have been place and their customer service does not even know what they are talking about and they always come up with excuse to do with client network.
FxGlory Verdict
FxGlory appears to be a perfect broker on paper, but things and perception of clients change once they take a close look at their actual business. The testimonials are extremely concerning and the accusations made are very serious. Given the fact that they are unregulated, we can’t recommend this broker to any of our readers for obvious reasons.
Stay away from them for your own benefit and don’t listen to people who are affiliated with them as they will have conflict of interest. If you have already lost money to them or for any reason feel like you have been looted, then leave a comment below or fill in the contact form. We will assess your case for free and quickly reach you out with the best solution.
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