- Commissions & Fees
- Investment Offerings
- Trading Platforms
- Customer Service
- Education and Research
Have you been in the market for a new forex broker? Have you heard of the broker FXGlory? FXGlory is a forex broker that has made extensive growth and has a variety of tools and features. Is FXGlory right for you? Read to find out.
FXGlory was established in 2011, and is principally based in Dubai and Saint Vincent and the Grenadines. They are an unregulated broker who offer trading in a range of forex currency markets, commodities, and oil. They provide these trading markets through a range of trading platforms, all powered by MT4.
Although the range of products and services offered by FXGlory are somewhat limited, they do offer extensive leverage in many of these markets. That fact alone has contributed to their growth in the industry over the 8 years since being established.
FXGlory offer three distinct account types for traders to select from. These are, standard, premium, and VIP. All of these account types offer a variation of the same services at different rates. There is a wide gap, particularly between the FXGlory minimum deposit on each account type.
For the majority of those in the forex market, the FXGlory Standard Account option will be quite sufficient. Premium and VIP account alternatives appear best suited to high volume or frequent traders.
The minimum deposit required to open an account with FXGlory varies greatly depending on the account type you wish to open. The Standard Account requires a minimum deposit of just $1 to begin trading. This makes it among the most competitive in the industry, along with micro accounts from the likes of top brokers like FBS and others.
The minimum deposit increases drastically for the Premium and VIP account types. These are $1,000 and $5,000 respectively.
Availability and Ease of Opening
FXGlory accounts are available to users in most countries of the world. This applies with exceptions to the following locations: Georgia (Europe), Bangladesh, North Korea, Syria, Sudan, Iran, and Nigeria. Services are available to traders in many other countries thanks to the fact that FXGlory is not under the regulatory authority of CySEC or another major body.
Opening an FXGlory demo account is a relatively simple process. To complete this, traders are simply required to download the FXGlory trading platform and fill the basic personal information required. This demo account can be operated for 60 days and will then expire if not used.
Opening an FXGlory live account is a similarly hassle-free process. Here you should complete the registration form, combined with uploading a copy of your identity and proof of residence documents. You will also be required to verify your phone number. Once these steps have been completed, your live account is ready for trading. This process is typically complete within a 1-24 hour period, according to the broker.
The product offering from FXGlory is quite limited when compared with other top forex brokers we have reviewed.
The broker offers a total of 40 currency pairs. This includes major, minor, and exotic pairs. This alone is sufficiently on par with the offering of major brokers, however, if we consider that only a total of 7 other markets across commodities and metals are offered for trading, then FXGlory falls some way short of the instruments offered by top competitors.
FXGlory Commissions and Fees
Trading on all FXGlory accounts is done on a commission-free basis. This commission is however, build into the spreads which are offered by the broker on each of their accounts.
The spreads offered by the broker range from 0.7 pips for VIP account holders requiring a $5,000 minimum deposit, to starting from 2 pips for both premium and standard account holders. Again, this does not offer the best value for traders comparative to what can be achieved from other brokers.
FXGlory tries to minimize other fees which its traders may encounter through use of the platform. This includes no-fee on deposits, and a minimal fee on withdrawals which ranges from 5% on credit/debit cards, 4% on PayPal, and $3 for the majority of other withdrawals less than $50. There is a $30 fee for withdrawal via bank transfer.
Swap-fees are applied at variable rates, although swap-free accounts are also available to those traders who require them through further contact with the customer support team.
No inactivity fees are levied by FXGlory. This is a positive point in respect of the many competitors who do integrate some form of fee for inactive traders.
FXGlory Platforms and Tools
FXGlory is a Metatrader broker. This means that they offer Metatrader platforms across various mediums. This includes the traditional and reliable MT4 desktop, webtrader, and MT4 mobile.
As to be expected with MT4 desktop, the offering is as comprehensive and empowering as ever to traders. Through the most recognizable third-party trading platform in the industry, traders new and experienced can benefit from the vast range of professional charting tools and more than 50 indicators that the trading platform offers as standard.
The customizable charting functions give the user the control to see trading from every angle, and easily conduct trades at any moment through the concise, yet comprehensive ordering process. For more advanced users, they can avail of each and every tool available through the platform toolbars, including the Expert Advisors function.
The FXGlory partnership with Metatrader is the one resounding positive point which will help all manner of traders feel both comfortable and confident in using the broker.
Mobile Trading Platform
The MT4 mobile trading platform yet again encompasses everything which is positive about the Metatrader brand, and passes these benefits along to FXGlory by association. Few mobile trading platforms offer an application which is so accessible that it can be used with dozens of brokers in one application.
The ability to concisely place trades as well as chart in-depth movements with the numerous tools and indicators is simply unparalleled in the industry. This is all packed into one convenient application which again, FXGlory derives excellent value from being associated with.
Education and Research
There is a limited amount of educational resources present directly through FXGlory. They provide a knowledge base on the broker website which functions and a form of support for any questions a trader may have, and access to some basic articles on the fundamentals of Forex Trading as well as how to get started.
In terms of research, they perform somewhat better. Here they provide access to a daily analysis of selected markets. This research appears to be conducted by the brokers own in-house team, and combines with an economic calendar and margin calculator to round off the research tools provided by FXGlory.
This infrastructure may be more suited to experienced traders who are already familiar with the markets, MT4 trading platforms, and other features who can employ outside sources for research.
When it comes to sources for education, many brokers do offer such resources, however, you can also find excellent guides and in-depth reviews directly through our website when extra guidance is required.
Although restricted in a number of key areas, FXGlory does provide benefits to traders on a number of key points which many brokers cannot. First among these is the amount of leverage which traders can employ. This extends to as much as 1:3000 on amounts under $1,000 for qualified traders.
Cryptocurrency is available as a deposit method in a number of forms also. These include Bitcoin, Litecoin, and Ripple. The broker also facilitates a discount of up to 10% on the exchange rate between your crypto deposit and trading currency.
On the subject of bonuses, FXGlory provides for up to 50% bonus on each of your qualifying deposits. This is an offer which many top brokers regulated by CySEC and other bodies simply cannot provide due to regulatory conditions. The same is true of the extensive leverage FXGlory provides.
FXGlory have 6 global branch offices in countries around the world, and customer support is available from many of these in a variety of languages and several forms. These forms include direct telephone support, email, and web-based live chat.
All of the responses from the above methods were within reasonable timeframes and provided answers which were both concise and relevant to the questions asked.
This is a key factor for any top forex broker, and certainly one which users of FXGlory are mindful of. The broker no longer offers binary options trading which many traders often view in a negative light. This will have had a positive impact on the broker’s trustworthiness, however, the fact that they are still unregulated by any respected financial authority after so many years in the industry, is certain to cause worry among traders.
This is an issue which the FXGlory team say they are working to rectify, however, it cannot come soon enough for many traders. The broker has been active in the industry for a number of years, and has developed some key partnerships and positive rapport among many traders, though they appear to be lacking in many of the fundamentals which instill a truly trusted atmosphere among the trading community.
Having been operational as a Forex broker since 2011, FXGlory certainly have a presence in the industry, and may well attract those more experienced traders who avail of the extremely high leverage offered, and the improved spreads on the higher-volume VIP Account. That said, the infrastructure provided by FXGlory is not particularly suitable for new traders, and particularly with the lack of regulation and educational material in place, it would be difficult to recommend FXGlory to anyone besides those who already have a high degree of confidence in trading Forex.
With many years in the industry, global locations, and a strong team, FXGlory can certainly make a very comprehensive case for being considered among the world’s top brokers should they decide to upgrade their features and also become regulated by a major financial body in the industry.
- Providing MT4 as a trading platform is a strong choice which can be suited to both new and experienced traders.
- With leverage of as much as 1:3000, this can be a very attractive feature to those who are looking to trade higher volumes or capitalize as much as possible on limited resources.
- Enabling fee-free deposits, particularly of cryptocurrencies, can provide traders with a much greater degree of accessibility when choosing their Forex broker.
- With no regulation, traders may have a very difficult time in establishing trust with FXGlory as a broker.
- The website and content which is provided through it appears very dated and not particularly indicative of a cutting-edge, top Forex broker.
- The spreads which FXGlory offers are not competitive when contrasted with those of similar sized brokers in the sector.
- Trading markets offered are focused almost solely on Forex pairs. This is in contrast with many top brokers who offer a wide range of CFD trading options.