FXGlory is another scam broker we will be introducing today. Only one glance at FXGlory’s official website is enough to feel their unsafe atmosphere, but of course, we dig deeper to give our readers a proper analysis of the broker. In our FXGlory review, we will underline key red flags that will let you understand why you should avoid working with them.
First, let’s say a few words about the company. FXGlory is a global online financial trading platform and multi-asset broker founded in 2008 and headquartered in St. Vincent and the Grenadines.
Over 13 years later, FXGlory has grown to offer retail investors Forex trading, CFD trading, Spread Betting trading, Social trading, and Share Dealing trading. So, what exactly is “wrong” with the broker?
How unsafe are your funds with FXGlory?
First, let’s start with safety. FXGlory claims to have been operating for 13 years. However, even after years of operation, they did not gain any regulation, which already sounds alarming. Besides, FXGlory is registered in an offshore zone, where the financial institutions do not supervise forex transactions and activities.
In addition to numerous negative comments and complaints from traders with FXGlory experience, the company was also found to be fraudulent, with noticeable withdrawal delays, customer ignorance, and violations of market prices. In addition, the Italian regulatory agency CONSOB (Italian Companies and Exchange Commission) issued a warning to FXGlory, informing investors that the company has no right to provide its investment services or activities in Italy.
Trading Conditions: Worth Trying?
What are the assets available? When it comes to assets, FXGlory does have many options. FXGlory claims to be a multi-asset platform with more than 123 tradable assets. The assets available on FXGlory include foreign exchange trading, CFD trading, spread betting, social trading, and stock trading.
Account Types
FxGlory suggests four account types: Standard, Premium, VIP, and CIP.
The minimum deposit varies from US$1 to US$50,000. All accounts are said to provide instant execution, zero conditions, and no swap trading conditions.
The standard account is most suitable for novice traders. The maximum position is one lot, the leverage is as high as 1:3000, and the minimum deposit is $1.
Premium and VIP accounts are for more experienced traders with higher minimum deposits, more competitive spreads, and free VPS. The minimum deposit for a CIP account is 50,000 USD, the minimum trading volume is one lot, and the bonus is zero, but it does provide the most competitive spreads.
To open a real account, customers need to register on fxglory.com. After registering, go to the login page in the “Customer Panel” tab.
Asking for only $1 for the basic standard account and then requiring $50,000 for CIP is a considerable gap and pretty odd.
Leverage
Also, these are leverage offers for each type of account that also sounds alarming:
Standard – 1:3000
Premium – 1:2000
VIP – 1:300
CIP – 1:50
Traders should note that leverage up to 1:3000 is super high and risky when you trade with an unregulated broker. Leverage can become your biggest enemy if the trade turns out unsuccessful. The lower leverage is offered for the CIP account. However, the minimum deposit starts from $50,000, which is not affordable. To sum up, FXGlory does not provide a single solid and comfortable offer that would suit an average trader.
Trading Platforms
FXGlory offers MetaTrader 4 (MT4) terminal as its trading platform. We can’t say anything terrible about MT4 as it remains an industry-leading position.
MetaTrader 4 enables traders to access advanced charts to make appropriate decisions and leaders in the foreign exchange market. It provides the necessary tools and resources to analyze the price dynamics of financial instruments, conduct transactions, create and use automated trading programs. It represents the concept of all in one and is the most popular trading terminal in the world.
FXGlory also supports online traders. When you register for FXGlory, you can access the trading platform’s downloadable, web-based and mobile versions.
Webtrader is an online trading platform that allows you to trade directly through the browser without installing an application on your computer. When we tried the demo account, WebTrader also worked well, so there was no problem with the FXGlory trading platform.
Bonuses & Coupons
Other funny tricks that FxGlory uses to attract clients are bonuses and coupons. Currently, FXGlory offers clients a 50% deposit bonus. The offer is available to real-money traders only, and the bonus cannot exceed $1000.
However, traders should remember that no legit broker attracts clients with 50% bonus offers. This is a well-known method used by scammers to hook clients.
Payment Methods
FxGlory offers various deposit and withdrawal options:
Cryptocurrency – Bitcoin, Litecoin, Ethereum
Credit & debit cards – Visa, MasterCard
eWallets – Skrill, Neteller
Bank wire transfer
PayPal
While the official FXGlory website proudly announces that deposits and withdrawals take up to seven days maximum, this is the part where the company gets the most complaints. The withdrawal process is almost impossible, as the system starts lagging, and the customer support is unresponsive.
Thus, if you still decide to cooperate with FXGlory, try to choose Credit & Debit card options that are the best, as you might manage to refund the deposited money with the help of your bank.
Final Thoughts
To conclude, we don’t recommend FXGlory as your default broker. There are tons of more legal and safe brokerage firms available, and working with risky ones might completely ruin your trading experience.
COMMENTS