Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information
What is FXGlory？
Fxglory is an online broker founded in 2010 that provides access to various financial markets, including forex currency pairs, precious metals, and oil. The broker offers multiple account types, leverage options, and trading platforms to cater to different trading needs. However, Fxglory is not authorized or regulated by any regulatory authority.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
Pros & Cons
FXGlory Alternative Brokers
There are many alternative brokers to FXGlory depending on the specific needs and preferences of the trader. Some popular options include:
UFX - offers a user-friendly trading experience with a wide range of trading instruments and excellent customer support.
ActivTrades - a reputable broker with a strong regulatory framework, offering competitive spreads, advanced trading platforms, and a variety of trading tools.
Grand Capital - provides a diverse range of trading instruments, multiple account options, and competitive trading conditions, making it suitable for both beginner and experienced traders.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
Is FXGlory Safe or Scam？
FXGlory's claims of offering client fund segregation, SSL encryption, advanced risk management, regular audits, and transparency, as well as various security measures such as two-factor authentication, penetration testing, and real-time monitoring, suggest a commitment to security and client protection.
However, it's important to note that FXGlory is an offshore broker and is not regulated by any reputable financial authority. This lack of regulation raises concerns about the safety of funds and the level of oversight the broker operates under. Traders should exercise caution and thoroughly research the broker before engaging in any trading activities. It is advisable to choose brokers that are regulated by recognized authorities to ensure a higher level of safety and accountability.
Market Instruments
FXGlory offers a range of market instruments across different asset classes. In terms of currency pairs, traders can access a variety of major, minor, and exotic pairs to participate in the foreign exchange market. This allows traders to take advantage of global currency fluctuations and engage in forex trading.
In addition to forex, FXGlory also provides opportunities to trade precious metals such as gold, silver, platinum, and palladium. These metals are known for their value and are often sought after as safe-haven assets or for diversifying investment portfolios. Trading in precious metals allows investors to benefit from price movements in these commodities.
Furthermore, FXGlory offers trading in oil, which is a highly liquid and globally traded commodity. Crude oil is a vital resource and is subject to supply and demand dynamics as well as geopolitical factors. Traders can speculate on oil prices, take advantage of price volatility, and potentially benefit from both rising and falling oil markets.
Accounts
FXGlory offers four live account types to cater to the varying needs of traders. The Standard account is designed for beginners or those who prefer to start with a smaller initial deposit. It has a minimum deposit requirement of only $1, making it accessible to traders with limited capital. The Standard account provides access to all the basic features and trading instruments offered by FXGlory.
For traders who are ready to invest more, the Premium account requires a minimum deposit of $1,000. This account type offers additional benefits such as lower spreads and access to exclusive trading tools and resources. The Premium account is suitable for intermediate traders who seek enhanced trading conditions and a more personalized trading experience.
The VIP account is designed for high-volume traders or experienced professionals. It requires a minimum deposit of $5,000 and offers even tighter spreads, faster execution speeds, and dedicated customer support. VIP account holders also enjoy priority access to new features and promotions.
FXGlory also offers a CIP (Capital Investment Program) account for institutional or high-net-worth individuals. This account requires a substantial minimum deposit of $50,000 and provides custom-tailored trading conditions, including personalized risk management strategies and dedicated account managers.
Additionally, FXGlory offers demo accounts for traders to practice their strategies and familiarize themselves with the trading platforms without risking real money. Swap-free (Islamic) accounts are also available for clients who adhere to Sharia principles.
Leverage
FXGlory offers different leverage levels based on the type of trading account. The Standard Account provides a maximum leverage of 1:3000, allowing traders to amplify their trading positions significantly. This high leverage can provide the opportunity for larger potential profits, but it also carries a higher risk as losses can be magnified.
The Premium Account offers a maximum leverage of 1:2000, providing traders with slightly lower leverage compared to the Standard Account. This leverage level still allows for significant trading power and flexibility, but with a slightly reduced risk compared to the higher leverage offered in the Standard Account.
The VIP Account, designed for experienced and high-volume traders, offers a maximum leverage of 1:300. This leverage level is lower compared to the previous account types, reflecting a more conservative approach to risk management. The lower leverage helps to mitigate potential losses and provides a more controlled trading environment.
For the CIP (Capital Investment Program) Account, which caters to institutional or high-net-worth individuals, the maximum leverage is set at 1:50. This leverage level is the most conservative among the account types offered by FXGlory, emphasizing a focus on risk management and capital preservation.
It's important to note that while higher leverage can amplify potential profits, it also increases the risk of significant losses. Traders should carefully consider their risk tolerance and trading strategies when deciding on the appropriate leverage level to use. FXGlory provides a range of leverage options to accommodate different trading styles and risk preferences.
Spreads & Commissions
FXGlory offers spreads across its different account types. For the Standard and Premium accounts, the spread starts from 2 pips. This means that the difference between the buying and selling prices of currency pairs is at least 2 pips. This spread is higher than the industry average 1.5 pips.
The VIP account offers tighter spreads, starting from 0.7 pips. This lower spread allows traders to benefit from more competitive pricing and potentially reduce trading costs. Traders using the VIP account can take advantage of narrower spreads, which can be particularly beneficial for frequent traders or those executing larger trade volumes.
For the CIP account, FXGlory offers even tighter spreads, starting from 0.1 pips. This account type is specifically designed for institutional or high-net-worth individuals, and the lower spreads reflect the advantages and privileges provided to this category of traders. The narrower spreads can enhance trading profitability, especially for those executing large-volume trades.
Also, spreads vary on the trading instrument. More specific information can be found in the below screenshot.
One notable feature of FXGlory is that it does not charge any commission for forex trading on any of its four account types. This means that traders can focus on trading without worrying about additional commission costs, which can be particularly appealing for those who prefer commission-free trading.
Below is a comparison table about spreads and commissions charged by different brokers:
Please note that the spread and commission values may vary and it's always recommended to check with the respective brokers for the most up-to-date information.
Trading Platforms
FXGlory provides traders with the widely recognized MetaTrader 4 (MT4) platform, which is available in various versions to cater to different operating systems and devices. Traders can access the markets and manage their trades conveniently using the MT4 platform.
MT4 is a powerful and user-friendly trading platform that offers a range of features and tools to assist traders in their trading activities. With the desktop version of MT4 for Windows, traders can enjoy a comprehensive trading experience directly from their computers. The platform provides real-time price quotes, customizable charts, technical indicators, and a wide range of order types to execute trades efficiently.
For traders who prefer the flexibility of mobile trading, FXGlory offers the MT4 app for both Android and iOS devices. The mobile apps allow traders to access their trading accounts on the go, monitor market movements, place trades, and manage their positions conveniently from their smartphones or tablets. The mobile version of MT4 retains most of the key features and functionality of the desktop version, ensuring a seamless trading experience across different devices.
In addition to the desktop and mobile versions, FXGlory also provides the MT4 WebTrader, which is a browser-based trading platform. With WebTrader, traders can access their accounts and trade directly through a web browser without the need for any software installation. This allows traders to access their accounts from any computer with an internet connection, providing flexibility and convenience.
Overall, the MT4 platform offered by FXGlory is known for its reliability, user-friendly interface, and comprehensive set of trading tools. Whether traders prefer the desktop, mobile, or web-based version, they can enjoy a seamless trading experience with access to real-time market data, advanced charting capabilities, and a wide range of trading features to execute their trading strategies effectively.
See the trading platform comparison table below:
Trading Tools
FXGlory provides traders with a range of useful trading tools to enhance their trading experience and assist them in making informed decisions. One of these tools is the Economic Calendar, which displays important economic events, news releases, and indicators that can impact the financial markets. Traders can use the Economic Calendar to stay updated on upcoming events and plan their trading strategies accordingly, as well as monitor the market reactions to economic data releases.
Another valuable tool offered by FXGlory is the Margin Calculator. This tool helps traders calculate the required margin for their trades based on their desired leverage, trade size, and currency pair. By using the Margin Calculator, traders can have a clear understanding of the margin requirements for their positions, which is essential for managing risk and ensuring adequate account capitalization.
FXGlory also offers the convenience of One-Click Trading, which allows traders to execute trades with a single click of a button. This feature is particularly useful for traders who need to enter or exit positions quickly, as it eliminates the need to manually confirm trade orders. With One-Click Trading, traders can execute trades promptly and efficiently, helping them take advantage of market opportunities in a timely manner.
Deposits & Withdrawals
FXGlory offers a wide range of convenient deposit and withdrawal methods to cater to the needs of its traders. Traders can choose from various options such as SticPay, American Express, Perfect Money, Cryptocurrencies including Ripple, Litecoin, Ethereum, and Bitcoin, EPay, WebMoney, MasterCard, Visa, Wire Transfer, Skrill, NETELLER, and PayPal, among others. This diverse selection allows traders to select the payment method that suits them best.
FXGlory minimum deposit vs other brokers
One of the advantages of FXGlory is that it does not charge any deposit fees, allowing traders to fund their accounts without incurring additional costs. However, withdrawal fees may vary depending on the chosen withdrawal method. Traders should review the fees associated with each method before initiating a withdrawal.
To comply with anti-money laundering regulations and ensure the security of funds, FXGlory requires that the withdrawal method be the same as the deposit method. This helps to prevent any potential fraudulent activity and ensures that funds are returned to the same source from which they were deposited.
Withdrawals at FXGlory are processed by the Finance department from Monday to Friday. The processing time for withdrawals may vary depending on the chosen withdrawal method, typically ranging from 1 to 10 business days. Traders should take into consideration the processing time when planning their withdrawals.
FXGlory Money Withdrawal
To withdraw funds from your FXGlory account, you need to follow these steps:
Step 1: Log in to your Client Cabinet.
Step 2: In “Withdrawal” section, choose the same method that you used to deposit.
Step 3: Fill in the withdrawal request form and make a withdrawal.
Customer Service
Clients with any inquiry can get in touch with Fxglory 24/7 through various channels, including live chat, phone support, email, and online messaging. More detailed contact information can be found in the below screenshots or you can directly search on the brokers website.
Overall, FXGlory's customer service is considered reliable and responsive, with various options available for traders to seek assistance.
Note: These pros and cons are subjective and may vary depending on the individual's experience with FXGlory's customer service.
User Exposure on WikiFX
On our website, you can see that reports of unable to withdraw and scams. Traders are encouraged to carefully review the available information and consider the risks associated with trading on an unregulated platform. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.
Education
FXGlory offers a Knowledgebase and Glossary as part of its educational resources for traders. The Knowledgebase provides a comprehensive collection of articles and guides covering various aspects of trading, including fundamental and technical analysis, risk management, trading strategies, and more. Traders can access these resources to enhance their understanding of the financial markets and improve their trading skills.
The Glossary, on the other hand, serves as a valuable tool for traders to familiarize themselves with industry-specific terms and terminology. It provides definitions and explanations for key terms commonly used in trading, ensuring that traders have a solid grasp of the language and concepts used in the financial markets.
By offering these educational resources, FXGlory aims to empower traders with knowledge and information that can support their trading journey. Whether traders are beginners looking to learn the basics or experienced traders seeking to deepen their understanding, the Knowledgebase and Glossary serve as valuable references that can enhance their overall trading experience.
Conclusion
As a whole, FXGlory is a brokerage that offers a diverse range of financial markets, multiple account options, and high leverage ratios. The availability of various trading platforms and convenient deposit/withdrawal methods adds to the convenience for clients. However, it's crucial to consider the fact that FXGlory operates as an unregulated broker, which introduces potential risks. There have been reports of difficulties with withdrawals raises concerns about the safety of client funds. Traders should exercise caution and thoroughly evaluate the associated risks before engaging in trading activities with FXGlory.
Frequently Asked Questions (FAQs)
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