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 FXGLOBE？
FXGLOBE, a trading name of FS International Limited, is allegedly a regulated financial brokerage firm registered in Vanuatu that claims to provide its clients with 70+ tradable financial instruments including forex currency pairs, commodities, indices, and cryptocurrencies, with leverage up to 1:200 and raw spreads from 0.00 pips on MT4, MT5 and Web Trader platforms via three different live account types, as well as 24/5 customer support service.
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
FXGLOBE offers regulated trading services through CYSEC, providing a level of oversight and investor protection. They provide a variety of financial instruments and trading account types, along with multiple trading platforms. However, concerns arise from the broker's reports of difficulties in withdrawals and severe slippage.
Please note that the pros and cons mentioned above are based on the provided information and may not encompass all aspects of FXGLOBE's operations.
FXGLOBE Alternative Brokers
There are many alternative brokers to FXGLOBE depending on the specific needs and preferences of the trader. Some popular options include:
NAGA - a social trading platform that offers a unique blend of social networking and trading, making it a recommended choice for traders looking for a social trading experience.
Rakuten Securities - a well-established and reputable broker with a wide range of trading instruments and competitive spreads, making it a recommended option for traders seeking a reliable and comprehensive trading environment.
Valutrades - a regulated broker offering a variety of trading platforms, tight spreads, and excellent customer support, making it a recommended choice for traders looking for a trustworthy and user-friendly trading experience.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
Is FXGLOBE Safe or Scam？
The regulatory status and customer complaints raise concerns about the safety and reliability of FXGLOBE as a broker. While they are regulated by the Cyprus Securities and Exchange Commission (CYSEC, License No. 205/13), their unsubscribed status with the United Kingdom Financial Conduct Authority (FCA, License No. 611742) and offshore regulatory status with the Vanuatu Financial Services Commission (VFSC, License No. 700227) may indicate a lack of oversight and consumer protection.
Additionally, exceeding the business scope regulated by the Germany Federal Financial Supervisory Authority (BaFin, License No. 136044) raises further questions about their compliance with regulatory standards. The numerous complaints regarding withdrawal issues and severe slippage further contribute to the doubts surrounding FXGLOBE. It is advisable for potential investors to exercise caution and conduct thorough research before engaging in any trading activities with this broker.
Market Instruments
FXGLOBE provides a diverse range of over 70 tradable instruments, catering to the needs of different traders. Their offerings include a wide selection of currency pairs, encompassing major, minor, and exotic pairs, allowing traders to participate in the global forex market. In addition to forex, FXGLOBE also offers trading opportunities in commodities, enabling traders to speculate on the price movements of precious metals, energy products, and agricultural commodities.
Furthermore, traders can access a variety of global indices, allowing them to trade on the performance of leading stock market indices from around the world. Lastly, FXGLOBE provides access to shares trading, enabling traders to invest in individual company stocks and potentially benefit from their price fluctuations. With this diverse range of market instruments, FXGLOBE offers traders the opportunity to diversify their portfolios and capitalize on various market opportunities.
Accounts
FXGLOBE offers a range of account types to cater to different trading needs. They provide demo accounts for traders to practice and familiarize themselves with the platform. In addition, they offer three live account types: Pathfinder, Navigator, and Infinity.
The Pathfinder account requires a minimum initial deposit of $/€/£250, making it accessible for traders with a smaller budget.
The Navigator account has a higher minimum initial deposit of $/€/£2,500, offering additional features and benefits for more experienced traders.
The Infinity account is designed for professional traders and requires a minimum initial deposit of $/€/£25,000.
Each account type comes with its own set of features, including competitive spreads, leverage options, and access to various trading instruments. Traders can choose the account type that aligns with their trading goals and financial capabilities.
Leverage
FXGLOBE provides leverage options of up to 200:1, allowing traders to amplify their trading positions. Leverage enables traders to control larger positions in the market with a smaller amount of capital. With a leverage ratio of 200:1, traders can potentially increase their potential profits, as even small price movements can result in significant gains.
However, it is important to note that while leverage can enhance profits, it also amplifies the risks involved in trading. Higher leverage levels increase the exposure to potential losses, as even small adverse market movements can lead to significant drawdowns. Traders should exercise caution and carefully manage their risk when utilizing leverage.
Spreads & Commissions
FXGLOBE promotes competitive and tight spreads for its clients, with claims of offering raw spreads starting from 0.00 pips. This implies that traders can benefit from direct market pricing without any markups on the spreads. While the typical EUR/USD spread of 0.5 pips indicates the average cost of trading this currency pair, it is still considered relatively low and attractive for traders.
Additionally, FXGLOBE distinguishes its account types based on commissions. Pathfinder and Navigator accounts have no commission charges, allowing traders to execute trades without incurring additional costs. On the other hand, Infinity accounts have a commission of $7 per lot, which is a transparent fee structure for higher-volume traders.
Overall, the combination of low spreads and commission options provides traders with flexibility based on their trading preferences and strategies.
Below is a comparison table about spreads and commissions charged by different brokers:
Note: The information presented in this table may be subject to change and it is always recommended to check with the broker's official website for the latest information on spreads and commissions.
Trading Platforms & Social Trading
FXGLOBE offers its clients a range of advanced trading platforms to cater to different trading styles and preferences. Traders can choose from the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, both known for their robust features, intuitive interface, and extensive charting capabilities. These platforms provide access to a wide range of technical indicators, analytical tools, and customizable trading strategies.
Additionally, FXGLOBE also offers a Web Trader platform, allowing traders to access their accounts and trade directly from their web browsers without the need for any software download. This offers convenience and flexibility for traders who prefer to access their accounts from different devices.
Another noteworthy feature of FXGLOBE is the availability of social trading, enabling traders to connect with and follow experienced traders, replicate their trades, and benefit from their expertise. This social trading feature enhances the trading experience by providing opportunities for learning, collaboration, and potential profitability.
With a variety of trading platforms and social trading options, FXGLOBE ensures that traders have access to advanced tools and resources to support their trading activities effectively. See the trading platform comparison table below:
Deposits & Withdrawals
FXGLOBE provides its clients with a variety of convenient and secure deposit and withdrawal options. Traders can choose from popular payment methods, including bank wire transfers (SEPA and Swift), credit/debit cards (MasterCard and Visa), and alternative payment methods such as Neteller, Skrill, SupermCash, Zotapay, and Blockchain.
The minimum deposit requirement is $50 for most deposit methods, ensuring accessibility for traders with different budget sizes. Additionally, FXGLOBE offers free deposits, allowing traders to fund their accounts without incurring any additional fees. The processing time for most deposits is instant, allowing traders to start trading without delay.
FXGLOBE minimum deposit vs other brokers
When it comes to withdrawals, FXGLOBE strives to provide efficient and timely processing. The minimum withdrawal amount is $25 for most withdrawal methods, ensuring flexibility for traders to access their funds. While most withdrawals are free, it's worth noting that withdrawals via bank wire transfers (SEPA and Swift) are subject to a $25 fee. FXGLOBE aims to process withdrawal requests on the same business day, ensuring prompt access to funds.
See the deposit/withdrawal fee comparison table below:
Customer Service
FXGLOBE prioritizes providing comprehensive and accessible customer service to its clients. Traders can reach out to the support team during business hours from Monday to Friday, from 08:00 to 18:00 (6am-3pm GMT). The support is available through various channels, including live chat, phone, and email, allowing traders to choose the method that best suits their preferences. Additionally, an online messaging system is also available for convenient communication.
For those who prefer to stay updated and engage with the broker's community, FXGLOBE maintains an active presence on popular social networks like Twitter, Facebook, Instagram, and YouTube. Traders can follow these accounts to receive the latest news, updates, educational content, and market insights.
Overall, FXGLOBE strives to deliver attentive and multilingual customer support, offering multiple communication channels and additional resources to ensure that traders can receive timely assistance and stay informed about the broker's activities.
Please note that the pros and cons mentioned above are based on the available information and general considerations. The actual experience with customer service may vary, and it's recommended to reach out to FXGLOBE directly for more specific and up-to-date information regarding their customer service offerings.
User Exposure on WikiFX
On our website, you can see that many reports of unable to withdraw and severe slippage. 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
FXGLOBE provides a comprehensive range of educational resources to assist traders in enhancing their knowledge and skills in the financial markets. Traders have access to video tutorials, e-books, news updates, an academy, and a glossary, ensuring they have the necessary tools to understand various aspects of trading. These resources cover a wide range of topics, including trading strategies, technical analysis, risk management, and market insights. The availability of educational materials allows both novice and experienced traders to continuously learn and stay updated with the latest trends and developments in the financial markets.
In addition to the existing resources, FXGLOBE also plans to introduce webinars and seminars in the near future. These interactive learning opportunities will provide traders with the chance to engage directly with industry experts, gain valuable insights, and participate in discussions to further enhance their trading knowledge.
By offering a diverse range of educational materials and upcoming webinars and seminars, FXGLOBE demonstrates its commitment to empowering traders with the knowledge and skills needed to make informed trading decisions. Traders can take advantage of these educational resources to expand their understanding of the markets, improve their trading strategies, and stay informed about the latest industry trends, ultimately equipping them with the necessary tools for successful trading experiences.
Conclusion
In conclusion, FXGLOBE is a regulated broker under CYSEC, offering a range of financial instruments, trading accounts, and platforms. They provide educational resources and multilingual customer support, showcasing a commitment to assisting traders. However, it is important to note that the broker's reports of withdrawal difficulties and severe slippage.
Traders should exercise caution and thoroughly assess the risks associated with trading on an unregulated platform. Conducting thorough research and considering alternative regulated brokers may be prudent to ensure a secure and reliable trading experience.
Frequently Asked Questions (FAQs)
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