Detailed FxGlory Forex Broker Review:
FxGlory is an international brokerage company, which was created in the Department of Economic Development of UAE in 2011, worked throughout the year in Asia and has several representative offices in different countries of Europe. FxGlory strives to become one of the largest forex brokers in the world, therefore it is constantly working on opening new branches and improving customer service. Let’s figure out if this is so. We will study the capabilities of the broker and try to understand whether it is safe to open a deposit here.
FxGlory is a product of Fxglory Ltd, a company registered and located in Saint Vincent and the Grenadines – the territory of the financial regulator FSA. The registration number “23463” is indicated on the broker’s website FxGlory. If we go to the FSA website and add the FxGlory registration number to the search, we won’t get any result. For reliability, we drive in a search by company name and also do not get a result – this means that FxGlory works without a license and is not controlled by any supervisor.
General information about FxGlory:
|Year of foundation||2011|
|Platforms||Metatrader 4 in the desktop and mobile version|
|Markets and Products||Forex|
|Spreads||From 2 pips|
|Minimum deposit||1 $|
|Maximum leverage||1: 3000|
Types of accounts Demo and real. The real one is divided into types: Standart, Premium, VIP, and CIP.
Replenishment and withdrawal of Bank cards; payment systems: Visa / MasterCard, Payz, CashU, Transfer; electronic money: QIWI, WebMoney, Skrill, LiqPay, PayPal, WalletOne, Alliedwallet, Okpay, Neteller and others.
FxGlory clients can only work through the Metatrader 4 terminal – the fifth version of the platform and the company does not have its developments. FxGlory Metatrader 4 is available in a browser, desktop, and mobile versions:
1) The web terminal is compatible with all modern browsers.
2) The desktop version is only compatible with some versions of Windows (from XP to Windows 8) and is not available on MacOS.
3) The mobile version has been announced, but there are no links to download it.
4) A special version of the platform has been separately selected, which allows you to install Metatrader 4 on iOS. There is a boot link to install the program on the iPhone, iPad, and iPod.
In this description, we were confused by the fact that the FxGlory Metatrader is not compatible with newer versions of Windows. We experiment: download the terminal and put it on a PC with Windows 10. Everything was quickly installed and without problems allowed to open a demo account. Therefore, why such a description is on the site is incomprehensible.
We open the downloaded Metatrader 4 and look at the list of available assets – by default, only 23 currency pairs are available to us. We open the “Services” section and look at the “Archive of quotes” – here, in addition to currency pairs, metals, futures, and cryptocurrencies are presented. We try to add and get a data error. We go to the official website, find the section “For Traders” → “Trading Instruments” and look at the declared list of trading instruments. We are promised to trade in currency pairs, precious metals (gold, silver, platinum, palladium) and oil products. There is not a word about cryptocurrencies, futures and other assets.
Fees and charges
FxGlory broker does not charge customers fees and hidden fees. There are only two types of additional payments that are accrued in any forex company. The first payment is related to the payment of the spreads that must be paid for opening each trade transaction – the minimum size is two points, and the full list of tariffs for all trading instruments can be found in the section “For Traders” → “Spreads”. The second payment must be charged for the withdrawal of funds from the trading account – here it all depends on the commission of the selected service and details are published in the section “For Traders” → “Deposit and Withdrawal Conditions”. Personally, the forex broker does not take any payments for such operations.FxGlory has four types of trading accounts, which differ in the size of the minimum deposit and additional options – the larger the deposit, the more benefits you get. For example, if you replenish your account with $ 5,000, you can reduce the minimum spread from 2 to 0.7 points. And if your deposit starts from $ 50,000, then the minimum spread will be reduced to 0.1 points. See “For Traders” → “Account Types” for details.
For communication with technical support managers, the section “Support” → “Contact the US” is provided. On the page that opens, there are many international phones and email addresses to which you can send a request. These are not suitable for us, and verification, we will use live chat (“Support” → “Live Chat”). Let’s try to clarify how many assets can be used in the MetaTrader 4 terminal from FxGlory. We write a message, re-indicate your mail, nickname, and phone, send a message.
The manager immediately answers and gives this instruction: in Metatrader 4 you need to select the tab “View” → “Symbols” → click on all available assets → click on the “Show” button. We follow the instructions and get such a set of tools: currency pairs, futures, metals, and cryptocurrency. In the same window we see a working language switch: click → select Russian language → write a message. We get the answer: please write in English. That is, technical support works quickly but communicates only in its language.
The section “Support” → “Knowledgebase” is responsible for preparing new traders on the site. This knowledge base is divided into six sections on the language of publishing content: there is information in English, Russian, Italian, Greek, Arabic, and German. If we open a section with Russian-language content, we will see four small sections: “About the Forex Market”, “Fxglory Company”, “Forex Books” and “MetaTrader 4 Guide”. In each of the sections listed, the information is poorly systematized and comes down to some basic concepts. If you are a beginner and do not know anything about the foreign exchange market, then using this section you will not succeed in obtaining the necessary information for trading. Education will have to be received separately.
For lovers of passive earnings without investment, the site has an affiliate program (Partnership section), which provides two forms of cooperation: you can work as an Introducing Broker or establish your own brokerage business based on Fxglory software (White Label Program). To start working on any of these schemes, you need to study the working conditions, register on the site and send an application to participate in the affiliate program. After that, you can ask questions to the support service and get ready for work.
FxGlory: advantages and disadvantages
1) If you have an urgent question, you can use live chat and immediately get advice. On weekdays, managers work around the clock.
2) There are no hidden fees and commissions. At the same time, each user can increase the size of the initial deposit, get a VIP or CIP account and reduce the size of the basic spread.
3) There are no minimum deposit requirements and you can start work at $1.
4) There is a welcome bonus.
5) An affiliate program is provided, with the help of which you can earn extra money without investment or do the brokerage business yourself.
1) The site has a language switch that allows you to translate the site from English to some other. There is a switch, but it does not work.
2) The broker is registered in the territory of the FSA regulator, however, it works without its license. This means that in any contentious situation, representatives of FxGlory will individually decide what to do with all client complaints.
3) Incompatibility of Metatrader 4 from FxGlory with MacOS. Here you can highlight the ill-conceived description, which indicates the compatibility of the terminal with older versions of Windows. Everything works on newer systems.
4) The site provides for a complex registration procedure, where you need to specify the address, postcode, birthday, gender and other personal data, without which you can’t get access to your account.
5) Technical support can correspond and answer questions only in English.
6) A poorly designed educational program, after studying which many questions remain about what the Forex currency market is and how to make money on it.
FxGlory is a medium-sized brokerage company that in 2011 made ambitious plans and left them at the idea level. The company has several representative offices in different countries of the world; however for many years of work there is no license of a reputable financial regulator, there is no multilingual technical support and free educational content for beginners.
All other options are standard and almost all competitors have it. You can use this broker to train on a demo account or work with a small deposit of up to $ 1,000. If you want to start more impressive amounts, focus on other brokerage companies that contain a compensation fund and can advise on all problematic issues in your native language.