By emphasizing on the pros and cons of this broker, this FxGlory review will help you determine whether this broker meets your trading needs.
FxGlory is an online forex and CFD broker that has been providing trading services since its establishment in 2011. With its headquarters in Saint Vincent and the Grenadines, the broker is known for offering some of the highest leverage in the industry, reaching up to 1:3000. This, along with its simple and accessible platform makes FxGlory appealing to a variety of traders, particularly those who wish to start with a small capital investment.
We will now highlight some of its pros and cons which is the main focus of this FxGlory review.
FxGlory review: Pros
1. High Leverage
One of the most notable features of FxGlory is the high leverage it offers. With leverage of up to 1:3000, traders can control much larger positions relative to their invested capital. This can be attractive for traders looking to maximize potential returns on smaller investments.
2. Low Minimum Deposit
FxGlory allows traders to open an account with a really low minimum deposit requirement. This makes the platform accessible to traders with limited funds, including beginners who wish to test the waters of forex trading without a significant financial commitment. The low entry barrier is a key advantage for those who want to experiment with real-money trading without risking substantial sums.
3. Variety of Account Types
The broker provides multiple account types to suit various traders based on their trading needs. The account types offered include:
- Standard Account: The most basic account, which offers fixed spreads, high leverage, and no commission.
- Premium Account: This account type offers lower spreads and faster execution times but requires a higher minimum deposit than the Standard Account.
- VIP Account: The VIP account is designed for professional traders, with tighter spreads, faster execution, and other premium benefits. However, it comes with a higher minimum deposit requirement than the Premium Account.
This allows traders to choose an account that aligns with their trading goals and financial capacity.
5. Free VPS Service
For traders who maintain a balance of $500 or more, FxGlory offers a free Virtual Private Server (VPS) service. A VPS ensures that your trading platform remains connected to the internet 24/7, even if your own internet connection goes down. This is especially useful for traders using automated trading strategies or Expert Advisors (EAs) that require continuous connectivity. A VPS service can be a significant advantage for traders who prioritize speed, reliability, and uninterrupted trading.
6. Bonuses and Promotions
FxGlory is known for offering bonuses and promotions to its traders, including:
- Welcome Bonus: New clients can receive a welcome bonus of up to 50% on their first deposit. This gives traders more funds to trade with, which can help boost their initial capital.
- Loyalty Bonus: FxGlory offers regular bonuses for existing traders, rewarding their loyalty and encouraging continued trading activity.
7. 24/7 Customer Support
FxGlory offers customer support around the clock, which can be helpful for traders who encounter issues at any time of day. Support is available via live chat, email, and phone, and the broker’s website offers a detailed FAQ section that can address common questions. Being able to access customer support 24/7 provides reliance, particularly for traders in different time zones who may need assistance outside of typical business hours.
FxGlory Review: Cons
1. Lacks a Strong Regulatory Oversight
One of the biggest drawbacks of FxGlory is the lack of strong regulatory oversight. The broker is registered in Saint Vincent and the Grenadines, a jurisdiction that is known for its lenient regulatory requirements. This may raise concerns for traders who prioritize security and transparency. The absence of regulation by top tier authorities at FxGlory may imply that traders may not have the same level of protection as with other brokers with more stringent regulations.
2. High Spreads
FxGlory is known to have relatively high spreads compared to other brokers in the industry. For example, its spread on popular currency pairs like EUR/USD can start at 2 pips, whereas other brokers offer spreads starting at less than 1 pip. Higher spreads can increase trading costs, especially for high-frequency traders or those who rely on tight spreads for scalping strategies. Although the broker does not charge commissions on most trades, the cost of high spreads can still affect long-term profitability for traders who engage in frequent or large-volume trades.
3. Limited Trading Platforms
Compared to some other brokers, FxGlory is limited in support for trading platforms. The broker only supports the MetaTrader 4 (MT4) trading platform, which is popular among traders, but can be limited in terms of some more advanced features. Furthermore, the lack of a proprietary trading platform can be a drawback for some traders who prefer trading platforms that enhance customized operations.
4. Withdrawal Fees
The broker charges withdrawal fees on certain payment methods, which can eat into traders’ profits. This can be a major disadvantage for traders who make frequent withdrawals, as these fees can accumulate over time. It’s important for traders to be aware of these fees and plan accordingly to minimize costs.
5. Inactivity Fees
FxGlory charges an inactivity fee on accounts that have been dormant for a period of time. If a trader does not make any transactions for several months, they may be charged an inactivity fee, which can gradually deplete the account balance. While inactivity fees are common across brokers, they can have significant disadvantages for traders who do not trade regularly.
Conclusion
This FxGlory review has revealed that the broker presents both opportunities and challenges for forex traders. Its key strengths lie in its low minimum deposit requirements, and bonus offerings, making it an appealing choice for traders with limited capital or those who enjoy promotions.
However, the broker’s lack of strong regulatory oversight, high spreads and the presence of fees (including withdrawal and inactivity fees) are significant drawbacks that potential traders need to consider.
Frequently Asked QuestionsÂ
Does FXGlory accept paypal?
- Yes, it does.
Does FXGlory offer a demo account?
- Yes, it does offer a demo account.
What are the trading platforms provided by FXGlory?
- The broker supports the MT4 and a web trader platform.