FXGlory Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- MT4
- MT5
- 2011
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- MT4
- MT5
- 2011
Our Evaluation of FxGlory
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
FxGlory is one of the top brokers in the financial market with the TU Overall Score of 8.32 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by FxGlory clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews prove that the broker’s clients are fully satisfied with the company.
FxGlory is a universal broker for active trading that is likely to be interesting for European traders.
Brief Look at FxGlory
FxGlory (FX Glory) is a brokerage company founded in the United Arab Emirates in 2011. After working in the Asian financial market for slightly over a year, the company moved to European markets. FxGlory chose Saint Lucia as its jurisdiction (registration number 2023-00207), and has offices in the UK, Switzerland and Cyprus. The broker provides classical services in the Forex market, covering all key areas of the segment. FxGlory focuses on active trading, also offering access to binary options.
Notably, the broker is not licensed by any reputable regulatory authorities. This factor should be taken into account by traders considering working with the broker.
- minimum deposit is $1;
- no limitations on strategies (scalping, hedging, algorithmic trading are allowed).
- order processing method is STP (passing orders to liquidity providers, routing orders to the ECN system is not provided);
- high spreads: from 2 pips for the standard account (due to the STP model being used);
- relatively complex fee schedule and calculation of the minimum withdrawal amount. Differentiation of fees depends on the withdrawal amount and payment method;
- the website is available only in English;
- no cent accounts;
- no regulation;
- responses of customer support are delayed.
TU Expert Advice
Financial expert and analyst at Traders Union
From the point of view of a trader from Europe, FxGlory is an alright classic broker for intraday trading. However, there are a few things to keep in mind. First, customer support is only available in English. Second, the STP (straight through processing) method means uncompetitive spread, which is logical as the broker works only with certain liquidity providers, ignoring free pricing of the ECN systems. Third, the broker has withdrawal limits in place, which is a ‘sign’ that the company does not have very smooth relations with contracting parties. Also, the broker does not have a license. In case of a dispute, a client has nowhere to go and complain.
The website of the broker is user-friendly, providing information on all main trading conditions, and description of investment products. The company performs its obligations under partnerships in terms of paying rebates, which is why FxGlory is included in the TU Forex Brokers Rating.
- You aim to maximize your profit potential. Very few brokers offer leverage up to 1:3000. Moreover, on the VIP account, the maximum trade size is 1000 lots, far surpassing competitors with limits of 100-300 lots.
- Low trading costs are a top priority for you. On the most advanced account types, VIP and Premium, FxGlory clients can benefit from a minimal spread of 0.7 and 1.5 pips, respectively. Notably, there are no trading fees.
- Regulatory oversight is of paramount importance to you. Despite FxGlory's strong international presence and high rating, it lacks regulatory oversight. However, it is officially registered in St. Lucia.
FxGlory Summary
| 💻 Trading platform: | МТ4 (browser and desktop versions), MT5 |
|---|---|
| 📊 Accounts: | Standard, Premium, VIP |
| 💰 Account currency: | USD |
| 💵 Replenishment / Withdrawal: | SticPay, American Express, Perfect Money, cryptocurrencies, WebMoney, EPay, Wire Transfer, Neteller, Skrill, PayPal, Visa, Mastercard |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | up to 1:3000 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | from 2.0 pips (from 0.7 pips on VIP accounts) |
| 🔧 Instruments: | Currencies, metals, oil |
| 💹 Margin Call / Stop Out: | 30%/10% — 60%/30% |
| 🏛 Liquidity provider: | N/a |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Instant Execution, Market Execution |
| ⭐ Trading features: | VPS service for VIP |
| 🎁 Contests and bonuses: | Yes |
FxGlory trading conditions are rather tough. This primarily applies to a rather high entry threshold for professional trading. The $1 minimum deposit is available only for one account that has a number of limitations. The average entry threshold for all other accounts is $1,000.
FxGlory Key Parameters Evaluation
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Trading Account Opening
To start trading with FxGlory, you need to register an account. Note that by registering through the Traders Union rebate service you can save on the spread. Take the following steps:
Register for free on the Traders Union website and use a referral link to go to the FxGlory website. On the homepage, click Open a Demo Account. You can also open a Live Account from the homepage or in the For Traders menu.
On the next page, download the MT4 trading platform and follow the instructions. Opening a demo account does not provide you with access to a User Account.
To register a User Account, click Client Cabinet at the top of the homepage.
Pass authorization by filling out the form offered by the broker. Confirm registration using the link that will be sent to your email. After you confirm your email, another letter will be sent with the login and password.
The following features are available in user accounts:
User accounts also provide access to other useful features:
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editing personal information after passing verification;
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statistics on proceeds from attracted referrals;
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support service.
Regulation and Safety
The FxGlory broker is registered in Saint Lucia, an offshore jurisdiction (registration number 2023-00207). Notably, registration of a legal entity does not mean that the broker is regulated by a professional regulatory authority. The company provides no information about having a brokerage license.
Advantages
- There are segregated accounts
- Unique data encryption technology
Disadvantages
- No regulation; interests of individual investors are practically not protected
Commissions & Fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | from $20 | Yes |
| Premium | from $20 | Yes |
| VIP | from $7 | Yes |
The broker also charges swaps (fee for position rollover to the next day).
Comparative analysis of FxGlory fees provided an idea of the broker’s attractiveness and competitiveness. Based on the results of the analysis of fees, brokers were assigned a corresponding level, from low to high.
| Broker | Average commission | Level |
|---|---|---|
|
$12 | |
|
$1 | |
|
$8.5 |
Account Types
FxGlory offers several account types that differ in the level of minimum deposit, maximum volume of opened positions, stop-out level, etc.
Account types:
You can use the demo account to learn about the features of the trading platform and evaluate pros and cons of the broker’s trading conditions.
Deposit and Withdrawal
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FxGlory processes withdrawals at the first request of a trader. The number of withdrawal requests is not limited.
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The following deposit/withdrawal options are available: SticPay, American Express, Perfect Money, cryptocurrencies, WebMoney, EPay, Wire Transfer, Neteller, Skrill, PayPal, Visa, Mastercard.
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There is a minimum withdrawal amount: from $5 depending on the payment system. Only PayPal has a daily withdrawal limit.
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Withdrawal processing time depends on the payment system and can be up to 8 business days.
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Deposit and withdrawal currencies include USD, and crypto wallets.
Investment Options
FxGlory focuses on providing trading services at over-the-counter financial markets. Investment programs (social trading, PAMM accounts) are not a priority for the company, and therefore are temporarily not offered. Nonetheless, FxGlory is considering introducing social trading technologies on the basis of the existing platform in the future.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
FxGlory Partnership Program
IB (Introducing Broker). Any private individual or a legal entity can be an Introducing Broker. Each partner receives promotional and informational materials and a referral link.
White Label. A person or entity can develop and promote a business under their own brand. FxGlory provides a trading platform, software and apps that allow the company to provide brokerage services.
FxGlory partnership programs are a method of passively investing in marketing the services of the broker. On its part, FxGlory guarantees technical and legal support for each partner.
Customer Support
The broker’s support service is available 24 hours a day, 5 days a week.
Advantages
- The support service responds relatively quickly
- Live chat is available
Disadvantages
- Not available on weekends
- No support in languages other than English
Support service can be contacted the following ways:
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by email and phone number of corresponding offices;
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by ordering a call back;
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live chat on the broker’s website;
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by using the feedback form.
The support service is available on the broker’s website and in user accounts.
Contacts
| Foundation date | 2011 |
|---|---|
| Registration address | PKF corporate Services building, 1st floor, Meridian Place, Choc Estate, Castries, Saint Lucia |
| Official site | fxglory.com |
| Contacts |
+44322473800
|
Education
There are not a lot of educational materials on the FxGlory website. Most of them are intended for novice traders, who are only taking their first steps in trading.
Comparison of FxGlory with other Brokers
| FxGlory | RoboForex | Pocket Option | Exness | XM Group | Libertex | |
| Trading platform |
MT4, MobileTrading, MT5 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5, MobileTrading, XM App | Libertex, MT5, MT4 |
| Min deposit | $1 | $10 | $5 | $10 | $5 | 100 |
| Leverage |
From 1:1 to 1:3000 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:30 |
From 1:1 to 1:30 for retail clients |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | 8.00% | No | No | No | No | No |
| Spread | From 2 points | From 0 points | From 1.2 point | From 1 point | From 0.6 points | From 0.1 points |
| Level of margin call / stop out |
20% / 10% | 60% / 40% | 30% / 50% | No / 60% | 100% / 50% | 50% / 50% |
| Execution of orders | Instant Execution, Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | Yes | No | No | Yes | No |
Detailed review of FXGlory
FxGlory confidently holds the niche of companies providing classical services of professional trading. FxGlory’s priorities include technological development of an order processing and distribution system that would allow it to route orders directly to the ECN market in the future. This will reduce order execution time, provide traders with information about the market depth and volume and also reduce spread through market liquidity.
FxGlory by the numbers:
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minimum deposit is $1;
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leverage up to 1:3000;
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no account volume fee;
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50% bonus for each deposit.
FxGlory is a broker for professional investing
STP (straight through processing) is a model of order processing. Despite a rather high spread, this model allows traders to trade large volumes without fearing slippages due to lack of liquidity. The second benefit of the model is that there is no commission per lot.
FxGlory trading conditions are designed to attract professional traders with large capital. There is only one account with the minimum deposit of $1 and leverage up to 1:3000 for beginners (the leverage recommended by regulators is up to 1:20-1:50). To reduce risks, the broker set the ceiling of total trading volume at 1 lot. The broker offers the МТ4 trading platform. The browser version of the platform is improved and simplified by the broker’s developers.
FxGlory has the following useful services:
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margin calculator. It is a tool that allows traders to calculate amount of margin according to the given volume of the position (leverage and deposit);
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VPS server. The server provides traders with an opportunity to trade without interruption even when there is no connection between the broker and the platform. It is available for VIP and Premium accounts.
Advantages:
trading conditions limit potential risks, thereby reducing the probability of a loss based on emotional actions;
a “practice” account is available for testing trading strategies in the real market (Standard);
no restrictions on the use of Expert Advisors, locking, scalping.
User Satisfaction