Fxglory Review: Ultimate Guide to Trading Services

Fxglory is a unique name in the bustling forex trading sector. Fxglory broker has carved out a niche for itself by providing accessible trading platforms and a range of account options that cater to both novice and experienced traders. This forex trading broker review delves into the various aspects of Fxglory, from its regulatory status and account types to its trading platforms, fees, and customer support. These details provide a comprehensive overview designed to inform potential traders about what to expect when engaging with this broker.

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Fxglory: Overview

Since its beginning in 2011, Fxglory has steadily grown to become a recognized name in the forex trading industry. Headquartered in Washington, United States, Fxglory has prioritized providing a robust, user-friendly trading environment that is rich in features. This broker operates on the popular MetaTrader 4 platform, renowned for its reliability and a wide range of analytical tools, catering to traders of all experience levels. Fxglory distinguishes itself with its low entry threshold, allowing traders to open accounts with as little as $1.

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Regulation and Registration

Fxglory initially registered with the Department of Economic Development in the UAE, marking its entrance into the global forex market. After a year of operations in Asia, the broker expanded into several European countries to broaden its reach and enhance service accessibility. Fxglory has recently established a new office in Saint Vincent and the Grenadines, holding the registration number 23463 as part of its ongoing expansion strategy. This expansion reflects Fxglory’s commitment to providing comprehensive trading services on a global scale, ensuring regulatory compliance in diverse markets.

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Account Types of Fxglory

Standard Account

• Minimum Deposit: $1 ($100 for MT5)
• Spreads: From 2 pips
• Commissions: $0
• Maximum Leverage: 1:3000
• Features: Deposit bonus up to 50%, maximum bonus $500, margin call 60% / stop out 30%, no Premium VPS.

Premium Account

• Minimum Deposit: $1,000
• Spreads: From 1.5 pips
• Commissions: $0
• Maximum Leverage: 1:2000
• Features: Deposit bonus up to 50%, maximum bonus $1,000, margin call 50% / stop out 30%, includes Premium VPS.

VIP Account

• Minimum Deposit: $5,000
• Spreads: From 0.7 pips
• Commissions: $0
• Maximum Leverage: 1:400
• Features: Deposit bonus up to 50%, maximum bonus $2,000, margin call 30% / stop out 10%, includes Premium VPS.

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Deposit and Withdrawal

For deposits, traders can choose from direct deposits, wire transfers, and various e-wallets, including PayPal, Skrill, NETELLER, Payza, OKPAY, Webmoney, Sticpay, Perfect Money, and cryptocurrency. These methods are designed to provide instant access to funds, except for wire transfers, which can take between 1 to 7 working days to process.

Regarding withdrawals, Fxglory requires that funds be withdrawn using the same method as the initial deposit to ensure security and compliance with anti-money laundering regulations. Withdrawal times can vary. E-wallets generally process within 1 to 24 hours, while wire transfers take 1 to 10 business days. Fxglory facilitates internal transfers between a client’s trading account and an IB account, typically processed within 24 hours without additional fees.

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Products in Fxglory

• Forex
• Commodities

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Trading Platform of Fxglory

Fxglory offers its clients access to the MetaTrader 4 (MT4) platform, renowned for its reliability, ease of use, and comprehensive trading tools. MT4 is highly favored among traders worldwide for its advanced technical analysis capabilities, automated trading functions, and customizable trading environment.

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Fees of Fxglory

Fxglory facilitates fee-free deposits across various methods, including wire transfers, credit/debit cards, and multiple e-wallets, with a minimum deposit as low as $1. For withdrawals, the fees are different. Wire transfers cost 9% for $1000 withdrawals, credit/debit cards are charged 5% for withdrawals under $300, and e-wallets like Skrill and Webmoney have a flat $3 fee for smaller amounts. 

Additionally, cryptocurrency transactions are subject to variable fees ranging from 0% to 10%, depending on usage and accounting decisions. This fee structure is tailored to support diverse trading strategies and maintain transaction efficiency.

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Fxglory Promotions

Fxglory offers a range of promotional bonuses designed to enhance the trading capabilities of its clients. To claim a bonus, traders need to open a real account, select the bonus option in the deposit section of the client cabinet, and make a deposit of any amount. The bonus, which increases the deposit by 50%, is automatically credited to the account. This allows traders to expand their trading opportunities and earn more profit. However, it is important to note that a client’s maximum bonus limit is $2000. For instance, if a trader deposits $1000, they receive an additional $500. If another deposit of $3000 is made, the bonus would increase the credit to the maximum of $2000 rather than adding another $1500. Any subsequent deposits will not increase the credit beyond this cap.

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Customer Support

• Email: [email protected]  
• Live Chat: 24/7
• Phone: +(995) 32 242 3560

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Pros & Cons

Pros Explained

• Fxglory requires just $1 to start trading, making it accessible for traders with varying capital sizes.
• Fxglory enables traders to manage their positions with high precision through micro-lot trading.
• Fxglory broadens its accessibility by accepting traders from the United States, expanding its global reach.
• Fxglory provides virtual private server services to ensure stable and uninterrupted trading connectivity.
• Fxglory protects traders from losing more than their invested amount through negative balance protection.

Cons Explained

• Fxglory offers a relatively restricted range of products, which may not satisfy all traders’ needs.
• Fxglory lacks support for the MetaTrader 5 platform, a drawback for traders who prefer its advanced features.
• Fxglory does not provide trading signals, which could hinder traders from relying on these to make trading decisions.
• Fxglory is an unregulated offshore broker, raising potential safety and regulatory oversight concerns. This concern can result in less protection for traders in scenarios of financial discrepancies or disputes. 
• Fxglory features a complex fee schedule that varies by withdrawal amount and method, which can be challenging to navigate.
• Fxglory’s website is available only in English, limiting access for non-English speaking traders.
• Some traders have reported experiencing slow responses from Fxglory’s customer support.

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Is Fxglory Worth Considering?

Fxglory is an accessible broker, requiring just a $1 minimum deposit and supporting various trading strategies, making it appealing for beginners and experienced traders. The platform includes VPS services, widening its global appeal. However, it does have drawbacks, such as a limited selection of trading instruments and the absence of the MetaTrader 5 platform. Moreover, Fxglory’s status as an unregulated offshore broker raises security and regulatory concerns that potential traders must consider. Issues with customer support responsiveness could also detract from the trading experience.
Overall, Fxglory may be suitable for traders who value accessibility and basic trading features. Nevertheless, it’s necessary to carefully evaluate the risks associated with its regulatory status and service limitations. This evaluation should be completed according to one’s unique trading requirements and risk tolerance to guarantee a well-informed selection.

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FAQs

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