FXGlory is an offshore forex broker offering trading on stocks, commodities, indices and currencies since 2011. This brokerage offers commission-free trading, reasonable fixed spreads and some of the highest leverage in the industry. With minimum deposits starting at only $1 and micro-lot trading allowed, this broker is an attractive option for beginner level traders who wish to limit risk while learning how to trade. This FXGlory review will tell you exactly what to expect should you choose to become a client of this brokerage.
FXGlory offers Standard, Premium and VIP accounts. There are distinct differences between the three and therefore it is important to understand what each offers prior to making a selection.
Minimum Deposit: $1
Minimum Lot Size: 0.01
Maximum Lot Size: 1.00
Maximum Position: 20
Step Lot Size: 0.01
Leverage Up To: 1:3000
Deposit Bonus: 50%
Maximum Bonus: $500
Margin Call/Stop Out: 60% / 30%
Spread: From 2 Pips
Hedge Margin: 50%
Premium VPS: No
Minimum Deposit: $1,000
Minimum Lot Size: 0.10
Maximum Lot Size: 10.00
Maximum Position: 100
Step Lot Size: 0.10
Leverage Up To: 1:2000
Deposit Bonus: 50%
Maximum Bonus: $1000
Margin Call/Stop Out: 50% / 30%
Spread: From 2 Pips
Hedge Margin: 50%
Premium VPS: No
Minimum Deposit: $5,000
Minimum Lot Size: 0.10
Maximum Lot Size: 1000
Maximum Position: 1000
Step Lot Size: 0.10
Leverage Up To: 1:300
Deposit Bonus: 40%
Maximum Bonus: $2000
Margin Call/Stop Out: 30% / 10%
Spread: From 0.7 Pips
Hedge Margin: 25%
Premium VPS: Yes
Instant and Market order executions are found in all account types. All accounts are commission-free and swap-free and all offer fixed spreads. With no commission and no swap fees being charged, this only leaves spreads for FXGlory to profit from. Even so, their spreads are reasonable and since they are fixed, traders always know what they are looking at with regards to trading costs and the type of price movement needed in order to profit.
FXGlory features the MetaTrader 4 platform, which is of course the most popular of all trading platforms. The platform is offered via software download for Windows. It can also be accessed from any browser using WebTrader and from any internet-connected mobile device using the provided iOS and Android applications. WebTrader is an excellent option for Mac users, who often struggle with downloading and installing MT4, which was designed exclusively for the PC. The app formats of course allow for trading from virtually anywhere, which means that there is no need to ever miss a prime opportunity to open a new trade. Software and application downloads can be accessed directly from the broker website.
As noted in the accounts area of this review, leverage ratios vary with account type. The maximum leverage for all accounts is 1:3000, which is substantially higher than the 1:500 maximum that we most commonly see being offered. We do recommend that all traders exercise caution when using leverage levels this high. The maximum leverage on the Premium account is 1:2000, while the VIP leverage maximum tops out at 1:300.
It is quite important to note that leverage does automatically change along with account balance, decreasing as your account balance increases. The following list shows the leverage ratio for a variety of possible account balances.
Balance $1-999 = Leverage of 1:3000
Balance $1000-1999 = Leverage of 1:2000
Balance $2000-2999 = Leverage of 1:1000
Balance of $3000-4999 = Leverage of 1:500
Balance of $5000-9999 = Leverage of 1:400
Balance of $10,000-29,999 = Leverage of 1:200
Balance Above $30,000 = Leverage of 1:100
FXGlory does retain the right to make certain changes and it is important that you understand what these are prior to trading with this Forex broker:
1. FXG reserves the right to decrease the leverage prior to the release of important economic news, market opening and closing times and also whenever there is a unforeseeable circumstance that causes the price feed to stop.
2. FXG reserves the right to close out any high volume trades which require the leverage exceeding 1:100 prior to the closing time of the market and key economic news. This rule is deemed necessary due to the possibility that a price gap may arise when the market opens.
3. Leverage best applies to stable market conditions and honest traders. FXG reserves the right to remove orders from the platform if rules are broken.
Minimum and maximum trade sizes are also dictated by the type of account that one has. With the Standard account, it is possible to open trades as small as 0.01 (a micro lot). The maximum trade size with this account type is 1 lot. This increases with the Premium account, wherein the smallest allowed trade size is 0.10 and the maximum is 10 lots. With the VIP account, one must open positions no smaller than 0.10 lots and no larger than 1,000 lots. Clearly, the accounts types were designed with trader skill levels and risk tolerance in mind. However, it would be nice to see the two advanced account types allowing for micro trading as well.
FXGlory charges no per-trade commission, which is somewhat, but not extremely uncommon within the Forex industry. What is rather uncommon is not charging swap fees on positions remaining open overnight. This is quite an advantage and one that many traders will want to take note of. Often, going long means waiting around for a specific event to drive price movement in a desired direction. This can require leaving a position open for quite some time and this is much easier to do knowing that there will be no cost for doing so. By now, you’re likely wondering how this broker earns its profits. The answer would be through spreads. Surprisingly through, their spreads are not at all terrible. More on that later.
There are a total of 45 underlying assets offered in the FXGlory platform. This broker focuses solely on currency pairs, so do not expect to find a variety of stocks, indices or metals within this list. Also absent are cryptocurrencies, so if you wish to trade on digital assets, do consider looking elsewhere. The smaller number of total assets and absence of the aforementioned asset types can be viewed as a drawback to trading Forex with this broker, dependent upon your personal asset preferences.
As mentioned above, FXG spreads are always fixed and therefore known upfront, in advance of trading. A complete list of current spreads for each asset and account type may be viewed here: https://fxglory.com/forex/spreads. If you have a VIP account, scroll down to view the applicable spreads list for your account type. As of this writing, the lowest spread offered for the lower tier accounts was 0.4 pips. There were some spreads which were quite high, so we compared other brokers on those same pairs and did confirm that they were also high elsewhere at the time. When comparing spreads with those of other brokers, it will be important to remember that FXGlory does not charge any commissions or swap fees.
Deposit requirements are based upon account type, with the Standard account requiring only a $1 minimum. Obviously, it would be extremely tough (if not impossible) to actively trade with only one dollar in your trading account, but if you wish to test the deposit and withdrawal processes with $1, that would be understandable. The minimum deposit requirement for the Premium account is $1,000 and climbs to $5,000 for the VIP account. Do note that the minimum deposit could be higher on the Standard account, dependent upon which deposit method is used. All of the available deposit methods and minimums for those may be viewed below.
Deposit Methods & Costs
FXGlory does an excellent job of providing a large variety of banking methods. Even better, they do not charge any deposit fees, even on the more costly methods, such as bank wires. Below, we’ve listed all of the available funding methods, along with the minimum deposit amount for each:
Wire Transfer: $500
Credit/Debit Card: $50
Perfect Money: $1
With the exception of bank wire, the minimum deposit requirements for each payment method are actually quite reasonable. Although wire transfers do require the highest minimum, the fact of the matter is that wires are among the most secure methods of funding and trading with less than $500 would be somewhat of a challenge anyway. It is quite nice to see a larger number of cryptocurrencies being accepted for deposits. The same applies for PayPal, which is a method that many brokers can no longer accept due to PayPal being extremely strict on Forex brokers.
Withdrawal Methods & Costs
The same payment methods available for depositing are also available for withdrawal. Below, you’ll find the withdrawal options list, along with the minimum withdrawal amount for each. To the right of the minimum withdrawal amount, you’ll see the withdrawal fee for each.
Wire Transfer: $500 – $100 on amounts less than $1,000. 9% above $1,000.
Credit/Debit Card: $10 – 5% on amounts less than $300. Free above $300.
PayPal: $5 – Between 0% and 4%, dependent upon PayPal rates at that time.
NETELLER: $5 – $3 + 4% on withdrawals of $50 or less. 4% over $50.
Perfect Money: $5 – $3 on withdrawals of $50 or less. Free over $50.
ePay: $5 – $3 on withdrawals of $50 or less. Free over $50.
Payza: $5 – $3 on withdrawals of $50 or less. Free over $50.
Skrill: $5 – $3 on withdrawals of $50 or less. Free over $50.
OKPAY: $5 – $3 on withdrawals of $50 or less. Free over $50.
Webmoney: $5 – $3 on withdrawals of $50 or less. Free over $50.
Sticpay: $5 – $3 on withdrawals of $50 or less. Free over $50.
Ripple: $5 – Between 0% and 10%, based on exchange rate.
Bitcoin: $5 – Between 0% and 10%, based on exchange rate.
Etherum: $5 – Between 0% and 10%, based on exchange rate.
Litecoin: $5 – Between 0% and 10%, based on exchange rate.
As you can see, the minimum withdrawal requirement is reasonable on most all methods. We certainly hope that you would be withdrawing amounts exceeding $5, of course, but it’s good to see the option to do made available. You will find some brokers offering completely free withdrawals, but those brokers are likely to be charging in other areas, such as swaps and commissions. The only true negative worth noting here is the higher cost of wire withdrawals. All other rates are reasonable.
Withdrawal Processing & Wait Time
All withdrawals are processed by the FXGlory finance department from Monday to Friday. Processing time of withdrawal for electronic money (PayPal, Skrill, etc.) may take between 1 to 24 hours on business days. Wire transfers typically take 1 to 10 business days to arrive. Withdrawals are paid out to the payment method(s) used to fund the account. It is possible to avoid processing delays by requesting a withdrawal to the correct account. When multiple methods are used to fund an account, an attempt will be made to distribute the withdrawal among the methods most recently used to fund the account. This is standard procedure among all FX brokers.
Bonuses & Promotions
FXGlory does offer deposit bonuses of up to 50%. The maximum amount of bonus cannot exceed $1000. The withdraw requirement is that each $1.50 of the bonus amount is released when the client trades 1 standard lot. There must be minimum 6 trades with the minimum intervals of 50% of the largest trade volume. Should you have more than one account with this broker, hedging against that account is not allowed. Bonuses are instantly added to each account when the first deposit is made. Should you wish to decline the bonus, contact FXG support in advance of funding your account.
Educational & Trading Tools
This broker does offer a number of educational tools, something which we are seeing offered less and less as time goes on. In addition to three articles explaining the basics of FX trading, FXGlory also offers an extensive knowledgebase and glossary. In addition to all of the trading tools that MetaTrader 4 provides (including one-click trading), FGX offers an economic calendar and margin calendar on their website. In a separate area, Forex news is also provided.
FXGlory offers a huge number of contact options, which is an excellent sign of reliability. In addition to being able to contact this broker via live chat, it is possible to access a variety of contact numbers and email addresses which will allow you to reach our to the correct support staff member to assist with your question or problem. Details for each of their office branches can be viewed on the following page: https://fxglory.com/contact. On that same web page, a contact form is provided for those who do not wish to send a direct email using the email addresses listed below.
International Phone Numbers:
United States : +(1) 647 243 7184
United Kingdom : +(44) 744 190 6300
Malaysia : +(60) 392 126 712
Canada : +(1) 845 709 8570
Switzerland : +(41) 315 280 631
Cyprus : +(357) 2512 3232
Toll Free Lines:
United Kingdom : +(44) 800 086 9296
United States : +(1) 888 345 6995
Technical Department: Technical@fxglory.com
Accounting Department: Accounting@fxglory.com
Support Department: Support@fxglory.com
Affiliate Department: IB@fxglory.com
General Inquiries: Info@fxglory.com
A feedback form is also provided on the site and can be used to submit a complaint. Two additional forms are provided for those who wish to request a callback, one of which is for non-urgent matters, while the other is for matters of urgency. Phone and live chat support is offered in English, Russian, German and Arabic. Although most FX brokers do a good job of offering plenty of contact methods, FXGlory goes above and beyond and therefore scores highly in this area.
It is possible to open a demo account with FXGlory. These accounts offer trading conditions which are quite similar to those seen within the live platform, with just a few exceptions. Those would be the fact that the demo account is not actually connected to a bank, the full list of assets is not available and there are no rejected orders. Even so, demo accounts offer the ideal way to practice trading using mock funds rather than your actual money. Do note that demo accounts will automatically be closed after a period of 60-days if they are not used.
FXGlory is accepting U.S. traders at this time, making them one of a small list of brokers who are still willing to do so. Potential changes to U.S. laws could change this, opening the doors for many other Forex brokers who have stopped accepting U.S. citizens, but as of this writing we’re still waiting to see of those changes actually transpire. FXG is currently not accepting clients who reside in Georgia (Europe), Bangladesh, North Korea, Syria, Sudan, Iran, Nigeria and other countries which are under UN sanctions.
Let’s start with the drawbacks. One would be the lower than average number of assets provided for trading. The second would be the larger withdrawal fee that is charged on wire withdrawals. Aside from these two, there truly isn’t much to complain about. The MT4 platform is widely considered to be the best, there are no deposit fees and no commission or swap fees. Customer service is above average and plenty of trading tools and educational resources are provided. We’ll check back soon to see if anything has changed, but as of now, FXGlory should be viewed as a suitable option for those searching for a Forex broker.