FxGlory Review (2023)

Is FXGlory a scam or a legit broker?

We advise our readers, do not use FXGlory as it is an offshore entity. FXGlory is owned by FXGlory Ltd, which is an offshore company registered in St. Vincent and the Grenadine. St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Brokerz, TraderUR and more. 

What is FXGlory?

FXGlory, as stated on the website, was firstly established in the Department of Economic Development of the UAE (See Forex Brokers UAE) while after the year of operation in Asia region opened new branches in Europe countries. FXGlory has branches in Malaysia, Cyprus, United Kingdom, and Spain. However, none of the branches are regulated or registered with any authority that oversees the Forex or financial investment services companies. Therefore, there is no strict implementation of the rules that are typically deployed by the reputable organizations in a purpose to protect customers and their investments.

Is FXGlory a scam?

Overall, the broker offers reasonable and competitive trading conditions on the range of trading instruments, yet with an extreme level of leverage up to 1:3000 and binary options that are also very controversial. That level of leverage is considered to be a very risky one, since the capital is traded at significant risk while the opportunities and losses are multiplied timely.

Apart from the numerous negative reviews and complaints from the traders which had an experience with FXGlory, the company was detected for scam operations that obviously showed cases with withdrawal delays, or ignorance of the clients, as well as the market price violations. In addition, Italian regulator CONSOB (Italian Companies and Exchange Commission) issued a warning against the FXGLory, informing investors that the firm is not authorised to provide its investment services or activities in Italy.

The pages and official sources of the international regulators’ list alert shared with the authority directly or by other countries’ supervisory bodies or transmitted centrally. Those tools and general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities and more.

FXGlory in India

FxGlory accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries. 

Traders can not use FxGlory from Georgia, Bangladesh, Korea, Syria, Sudan, Iran, Nigeria.

Deposit & Withdrawal

The minimum deposit is quite accessible for the traders, because it is only $1. FxGlory offers many different payment methods including all major credit cards (including Visa and Mastercard), cryptocurrency, and e-wallets including Neteller and Skrill. Bank wire transfer is also available and usually processed within 7 business days. 

The minimum withdrawal is $10. However, note that the minimum amount of withdrawal via all e-wallet methods (PayPal, Skrill, …) and credit/debit card is 50$ for clients whose balance is more than 50$ and for those whose balance is less than 50$ is as much as their balance.

Apps

FxGlory offers a mobile trading app for traders convenience. Mobile trading allows traders to manage their accounts from portable devices like smartphones, pocket and tablet PCs. In MetaTrader 4, mobile trading offers a great variety of analytical options and graphical display of quotes in addition to complete trade account management. Using mobile terminals in daily activities offers a convenient way to keep up with accounts when traders don’t have access to a desktop computer. FxGlory mobile app is compatible with all Android and iOS devices. 

Demo Account

FxGlory offers traders the opportunity to practice strategies and become familiar with the platform with their demo account option. By opening a demo account, traders are able to improve their trading skills and learn everything about the basics of Forex trading, rules and conditions, and movements and crises of the Forex market. FxGlory demo account demonstrates the real trading environment as similar as possible. A demo account expires after 60 days since its registration if it’s not active and isn’t used.

Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Eightcap.

You can also share your trading experience with FXGlory by commenting on this review.