FxGlory Review 2024

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FxGlory Group Ltd is an online broker specialising in forex trading. Our experts tested the broker’s account and platform to review the trading fees, deposit and withdrawal methods, customer service, asset list and everything else UK traders need to know before signing up.

Our Take

• FxGlory will appeal to traders wanting fixed spreads and high leverage on the MT4 platform
• The broker charges very hefty withdrawal fees on some funding methods while alternatives have no fees
• The asset list is a weak point with a relatively small offering of forex pairs and only a handful of metals
• No FCA authorisation reduces the broker’s safety rating and raises security concerns for UK traders
• Trading conditions are only competitive if you qualify for a higher account tier which requires a large deposit

Market Access

We were not impressed by FxGlory’s range of instruments, with a relatively small number of FX pairs compared to the 60 or 70+ provided by leading UK brokers like Pepperstone and Plus500.

We also think the other assets available are disappointing, with no stocks or indices. Many rival brokers offer a wider selection of forex pairs without compromising other assets – XTB has 50+ forex pairs available, as well as commodities, indices, ETFs, and stocks.

• Forex: 40 forex pairs including majors, minors, and exotics
• Metals: Gold, silver, platinum and palladium. All metals are traded in pairs with USD, gold and silver pairs with EUR are also available
• Cryptocurrencies: Bitcoin, Litecoin and Ether CFDs are offered in BTC/USD, BTC/EUR, LTC/USD, and ETH/USD pairs

It is worth noting that there are inconsistencies on the FxGlory website regarding the instruments that are available. The website states there are forex pairs, shares, metals, oils and natural gas available. However, customer service confirmed that shares, oils, and natural gas are no longer offered. Another previous offering, binary options, has not been available to trade since 2018.

Fees

The hefty withdrawal fees charged by FxGlory are among serious problems with the broker. No serious trader will accept charges that can total 10% or more, meaning that wire transfers, crypto and realistically PayPal transfers will be out of the question for most.

Even the cheaper funding methods are charged around 5%, meaning that only traders with the right e-wallet options can escape very uncompetitive withdrawal fees and issues.

Fortunately, deposits are not charged and we did not find any other hidden fees. Still, the withdrawal charges alone are very off-putting:

• Wire Transfer: Anything less than $1000 incurs a $100 fee, anything greater is charged at 9%
• Credit/Debit card: Withdrawals less than $300 incur a 5% fee
• PayPal: 9% per withdrawal
• Neteller: Transactions less than $50 are charged at $3 + 4%, anything over that will be a 4% fee
• Other E-Wallets: $3 is charged for transactions of less than $50
• Crypto: The fee for this withdrawal method is variable between 0-10% + $20

Commissions & Spreads

FxGlory’s trading fees are generally competitive, and the fixed spreads on the upper-tier accounts will prove attractive for many traders. No commissions are charged on any account type, and while the 2 pips on the Standard account is nothing to get excited about, the 0.7 pips on the VIP account provides reasonable value for money.

We also like that all accounts are swap-free and offer both instant and market execution. It is good to see that all you need is a single initial deposit to qualify for Premium, VIP, and CIP accounts, after which other deposit rules match those of the Standard accounts.

The lowest spreads by account type are:

• Standard: From 2 pips
• Premium: From 2 pips
• VIP: From 0.7 pips
• CIP: From 0.1 pip

Accounts

FxGlory offers four different account types, with the key features detailed below. Our major criticism is that the Standard and Premium accounts, which are the most accessible, don’t offer particularly competitive fees. A large initial payment is ultimately needed for decent trading conditions.

Standard

• Minimum deposit: 1 USD
• Minimum lot size: 0.01
• Maximum lot size: 1.00
• Maximum position: 20
• Step-up lot size: 0.01
• Maximum leverage: 1:3000
• Deposit bonus: 50%
• Maximum bonus: 500 USD
• Margin call/Stop out: 60%/30%
• Minimum spread: from 2 pips
• Hedge margin: 50%

Premium

• Minimum deposit: 1,000 USD
• Minimum lot size: 0.10
• Maximum lot size: 10.00
• Maximum position: 100
• Step-up lot size: 0.10
• Maximum leverage: 1:2000
• Deposit bonus: 50%
• Maximum bonus: 1,000 USD
• Margin call/Stop out: 50%/30%
• Minimum spread: from 2 pips
• Hedge margin: 50%

VIP

• Minimum deposit: 5,000 USD
• Minimum lot size: 0.10
• Maximum lot size: 1000.00
• Maximum position: 1000
• Step-up lot size: 0.10
• Maximum leverage: 1:300
• Deposit bonus: 40%
• Maximum bonus: 2,000 USD
• Margin call/Stop out: 30%/10%
• Minimum spread: from 0.7 pips
• Hedge margin: 25%

CIP

• Minimum deposit: 50,000 USD
• Minimum lot size: 1.00
• Maximum lot size: 5.00
• Maximum position: 10
• Step-up lot size: 1.00
• Maximum leverage: 1:50
• Deposit bonus: 0%
• Maximum bonus: 0 USD
• Margin call/Stop out: 20%/10%
• Minimum spread: from 0.1 pip
• Hedge margin: 100%

How To Open A Live Account With FxGlory

I found it quick and straightforward to open an account with FxGlory:

1. Choose an account type (personal or company), and input personal details including your full name, email address, phone number, and date of birth
2. Set up your password
3. Enter your address and any referral information if you have been referred (referral number and coupon code)
4. You should receive a link via your email to activate the account

Funding Options

We were pleased to see a range of payment methods accepted by FxGlory, which is up there with some of the best in the game:

• Wire Transfer – wire transfer and local bank transfer using Sticpay
• Credit/Debit card – Visa, Mastercard, American Express
• PayPal
• Neteller
• Perfect Money
• E-Pay
• WebMoney
• Skrill
• Crypto – Litecoin, Bitcoin, Ethereum, and Ripple

How To Make A Deposit On FxGlory.com

Similar to most brokers, the deposit process is quick and intuitive:

1. Login to your client cabinet from the homepage
2. Press ‘Deposit’ on your dashboard
3. Choose your trading account, deposit method, and payment amount
4. Tick the box to confirm you have read the Terms & Conditions
5. Select if you would like to use the bonus for this deposit and confirm you have read the terms and conditions for this promotion

Trading Platform

FxGlory uses the renowned MetaTrader 4 (MT4), a platform that we rate very highly. We do think it would it would be good to see at least one alternative, but we are confident MT4 will suit both beginners and seasoned traders.

Traders can download the platform and use it via their desktop (for Windows, Mac etc) or mobile devices, or use the WebTrader through FxGlory’s site with 9 timeframes, 30 indicators, and one-click trading.

MT4, developed by MetaQuotes Software, is the world’s most widely used trading platform, known for its Expert Advisor automated robots and a high degree of customisation. The platform offers advanced charting, a host of indicators and technical analysis tools. We also appreciate that it is highly secure with robust encryption protocols to protect user data.

On the downside, MetaTrader 5 (MT5) is not available.

FxGlory App

FxGlory does not offer its own proprietary app, but we are sure MT4’s mobile app on iOS or Android devices will provide everything needed to open, close and monitor positions on the go. You can also set up alerts for signals to find trading opportunities.

Leverage

FxGlory offers differing maximum leverage according to the trader’s account balance and market conditions, but overall the amounts offered are very high with a maximum of 1:3000. This will appeal to some traders but caution is advised as high leverage can increase losses as well as gains. It is considerably more than the 1:30 offered by FCA-regulated brokers, for example.

The table below shows the maximum leverage allowed for different account balances:

Demo Account

We were happy to see that FxGlory offers a demo account, which is the perfect way to practise a strategy using a new platform or broker, without risking real funds.

The only thing worth noting is that FxGlory demo accounts deactivate after 60 days of inactivity.

How To Open A Demo Account With FxGlory

1. Click ‘Open A Demo Account’ on FxGlory’s homepage
2. Download MT4 if you need to
3. Press ‘File > Open Account’ on the MT4 desktop app
4. Input your personal details such as name, address, and email address
5. Select the demo account server
6. You will be given a username and password for your demo account. Use these to log in and start trading

UK Regulation

FxGlory does not hold a license from any regulatory body, so we recommend that traders are careful about depositing large sums with this broker.

You will not have any of the protections offered by top-tier regulators such as the UK’s Financial Conduct Authority (FCA), so if something goes wrong or the broker goes out of business, you risk losing all of your funds.

Having said that, we did not uncover a history of scams or other suspicious activity, which is a plus.

Bonus Deals

The main promotion scheme provided by FxGlory is the 50% deposit bonus, which is an attractive offer although it is not available for VIP and CIP accounts.

To claim this bonus, traders will need to check the first checkbox when making a deposit as it states that you wish to benefit from the bonus scheme. Doing so will result in an additional 50% of your deposit added to your account in trading funds. The maximum amount for the bonus is $1,000.

However, we would be careful when signing up for this bonus. Users cannot withdraw promotional funds at FxGlory.

Extra Tools & Features

All in all, we were not too impressed by the educational resources provided by FxGlory. While there is some useful information for beginners, similar content is easily accessible on the web, including at popular UK brokers like Pepperstone and CMC Markets.

The margin calculators are also fairly standard and better offerings are found on most rival brokers. On the upside, the ‘knowledgebase’ blog contains useful information and is updated regularly.

Margin Calculator

FxGlory offers a standard margin calculator where you can input the details of a potential trade you wish to make and it will return the necessary equity, balance, and credit requirements needed to profit from the position.

Education

There are some general educational resources also available on the FxGlory website offered in English, Russian, Italian, Greek, Arabic, and German. Many of the topics are very basic – ‘What is Forex?’, ‘Why Trade Forex?’, and ‘How To Start’, for example. More useful is a glossary of common terms such as arbitrage, bonds, equity, and pip, though this information is easily available elsewhere.

The knowledgebase contains more relevant information that we think will be useful to newer traders as they get used to trading. For example, ‘How to fix the “Common Error” in MetaTrader 4?’, or ‘How to create a new ticket?’, as well as information on Bullish/Bearish markets.

Customer Service

Our experts found the support provided by FxGlory to be strong, with quick responses from knowledgeable agents. Support is also provided 24/5, so during typical trading hours.

Help is offered via the following channels:

• Live chat on the website
• E-mail: info.uk@FxGlory.com or support@FxGlory.com
• Phone: +(44) 744 190 6300 or toll-free line +(44) 800 086 9296
• You can also request a callback by filling out a form on the website

Company Details

FxGlory was founded in 2011 with offices in the UAE. There is no physical location in the UK for British traders.

It slowly expanded across Europe and now also has offices in St. Vincent and the Grenadines with registration number 23463 via the local regulator’s website.

On the downside, it is not regulated by a trusted financial authority, such as the FCA.

Should You Trade With FxGlory?

FxGlory.com is an average broker, with no commissions and tight fixed spreads available on some account types. The broker also offers a good range of payment methods and swap-free trading on all accounts.

The biggest disadvantages of this broker are the limited asset list and the hefty withdrawal fees. Another major drawback for us is the lack of strong regulatory oversight, which significantly increases safety and security concerns. As a result, our review found that it isn’t the best option for UK traders.

FAQ

Article Sources

FxGlory Website

SVGFSA Registration

Top 3 FxGlory Alternatives

These brokers are the most similar to FxGlory:

1. IC Markets - IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
2. FP Markets - Established in 2005 in Australia, FP Markets is an ASIC- and CySEC-regulated broker boasting an extensive suite of tradable assets. Its Standard and Raw accounts cater to traders at every level, while it packs a punch in the tooling department, from the MetaTrader suite and intuitive TradingView to actionable trading ideas from Trading Central and AutoChartist.
3. Swissquote - Swissquote is a Switzerland-based bank and broker that offers online trading and investing. The company has a high safety score and is listed on the Swiss stock exchange. The firm offers a huge range of products, from stocks, ETFs, bonds and futures to 400+ forex and CFD assets. Hundreds of thousands of traders have opened an account with the multi-regulated brokerage. Clients can get started in three easy steps while 24/7 customer support is available to assist new users.

FxGlory Feature Comparison

Trading Instruments Comparison

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