FxGlory review

There are many choices in the world of online brokers, highlighting the importance of researching and comparing what’s out there. Today, we’re looking at FXGlory, a global online broker founded in 2011. FX Glory has areas of both strengths and weaknesses, which we’re going to cover in this comprehensive FXGlory review. 

If you’ve been in the market for an online broker that caters to your investment needs, we’ve got it covered. We invite you to read on as we discuss the high points, low points, and overall value of FXGlory. 

TL;DR

• FXGlory is a global broker, focusing on currency pairs
• FXGlory’s lack of proper regulation is a concern and raises red flags
• Perks like high leverage, bonuses, and free VPNs are attractive incentives 
• Clients have access to popular, user-friendly MetaTrader platforms
• Low minimum deposit accounts are available
• Withdrawal issues aren’t uncommon 
• Customer service issues and withdrawal problems are the top reasons for negative reviews 
• It’s important to research other brokers before choosing FXGlory

Criteria Breakdown

To really understand where FXGlory shines, and where it can improve, we’ve broken this review down into seven key criteria. These are important areas that should be considered across the board when choosing an online broker. We look at regulation & licensing, trading conditions, platforms, customer support, transparency, ease of transferring money, and user reviews. 

We strive to be honest and unbiased in our reviews. We’ll put it out there right now that FXGlory isn’t the highest-performing broker we’ve reviewed. However, they do have some stronger points, and those might be just what you’re looking for. 

FXGlory

What FXGlory is Best Known For

FXGlory was one of the first online brokers to offer higher-than-average leverage options. Where many other online brokers top out at 1:1000, FXGlory offers leverage up to 1:3000. High leverage can be a good thing, however, it can also be extremely risky. This is especially true for inexperienced traders and those with a penchant for risky moves. 

High leverage is the only area where FXGlory really stands out among competitors, in terms of features. The other notable area where word has spread about the broker is reputation. There have been many people over the years who have been pleased with FXGlory. Unfortunately, there is also a growing number of traders who are not. We’ll cover the details of this a bit later in the review. 

Features

• Bonus Programs: FXGlory offers an attractive bonus program to encourage usership of its platform. The current bonus program offers 50% on the deposit amount, up to $2000. 

There are some conditions for using the bonus funds, which have caught a few users off guard. The solution? Make sure you read and understand the terms before trading. 

• Range of Account Types: FXGlory offers four different account types, catering to a range of trading needs and goals. The Standard account requires a minimum deposit of only $1. However, the minimum deposits for each of the other accounts are significantly higher. 
• Free VPS: A VPS is a good security measure, especially when sensitive data and financial matters are concerned. FXGlory offers a free VPS service to ensure safe, fast, and glitch-free trading. 

Is there a catch? Yes. It’s only available to clients who have deposited at least $1,000 into their account, and there are limitations. For example, it’s available only for three months, unless another $1,000 has been deposited during that time. Clients whose accounts are inactive for a month will lose access to the free VPS service. 

Now that we’ve discussed some of FXGlory’s most prominent features, let’s dig into the pros, cons, and criteria breakdown.

Pros

High Leverage Options

Most online brokers offer leverage options, but few are as high as what FXGlory puts out there. With leverage available up to 1:3000, this broker exceeds what many other brokers are offering. However, this level of leverage isn’t available to everyone. 

Leverage amounts are based on account equity, with higher balance amounts being granted lower leverage options. For example, the 1:3000 leverage is available on accounts with balances between $1 – $999. As account equity grows, available leverage automatically decreases. The lowest leverage options are for accounts with $30,000 or more at 1:100. 

Low Initial Deposit Requirements

FXGlory’s Standard account has a low minimum deposit of only $1, but there are some rules for taking advantage of this. For starters, this amount is only available with the MetaTrader 4 platform, not MetaTrader 5. Still, this is a good option for new traders or those just wanting to test-drive FXGlory. Once you move on from the Standard account to the Premium, VIP, or CIP, expect minimum deposits to be substantially more. 

Cons

Lack of Proper Regulation

Currently, any well-known, respected regulatory agencies do not regulate FXGlory. This is a detail that deserves careful consideration with choosing an online broker. In general, an unregulated broker should set off alarm bells and red flags. FXGlory is registered, but this on its own doesn’t offer the peace of mind of being regulated by a top-tier authority. 

Withdrawal Issues

FXGlory has taken quite a few hits from previous users for withdrawal issues. There are few things worse than depositing money with a broker, earning a profit, and then running into issues when you need to make a withdrawal. From long delays and rejections to going in circles to withdraw funds, this is a sore point for FXGlory. 

Poor Customer Support

We’re going to cover customer support in greater detail, but it deserves a mention here. Customer support is not FXGlory’s forte. While customer support is available 24/7, which is a good thing, it’s overall lacking. Slow responses, unhelpful answers, and clients needing to follow up on support issues are a few of the complaints. 

Lack of Transparency

When researching what other users have experienced with FXGlory, transparency was a recurring theme. Previous clients have noted vague rules and policies, which ultimately cost them money. However, this could be a two-sided issue. 

Could FXGlory be more transparent and make rules and policies more accessible and easier to find? We think so, yes. Still, the client does have a responsibility to do their own due diligence in understanding the rules. Taking the time to read and understand FXGlory’s policies can be helpful in mitigating some of these concerns. 

Criteria Evaluation

Regulation and Licensing: 1/5

It’s not often that an online broker earns this low of a score in any category of a TopBrokers review. It’s even more concerning when it’s an area as important as regulation and licensing. With FXGlory not being regulated by a known regulating authority, giving them a score higher than this would be negligent. 

To be fair, it is something they are aware of, and have released the following statement:

Regulatory authorities provide a safe trading environment, ensuring compliance and integrity in operations. Without regulatory oversight, investors are at greater risk. That said, FXGlory has been in the online trading game for a long time, and they’re still standing. You could take this to be an indicator of their integrity. FXGlory is also invested in safeguards, such as advanced risk management and client fund segregation. 

Still, we offer a strong word of caution when using an unregulated trading broker, especially when significant funds are involved. 

Trading Conditions: 2/5

For enthusiastic traders, FXGlory’s trading conditions look appealing. High-leverage options are attractive for many, but this comes with risk. While FXGlory offers zero commission trades, they also have spreads that in some cases are higher than industry standards. Order execution is instant and they offer one-click trading. However, there seem to be some consistent issues with withdrawing funds due to clients unknowingly violating terms. 

All said trading conditions with FXGlory are a bit of a mixed bag. 

Platform and Technology: 3/5

FXGlory offers the MetaTrader platforms, including MT4 and MT5. These platforms are the gold standard, easy to use, and offer good tools, including analytics. However, unlike many competitors, FXGlory doesn’t offer options outside of MetaTrader. 

Customer Support: 2/5

First, let’s start with the basics. FXGlory offers 24/7 customer support, which is a bonus. The customer support team can be reached via live support chat, phone, or email. FXGlory also offers a fairly comprehensive FAQ/knowledge base to peruse for troubleshooting on your own. From this standpoint, FXGlory is aligned with the customer support offerings of many of its competitors. 

So, why the not-so-great score for this criterion? The answer all comes down to the actual level of customer support clients have received. Not all customer support reviews about this broker are bad. However, they are numerous enough that they must be addressed. 

Examples of issues with customer support include being unhelpful, unresponsive, or passing customers along, without a resolution. Considering this is money on the line, most people aren’t willing to wait patiently and hope things get resolved. 

For their part, FXGlory is quick to respond to negative customer reviews on sites like Trustpilot. Their responses typically center on restating policies as an explanation. 

Deposit and Withdrawal: 3/5

FXGlory offers a good range of deposit and withdrawal methods. These include all credit and debit cards, crypto, Skrill, Zelle Bank transfer, NETELLER, and Perfect Money. For withdrawals, PayPal and Sticpay are also options. While the minimum deposit is only $1 for Standard accounts, this can vary based on deposit type. For example, the minimum deposit for credit and debit cards is $50. Currently, there are no deposit fees. 

Withdrawals are a bit more complex. For most, withdrawals are unlimited. The exception is PayPal, which is limited to $2500 per day. There are minimum withdrawal limits, based on the method. Most are only $5, except for wire transfers, credit/debit, and PayPal, which are higher. 

FXGlory does charge withdrawal fees. Based on the amount and withdrawal method, fees can range anywhere from as low as $3, upwards to 9%. Crypto fees aren’t fixed but range from 0% to 10%, plus $20. 

The fees here can be a bit much, but FXGlory provides decent deposit and withdrawal options. However, it’s important to not discount the number of clients who have experienced difficulties in withdrawing funds. 

User Reviews: 2/5

As mentioned previously, the user reviews for FXGlory aren’t that great, but they aren’t disastrous across the board. A quick glance at several review sites shows ratings averaging from just under two stars, all the way up to four stars. Realizing that some reviews should be taken with a grain of salt, it’s some of the recurring themes that are concerning. These are primarily withdrawal issues and a lack of efficient customer service. 

Transparency: 1/5

FXGlory could be more transparent, especially regarding its rules and policies. For someone who is experienced in trading, some of these rules are common sense. However, the platform attracts a fair amount of new traders, and they could do a better job of educating users. 

Community Reviews and Expert Recommendations

Community reviews and expert opinions can tell a lot about the trustworthiness and performance of a trading broker. FXGlory has a mix of people who love or hate the platform. 

It feels like FXGlory has taken some hits here, so let’s start with the positive. Here are a few examples of five-star FXGlory reviews. 

“ I’ve used fxglory since 2021 with a bunch of successful withdrawals, including one recently. The only issue is that they do not have the APK program for their new trading platform.” – Trustpilot Review

“I love FxGlory I’ve been using this broker for close to a year now and so far it’s been a good experience for me I make quick profits withdrawal regularly and the customer service is extremely helpful” – Trustpilot Review

Some of the positive reviews for this broker also point out that user error seems to be behind some of the negative feedback. 

Now, to balance the equation, here is a less-than-stellar example. 

“I wanted to withdraw all the money and wanted to put it back into their premium account ( they don’t allow internal transfers), I requested $3100 xrp and they only sent worth $1300. Stole $1800. No one is replying to emails, all their customer service works as a team and they keep saying they have talked to higher departments and still show no results. They are a thief. Stay away from them.”

From an expert perspective, the lack of regulators is enough to suggest choosing another broker. 

Price

It doesn’t cost anything to sign up for an account with FXGlory, and they also offer a free demo account to get a feel for things without financial risk. The price of trading with this broker is wrapped up in details like fees and spreads. 

We’ve covered a bit of this already. For example, transactions are zero commission and they offer a deposit bonus. These are pluses. 

On the opposite end of the spectrum are higher-than-average spreads and withdrawal fees. The spreads on forex pairs can be quite high, depending on the pair. According to the current spread table, forex pair spreads range from 3 pips to 500 pips. 

Where to Find FXGlory

Those interested in FXGlory can learn more and sign up for a demo account by visiting the FXGlory website. For those who do take a visit, we encourage you to explore some other online broker options, as well. Specifically, look for brokers that offer robust regulation, along with transparent, easy-to-understand policies and fee structures. 

Alternatives to FXGlory

It wouldn’t be fair to suggest researching other options, without providing a few alternatives to consider. While exploring these, it’s a good idea to check out other resources. Consider learning more about basic forex terms to know before trading or learning how to read forex charts. 

eToro

eToro is a great option all around for anyone looking for an FXGlory alternative, especially for new traders. eToro offers a social trading platform, strong regulation and over 6,000 trading instruments. Learn more with our eToro review. 

Exness

Exness is the world’s largest retail broker and has more than 800,000 active users. They offer tight spreads, as low as 0.6 pips, and strong regulation. The FSA, FSC, CySEC, FCA, and more regulate Exness. You can learn more about this broker with our Exness review. 

Forex.com US

Forex.com has been around for over twenty years. They have a strong reputation as a global forex trading leader. They offer multiple types of accounts and great learning resources. Our Forex.com review offers more information. 

AvaTrade

AvaTrade offers tight spreads, low commissions, and safe leverage options. One of AvaTrade’s standout features is the wide range of platform options they offer. Besides MetaTrader, they offer WebTrader, their proprietary AvaTrader, among others. Our AvaTrade review contains further information. 

Final Thoughts

Here we are at the end of our FXGlory review. We’ve covered all the details, finding strengths and weaknesses along the way. Here’s a recap of what we’ve learned: 

• FXGlory is a global online forex broker. 
• FXGlory’s regulatory status is a red flag. 
• Despite its regulatory status, FXGlory does take measures to protect client investments. 
• High leverage options of 1:3000 are a perk but they come with risks. 
• Withdrawal issues are a common complaint. 
• Customer service can be slow and unhelpful. 

FXGlory isn’t the highest-rated online broker we’ve reviewed, but they do have a few strengths. We encourage you to not only research other brokers but to also learn as much as possible before trading. Learning the best forex trading strategies is a good start. From there, learning about trading currencies and watching the forex markets move will help prepare you for trading. 

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