FXGlory Review: Stay Away from This Fraudulent Broker
This detailed FXGlory broker review will deal with one of the longest-lasting financial investment scams on the market. From binary options to FX trading, this brokerage house went through all the scheme patterns.
Since this broker was officially listed in 2018, we wondered how something illegal could survive for so long. They lied about their office location, regulation and many other things as well.
So, let’s take a look at their operations and see how you can recover money in case of losses. Moreover, let’s see if any protection covers your investment.
|Broker Status:||Unregulated scam broker|
|Blacklisted as a Scam by:||N/A|
|Broker Owner:||FXGlory Ltd|
|Headquarters Country:||Dubai and St. Vincent and Grenadines|
|Online Trading Platforms:||MT4|
|Crypto Asset Trading:||No|
|CFD Trading Option:||Yes|
|Available Trading Instruments:||Forex and commodities|
|Free Demo Account:||Yes|
|Accepts US clients:||Yes|
License and Regulations of FXGlory
FxGlory is allegedly owned by the same-named company, Fxglory Ltd, from Saint Vincent and the Grenadines. Red flag number one is that the address is Griffith Corporate Center, Suite 305.
The exact address serves as a home of Bittradehouse, Trades Universal, CCXMarkets, GNT Capital, TradEqual, WSM International, Diamond FX, Western FX, and many more.
Griffith Corporate Centre went so far as to publish an official warning related to misuse of their address.
According to some of the FxGlory reviews we’ve read, the broker keeps its money in Georgia and allegedly has regulations from this country. All this is alleged since we couldn’t verify the information anywhere.
However, clients are directed to complain to Georgian Central Bank, only to be declined, noting that this regulator has nothing to do with FxGlory. All of this means that the FXGlory is just another offshore scam broker.
Trading Platform Available at FXGlory
Surprisingly, the FXGlory trading platform is immensely satisfying. The company offers MetaTrder4, one of the best software on the market. It’s a tool by MetaQuotes Ltd, the same company that gave us MetaTrader 5, the most advanced platform you’ll find.
While a bit older, MT4 still has millions of downloads and plenty of users. The software enables copy trading, EAs, and a vast range of other advanced functionalities. This is why this platform is preferred amongst retail traders such as yourself.
However, it’s worth mentioning that despite good software, you won’t make any profits if your broker is malicious. They can still manipulate you in many ways and refuse to approve your withdrawals.
FXGlory Account Types
We’re offered four FXGlory account types and those include the follwing ones:
- Standard – $1
- Premium – $1,000
- VIP – $5,000
- CIP – $50,000
The leverage lowers with each account type, while the deposit percentage lowers from 50% for the first two types to 40% and 0% for the other two, respectively. Other than that, margin call and stop-out levels are lowering, while VIP and CIP accounts bring premium signals.
You can open an FXGlory Demo account and test the system risk-free. Most brokers offering MetaTrader have this feature. However, be aware that investing in virtual funds cannot be compared to real money. When you deposit your own cash, you’ll be much more careful and hesitant to take certain risks.
Deposit and Withdrawal Methods
FXGlory withdrawal, as well as the deposit, can be performed using several payment options which include the following:
- Visa or Master credit or debit card
- Wire transfers
- Perfect Money
Simply put, all major card issuers, e-wallets, and crypto coins are accepted. Our honest advice is to invest using e-wallets or your credit card since you can request your money back or file a chargeback within up to 540 days.
Offshore Brokers Fraudulent Tactics
People sometimes become careless and leave personal information on the internet, and once these investment scams get a hold of them the harassment will likely start.
You will soon be overwhelmed with an enormous number of calls and even emails just so you will at least make a minimum deposit to this fraudulent broker. Be prepared to hear many made-up stories so they would appear more legit in your eyes.
Don’t feel ashamed if you have ever fallen victim to this type of deception, many people do, just be sure to report your scammer. We also encourage you to reach out to us as we can help you.
In our thorough FXGlory review, we tried our best to warn you against this scam broker and the fraudulent activities they pull off on a daily basis.
They offer their customers an opportunity to invest in forex and commodities. However, something as basic as their platform is barely functioning, indicating that you are dealing with a fraudulent broker.
On the internet many complaints can be found against the broker on withdrawal issues, so we concluded that you should just stay away from them.
Keep in mind that this broker is based offshore, same as Bittradehouse and Trades Universal scam brokers that we talked about, and there is no actual regulatory body that oversees their services.
FAQs About FXGlory Broker
Is FXGlory Regulated?
No, FXGlory is an unregulated scam broker that follows no regulations when it comes to trading conditions.
What is The Minimum Deposit for FXGlory?
The minimum deposit that FXGlory seeks is set at $1, which may sound tempting but keep in mind that this broker is unlicensed.
Is FXGlory a Trustworthy Broker?
No, FXGlory is not a trustworthy broker you can trust when it comes to your money or personal data.