FXGlobe Forex Broker Review
Last Updated: February, 2020.
Since 2013, FXGlobe has been providing both retail and institutional clients a full service online brokerage featuring forex trading, Contracts for Difference, as well trading in indices and commodities like crude oil, silver and gold. The company has its headquarters in Nicosia, Cyprus, and its official website is located at www.fxglobe.com.
As far as regulation is concerned, FXGlobe is a Registered Company in the Republic of Cyprus with a registration number of HW 254133. The company is regulated by the Cyprus Securities and Exchange Commission or CySEC under the registration number: #205/13. CySEC is an independent agency of the Cypriot government that regulates and audits financial institutions such as online forex brokerages. One of the requisites for complying with CySEC is complete honesty and transparency in all dealings and transactions the company is involved in. FXGlobe is also a member of the Investor Compensation Fund for Cyprus Investment Firms and Other Investment Firms that are not credit institutions.
In addition, FXGlobe conforms to the European Union’s Markets in Financial Instruments Directive 2004/39/EC or MiFID. The directive is enforced in the 31 member states of the European Economic Area and provides a regulation framework for investment services firms. The principal goal of the MiFID is to both protect consumers and to increase competition for businesses that provide investment services.
FXGlobe has branched out in the past few years and now offers an extensive forex partners program. The program implements a high commission plan for forex affiliates and forex introducing brokers.
FXGlobe Does NOT accept Traders from US.
Unique Features of Trading with FXGlobe
FXGlobe gives its traders the opportunity to trade in a number of asset classes via tradable instruments from over 60 markets. These include currency pairs, CFDs, equities, indexes and commodities. Commodities include grains and precious metals, while available stock shares include those of eBay, Google, Apple, Exxon Mobile and Dell, to name just a few. Indexes include the S&P 500, the Dow Jones Industrial Average and the Nikkei225, among others.
FXGlobe is a fully regulated online forex brokerage that offers clients a secure 128 bit SSL encryption protocol for data safety, as well as an easy to use and uncluttered website with quick click functionality. In addition, the broker offers clients fully segregated accounts with guaranteed secure options for deposits and withdrawals.
For novice and seasoned traders, two account types are available from FXGlobe, which include a demo trading account and a live funded trading account that allow a maximum leverage of 300:1. Traders using either account type can utilize the broker’s proprietary WebTrader or the popular MetaTrader4 trading platform for dealing in forex currency pairs and other asset classes.
As previously mentioned, FXGlobe allows traders to use the MetaTrader 4.0 trading platform, which is currently the most widely used platform in the forex market. FXGlobe also offers its clients a full and comprehensive training course for the platform, with an interactive course and multiple training sessions, as well as manuals and guides being available for download.
In addition, MetaTrader 4 can be accessed on mobile devices and has the capability of automated trading through its “expert advisor” capability. Mobile trading can be accessed on iPhone, iPad and Android devices.
FXGlobe also offers their own web trading platform known as FXGlobe Web Trader, which has technical analysis and charting functions, economic calendars and other features. The screenshot below illustrates this platform and its technical analysis features, MarketWatch window, on screen trading buttons and position information features.
Deposits and Withdrawals
To open a live funded account with FXGlobe, a $250 USD minimum deposit is required. Deposits can be made with a credit/debit card, wire bank transfer, Neteller and CashU. Deposits from third party credit cards are not allowed, so if the account is to be opened with a third party card, the account information must be adjusted accordingly. The account name and the name on the deposit method must be the same.
Withdrawals can be made at any time and are made through the MyFXGlobe dashboard. A withdrawal request must first be filled out and submitted, which will then take approximately three business days to complete.
The broker makes no charges for withdrawals, although if a bank wire transfer is chosen as the method of withdrawal, the bank to which the funds are being withdrawn may charge a fee. To begin trading quickly, the fastest way to make a deposit is through a major credit card such as Visa or MasterCard.
To complete the account opening procedure, a clear color scan or photograph of valid government identification is required. This can be a valid driver’s license, passport or other official photo identification. A utility receipt with the same name as the one that appears on the credit card or a bank statement confirming the depositor’s name and address is also necessary to complete the process.
FXGlobe customer support has agents available 24 hours a day, seven days a week. Contact with the broker’s support department can be made through live chat, phone callback and email. Customer support is available in English, French, Arabic, Greek, Italian and Japanese. The time for a response using email is generally two days.
FXGlobe also has a strong social media presence, with accounts at LinkedIn, Google, Twitter, Facebook and YouTube. Live chat can be accessed through a button on the lower left hand corner of the website’s page.
In addition to the company’s high quality customer support, FXGlobe offers its clients a Forex Academy, with video and financial book libraries. These educational books and videos can save a novice trader considerable money that may otherwise be lost due to their own mistakes. The videos are short and easy to understand and feature comprehensive tutorials and informative walkthroughs.
Overall, FXGlobe is a top forex online broker with a highly user friendly website, a demo trading account and over 60 tradable instruments. FXGlobe is fully regulated in the European Union and by CySec, although it does not accept customers from the United States.
The company’s support for the MetaTrader 4 trading platform makes its interface instantly familiar to a large trader demographic. Also, its multi-lingual customer service and educational features are also worthy of mention, with a notable video and e-book library that can be used by novices and seasoned traders alike.