FXGlobe Forex Broker

FXGlobe Forex Broker Broker Review

Justin Freeman

Broker Information

  • Company Name: FXGlobe
  • Founded: 2013
  • Country: Cyprus

Platform Info

  • Platform: MetaTrader 4 & FXGlobe WebTrader
  • Web Based: Yes
  • Mobile Trading: Yes

Broker Services

  • Regulators: CySEC, MiFID
  • Minimum Deposit: $250
  • Leverage: 1:300
  • US Clients: No
  • Funding Methods: Wire, credit card, Neteller, CashU

Experts Viewpoint

FXGlobe is a regulated online Forex and CFD broker that provides its clients worldwide with services for trading in global financial markets. Since 2013, the company has been striving to provide its customers with the best prices for FX, CFD and products. The managed company is FXGlobe LTD, headquartered in Limassol, Cyprus and regulated by CySEC. The broker has a wide selection of asset categories for trading.

FXGlobe offers three different accounts, standard, Pro and ECN Razor; each of the accounts has its own requirements and offers various trading conditions and tools:

Standard – the required minimum deposit is at least $ 250, the minimum transaction size starts with a micro lot (0.01), spreads start with 1.2 pips, these are not fixed spreads, so they can be less or more, this account gives the client access to customer support, however, there is no account manager, as in accounts above levels.

Pro – on this account, the minimum deposit requirement increases, in the amount of $ 1,000, this allows the client to reduce spreads starting from 1.2 pips, as for a standard account, however, since the broker does not have fixed spreads, at some points, this account can give you a spread lower than the standard.

ECN Razor – the highest level account, minimum deposit requirement of at least $ 2,000. Spreads start with 0.4 pips, and in addition to this account, a client has a special manager for working with clients.

The maximum leverage that FXGlobe offers for its clients is 1: 300; it can be used on any of the accounts. When opening an account, the client can choose the amount of leverage.

The spreads you receive with FXGlobe depend on the account you use and the instrument you are trading. A standard account has a spread starting at 1.6 pips, but they are variable, so they fluctuate depending on the markets and can often be seen above. The professional account starts with a mark of 1 point, but again it fluctuates, so it can be seen above.

Finally, the ECN Razor account starts at 0.4 points but may increase with market movement. On all accounts, some currency pairs, of course, have higher spreads, so they can be seen much higher than the initial spread numbers.

Traders familiar with the MT4 trading platform will be able to easily access their trading accounts with FXGlobe, as it offers access to trading accounts through the MT4 trading terminal.

MT4 is available in various versions, and customers can trade in the markets using a special trading platform for computers, WebTrader and FXGlobe mobile applications for iOS and Android operating systems. Unfortunately, the broker does not provide access to any other third-party trading platforms, which can be considered as a small setback for a company that has a reliable set of trading accounts and a stable trading environment.

FXGlobe has relatively higher minimum capital requirements for accounts, which are associated with high commissions and spreads. However, the broker offers a reliable Forex trading account, which is protected by CySEC regulation.

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.

Platform

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.

Customer Support

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.

Conclusion

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.

Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.

Justin Freeman

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