FXGlobe is the trading name used by the company, FXGlobe Ltd. Their main office is located in Cyprus and they are regulated by several regulatory bodies which include Vanuatu and South Africa. However regulation alone is not enough to define if a broker is reliable. If you are interested in registering with FXGlobe, take some time to read our FXGlobe broker review before making any decisions.
The Safety and Security of FXGlobe
The broker holds several licenses ensuring the safety of client funds. The regulators overseeing the fair activities of FXGlobe broker include
- The Vanuatu Financial Services Commission (VFSC)
- The Financial Services Conduct Authority (FSCA) of South Africa
- A licensed investment firm in Cyprus
The broker does not hold a broker’s license in Cyprus and is only licensed as an investment firm. Still, the Vanuatu and South Africa regulators make FXGlobe a legit broker. The only thing remaining is to dive deep into their trading conditions of spreads, fees, and other important aspects.
FXGlobe Fees and Spreads
The spreads together with initial deposit requirements are relatively high. There are 1.7 pips spreads for the entry-level trading account called Pathfinder. Trading commissions for 0 spreads infinity account are 7 USD round turn per lot which is within the industry average. Spreads for commodities start from 0 and for indices 0.39.
FXGlobe Accounts, Deposits, and Withdrawals
FXGlobe’s account options are very limited in comparison to other brokers. There are currently three account types available and these are:
- Pathfinder
- Navigator
- Infinity
The Pathfinder account carries with it a No Dealing Desk Execution and a $250 minimum deposit. The max leverage is 200:1 which is higher than that of the Navigator account which has a max leverage of 100:1. The Pathfinder account also offers spreads starting from 1.7. Luckily EA’s are allowed as well as hedging, news trading, and scalping just like the Navigator.
Where these three accounts differ is the minimum deposit because the Infinity is $25,000 along with 0 pips.
The minimum deposits for these accounts are high and unattractive. Since many other well-established brokers offer 0 spreads for very small initial deposit requirements, there is no reason why you should choose FXGlobe over others.
Deposits and Withdrawals
While there are no fees for deposits and withdrawals, the processing times are extremely long. Clients will have to wait somewhere between 2-8 business days to get their funds. This is very inconvenient as many brokers offer instant withdrawals.
Funding and Withdrawal methods include SEPA, Swift or wire transfers, Mastercard, Visa, Neteller, Skrill, SupremCash, Zotapay, and Blockchain. With these many options, long processing times can not be tolerated. Only this reason is enough for us to advise our readers to stay away from this broker.
FXGlobe Trading Assets and Features
FXGlobe provides access to 11 indices, 11 commodities including metals and oil, 57 currency pairs, 64 share CFDs, and 8 futures. Futures include oil, metals, cocoa, coffee, sugar, and gas. Assets are very diverse, but other terms are not good.
FXGlobe Review of Platforms
FXGlobe currently offers their clients access to the widely popular MT4 and MT5 platforms along with WebTrader trading apps.
We could not confirm with the broker if there is a mobile trading app. If there is no option for trading on the go, then this is another huge red flag.
FXGlobe Customer Support Review
FXGlobe offers plenty of options for support. Both the website and support are multilingual, and support is online 24/5. Live chat, email support, online form, and hotline will provide traders with diverse options to connect and discuss any issues with the broker.
The only downside is that website feels heavy and takes some time to scroll or browse. This is probably caused by the extensive visual content present on the website.
Another problem many people seem to be having is that customer support never answers their questions directly especially when asked about withdrawals. Numerous of FXGlobe’s present and past clients have complained about customer agents being evasive.
This is not the way legitimate brokers handle business or treat their clients.
FXGlobe Education Review
FXGlobe’s academy provides masterclasses in trading. Educational resources consist of video tutorials, ebooks, blogs, and traders’ glossaries.
MasterClass Courses offer expert trainers who teach about Forex trading concepts in depth. The broker has at least four highly trained experts offering masterclasses for beginners who want to start trading. We were not able to test their trading courses, but overall the broker offers well-diversified forms of educational resources.
Should you consider FXGlobe?
Because of how difficult and lengthy the process it is to withdraw money, we strongly advise against doing business with this broker. The website feels clanky and responds slowly. The spreads are high and the initial deposits required are also above the industry average. There are no reasons why you should select FXGlobe as your primary Forex broker.
Is FXGlobe a reliable broker?
What are the fees and spreads of FXGlobe?
How is the customer support of FXGlobe?
