FXGLOBE foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://portal.fxglobe.international/register-step-1, about the company's legal and temporary regulatory information, the company's address 1276, Govant Building, Kumul Highway, Port Vila, and licensed by the VFSC Republic of Vanuatu.
FXGLOBE Forex Broker
Basic Information
Cyprus
5-10 years Suspicious Regulatory License United Kingdom European Authorized Representative (EEA) Revoked High potential riskCompany profile
Rating Index
Pros
Regulated by the Cyprus Securities and Exchange Commission (CySEC), providing a level of credibility.
Offers a variety of trading instruments, including over 50 forex pairs, cryptocurrencies, commodities, and CFDs.
Supports multiple trading platforms, including MetaTrader 4 and a web-based platform, catering to different trading preferences.
Cons
Warnings from regulatory authorities in the UK and Italy regarding unauthorized operations raise concerns about legitimacy.
High overnight swap charges may deter swing and long-term traders.
No client bank account segregation, which could pose risks to client funds in case of broker insolvency.
FXGlobe Forex Broker - Complete Information Guide
1. Broker Overview
FXGlobe, officially known as FXGlobe Ltd, was founded in 2008 and has since established itself as a prominent player in the online trading industry. The broker is headquartered in Limassol, Cyprus, a hub for many financial services firms due to its favorable regulatory environment. FXGlobe operates as a private entity and serves a diverse clientele, including retail traders and institutional clients across various global markets.
The company has undergone significant evolution since its inception, initially starting as a project among friends who sought to improve their trading experiences. Over the years, FXGlobe has achieved several milestones, including obtaining regulatory licenses and expanding its service offerings. It operates under the regulatory framework of the Cyprus Securities and Exchange Commission (CySEC), which ensures compliance with stringent financial regulations.
FXGlobe primarily focuses on retail forex trading but also provides services to institutional clients, offering a range of trading instruments and account types tailored to meet the unique needs of different traders. The brokers business model emphasizes low-cost trading, innovative technology, and exceptional customer service.
2. Regulation and Compliance Information
FXGlobe is regulated by the Cyprus Securities and Exchange Commission (CySEC), under license number 205/13. This regulatory oversight ensures that FXGlobe adheres to strict standards regarding capital requirements, client fund protection, and operational transparency. The broker is also compliant with the Markets in Financial Instruments Directive (MiFID), which facilitates cross-border trading within the European Economic Area (EEA).
In addition to its CySEC license, FXGlobe is registered in Vanuatu under the Vanuatu Financial Services Commission (VFSC), and it also has a presence in South Africa regulated by the Financial Sector Conduct Authority (FSCA). The broker implements a robust client fund protection policy by maintaining client funds in segregated accounts with top-tier banks, ensuring that client deposits are not used for operational purposes.
FXGlobe adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which require the verification of clients' identities and monitoring of transactions to prevent illicit activities. This commitment to compliance and security enhances the trustworthiness of FXGlobe as a forex broker.
3. Trading Products and Services
FXGlobe offers a comprehensive range of trading products, including over 100 currency pairs that encompass major, minor, and exotic currencies. The broker also provides access to Contract for Differences (CFDs) across various asset classes, including commodities, indices, stocks, and cryptocurrencies. This diverse product offering allows traders to engage in multiple markets from a single platform.
In terms of CFD products, FXGlobe covers major commodities like gold and silver, various stock indices, and a selection of shares from different sectors. However, it is worth noting that FXGlobe does not currently offer direct trading in cryptocurrencies, which may limit options for traders seeking exposure to this rapidly growing market.
FXGlobe is known for its competitive trading conditions, including low spreads and high leverage options, which can significantly enhance trading opportunities. The broker continually updates its product offerings to meet market demands, ensuring that traders have access to the latest financial instruments.
4. Trading Platforms and Technology
FXGlobe primarily utilizes the widely acclaimed MetaTrader 4 (MT4) platform, which is favored by traders for its robust functionality and user-friendly interface. The MT4 platform provides advanced charting tools, technical analysis capabilities, and the option to use automated trading strategies through Expert Advisors (EAs). Additionally, FXGlobe offers a web-based trading platform, allowing traders to access their accounts without the need for software downloads.
For mobile trading, FXGlobe provides applications compatible with both iOS and Android devices, enabling traders to manage their accounts and execute trades on the go. The broker operates on a No Dealing Desk (NDD) model, ensuring that trades are executed at the best available market prices without any interference.
The broker's technical infrastructure is supported by high-speed servers located in strategic financial hubs, which contributes to fast execution speeds and minimal latency. FXGlobe also offers API access for traders interested in automated trading solutions, enhancing the trading experience for those utilizing algorithmic strategies.
5. Account Types and Trading Conditions
FXGlobe provides several account types tailored to different trading needs and experience levels. The primary account types include:
- Standard Account: Requires a minimum deposit of $250, with spreads starting from 1.7 pips and no commissions.
- ECN Pro Account: Designed for more experienced traders, this account type requires a minimum deposit of $1,000 and offers tighter spreads starting from 0.8 pips, with a commission structure.
- Razor Account: This account type is ideal for high-volume traders, requiring a minimum deposit of $2,000 and offering spreads from 0.3 pips with a commission of $7 per lot.
FXGlobe also offers a demo account for new traders to practice their strategies without financial risk. The leverage offered by FXGlobe varies by account type, with maximum leverage ratios reaching up to 1:500. The minimum trade size is typically 0.01 lots, allowing for flexible trading options.
The broker has a transparent overnight fee policy, which is applicable to positions held beyond the trading day, ensuring traders are aware of potential costs associated with holding trades overnight.
6. Fund Management
FXGlobe supports a variety of deposit methods, making it convenient for traders to fund their accounts. Accepted methods include bank transfers, credit/debit cards, and popular e-wallets such as Skrill and Neteller. The minimum deposit requirements vary by account type, with the standard account starting at $250.
Deposits are typically processed instantly, allowing traders to access their funds quickly. FXGlobe does not charge any deposit fees; however, traders should be aware that fees may apply depending on their chosen payment method.
For withdrawals, FXGlobe offers multiple options, including bank transfers and e-wallets. Withdrawals are processed within 24 hours, but the actual time for funds to appear in traders' accounts may vary based on the method used. FXGlobe does not impose withdrawal fees, although third-party fees may apply.
7. Customer Support and Educational Resources
FXGlobe places a strong emphasis on customer support, offering assistance through various channels, including phone, email, and a contact form on their website. While live chat is not available, the broker ensures that traders can reach out for support during business hours.
The customer support team is multilingual, providing services in several languages, including English, French, Spanish, and more. FXGlobe also offers a wealth of educational resources, including webinars, tutorials, and articles aimed at helping traders improve their skills and market knowledge.
Additionally, FXGlobe provides market analysis services, including daily updates and research reports, to keep traders informed about market trends and developments. The broker also offers various trading tools, such as pip calculators and economic calendars, to assist traders in making informed decisions.
8. Regional Coverage and Restrictions
FXGlobe primarily serves clients in Europe and other global markets, benefiting from its regulatory framework in Cyprus. The broker has regional offices in Vanuatu and South Africa, allowing it to cater to a broader audience.
However, FXGlobe does not accept clients from certain countries, including the United States, due to regulatory restrictions. This limitation is crucial for potential clients to consider when evaluating whether FXGlobe is the right broker for their trading needs.
In summary, FXGlobe presents itself as a reliable and competitive forex broker, offering a diverse range of trading products, advanced trading platforms, and robust customer support. With its regulatory oversight and commitment to client fund safety, FXGlobe positions itself as a viable option for both novice and experienced traders looking to navigate the forex market effectively.
In conclusion, FXGlobe broker stands out for its innovative approach and dedication to improving the trading experience for all clients.