Many brokers try their best to keep a good reputation, to keep their clients, and to become globally known. Forex is perhaps the most suited industry for globalization. The most appealing element is that traders are given a chance to make money on the basis of their trading skills. The idea to make it on your own and ride the wave of success draws many people to the Forex business. Still, success does not come over night, not even in the Forex business, and it takes years for traders to learn the needed skills and gain experience. The other factor that plays a big role for traders is the choice of their broker and the market they trade in. Many traders had bad experiences with bad brokers who were hiding behind the theory that the market is very risky and that they cannot do anything when traders lose their funds. This might be true, but scam brokers take traders’ money and portray it as a trading loss. This review covers the business dealings of FXGlobe, one of the brokers who classify as a decent one. The FXGlobe review presents the broker’s advantages and disadvantages. Let us see if the broker is worth traders’ time.
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Background Information
FXGlobe was founded in 2008 and switched to online services in 2010. The broker did not secure a license right away. It took the broker three more years to secure a license. The broker is now under the supervision of CySEC for three years in a row. This means that FXGlobe proved to be a serious broker who follows the laws and regulations referring to the capital markets. CySEC licensees have to fulfill a long list of requirements to obtain and maintain their license. The greatest focus is on the liquidity of the broker, and CySEC requires its subject to submit regular reports on liquidity and transactions. As long as a broker cooperates with the licensor and the licensor is satisfied, there is no need to worry. Traders can be sure that their money is safe with the broker until the broker is on good terms with the regulator. FXGlobe had also to deal with bad critique from traders, but there is no evidence to support the traders’ accusations. Nevertheless, let us see what the broker has to offer in the volatile market.
Platforms
FXGlobe also uses the world’s best platform to its benefit meeting the highest demands of traders. Of course, we are talking about the Meta Trader 4 platform. The MT4 displays a number of technical analysis tools, a versatile charting package, and auto-trading options. The many features incorporated in the platform allow traders to personalize the platform. Traders can customize the settings how they want. As every modern broker, FXGlobe designed its FXGlobe mobile app which can be downloaded for free. Since mobile trading surpassed desktop trading, all brokers include a mobile app which is as good as the desktop version allowing real-time streaming and one-click executions.
Account Types
FXGlobe offers CFDs, Forex, commodities, and ECN services. Most brokers offer three accounts, but FXGlobe offers only two, which are:
- Standard account ($250)
- ECN Pro account ($25,000)
The Standard account, as every other standard account, requires a minimum trade size of 0.01 lots. The spreads are in a range of normal with 1.7 pips, and there are no requotes. Traders can count on 1:200leverage. This account supports 100% scalping and hedging. The ECN Pro account comes with a minimum trade size of 0.5 lots. Leverage is lower than with the Standard account and traders can optimize their trading with 1:100 leverage. The broker charges a commission for this account, and in return, it offers competitive spreads which start from 0 pips. The broker also has a demo account for inexperienced traders who need to brush up their skills.
FXGlobe Bonuses & Promos
The broker offers seasonal bonuses and promotions as a “Thank You” gift to traders. So, if you are not yet a member of FXGlobe, then try to join the broker during the next lucrative promotional season. For example, you could secure the FXGlobe 30% deposit bonus ($250 minimum deposit). Also, the broker offers promotions like 7-day risk-free trading, free trading signals, individual training, etc.
Funding Options
One of the biggest concerns of traders is that the money transfers run smooth and traders like to choose a payment method they trust. Some brokers include ten or more payment methods, but FXGlobe sticks to the majority and offers several options. You can deposit and withdraw via wire transfer, credit cards, and a number of e-wallets like Skrill.
Customer Support
The broker includes the usual contact forms, e.g. e-mail, a request form on their website, live chat, and phone. In general, the broker’s website is scarce with certain information like accounts and platforms, but therefore it offers many educational materials (sessions, videos, articles, etc.).