Review of a Persisting Fraud – FxGlory
Defrauding victims comes naturally to this one. FxGlory is an offshore broker without a valid license. Although registered in the SVG, this firm operates without a Tier 1 certificate. Among the biggest red flags about this broker are the several warnings. We urge you to read our FxGlory review first, and your opinion of this broker will drastically change. Because you deserve to know the truth.
|Blacklisted as a Scam by:
|CONSOB, FSC, FII, FINANSTILSYNET
|Fxglory Group Ltd
|Yes (BTC, BCH, ETH, LTC, XRP)
|Types of Assets:
|Forex, Metals, Crypto
|Free Demo Account:
|Accepts US clients:
Is FxGlory a Scam Broker?
Revising this broker wasn’t at all easy. Especially with such a long and turbulent history. Several locations are mentioned as the place of this firm’s first incorporation back in 2011. Nonetheless, one universal truth stands: this broker has no legit Tier 1 license and that’s enough to label them as unreliable.�
Since the broker doesn’t explain their legal status, we had to do our own research. As usual, we started from the Tier 1 registers, kept by most influential financial bodies. Search results show that FxGlory is not licensed by any major regulator. We made sure of that by checking with FCA, ASIC, CySEC, NFA, BaFin and CNMV.�
FxGlory is registered with SVGFSA but without a license, as this regulator has altogether stopped licensing and supervising brokers in that country. Skilling is also a broker with a foreign registration and without a Tier 1 license.
However, another concerning information showed up. FxGlory is actually blacklisted by several EEA regulatory bodies. Based on the alerts, FxGlory seems to be providing their services to EU traders unauthorized.�
Not having a license by an EEA regulator implies that FxGlory doesn’t provide segregated bank accounts for safe-keeping of deposits. That way the broker openly distributes and misuses the investments as they please.�
In accordance with other regulatory criteria, FxGlory should restrict the maximum leverage to 1:30 and provide negative balance protection as a means of controlling the trading risks. FxGlory actually sets their leverage at horrendous 1:3000 and forces traders into debt without negative balance insurance. All in all, the data found implies the broker in question isn’t a reliable Forex dealer for anyone!
Warnings Issued by Financial Authorities�
The results of our research appear quite disturbing. FxGlory has been so devious in their conduct, more than a few authorities have blacklisted them. These are the warnings we managed to dig out:
The Opinions of Traders About FxGlory�
Not at all surprising, the customer reviews on FxGlory are quite negative. From complaints about deposit retentions to withdrawal issues. The users seem quite displeased with the FxGlory services. Some of the reviews are the following:
The customer service for this company is awful, hardly respond after providing all documents.
Don’t ever use this website, it will scam your profit without legit reasons. So far, they took away $3,000 profit quoting that I violated their 6.10 rule which comes out from nowhere.
FX GLORY IS FRAUDULENT** nothing more than a B Book, they simply will take your profits and defraud you anytime they like with bogus claims of Violating their user agreement.
FxGlory Platforms – A Software Comparison
Conveniently but not entirely convincingly, FxGlory offers MT4 as their trading platform. We kept the reserved approach when we saw the download links lead directly to the software creator website. Demo version of MT4 is also available. And the same stands for desktop, mobile and web users.�
Unfortunately, it is noticeable that FxGlory doesn’t have their own proprietary trading server. If anyone wishes, they can download the MT4 demo by themselves, if they just go to the developer’s website. You don’t need a fake broker linking you.
What Financial Instruments Does The Platform Include?
Based on the info from the website and the demo distribution, we made a list of tradable assets available at FxGlory. Pay attention to the poor range of the instruments enabled for buying and selling:
- Forex (EUR/USD, AUD/USD, GBP/CHF, CAD/USD)
- Crypto currencies (BCH, BTC, LTC, ETH, XRP)
- Metals (Gold, Palladium, Silver)
FxGlory Countries Of Service
FxGlory has been operational for a relatively long time for an illicit broker. During this period they have expanded their activity to a number of countries. Despite the warnings, they seem to still be active in various regions, such as:
- United States
- South Africa
- United Kingdom
Account Options Offered by FxGlory
Live trading accounts at FxGlory are sorted into 4 different types:
- Standard – $1
- Premium – $1 000
- VIP – $5 000
- CIP – $50 000
The prices of packages are drastic to say the least. With each investment comes a potential bonus. Trading costs and spreads are lower, the pricier the account type. Still, we highly doubt anything an unregulated broker could offer would justify the price of $50 000! Cryptics is a similar shady brokerage that offers such expensive packages with very little useful info on them.
Can a Trader Use a Demo Account?
Creating a demo account at FxGlory seems to be one of the working functions. With it, we were able to access the trading terminal that had a 30-day available margin of $100 000 in virtual funds. During this trial period, traders are able to test the conditions and buy and sell the instruments enabled.�
The downside to the whole idea is not being able to trust the artificial environment provided by one illicit broker, such as FxGlory. By purposely mendling with the parameters, the fraudulent companies manipulate investors into becoming their customers.�
Terms of Service for FxGlory�
Agreeing to the TOS and T&C docs always carries a risk. Especially if you haven’t read them thoroughly to inform yourself on certain aspects. These are the elements that the brokers usually do not tell you about. But by agreeing to them, you accept them and bind yourself to following them.�
Oftentimes they can be quite harmful. So please pay special attention to the tiny text that new clients have the tendency to skip. It may reveal much more than you’re willing to go with.�
Leverage, Spreads and Fees
The starting leverage at FxGlory is a tremendous 1:3000. Imagine how fast you will lose your entire investment with that huge exposure! Only if you’re willing to pay for a more expensive account type are you able to reduce the leverage.�
The same goes for the starting spreads for each account option. The cheaper accounts have more loose spreads, so the starting spreads for the Standard account are 2 pips. For the most expensive one, they’re set to begin at 0.1 pips. The truthfulness of all these numbers is extremely questionable with an unauthorized broker!
What Should I Do If I Have a Problem With FxGlory?
As disheartening as it may feel, being scammed is not a shameful thing. These sorts of misfortunes are more common than you’re probably aware. For that reason, we urge you to take the necessary steps to returning your lost funds. And as soon as possible. The scammers do not rest, and it is a matter of time before your capital is lost forever.�
Our diligent team can offer you a free consultation so you can put together an effective plan to restore your hard-earned money. So contact us today, and let’s work through it together.�
What Is FxGlory?
FxGlory is an unregulated brokerage brand registered in Saint Vincent and the Grenadines. They’ve been active since 2011 with a number of complaints pertaining to withdrawals and high fees.
Is FxGlory a Regulated Broker?
This is not a licensed brokerage company. They do not offer any proof of regulation and the several warnings by Tier1 regulators speaks against this broker’s legitimacy.
Does FxGlory Have a Referral Program?
Yes, the customers can invite new users to join and supposedly get a reward from every new investment.
Does FxGlory Offer a Demo Account?
There’s a Demo account that allows you to trade on MT4 during a trial period.