Since this broker was officially listed in 2018, we wondered how something illegal could survive for so long. Therefore, we’ve decided to go entirely on FxGlory review and find out everything about the brokerage.
|Broker status:||Offshore Broker|
|Regulated by:||No regulation|
|Owned by:||Fxglory Ltd|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||MT4, web trader|
|Types of Assets:||Currency pairs, commodities|
|Free Demo Account:||Yes|
|Accepts US clients:||Yes|
FxGlory Regulations and Security
FxGlory is allegedly owned by the same-named company, Fxglory Ltd, from Saint Vincent and the Grenadines. Red flag number one – the address is Griffith Corporate Center, Suite 305. The exact address serves as a home of CCXMarkets, GNT Capital, TradEqual, WSM International, Diamond FX, Western FX, and many more.
Griffith Corporate Centre went so far as to publish an official warning related to misuse of their address.
Now you understand what we are dealing with. No license, no regulation, not even an honest headquarters.
According to some of the FxGlory reviews we’ve read, the broker keeps its money in Georgia and allegedly has regulations from this country. All this is alleged since we couldn’t verify the information anywhere.
However, clients are directed to complain to Georgian Central Bank, only to be declined, noting that this regulator has nothing to do with FxGlory.
What is the truth? FxGlory is an offshore scammer.
How Does Online Trading Scam Work?
Depending on the broker’s status – regulated or unregulated, every scam differs a bit. However, one thing is common for all of them, and it’s a trading ad.
This ad is fully designed for you to see the potential of life you could have if you only invested some money. In the case of FxGlory brokerage, the minimum deposit is $1. It sounds like the perfect opportunity to explore the market and not risk. Yet, the leverage provided with this account is 1:3000, meaning you can buy assets worth $3,000 with only $1. How long do you think it will take for you to lose that $1? That’s right, a second.
Besides, the broker gives welcome bonuses, another tool for scammers. Once you understand that $1 cannot help on the market, you’ll be prompted to upgrade to the following account type worth $1,000. Since it might be too much for you, the broker will bound you with a bonus agreement. Small letters will say you cannot withdraw your funds until a specific rollover is reached. Think is this what you really want.
Scammed by FxGlory?
If you were scammed by FxGlory or any other illicit brokerage, you should file a complaint immediately. As you saw, there’s no regulatory body. The only way to get your money back is via the chargeback procedure.
But what is a chargeback?
It’s a way for your bank to reverse the transaction in case of a scam. However, you need to provide sufficient evidence. That’s why hiring professionals to assist with the matter is the key to success.
Contact us via online chat to book your free consultation now!
What is FxGlory?
FxGlory is an online trading brokerage without a trading license.
Is FxGlory a scam?
Since the broker has no regulations, we can easily say it’s conducting a scam.
Is FxGlory regulated?
No, FxGlory is not a regulated nor licensed trading brokerage.