FXGlobe Review 2023 – CySEC-Regulated Broker Faces Negative Reviews
FXGlobe broker is quite a confusing one. They have multiple domains with multiple regulations. FXGlobe is owned by FS International Limited registered in Vanuatu in 2008.
However, they have improved their business in 2013 with registration in Cyprus. Since then the broker has entity under the ownership of FXGlobe Limited.
All pros and cons, key features and reasons to trust this broker or not, you can find in this FXGlobe review.
|Broker status:||Regulated / Offshore Broker|
|Regulated by:||VFSC, CySEC|
|Regulators’ Complaints:||FCA, FSC|
|Owned by:||FS International Limited, FXGlobe Limited|
|Headquarters Country:||Vanuatu, Cyprus|
|Supported Platforms:||MT4 / MT5|
|Types of Assets:||Forex, Commodities, Indices, Shares|
|Free Demo Account:||Yes|
|Accepts US clients:||N/A|
Is FXGlobe a Broker With a License?
FXGlobe operates with two entities. One is for international operations and the other one is mostly for European. FXGlobe International is licensed by VFSC of Vanuatu. However, FXGlobe EU is CySEC-regulated.
While VFSC belongs to the Tier 3 group of regulators and it’s considered a loose regulator, CySEC is a bit better option.
FXGlobe is a CySEC-regulated broker with an offshore entity. Negative reviews implicate bad business practices of the Vanuaty entity.
Why Is Trading On a Licensed Broker’s Platform Preferable?
The regulation provides transparent trading conditions and strong security for traders. That’s why we always recommend looking for Tier 1 regulators.
Besides compensation funds reserved for clients, brokers need to provide negative balance protection. It’s a very important factor in trading. Same as guaranteed stop-loss, which many offshore brokers don’t have.
Financial Watchdogs’ Red Flags and Warnings
To point out, there are warnings from financial regulators. If nothing else raises suspicion about this broker, these warnings will.
Primarily, FCA as the UK regulator issued a warning against this broker. Since the UK left the EU, the only valid license for trading with their clients is FCA. Some other institutions that followed FCA’s move are FSC and CONSOB.
FXGlobe Available Online Trading Platform
On the positive side, FXGlobe provides the most trusted trading platforms. Those are MetaTrader 4 & 5. Therefore, features like social trading, copy trading and algo-trading are some that traders can expect here.
Even though MT4 is a standard app, MT5 offers a bit more features and faster backtesting. Both of the apps are available for all devices, from Windows and Mac to Android and iOS. But, it’s important to realize that a trusted platform is not more important than security.
What Traders Are Saying About FXGlobe
FXGlobe is on the market for a long time. Based on the experience of traders in FXGlobe reviews, there are some concerns raised.
Unfortunately, some traders experienced withdrawal issues with this broker. Out of 74 total reviews on Trustpilot, almost 20% of those are 1-star rated. Check it out yourself.
FXGlobe ‘s Trading Assets and Instruments
In general, all regulated brokers tend to provide as many opportunities as possible. In an era of cryptocurrencies, rarely brokers don’t offer that. But, that is the case with FXGlobe trading company. They only offer 4 financial classes. Those are:
- Forex USD/JPY, AUD/SGD
- Commodities Oil, Gold
- Indices US500, Italy40, Brazil50
- Shares AIG, Deutsche Bank
Practically, they don’t offer anything exotic that some other Tier 1 regulated brokers have.
FXGlobe Service Countries
As we can see, FXGlobe has international and EU entities. Both are differently regulated, therefore not all rules apply everywhere.
Based on FXGlobe reviews we could confirm some of the countries where they operate. Those countries are:
- South Africa
What Are The Different FXGlobe Account Types?
As for the account types, this broker is suitable for anyone’s pocket. However, some conditions like bonuses are concerning. Anyway, those account types are:
- Pathfinder 250 EUR/USD/GBP
- Navigator 2.500 EUR/USD/GBP
- Infinity 25.000 EUR/USD/GBP
To point out, there are no significant benefits that a higher account gets you.
Free Demo Account
On the positive side, FXGlobe broker has an available demo account. It is always a good choice to test out trading tools and conditions.
With accessible MT4 and MT5, we won’t doubt the platform itself. But virtual funds can’t be withdrawn. Besides regulations, that’s the most important aspect here, the one that traders are concerned about in FXGlobe reviews.
What Methods Of Deposit And Withdrawal Does FXGlobe Accept?
A variety of depositing options are available with this broker. All deposits are done through the broker’s dashboard. Clients can choose from:
- Cards – Visa/Mastercard
- Wire transfer
- e-payments – Skrill, Neteller
In this case, withdrawals are done through the same method as a deposit. Notably, only bank transfers have a withdrawal fee of 25 USD.
FXGlobe is always looking for expansion. To build a bigger network, they promote their affiliate program.
Generally speaking, that way you can become their partner and bring people to the company. As a result, you will be rewarded.
FXGlobe Terms & Conditions – What You Need to Know
In general, the concerning fact is that FXGlobe offers bonuses. All EU regulators and ESMA have banned bonuses for good. Mostly because companies have used that in a bad manner. With hidden clauses, traders were ending up losing money or not getting their withdrawals. Therefore, read Bonus policies carefully.
Leverage, Spreads and Fees
As has been noted, leverage of up to 1:300 is directly violating ESMA rules. For retail traders in Europe, a maximum of 1:30 leverage is allowed. Even though FXGlobe offers competitive raw spreads, the price for those raw spreads is high. Broker charges for that through commission per lot.
What Should I Do If I Have an FXGlobe Problem?
You can share your opinion through FXGlobe review. That way other people will know what to expect.
Moreover, you can contact their regulator and seek a solution to your problem. After all, our fund recovery team is often contacted if traders experience problems with withdrawals.
All things considered, if you have such an issue, don’t hesitate to contact us. Get in touch today and book your free consultation!
What Is FXGlobe?
It is a forex and CFD broker providing services for Europe and Internationally.
Is FXGlobe a Regulated Broker?
Yes. The international entity has a VFSC license, while the Cyprus-based entity has CySEC regulations.
Is FXGlobe Available in the United States or the UK?
We don’t have confirmation that any of these countries are a target of this broker. But it’s not excluded.
Does FXGlobe Offer a Demo Account?
Yes. Besides live trading accounts, clients can try their services first with virtual funds.