FXGlobe Forex Broker Review
FXGlobe is the trading name of FXGlobe Ltd, a licensed and regulated broker with its main offices in Limassol, Cyprus. CySEC is the regulatory body who have issued FXGlobe with their licence, and it authorizes them to provide order reception and transmission services on behalf of its clients. The good news is that FXGlobe Ltd are also authorised by a number of other regulatory bodies including the FCA, CONSOB, BaFIN, and MFSA. FXGlobe also operate in accordance with MiFID, the European Markets in Financial Instruments Directive, and fully support its purpose.
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Do FXGlobe use the MetaTrader 4 platform?
Yes they do, and this means traders get to take advantage of one of the most popular trading platforms currently available. What benefits does MT4 bring to the table? With MetaTrader 4, traders can take advantage of a number of technical indicators, an excellent charting package, a range of Expert Advisors are supported, as well as it being available in desktop, mobile, and web versions. The platform can be personalised according to your needs, and comes with free market analysis, and multiple trading instruments. With the mobile trading version traders can trade using a variety of devices, as well as keep track of open positions, view charts, news and reports, all on one device.
Many of you reading this review will already be very familiar with MetaTrader 4, as it is the most popular trading platform currently available. But for those of you who have not yet encountered it there is no need to worry. FXGlobe have a great training package that is complimentary for all traders. It includes manuals and guides, interactive courses, and practise sessions.
Choose a Standard or ECN Pro account
There are two account types offered by FXGlobe. A standard account with a minimum deposit requirement of $250. And an ECN Pro account which requires an initial deposit of at least $25,000. Let’s give you some of the other facts and figures connected with each account.
Standard account – Minimum trade size is 0.01 lots and spreads start from 1.7 pips. Leverage of up to 200:1 is available, and there are no requotes guaranteed. Scalping, hedging, and news trading are allowed, as well as Expert Advisors.
ECN Pro – Minimum trade size for the Pro account is 0.5 lots. Commission is charged for this account rather than there being a spread. Leverage is up to 100:1, and there are no restrictions.
And we always have to mention the availability of a demo account. As we feel this is the best way to try out a broker and see if you like what they offer. After all, it’s all well and good reading someone else’s opinion, but nothing will match your own experience.
FXGlobe has a few interesting promotions currently available
Many Forex brokers appreciate the value of promotions, and FXGlobe is no different. Currently there is one special bonus available, which is the opportunity to top-up your trading account with a 30% bonus. Open an account and deposit a minimum of $250, and FXGlobe will add a 30% bonus to your trading funds.
There are a number of other special offers including free trading signals, one-to-one training, 7-day risk free account, and a refer a friend program.
Are trading conditions favorable at FXGlobe?
Overall, we’d have to say they are. The initial deposit requirement is comparably small. Yes, there are a number of brokers that have smaller minimum deposits, but $250 is about average and certainly reasonable. Spreads are variable, as would be expected from this type of broker, and start at 1.7 pips. The ECN Pro account on the other hand has spreads starting at 0.0, but there is going to be a commission charge to pay. Discounts on commissions can be negotiated for high volume traders. Leverage is pretty average, and round about the level we’d prefer to trade at. There are brokers with much higher leverage, and we’d always advise beginners in particular, to be very wary. High leverage has the potential to bring high profits, but equally there is a big risk of losing everything.
FXGlobe support all the usual payment methods including Visa, Mastercard, Skrill, wire transfers, and a number of others. There are no charges for deposits or withdrawals.
Customer support is available from Sunday to Saturday, between 9 am and 5 pm. There is a telephone number and an email address, as well as a live chat option.
To sum up, we’d have to say that FXGlobe is a well-regulated broker that is able to offer a great online trading experience. There may not be as many bells and whistles as some other brokers, but don’t let that put you off. Indeed, it may be just the kind of broker you’re looking for.