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FxGlobe Review - Is it scam or safe?

FXGlobe Review - Is it scam or safe?

RATING: 3 / 0 REVIEWS FxGlobe
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 Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads 
Standard  $250 0.01 1:300  From 0.7 pips on EUR/USD
ECN $10 000 0.5 1:100 From 0.0 pips on EUR/USD + $8 commission per lot


FxGlobe offers its clients a choice of two basic account types: a standard and ECN one. The main difference between them, except the minimum initial deposit, is that the ECN account offers tighter spreads, and therefore charges a commission, while the Standard account is commission-free.

 

Micro lots are available for trade on the Standard account and there are also demo accounts available to inexperienced traders.


The Company. Security of Funds


FxGlobe is the trading name of FXGlobe Limited, a Cyprus-based company. It offers trading in wide range of currency pairs, various Contracts for Difference (‘CFDs’) precious metals and energy products. Furthermore, the company operates the popular social trading platform Tradeo.com.



FXGlobe Limited, doing business as FxGlobe, is a Cyprus Investment Firm (CIF), licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).


The Cypriot financial watchdog applies certain rules and requirements to license holders. For instance, customer funds must be held in segregated accounts. Besides, the Commission requires forex brokers to hold at least €1,000,000 net tangible assets in order to prove their good financial standing.


As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund. This is the fund of last resort for customers of regulated firms. If the company becomes insolvent or ceases trading, the Fund is able to pay compensation to its covered clients, amounting to a maximum of 20,000 EUR. Similar compensation schemes apply in other jurisdictions.


Additionally, FxGlobe is also regulated under the Markets in Financial Instruments Directive (MiFID) in regards to offering cross border services within the EU under the MiFID Passporting Regime, allowing companies regulated in their "home state" to provide services to customers in other EU Member States. Moreover, the broker is also registered with a number of EU regulatory bodies, FCA included.


Trading Conditions


Minimum Initial Deposit
In order to open an account with FxGlobe, traders have to invest at least $250. Such minimum initial amount is reasonable and average. Many Cyprus-based brokerages, however, require smaller amounts: FXTM demands $100 from its clients as a start and XM – just $5.


Spreads & Commissions

This broker offers variable spreads, which vary by account type: the average ones on the EUR/USD amounting to 1.8 pips on EUR/USD on the commission-free account type, which is a relatively high spread value, while the ECN Plus account offers spreads as low as 0.2 pips on EUR/USD, incurring a $8 commission per lot. Discounts on commission are available to large-volume traders.


In comparison, Cyprus-based Exness provides its Classic commission-free acount holders with average spreads of 0.9 pips on EUR/USD; ECN accounts ($300 minimum deposit required), on the other hand, offer average spreads of 0.4 pips on EUR/USD, incurring a commission of $ 2.5 per standard lot. For further information, you may look up and compare real-time spreads of 15 leading brokers.


Leverage
The maximum leverage level offered by FxGlobe is 1:300, which is an average ratio for the forex market. If you, however, need higher leverage, many Cyprus-based brokers offer such. For instance, XM provides leverage up to 1:888 and FXTM – up to 1:1000. Here is a list of more forex brokers offering leverage equal to or exceeding 1:500.


We advise traders to realize the risks of margin trading and be careful, as higher leverage involves higher risk of losses, which may even exceed traders’ initial investments.


Trading Platform


Like most brokers, FxGlobe supports the award-winning MetaTrader 4, the preferred choice of most experienced traders. The platform offers all a trader needs: a number of technical indicators, advanced charting package and a wide range of Expert Advisors (EAs), as well as extensive back- testing options for EAs. The platform is available as desktop, web and mobile versions.


What is more, FxGlobe’s clients who have deposit a minimum of $2,000 into their standard live account, are entitled to benefit from the ALGO-DRIVE ROBOT, offered exclusively via www.daily-forex-signals.com (provider of real-time forex signals). The broker recommends testing this trading system beforehand on a demo account.


Promotions

This broker offers its clients a variety of promotions. At the time of writing this review are running the following:


- 30% on deposit welcome bonus;
- Trading signals (are available for free for 30 calendar days to any live account holder with a minimum deposit of a $1,000);
- Refer a friend bonus ranging from $50 to $800, depending on the referred friend’s deposit and traded lots.


Methods of Payment


FxGlobe offers its clients the following payment methods: including credit/debit cards (Visa, Visa Electron Maestro, MasterCard), bank wire, and e-wallets like CashU, Skrill, Neteller. You can also make a deposit via MyFXGlobe dashboard. 


Conclusion


FxGlobe is a well-regulated broker that offers online trading in a variety of currency pairs, CFDs and commodities. What is more, there are social/algo trading options available with this broker. To sum up the above, here are the advantages and drawbacks with regards to FxGlobe:

 

Pros Cons
Well-regulated No choice of trading platforms
MT4 available Comparatively high average spreads on the Standard account
Social/Algo trading options available  
Variety of promotions  

 

Latest news about FxGlobe
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Traders` reviews for FxGlobe

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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