FXGlobe has been operating in its present form since 2013. The company offers a full service online brokerage to both retail and institutional clients featuring trading in the forex market, CFDs, indexes and various commodities like precious metals and crude oil. The broker is headquartered in Nicosia, Cyprus, and its official website is located at www.fxglobe.com.
One of the advantages of using FXGlobe is their strong regulatory oversight. FXGlobe is a Registered Company in the Republic of Cyprus with a registration number of HW 254133. In addition, the company is regulated by the Cyprus Securities and Exchange Commission or CySEC under the registration number: #205/13. CySEC is an independent agency of the government in Cyprus that audits and regulates financial institutions — including online forex brokers.
A prerequisite for complying with CySEC’s regulations is a company’s complete transparency and honesty in all transactions and business dealings. FXGlobe is also a member of the Investor Compensation Fund for Cyprus Investment Firms and Other Investment Firms that are not credit institutions.
Besides being regulated by CySEC, FXGlobe conforms to the European Union’s Markets in Financial Instruments Directive 2004/39/EC or MiFID. The EU directive is enforced in the 31 member states of the European Economic Area and provides a framework for regulation of investment services firms. The main goal of the MiFID is to protect consumers, as well as to increase competition for businesses that provide this type of service.
Another important feature of FXGlobe is that it has expanded in the past few years to now offer an extensive forex partners program. The program implements a high commission plan for forex affiliates and forex introducing brokers.
Please note that this broker currently does not accept U.S. clients.
Features at FXGlobe
In addition to offering trading in all forex major and secondary currency pairs, FXGlobe customers can execute transactions in over 60 different tradable instruments. These instruments include CFDs, equities, commodities and indexes. Commodities such as grains and precious metals, stock shares of well-known companies such as Apple, Google, Exxon-Mobil, eBay and Dell among others, are just some of the tradable assets offered by FXGlobe. Indexes that can be traded through the broker include the S&P 500, the Dow Jones Industrial Average and the Nikkei225, to name just a few.
FXGlobe is fully regulated in the European Union and offers its customers a secure 128 bit SSL encryption protocol to ensure the safety of their data, as well as an easy to use website with quick click functionality. FXGlobe further safeguards its client’s funds by depositing them in fully segregated accounts with guaranteed secure options for deposits and withdrawals.
To accommodate both novice and seasoned traders, FXGlobe offers two main types of accounts: A demo trading account that can be started with virtual money and remains active as long as there is activity in the account over the past 30 days. They also offer a live funded trading account, which allows a maximum leverage of 300:1.
FXGlobe’s clients can trade either type of account through the company’s proprietary WebTrader web-based trading platform, or using the popular MetaTrader4 trading platform, which both offer analysis functions and permit trading in forex currency pairs and other asset classes.
FXGlobe also offers educational services in the form of its Forex Academy that features video and financial book libraries. These books and videos on trading can save a novice trader considerable money and aggravation due to problems they may encounter at the start of their trading career. The videos are brief, easy to understand and feature comprehensive tutorials and informative walkthroughs.
As mentioned above, FXGlobe utilizes the MetaTrader 4.0 trading platform, which is currently the most popular and widely used platform in the forex market. FXGlobe not only gives clients access to use that platform, but the broker provides a full and comprehensive training course for the trading platform. The interactive course consists of several training sessions, in addition to guides and manuals that can be downloaded.
In addition, the MetaTrader trading platform has the capability of automated trading through its “expert advisor” capability. The mobile trading feature can be accessed on iPhone, iPad and Android devices. Another advantage offered by FXGlobe is the availability of MetaTrader 4 on all popular mobile devices.
Besides the MetaTrader 4 platform, FXGlobe also offers its own web trading platform known as FXGlobe Web Trader. The proprietary platform comes complete with technical analysis and charting functions, economic calendars, and various other useful features.
Deposits and Withdrawals
For a live funded account, FXGlobe requires a minimum deposit of US$250. Deposits can be made using a credit/debit card, a bank wire transfer, CashU or Neteller. Deposits originating from a third party credit card are not allowed. Both the account name and the name on the deposit method must be the same. For example, if an account is opened with a credit card deposit, the information on the credit card must match the account information to withdraw funds to that card.
Withdrawals are allowed at any time and are made through the MyFXGlobe dashboard. A request for a withdrawal must be filled out and submitted from the dashboard and generally takes approximately three business days to complete.
FXGlobe does not charge for withdrawals, but if the client chooses to withdraw funds via a bank wire transfer, then the bank to which the funds are being withdrawn may charge a fee. In order to begin trading immediately, the fastest way to make a deposit is through a major credit card such as MasterCard or Visa.
The last element required for opening a live trading account with FXGlobe is to submit a clear color scan or photograph of valid government identification and a utility receipt or other document showing the name and address of the account holder. The identification can be a valid driver’s license, passport or other official photo identification. The utility receipt must have the same name as the one appearing on the credit card or bank statement. The two documents confirm the depositor’s name and address and are necessary to complete the account opening process.
The broker’s customer support is worthy of note, with agents available 24 hours a day, seven days a week to handle client issues. To contact the customer support department, clients have the option of live chat, email and phone callback services. The email response time is typically two business days, and the broker’s live chat feature can be accessed through a button on the lower left hand corner of the website’s page. The customer support department is also multi-lingual and provides service in the English, Arabic, French, Italian, Greek and Japanese languages.
In addition to its strong customer service feature, FXGlobe has a notable social media presence. The company maintains active accounts at Twitter, Facebook, LinkedIn and YouTube.
FXGlobe – Conclusion
To summarize, FXGlobe is a quality online forex broker with a user-friendly website, a demo account feature, and access to more than 60 tradable instruments. The company is fully regulated in the European Union and by CySEC, although the company does not accept customers from the United States.
Furthermore, the broker’s support for the MetaTrader 4 trading platform makes its trading interface instantly recognizable to a large trader demographic. In addition, its customer service is available in multiple languages, and its educational programs are worthy of mention and can be extremely useful to both novice and seasoned traders.