FX Global Review: fxglobal.com broker a Scam? - Topedgefx.com

FX Global Review: fxglobal.com broker a Scam?

Welcome to the FX Global review.

FX Global is an MT4 broker offering access to the global financial markets where clients can trade Forex, shares, indices and commodities.

FXglobal.com wants traders to know that they are a broker that have “a high degree of social responsibility”.

They are basically promoting their service with some sense of professionalism.

FXGlobal.com is a bit different from unregulated scam brokers such as OGAM, Investing Capital, Binarium, Live Markets and many others.

The face behind FXglobal’s website is a company known as Goldenburg Group Ltd. Goldenburg Group Ltd is actually authorized and licensed by the Cysec.

FX Global review

In addition to MT4 trading platform, they also have xStation trading platform which is developed and managed by XOpen Hub.

FX Global allows traders to access both MT4 and xStation platforms on desktop, mobile and tablet devices.

It should be noted that currently, the broker is offering one account type which does not charge commission.

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[one_third]Trading Platform: MT4/xStation[/one_third][one_third]$250 minimum deposit[/one_third][one_third]Average spreads is 3.0 pips[/one_third][one_third_last]Minimum Trade Size: 0.01[/one_third_last]

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Leverage is up to 1:200 which is considered fair enough but risky to those who are used to leverage of up to 1:100.

FX Global is accepting 3 deposit and withdrawal methods. These include Visa/MasterCard, TrustPay and Bank Wire.

FXGlobal deposit methods

FX Global review

Goldenburg Group Ltd operates a bunch of other trading names which include TopForex, eTrader, TradeCentum, Top Binary, Toptrader just to name a few.

Goldenburg Group Ltd got a CySEC license in 2014.

CySEC, like other financial regulators, have a set of conditions which brokers operating business under them must meet.

For example, CySEC insists that brokers must maintain operational capital of €730,000 at all time.

On top of this, CySEC requires brokers to keep their clients’ accounts in segregated accounts which basically means these funds are not mixing with the broker’s own operational capital.

Moreover, companies that are members of CySEC must also be under Investor Compensation Fund which guarantees insurance of up to 20,000 EUR in case the brokerage goes bankrupt.

Under MiFID regulations, brokers can offer cross-border financial services within EU. A company that is compliant with CySEC is also compliant with MiFID rules and is therefore allowed to operate in the EU as a whole.

FXGlobal review: spreads and commission

The spreads offered by this broker are quite high.

They don’t charge any commissions on their brokerage accounts. We checked spreads for their EURUSD and found that it is as high as 3.0 pips.

This is quite high considering that other well regulated Forex brokers are offering spreads of 1.0 to 1.5 pips for a pair like EURUSD.

Leverage

FX Global offers leverage of 1:200. This is quite common among EU brokers. Others offer leverage as high as 1:500.

If you’re looking for a broker that offers 1:500 leverage, pick OctaFX in our recommended brokers page. 

Trading platform offered by FX Global Forex broker

They have MT4 and xStation. We already know about MT4 and how it is robust and compatible with a number of trading robots and indicators.

The MT4 is user friendly and execution tends to be fast. In addition to this, brokers say it is safe and secure since information is encrypted.

On the other hand, xStation is intuitive and offers features that are similar to those of MT4 trading platform.

xStation offers one-click trading and comes with a number of in-built charting capabilities and technical indicators.

The platform has been integrated with a features called xMAM. This is a feature that facilitates Multiple Account management services.

On the other hand, xStation comes with another feature for social trading known as xSocial.

FX Global charges a monthly fee of $20 for using xSocial.

FX Global disadvantages

[tabs][tab title=”Spreads”]Very High[/tab] [tab title=”Trading Accounts”]A choice of one only[/tab] [tab title=”Trading Style Allowed”]Scalping is not allowed[/tab] [tab title=”Deposit and Withdrawal”]Very limited[/tab][/tabs]

Conclusion

FX Global broker is well regulated and they’ve also done a good job by offering traders another choice of trading platform, xStation.

However, the broker’s spreads are quite high and unrealistic. Due to such trading conditions, they might not be the best brokers to use a Forex expert advisor on.

If you want a broker with low spreads and is accepting all types of trading styles, this list has all of them for you to pick.

One Response

  1. Zodwa May 4, 2021

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