FX Global Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this FXGlobal Review.
FX Global Review
FX Global offers its clients a single commission-free account type with leverage up to 1:500, variable spreads and the option to trade in micro lots (on MT4). Besides, the brokerage provides money management solutions.
The Company. Security of Funds
Goldenburg Group Ltd.
FX Global offers trading in currency pairs, precious metals and numerous CFD instruments on two robust platforms, xStation and MetaTrader 4.
It is one of the trading names of Goldenburg Group Ltd., which also operates topforex, TradeCentrum, eTrader, social trading brand toptrader, and binary brand Top Binary, to name a few. The company is licensed by Cyprus Securities and Exchange Commission (CySEC) since 2014.
CySEC applies certain rules and requirements to licensed companies and sees to their compliance. For instance, they must hold at least €730,000 in order to prove their good financial standing. In addition, the Commission requires forex brokers to keep customer funds in segregated accounts, separated from the company’s operating funds.
As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default.
Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU under the MiFID regulations.
Minimum Initial Deposit
In order to open an account with FX Global, traders have to invest a minimum of $250, which is average. Yet, many Cyprus-based brokers require less. For instance, XM demands just $5 from its clients as a start.
Spreads & Commissions
FX Global offers commission free-trading with variable spreads, which unfortunately are too high. The broker cites as typical for the EUR/USD pair a spread of 3 pips, while most brokers offer spreads within the range of 1.0 – 1.5 pips for the EUR/USD pair.
For purposes of comparison, XM provides variable spreads averaged 0.1 pips on EUR/USD + commission $5 per standard lot (per side). For more information, you may look up real-time spreads of 15 leading brokers here.
The maximum leverage level offered by FX Global is 1:500. Such ratio is common for the FX market, yet it is considered high, because the higher the leverage, the greater the risk.
Nonetheless, many Cyprus-based brokers offer similar or higher leverage levels – for example, XM provides leverage up to 1:888. You may check out a list of brokers, providing leverage equal to or exceeding 1:500 here.
This broker supports the standard forex market trading platform MetaTrader4 (MT4), as well as xStation, developed by XOpen Hub. Both of them come as desktop, mobile and tablet versions.
MT4 remains the preferred choice for most traders globally, as it provides a full spectrum of trading tools and resources: more than 50 built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options for them. Traders can download ready-made or create their own EAs and let the program do all the work.
The other platform used by this broker, xStation, is based on open-API XOH Trader. It is an intuitive multi-functional software that also features one-click trading and the ability to deal straight from the chart. The platform is equipped with a number of technical analysis tools and advanced charting package. The platform also offers Multiple Account management (xMAM) and social trading (xSocial) solutions. In order to use xSocial, clients of FX Global have to pay a monthly fee of $20.
Methods of Payment
FX Global supports a small range of payment methods – credit/debit cards & bank wire transfer. Popular e-wallets Skrill and Neteller are not available with this broker.
FX GLOBAL does not charge any commission on your deposits or withdrawals.
FX Global is a well-regulated FX and CFD broker that offers trading in great variety of instruments on two great trading platforms. The main problem with FX Global is that its spreads are too high.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
FX Global Review Conclusion
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