FXGlobalPro is a web-based forex broker which provides an unusual offering. While the minimum initial deposit requirement is high, when compared to the current state of the industry, the costs of trading are very competitive. That being said, these are only the conditions provided by the company’s website. We have a lot of other issues with this brokerage.
As we mentioned above the target spreads at FXGlobalPro are very attractive. However the company has mentioned re-quoting is possible on several different occasions. Still, the top-tier forex brokers offer similar if not even slightly higher levels.
1:200 in leverage
While leverage is a controversial topic, as it allows one to lose a lot on a single trade, having the option to use it is nice. In case you are new to trading, be sure to learn the basics of risk management early on.
(Allegedly) supports EAs and Social Trading
FXGlobalPro claims to support Expert Advisors, despite not supporting Meta Trader, as well as Social Trading. That being the case, we didn’t find an easy way to access this functionality, which leads us to the negatives regarding this broker.
Not regulated, based offshore
FXGlobalPro is owned by Gulf Media Pro Limited, a company registered on the Marshall Islands. Offshore brokers are generally to be avoided, due to the loose regulatory environment in which they operate. Furthermore FXGlobalPro does not claim to be regulated by the local financial authorities.
Non-intuitive user experience
This is the one thing which definitely stands out the most, when it comes to FXGlobalPro. Their website may look nice, but the entire project seems unfinished. As we noted previously, the alleged support for automated trading systems was impossible to find. Additionally, there is no easy way to create a demo account. After signing up for a real one, we had difficulties figuring out how to log in the platform, so we can’t imagine how a beginner will succeed.
Relatively few trading instruments
The trading instruments available at this broker vary per account type, with only 39 being offered to the Micro ones. This is the base level nowadays, featuring mostly FX pairs, gold and silver. Other brokerages, like IG for instance offer much more exotic CFDs, including ones based on cryptocurrencies.
High minimum deposit requirement
With a $500 minimum initial deposit requirement, FXGlobalPro limits the number of potential clients drastically. Most forex brokers have set the entry bar at $100, with some going even lower.
Unusual trading platform
Trading at FXGlobalPro is done on the web-based interface. While some of you may find this attractive, dealing with a proven stand-alone platform is what the veterans prefer. When it comes to forex, MetaTrader 4 is still considered the industry standard.
Few payment methods supported
The only deposit methods available at FXGlobalPro are Credit/Debit Cards and Bank Transfer. On the other hand, e-wallets, such as Skrill and Neteller are rather popular among brokers. Some companies have even started accepting Bitcoin.
FXGlobalPro is an unregulated, offshore forex broker. While their offering seems pretty decent on paper, but the devil is in the details – the fact requiting will happen is mentioned several times. When opening an account we delved into a world of tiny issues. The platform behaved well but the fact it took us quite some time to navigate the backend of the website was rather surprising.
At the end of the day, the service provided by the company doesn’t really matter, given their lack of regulation. We will clarify for those of you who are not familiar with the industry – a broker, which isn’t regulated may be a scam. Regulated companies, on the other hand, have to follow different procedure in order to guarantee the security of clients’ funds. We like to give the United Kingdom’s Financial Conduct Authority (FCA) as an example of a top-tier regulatory agency.
All brokers registered with them must report client transactions, keep their funds in segregated accounts and much more. One of the additional rules states, they must participate in the Financial Services Compensation Scheme (FSCS) – system which guarantees traders’ investments against their broker going bankrupt. Coverage is limited to £50,000 per client.
FXGlobalPro Review Conclusion
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