FXGlobe LTD is a financial company based in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC).
There are four kinds of assets available for online trading such as major, minor and exotic currency pairs, shares, indices and commodities.
FXGlobe offers desktop, web-based and mobile versions of the well-known MetaTrader 4 (MT4) platform. It has some useful features including creation of custom expert advisers, analytical tool packages and market analysis.
FXGlobe provides two accounts:
- Standard account requires a minimum deposit of USD250, it spreads starting from 1.7 pips and the lowest trading volume is 1,000;
- ECN Pro account requires a minimum deposit of USD25,000, its spreads starting from 0.7 pips but the smallest possible trade size is 50,000 and there are commissions.
Both accounts provide No Dealing Desk execution and automated trade, allow scalping, hedging and trading during the market news. The broker claims there are no re-quotes.
Although the broker claims to have an instant order execution its ‘Best interest and order execution policy’ shows that during the announcement of important news, slippage could occur. Per this document, ‘the specific price showed to the Client may not be available; therefore, the Order will be executed close to or a number of pips away from the Client’s requested price.’ The document shows also that Stop Loss orders are non-guaranteed. It means the executed and requested prices may differ significantly and the loss can be greater than expected.
The maximum offered leverage is 1:300 and this could increase the risk of loss. However, there is negative balance protection and clients cannot lose more money than they have in their account. This broker closes all positions when the equity falls below 25% of the necessary margin.
FXGlobe also informs that it is not a counterparty in the clients’ orders execution and transmits them to its liquidity providers, which means it acts as a Straight-through processing (STP) broker. STP brokers derive their profit from the spread only, regardless of whether the client wins or loses.
Websites provides some useful tools such as videos, market reviews, books and webinars.