Basic Information
Pros and Cons
Pros
- Regulated by CySEC
- Wide range of trading instruments
- Leverage up to 500:1
- Segregated client accounts for fund safety
- Investor compensation fund coverage
Cons
- Withdrawal issues reported by users
- High withdrawal fees
- Slow customer service response times
- Mixed market reputation
- Limited mainstream regulatory licenses
Is FXGlobe Safe and Legit?
FXGlobe, founded in 2009 and registered in Cyprus, operates as a regulated financial services broker under the Cyprus Securities and Exchange Commission (CySEC) with license number 205/13. The broker offers a range of trading instruments, including over 50 forex pairs, CFDs, and cryptocurrencies, with leverage up to 500:1 and spreads starting from 0.1 pips on popular platforms like MetaTrader 4.
FXGlobe’s regulatory status is primarily under CySEC, providing a level of credibility and legal operation within the European Economic Area. However, warnings from other regulatory authorities regarding its offshore operations raise concerns about fund safety and compliance, suggesting a need for caution among potential traders.
Market reputation for FXGlobe is mixed, with user feedback highlighting issues related to slow customer service and withdrawal difficulties. While some users appreciate the variety of trading instruments and competitive spreads, others express frustration over high withdrawal fees and delays, indicating a significant number of complaints that could impact overall trust in the broker.
Is FXGlobe a Regulated Broker?
What Are the Regulatory Licenses Held by FXGlobe?
FXGlobe operates as a regulated financial services broker under the Cyprus Securities and Exchange Commission (CySEC), holding license number 205/13. This regulatory status provides a level of credibility and legal operation within the European Economic Area. However, warnings from other regulatory authorities regarding its offshore operations raise concerns about fund safety and compliance, suggesting that potential traders should exercise caution. Thus, FXGlobe does not hold any mainstream licenses aside from its CySEC regulation, and traders should be aware of the implications of this status.
| Regulator Abbreviation | Full Name of Regulator | Regulated Company Entity | Regulatory Status | License Number |
|---|---|---|---|---|
| CySEC | Cyprus Securities and Exchange Commission | FXGlobe Ltd. | Active | 205/13 |
Client Fund Segregation: Your Ultimate Safeguard
Capital Protection Measures
FXGlobe prioritizes the security of client funds by holding them in segregated accounts at independently regulated banks. This segregation ensures that clients’ funds are separate from the broker’s assets, providing an added layer of protection. The regulations enforced by CySEC mandate strict adherence to these segregation rules, safeguarding traders’ investments.
Investor Compensation Fund
FXGlobe participates in the investor compensation fund established under CySEC regulations. This fund provides coverage of up to €20,000 per client in the event of the broker’s insolvency, enhancing the safety of clients’ funds. Traders can have peace of mind knowing their investments are protected under these provisions.
FXGlobe Withdrawal Review
How to Contact FXGlobe?
FXGlobe faces a mixed reputation regarding withdrawal issues, with a notable proportion of complaints centered on slow processing times and high withdrawal fees. Credible sources indicate that users have experienced difficulties, particularly with delays and the requirement for up-to-date documentation. While some complaints are repetitive, there is no evidence of large-scale regulatory penalties or warnings specifically linked to these issues. Overall, traders should exercise caution when considering FXGlobe, as the combination of withdrawal difficulties could impact perceptions of fund safety and broker legitimacy.
Frequently Asked Questions
A1: FXGlobe is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 205/13, providing a level of credibility. However, there are warnings from other regulatory authorities about its offshore operations, which suggests potential traders should exercise caution regarding fund safety and compliance.
A2: FXGlobe prioritizes the security of client funds by holding them in segregated accounts at independently regulated banks, ensuring that clients’ funds are separate from the broker’s assets. Additionally, FXGlobe participates in the investor compensation fund, which covers up to €20,000 per client in case of insolvency.
A3: FXGlobe has a mixed reputation concerning withdrawal issues, with many users reporting slow processing times and high withdrawal fees. While there are no large-scale regulatory penalties specifically linked to these issues, traders should be cautious as these withdrawal difficulties may affect perceptions of fund safety.
A4: Traders can contact FXGlobe for support through their official website or by phone. It is advisable to check their contact section for specific details regarding available support channels and response times.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.