Note: Glox's official website: https://theglox.com/ is currently inaccessible normally.
Glox Information
Is Glox Legit？
The broker operates without any valid supervision from any regulatory authorities. It raises a question about its legitimacy and credibility, since regulated brokers usually adhere to strict industry standards to protect customer funds.
Downsides of Glox
Unavailable website: Glox's website cannot be opened currently. Not any reliable broker will behave like this.
Regulatory concerns: The absence of regulatory supervision indicates less customer protections and compliance to industry standards of the broker. Trading with Glox is of high risk.
Limited transparency: Info on market instruments, trading platform, educational resources can't be found.
Account Types (Min Deposit, Leverage, Spread & Commission)
Glox offers two account types: Standard account with minimum deposit $50 and Pro account with much higher minimum deposit at $20,000.
Both accounts have leverage up to 1:500 for profit/risk amplification and zero commission to minimize trading costs.
Spread for the Pro account is 0.5 pips, which is said to be better than Standard account, though details of spread in Standard account are not disclosed yet.
As for commissions, both account types are free.
Furthermore, a demo account is also available for you to test your trading strategies.
Deposit & Withdrawal
Funding methods include Bank Wire Transfer, Skrill, Neteller, NganLuong.vn, MasterCard, Visa and MegaTransfer in USD and EUR.
For bank transfers, processing time is longer at 2-5 days, with minimum deposit $200 and minimum $50 for withdrawal.
While for other payment options, the minimum deposit and withdrawal are both $5 or value equivalent in any other currency, with processing time instantly and within 24 hours respectively.
All fees regarding deposit and withdrawals are covered by the broker.
Customer Support
You can contact the company at email: support@theglox.com and telephone +44 113 328 1474, or visit their office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands.
Conclusion
In conclusion, though the company offers tiered accounts for varying experience levels, zero trading commissions and free deposit/ withdrawal to reduce trading costs, it is still not a preferable choice for traders. Its unregulated status, inaccessible website and limited transparency in its operation impair customer confidence in its reliability and credibility. Please choose well-regulated alternatives with full operational transparency. It is much better and safer for your investment.
