GLX Information
GLX is an unregulated brokerage company registered in Cambodia. This firm provides wide selection of investment options with the popular MT5 platform. Two live trading accounts and a demo account are available with GLX. However, this firm does not provide managed portfolio services. And limited information about trading fees is another drawback.
Pros and Cons
Is GLX Legit?
GLX operates without regulation from any recognized financial authority. Engaging with an unregulated broker like GLX carries substantial risks, and investors should be aware of the potential consequences before depositing funds.
What Can I Trade on GLX?
GLX is geared toward active traders who are looking for ways to diversify their portfolio. This brokerage offers quite a few investment choices, including: forex (61 currency pairs), futures, indices (25 indices), commodities, stocks (NYSE and NASDAQ), and cryptocurrencies (leverage up to 1:200). There are some things you can not trade with GLX, however. For example, the brokerage doesn't support ETFs trading or bonds trading. And you can't trade cryptocurrencies 24/7 on this platform, but only five days a week.
Still, you'll find a good mix of investments here overall.
Account Types
Some online brokerages tier their accounts. The tier you're in can determine what feature or benefits you have access to and what you'll pay. GLX offers two live trading accounts (Standard account and Raw Spread account) and a free demo account. If you're a beginning investor, a standard account might be easier to understand. On the other hand, if you're a more seasoned trader looking to minimize costs, a Raw Spread account could be a better fit.
GLX allows clients to open an account with as little as USD $200. So if you're a beginning investor without a lot of money to get started, GlX can make it easier to make a portfolio.
GLX Fees
Fees matter since the higher your costs, the less of your returns you get to keep.
This firm does not charge a commission on Standard accounts but instead, there is a mark up applied to the spread of 1 pip above the raw Inter-bank rate received from the Liquidity providers. Raw Spread account shows the Raw inter-bank spread received from the liquidity providers. There is a commission charge of $7 per standard lot round turn. GLX also offers flexible leverage options ranging from 1:1 to 1:1000.
However, regarding trading fees for stocks, commodities, and cryptocurrencies, there is no available information on the website.
Trading Platform
MT5 (MetaTrader 5) is available with GLX. You can apply it on multiple devices, including Windows, MAC, Android, and IOS. It is a diversified financial trading platform that allows trading foreign exchange, stocks, and futures. It provides automated trading systems and excellent tools for various price analyses, the use of algorithmic trading applications, and copy trading. And Web Trader is also available here.
Deposit and Withdrawal
GLX does not charge any additional fees for deposits or withdrawals. You should, however, be aware that you may incur fees, such as intermediary fees, on payments to and from some international banking institutions.
Withdrawal requests cut-off time is 12:00. If your withdrawal is submitted before this time, it will be processed on the day of receipt. If your withdrawal is submitted after this time, it will be processed on the following business day.
Deposit Options
Withdrawal Options
Customer Support Options
If there's something you need to do that you can't manage online or through the mobile app, you can always reach out to customer support. You have multiple choices: including email (info@glexchange.com), phone support (+852 936 132 67), one social media channel (Facebook) and a message box on its website.
The Bottom Line
You can find a user-friendly online & mobile platform and a swath of investment opportunities in GLX. This brokerage could be a good option if you're a beginning investor. However, regulatory hurdles and lack of transparency on trading fees are major downsides. Before choosing a brokerage, remember to consider risks and keep a close eye on fees.
FAQs
Is GLX safe?
GLX is not regulated by any reputable financial authority. Before choosing a brokerage, remember to consider the risk involved.
Is GLX good for beginners?
GLX is a great platform for beginners with its easy-to-navigate platform.
Does GLX offer leveraged trading?
Yes, GLX provides a leverage option, which is up to 1:1000.
Risk Warning
Online trading involves considerable risk, so it may not be suitable for every client. Please make sure that you totally understand the risks involved and notice that the information above provided in this review may be subject to alteration owing to the constant updating of the company's services and policies.
