FXGLK

Overview of FXGLK

FXGLK GROUP, operating in the United Kingdom and the United States, has faced regulatory issues. The Financial Conduct Authority (FCA) in the UK revoked the regulatory license of FXGLK GROUP COMPANY LIMITED (License Number: 786418), while the United States National Futures Association (NFA) has labeled FXGLK GROUP LIMITED COMPANY (License Number: 0505934) as unauthorized. These regulatory concerns indicate potential risks associated with FXGLK GROUP, making it important for individuals to exercise caution when engaging with the company.

FXGLK offers a range of market instruments, including foreign exchange (FX) instruments like Spot FX, Forward FX, Non-deliverable forwards (NDFs), Currency swaps, and Options. Additionally, they provide metal instruments such as Gold, Silver, Platinum, and Palladium, along with commodity instruments like Oil, Natural gas, Coffee, Wheat, and Corn. Index instruments are also available, covering stock market indices, bond market indices, and volatility indices.

The company offers different account types, including BASIC, PREMIUM, and ENTERPRISE, each with varying features. Leverage options are dependent on the account type and currency pair traded, with BASIC offering up to 1:100, PREMIUM up to 1:200, and ENTERPRISE up to 1:500 leverage. Spreads and commissions vary similarly across account types. FXGLK supports various deposit and withdrawal methods, including bank transfer, credit/debit cards, and e-wallets, with minimum and maximum limits in place. The trading platform offered is Meta Trader 4 (MT4), known for its user-friendly interface and trading features. However, a review on WikiFX raises concerns about FXGLK, including allegations of a pyramid scheme and issues with client withdrawals, potentially affecting the company's reputation.

Pros and Cons

FXGLK offers several advantages and disadvantages. On the positive side, it is regulated by the UK's FCA (License: 786418) and provides a wide range of market instruments. Additionally, it offers leverage options of up to 1:500 and supports multiple deposit and withdrawal methods. Furthermore, it offers customer support for Chinese (Simplified) clients and utilizes the popular MT4 trading platform. However, there are significant drawbacks, including the regulatory status being revoked by the FCA for FXGLK GROUP COMPANY LIMITED and the unauthorized status of FXGLK GROUP LIMITED COMPANY by the NFA, which may pose potential risks. Moreover, there is a lack of specific information regarding spreads and commissions for different currency pairs, and processing times for deposits and withdrawals can be relatively lengthy, up to 5 business days. The main website's unavailability is another issue, and a review on WikiFX raises concerns about potential pyramid scheme complaints and withdrawal problems.

Is FXGLK Legit？

FXGLK GROUP COMPANY LIMITED is regulated by the United Kingdom's Financial Conduct Authority (FCA) with license number 786418, but its regulatory status is currently revoked. On the other hand, FXGLK GROUP LIMITED COMPANY is associated with the United States National Futures Association (NFA) with license number 0505934, but its regulatory status is unauthorized. Both institutions have abnormal regulatory statuses, with the FCA revoking FXGLK GROUP COMPANY LIMITED's license and the NFA labeling FXGLK GROUP LIMITED COMPANY as unauthorized, posing potential risks for individuals dealing with them.

Market Instruments

• FOREIGN EXCHANGE

FXGLK provides various foreign exchange instruments, such as Spot FX, which involves immediate currency exchange, Forward FX for exchanging currencies at predetermined future rates, Non-deliverable forwards (NDFs) settling in cash, Currency swaps for exchanging currency cash flows over a specified period, and Options, allowing the right to buy or sell a currency at a predetermined rate by a specific date.

• METALS

FXGLK offers several metal instruments, including Gold, commonly used for jewelry, investment, and industry; Silver, a versatile precious metal used in various applications; Platinum, a rare and valuable metal for jewelry and industrial use; and Palladium, a rare metal used in catalytic converters and other industrial purposes.

• COMMODITIES

FXGLK provides various commodity instruments like Oil, a vital global commodity for fuels and petrochemicals; Natural gas, a clean-burning fossil fuel for electricity generation and more; Coffee, traded as both a popular beverage and a commodity; Wheat, a major food grain; and Corn, used in both food and industry, all traded as commodities.

• INDICES

FXGLK offers a range of index instruments, including Stock market indices, tracking the performance of groups of stocks like the S&P 500 and Nasdaq 100; Bond market indices, monitoring the performance of bond baskets like the US Treasury Bond Index and Bloomberg Barclays Global Aggregate Bond Index; and Volatility indices, which gauge implied volatility in stock market indices or commodities.

Account Types

BASIC: Starter account with basic features, such as access to the FXGLK platform and the ability to create and publish games. Examples: Free account, Personal account.

PREMIUM: Paid account with additional features, such as increased storage space, more powerful hosting, and access to exclusive resources. Examples: Pro account, Business account.

ENTERPRISE: Custom account for large organizations with specific needs, such as support and custom branding. Examples: Corporate account, Institutional account.

Leverage

FXGLK's leverage options vary depending on the account type and the currency pair traded. The BASIC account has leverage of up to 1:100, the PREMIUM account has leverage of up to 1:200, and the ENTERPRISE account has leverage of up to 1:500.

Spreads & Commissions

FXGLK's spreads and commissions vary depending on the account type and the currency pair traded. The BASIC account has spreads from 2 pips and no commissions, the PREMIUM account has spreads from 1 pip and commissions of $0.10 per lot, and the ENTERPRISE account has spreads from 0.7 pips and commissions of $0.05 per lot.

Deposit & Withdrawal

FXGLK offers a variety of deposit and withdrawal methods, including bank transfer, credit/debit card, and e-wallets (such as Neteller and Skrill). The minimum deposit is $100 and the maximum deposit is $100,000 per day. The minimum withdrawal is $50 and the maximum withdrawal is $100,000 per day. Processing times vary depending on the method used and the amount being deposited/withdrawn, but generally range from 1-3 business days for deposits and 3-5 business days for withdrawals.

Trading Platforms

FXGLK offers the Meta Trader 4 (MT4) trading platform, providing traders with access to a widely recognized and popular trading system. MT4 is known for its user-friendly interface, advanced charting tools, and a comprehensive range of technical indicators. It allows traders to execute various trading strategies and offers features such as automated trading through Expert Advisors (EAs), real-time market analysis, and customizable trading environments.

Customer Support

FXGLK offers customer support for Chinese (Simplified) clients via phone at 4006868869, and additional contact options include email at fxglk_sever@fxglk.com.

Reviews

There is one review of FXGLK on WikiFX, which exposes concerns about the company. The review mentions issues related to a pyramid scheme complaint, stating that FXGLK has absconded. It further highlights that the agency of FXGLK, Shanghai Golden Lion Group Co., Ltd., has also absconded, causing problems with client withdrawals. Currently, the agency for FXGLK is identified as Hong Kong Gaobo Group, described as a dealing-desk platform that does not provide access to withdrawals. The review was posted on June 20, 2018.

Conclusion

In conclusion, FXGLK presents a mixed landscape of potential advantages and disadvantages. On the positive side, the company offers a variety of account types, leverage options, and trading platforms, including the widely recognized Meta Trader 4. Additionally, it provides multiple deposit and withdrawal methods. However, there are significant concerns regarding its regulatory status, with the FCA revoking one license and the NFA labeling another as unauthorized. Moreover, a review on WikiFX raises serious doubts about the company's practices, including issues related to pyramid schemes and difficulties with client withdrawals. Individuals considering FXGLK should exercise caution and conduct thorough due diligence before engaging with the company.

FAQs

Q: Is FXGLK a legitimate company？

A: FXGLK GROUP COMPANY LIMITED is regulated by the United Kingdom's Financial Conduct Authority (FCA) with license number 786418, but its regulatory status is currently revoked. FXGLK GROUP LIMITED COMPANY is associated with the United States National Futures Association (NFA) with license number 0505934, but its regulatory status is unauthorized. Both institutions have abnormal regulatory statuses, which can pose potential risks.

Q: What financial instruments does FXGLK offer？

A: FXGLK provides a range of financial instruments, including foreign exchange (FOREX), metals (Gold, Silver, Platinum, Palladium), commodities (Oil, Natural gas, Coffee, Wheat, Corn), and indices (Stock market, Bond market, Volatility).

Q: What are the different account types offered by FXGLK？

A: FXGLK offers three account types: BASIC (Starter), PREMIUM (Paid), and ENTERPRISE (Custom). These accounts come with varying features and benefits suitable for different trading needs.

Q: What leverage options are available at FXGLK？

A: FXGLK offers different leverage options depending on the account type and currency pair traded. BASIC has leverage up to 1:100, PREMIUM up to 1:200, and ENTERPRISE up to 1:500.

Q: What are the deposit and withdrawal options and limits at FXGLK？

A: FXGLK offers various deposit and withdrawal methods, including bank transfer, credit/debit card, and e-wallets. The minimum deposit is $100, and the minimum withdrawal is $50, with varying processing times and daily limits.

Q: What trading platform does FXGLK provide？

A: FXGLK offers the Meta Trader 4 (MT4) trading platform, known for its user-friendly interface and advanced features like automated trading, real-time market analysis, and customizable environments.