Most frequently asked questions
GLX offers two types of accounts, Standard account and our market leading, Raw Spread account.
Raw Spread Account: This account shows the Raw inter-bank spread received from our liquidity providers. There is a commission charge of $7 per standard lot round turn.
Standard Account: We do 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 our Liquidity providers.
GLX allows clients to open an account with as little as USD $200 or currency equivalent.
This is one of the most frequently asked questions. The difficult part in understanding ECN and STP meanings is that those have been interpreted differently by many people. There are three main business models used by Forex brokers which differ by the way the transactions are handled and orders are executed: ECN, STP and Market Makers.
ECN: ECN stands for 'Electronic Communication Network' which is simply a technical term that is used to describe how banks and liquidity providers connect to each other to form a bid and offer price. In the Forex industry, it can be used to identify providers who use this type of pricing mechanism in order to offer raw interbank pricing to retail traders. Under this model your broker will stream raw prices and your trades will be offset with another client, a liquidity provider or held internally by the broker. This usually results in faster trade execution. This is distinct from order execution that may result in an offsetting order placed with a liquidity provider.
STP: This term stands for 'Straight Through Processing' and is used when a Forex and CFD provider processes all trades at market prices obtained from a liquidity provider, this price is simply passed on by the broker. This is not dissimilar to the ECN pricing model in that the price is not altered and there is no dealing desk intervention when the trade is processed, hence it is known as STP.
GLX is the issuer of the products it provides. We consider ourselves to be a forex provider offering the ECN pricing model as we source our pricing from external unrelated liquidity providers, these prices are passed onto you with no dealing desk intervention. In order to provide you with better price certainty and to ensure fast execution speed we do not offset each and every position with our liquidity providers. We do this in order to provide you with a better overall trading experience.
Opening an account is simple. Click on the Open Account link and complete your application form.
Once your on-line application form has been approved by our accounts team you will be emailed your trading account login details and password.
Questions about GLX
GLX is one of the world's leading Forex CFD provider. The company was incorporated with the vision of providing fair and transparent Forex trading to active traders. GLX is dedicated to bringing solutions previously only available to professionals and large global investment banks to retail investors and traders around the world. For additional information about GLX, please visit the About Us page.
GLX is a privately owned company. GLXs’ management team is comprised of individuals with over 20 years' experience in derivative products.
GLX is regulated by the Securities Exchange Regulator of Cambodia (SERC).
GLX holds client money in segregated client trust accounts in Tier 1 banks.
Should your account security be compromised, we suggest you change your trading platform and Client Area passwords immediately. We recommend you store your passwords securely and not on a shared or public device. Should you become aware of a security breach, we recommend you change your passwords and contact us immediately to notify us of the incident.
Questions about Trading with GLX
GLX has two MetaTrader account types: Standard Account and our market-leading Raw Spread Account. GLX does not charge a commission on Standard Accounts; instead, we mark up the spread received from our liquidity providers. GLX’ Raw Spread Account shows the raw interbank spread received from our liquidity providers. On this account we charge a commission of $3.5 per standard lot round turn.
GLX allows clients to open a trading account with as little as USD $200 or currency equivalent.
GLX offers flexible leverage options ranging from 1:1 to 1:1000. You can change the leverage on your trading account via your Client Area.
GLX allows you to open multiple trading accounts. You can open an additional trading account via your Client Area.
The opening and closing times of GLX’ prices are: Opening time: 00:01 MetaTrader Server Time (Monday). Closing time: 23:57 MetaTrader Server Time (Friday). Please note the trading times of certain instruments may vary; you should refer to the relevant product section on our website for specific information.
GLX’s rollover occurs at 00:00 MetaTrader Server Time.
To align the daily chart candles with New York close (5pm ET), GLX’s server time and charts are GMT+2 or GMT+3 when daylight saving is in effect.
GLX offers extensive online education. In addition, we regularly conduct educational webinars on a variety of topics. Webinar dates and times are published on our blog.
GLX also offers CFDs in precious metals, CFDs on Commodities, indices, futures, and shares.
GLX offers its customers several ways of depositing funds into their trading account. Common deposit methods include bank / wire transfer, credit card, Skrill, Neteller, UnionPay, Bpay, and FasaPay.
When funding your account using online deposit methods such as credit cards, Neteller and Skrill, your deposit will appear instantly in your trading account. Wire transfers normally take one to two business days. For international bank transfers, please allow up to three to five working days.
You can submit a withdrawal request from within your Client Area. All withdrawals received before 12:00 midday will be processed on the same business day. Our full withdrawal policy can be found within the Client Area on our website.
Opening an account is simple. Click on the Open a Live Account link and complete the account application form. Once your online application form has been approved by our accounts team you will be emailed your trading account and secure Client Area login details and password.
GLX is required to verify your identity before opening a trading account for you. Identification must be provided in the form of photo ID and proof of address to enable us to verify your identity. Photo ID, must be clear and visible, must be issued by a government agency, name, signature, expiry date and date of birth must be clear. Please note that GLX does not accept account applications from any persons under the age of 18. Proof of Address must be no older than 6 months, must show the same name and address as your account application. Our anti-money laundering policy contains further information regarding our identification requirements.
No, GLX does not pay interest on account balances in any currency.
No, GLX does not accept US clients. US CTFC regulation prevents US clients from trading with brokers outside the US.
Yes, we allow both hedging and scalping trading strategies. Our spreads and trading conditions are the preferred choice of many day traders and scalpers globally.
GLX is not able to open new positions over the phone. However, should you wish to close out positions, please call our support team.
No, you will not be charged any account inactivity fees.
While demo accounts and live accounts provide similar trading experiences, the demo accounts are predominantly used for familiarizing yourself with the trading platform and educational purposes only. We do not guarantee that the performance of a demo account will be the same as that of a live account as our demo accounts are not connected to our live trading environment.
Forex brokers use three main business models which differ in the way the transactions are handled and orders are executed: ECN, STP and Market Makers. ECN: ECN stands for 'Electronic Communication Network', which is simply a technical term that is used to describe how banks and liquidity providers connect to each other to form bid and offer prices. In the Forex industry, it can be used to identify providers who use this type of pricing mechanism in order to offer raw interbank pricing to retail traders. Under this model your broker will stream raw prices and your trades will be offset with another client or liquidity provider, or held internally by the broker. This usually results in faster trade execution. This is distinct from order execution, which may result in an offsetting order placed with a liquidity provider. STP: This term stands for 'Straight Through Processing' and is used when a Forex and CFD provider process all trades at market prices obtained from a liquidity provider. This price is simply passed on by the broker. This is not dissimilar to the ECN pricing model in that the price is not altered and there is no dealing desk intervention when the trade is processed; hence, it is known as STP. GLX is the issuer of the products it provides. We consider ourselves to be a Forex provider offering the ECN pricing model as we source our pricing from external unrelated liquidity providers. These prices are passed on to you with no dealing desk intervention. In order to provide you with better price certainty and to ensure fast execution speed, we do not hedge each and every position with our liquidity providers. We do this in order to provide you with a better overall trading experience.
When you trade with us, you are trading with GLX as principle, this is the case with all Forex and CFD providers globally. We do not operate a proprietary trading book, we source our prices from external unrelated liquidity providers or directly, these prices are then passed onto you with no dealing desk intervention.
GLX streams prices from its liquidity providers, who, in their turn, derive those prices from the market (or exchange) in the case of Stocks CFDs and from banks and non-bank liquidity providers in the case of Forex. The source of the underlying market price may vary for each product. Although GLX prices come from its liquidity providers and GLX is not practically involved in the making of the price, simply streaming prices which it receives, the prices nonetheless become GLX prices when it provides them to its clients to trade on. This is the case for all derivative products which GLX offers to its clients.
If you trade 100,000 (1.00) Commission is $3.50 for opening, and $3.50 for closing; $7.00 for the full round-turn. If you trade 10,000 (0.10) Commission is $0.35 for opening, and $0.35 for closing; $0.70 for the full round-turn. If you trade 1,000 (0.01) Commission is $0.035 for opening, and $0.035 for closing; $0.070 for the full round-turn
On MetaTrader 5 commission is charged per side (opening/closing).
On MetaTrader 5 the commission column is not rounded up to 3 decimal places but to 2 decimal places only. Thus, commission on a micro lot size $0.035 per side is rounded to $0.04
GLX is the issuer of the products it provides. We consider ourselves to be a CFD provider offering the ECN pricing model as we do not operate a proprietary trading book and source our pricing from external unrelated liquidity providers. These prices are then passed on to you with no dealing desk intervention. In order to provide you with better price certainty and to ensure fast execution speed, we do not offset each and every single position with our liquidity providers.
When you trade with us you are trading on prices streamed from our liquidity providers. GLX does not have a dealing desk that creates its own prices.
The prices we offer are streamed various liquidity providers.
The GLX Licence allows us to make markets, as is the case for all CFD and Forex providers globally. We are not a broker to you but a product issuer. Simply put, we act as a principal to your trades and are the sole counterparty that allows you to access prices streamed from our liquidity providers that supply GLX with the pricing.
Technically, when you buy a product at GLX, we are selling that product to you. It may not be possible for you to buy that product on an exchange or from a bank directly.
Typically, market makers are considered to be Forex and CFD providers who operate a dealing desk in order to create their own prices. These prices can be based on their own proprietary trading positions or overall risk exposure and may not reflect the prices in the underlying market.
On our Raw Spread Account, the average spread is 0.1 pip.
All trades are filled based on the prices we stream on our trading platforms. We adopt a market execution model whereby stop loss and take profits orders are triggered based on their pre-set conditions and executed at the price available at that time. We do not offer guaranteed stop loss orders.
They can be found from within the MetaTrader platform: simply go to Market Watch, right-click on an instrument and select ‘Specifications’. A new window will then open and the swap rates will be displayed.
Yes, we do offer oil as a spot and future commodity CFD product.
Triple swap rates are charged on Wednesday. The reason for this is that spot Forex contracts have a two-day settlement period. For example, a spot Forex contract that occurred on Monday settles on Wednesday, a trade that occurred on Tuesday settles on Thursday, a trade that occurred on Wednesday settles on Friday, but a trade that occurred on Thursday settles on the following Monday. In this example, the trade that occurred on Thursday rolled through the weekend because the banks are closed on Saturday and Sunday. Triple rollover interest is applied to positions held open at 5pm New York time on Wednesday as this time marks the beginning of the new 24-hour trading day (Thursday).
You should note that swap rates can be negative or positive, depending on the currency pair traded and the prevailing interest rates at that time.
A dividend adjustment is applied to a share or index CFD position in the event of a dividend payment occurring in the underlying share or share constituent of an index. The ex-dividend date is the day a stock starts trading without its dividend payment. In the case of an index, an adjustment will be made that is equal to the number of points by which the index price must be adjusted downwards to take account of those shares in the index which go ex-dividend at the close of the cash market. The ex-dividend figure estimated by Bloomberg, rounded to the tick size we use for that index, is used to determine what adjustment to apply. In the case of long positions, the dividend adjustment is in the form a trading account credit. In the case of short positions, the dividend adjustment is in the form of a trading account debit.
Why hasn’t my order closed even though the market prices have moved to my requested take profit level?
The most common reason is that incorrect prices have been referred to. You must refer to the bid prices to check whether the requested take profit price level on a buy trade has been reached or not. However, in the case of a sell trade, you must refer to the ask prices. It is also important to note that a standard account has one pip mark-up on the raw spreads. This spread mark-up does not appear in bid prices recorded on the chart by default.
The GLX margin stop out level on all trading platforms is 50%, which means that if your account's margin level drops to or below 50% of the margin required, the system will start closing your open positions automatically.
Events such as markets gapping over the weekend or on major holidays, where liquidity is thin, can increase the chance of your positions being stopped out and a negative equity situation occurring. In case you lose more than your current account balance, you should be aware that you will bear the negative consequences of such adverse events.
GLX uses a market execution model. A market execution model means that all trades and pending orders are filled at the prices we stream on the platform at the time an order is placed.
GLX does not offer instant execution.
Our average trade execution speed is around 10 milliseconds on currency pairs. Our trade servers are in the Equinix LD4 data centres in London. We have cross connects in place with our liquidity providers to ensure faster trading execution speeds.
GLX does not charge any additional fees or commission for CFD indices trading.
A demo trading account contains virtual money and is absolutely risk-free. Demo accounts are designed as an educational tool to familiarize customers with our trading platforms without losing real money.
Login to the Secure Client Area and go through the deposit funds process.
Unfortunately, we are unable to offer you a personal trading advice that may impact your trading decisions. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Questions about the Forex market
Forex, or the 'Foreign Exchange Market', is the largest financial market in the world, with a daily average turnover of approximately US$3 trillion. Forex trading is the simultaneous buying of one currency and selling of another. The price of currencies is floating and dependent on supply and demand. Foreign exchange is always traded in pairs, for example EUR/USD or AUD/USD.
Making money trading Forex involves buying lower and selling higher or selling higher and buying back lower. Using leverage means that you are able to deposit a smaller amount of money to achieve the same buying power as you would have if you bought and sold the currencies outright.
In this example, Mary deposits $5,000 into her Forex trading account and nominates the leverage on her account to be 1:100. As a result of leverage, Mary’s buying power on her $5,000 deposit becomes $500,000. Mary decides to buy 0.1 lots of the AUD/USD par at a price of 0.99802. Three days later, the price of the AUD/USD is 1.04069 and Mary decides to close her position. Mary’s profit is calculated as (1.04069 – 0.99802) 426 pips. As Mary opened a position of 0.1 lots, she made a profit of $426, or $1 per pip.
Of course, should the AUD/USD have moved against Mary below the opening price of her trade to a level of 0.97802, Mary would have incurred a loss on the trade of (0.99802 – 0.95542) 426 pips. As Mary’s position size was 0.1 lots, she would have incurred a loss of $426 or $1 per pip.
It is important to be aware that when trading Forex you can also incur losses which can be greater than your initial deposit.
Forex is said to be one of the fairest and most transparent markets on earth. This is mainly because of the large number of market participants and sheer size and number of transactions. No one single country or bank can completely control the direction of a currency.
Forex is not exchange traded, unlike the stock and futures markets. Forex is traded on an over-the-counter (OTC) basis with no central exchange between banks, governments, hedge funds and private investors. The Forex market is open 24 hours a day, five days a week, it opens in New Zealand and closes in New York.
The main participants in the Forex market are central banks, commercial banks and investment banks, however, in recent years - since the advent of the internet - accessibility to the Forex market has increased, which has resulted in an increase in the number of non-bank participants. Nowadays, participants also include large multinational corporations, money managers, registered dealers, money brokers and private investors.
The Forex market is a 24-hour market. Forex trading commences in Wellington, New Zealand and moves around the globe as business days begin in each financial centre. The major global financial centres where most Forex trading takes place are Tokyo, London and New York. The Forex market opens on Sunday at 10:00pm (GMT) and closes on Friday at 10:00pm (GMT).
The most popular liquid currency pairs are those from countries with politically stable governments and well-respected central banks. The most popular currency pairs are those that are paired with the US dollar, these are nicknamed the ‘majors’ and account for around 85% of transactions. The most commonly traded pairs are the EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF and USD/CAD.
A variety of fundamental and technical aspects can cause an exchange rate to move. The most notable influences include interest rates, inflation and political stability. Sometimes, governments will buy or sell a currency in an effort to influence its value with a view to having a broader effect on the country’s economy. This is known as ‘central bank intervention’ and can have a significant impact on the value of a currency. Given the size and diversity of participants, no one single factor can influence the Forex market for any significant length of time.
Forex traders can use a variety of risk management strategies. The most common form of risk management is the use of stop loss and limit orders. Stop loss orders can be set within the MetaTrader platform and are often used to force the closure of a position at a predetermined price in order to limit any potential loss. Limit orders work in much the same way as stop loss orders; however, they allow a restriction to be placed on the maximum price paid.
Forex traders use a variety of trading strategies based on technical and fundamental analysis. Nowadays, technical trading is becoming increasingly popular and traders are using a variety of technical indicators, such as trend lines, support and resistance levels, and numerous other methods, to identify short-to-medium term trading opportunities. Some traders choose to use fundamental analysis, which revolves around interpreting economic information including news, government reports and sometimes even rumour. Often, however, it is elements outside of technical and fundamental analysis that have the most dramatic effect on currency prices. This includes events such as central bank intervention, interest rate changes, political change or even war.
No, trading Forex has never been cheaper or more accessible. Traders can now trade on institutional grade pricing with a deposit of as little as $200 and leverage of up to 1000:1. It is, however, important to remember that although trading on leverage can maximise profits, it can also amplify losses.
Understanding MetaTrader 4 problems
If you cannot see all the instruments in the Market Watch window, simply right-click your mouse in the Market Watch area and select ‘show all’.
‘Trade Context is Busy’ is a common MetaTrader 4 error. It occurs because MetaTrader 4 cannot process multiple requests at the same time. To fix this error, simply close and open your MetaTrader 4 trading platform again. Please read our MetaTrader 4 error code guide which outlines common MetaTrader 4 error messages.
The chart time on MetaTrader 4 and MetaTrader 5 platforms reflects server time, which cannot be changed.
Swap rates can also be found within the MetaTrader platform: simply go to Market Watch, right-click on an instrument and select ‘Specifications’. A new window will then open and the swap rates will be displayed.
If you hold open a position over Wednesday night, the amount added or subtracted to your account as a result of the swap rate charged is three times the usual amount. Triple swap rates are charged in the rollover period on Wednesday night to account for the settlement of trades over the weekend, during which no swap rates are charged due to the market being closed.
Demo accounts will expire after 30 days of inactivity. If the demo account is still active, check that you are using the correct account number, password and server, which can be found in the email you receive when you first open the account. Alternatively, you may check your platform credentials from your secure Client Area.
The ‘invalid account’ error occurs when your username or password is incorrect. This can also occur if you have selected the wrong server address. Please check your account details and try again.
In order for expert advisor (EA) to function on MetaTrader, you must click on the ‘Expert Advisors' button in your Trade terminal.
In order for you to log in to your MetaTrader trading account, you will need your account number and password. These details were sent to you when you first opened your account.
Once you have your account number and password, simply install the MetaTrader platform on your PC and select 'File' then 'Log in to Trade Account'. A login box will then appear in which you will be able to enter your account number, password and select the relevant server.
When typing your password, you should ensure that it is entered correctly. If you are copying and pasting, make sure not to copy any extra spaces over.
You should also ensure that you select the server name mentioned in the email containing your login details. If you cannot see the server in the drop-down list, simply type it manually and select ‘Login’.
You will see your connection status update in the bottom right-hand corner of the platform. If the connections status shows ‘invalid account’, make sure your password was entered correctly. If it shows ‘no connection’, double-check that the server address was entered correctly.
You must first download the MetaTrader mobile application from the apple or android stores. Once this is downloaded and opened, follow the steps below:
1. Go to ‘Settings’
2. Click on 'Manage Accounts' or 'Settings'
3. Then click on the small plus sign or select 'New Account'
4. Then select 'Log in to an existing account'
5. Search for the broker name
6. Select the server your account was set up on
7. Enter your login credentials and password
8. Click on 'Sign In'
You will see this error message if you try to connect to an incorrect server. You should log in to your mobile app and select the correct server from the list.
No, you cannot directly install an EA script or indicator on the mobile version of MetaTrader.
An EA can be installed on your trading platform by following the steps below.
Firstly, download and save the EA executable file. Identify whether the file is archived or in its normal format. To perform this check, right-click on the file and select ‘Properties’. At the top, it will say if it is a MetaQuotes Language 4 file. If it is not, it is most likely an archive. If the file is archived or zipped, make sure to unzip the file.
Now, open your MetaTrader 4 platform. At the menu bar, click ‘File’ and navigate to ‘Open Data Folder’. Double click the ‘MQL4’ folder and open the ‘Experts’ folder. Now go back to where you have downloaded your EA and drag it into the open ‘Experts’ folder.
Once done, close all windows. Restart MetaTrader platform and the EA should appear in your ‘Navigator’ panel.
As you are trading leveraged CFD products, you will be able to open positions that are larger than your account balance. This means that a smaller move in your favour will result in a larger profit and a smaller move against you will result in a large loss. If the price of the CFD you are trading gaps or moves against you quickly, it is possible that you could lose more than your account balance.
Although we will attempt to close your position when the margin level falls to 50% of the required margin (stop out level), we cannot guarantee that your account will not enter into a negative balance. You will be in margin call when the margin level drops to 100% of the required margin; at this point, you will see the position change colour in your trading platform. This is an indication to take appropriate measures by either reducing the exposure or adding additional funds to the trading account. If the margin level drops a further 50%, the platform will automatically start closing out positions.
If your account balance becomes negative, we recommend you contact our support team so we can discuss the options available to you.
To improve the time it takes for orders to be executed, you can try hosting your trading platform on a virtual private server (VPS). VPS can significantly improve order execution times as they are usually located in the data centre, which has fast and reliable internet connectivity.
An investor password is a read-only password that you may use to build and analyse your account's portfolio. Getting an investor password is easy. Simply open the MetaTrader platform.
Go to ‘Tools Options, Server’, and select ‘Change’. Enter your current (master) password, tick ‘Change Investor’ (read-only) password and enter your desired password.
To locate your MetaTrader log files, open your MetaTrader terminal. Go to the ‘File’ menu and open the ‘Data’ folder. A new window will open with the 'Logs' subfolder. Within this folder, you will be able to find all the log files, and you may refer to the specific date.
A free margin is the amount of funds you have available in your trading account that can be used to open more positions or cover losses of open positions. If your trades are making a profit, you will see your free margin increase.
In currency trading, ‘gapping’ typically occurs when the currency reopens for trading after a weekend/rollover. Gaps are usually caused by low liquidity in the market. It is possible to retrieve the missing data by refreshing the chart if the gap has occurred because the chart has not updated correctly.
The ‘invalid account’ error means you are using an incorrect username or password. This can also occur if you have selected the wrong server address. Please check your account login details and try entering them manually without any spaces.