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Founded in 2012, FXORO offers over 60 currency pairs, indices and commodity CFDs for trading on the robust MetaTrader 4 platform.
Company. Fund security
FXORO is a trademark of MCA Intelifunds Ltd authorized by the Cyprus Securities Commission (CySEC).
Cyprus is one of the most popular Forex broker jurisdictions in Europe. According to CySEC requirements, investment firms must have € 730,000 in an account as proof that the firm is not a fly-by-night broker and is financially stable. Clients' money is kept in segregated accounts, and companies must regularly report to CySEC.
Another guarantee of funds invested by investors is a mandatory membership in the Investor Compensation Fund. So, in the event of insolvency, traders can return up to 20,000 euros per person.
In addition, every CySEC regulated investment company operates under the MiFID Directive and therefore has the right to offer its services throughout the European Union.
Trading conditions
FXORO offers several types of accounts. Clients can choose between fixed and floating spreads on regular accounts or ECN accounts. All account types, with the exception of ECN, are free of commission. In addition, FXORO offers swap-free services for Muslim clients.
Minimum initial deposit
To open an account with FXORO, you need to invest at least $ 200. This minimum starting amount is considered average. However, other Cypriot brokers require less.
Spreads and commissions
The spreads offered on FXORO interest-free accounts are averages: 2 pips fixed spreads for the EUR / USD pair and 1.5 floating pips for the same pair.
On the other hand, spreads on ECN accounts average 0.6 pips on EUR / USD. If we add a commission of $ 6, the average trading cost per lot is 1.2 pips, which is a very good deal.
Leverage
FXORO offers leverage from 2: 1 to 30: 1 for retail clients and up to 400: 1 for professional clients. The leverage depends on the traded asset.
Trading platforms
This broker offers its clients the standard MetaTrader4 Forex trading platform available in browser, desktop application and mobile version.
MT4 is the market standard in online trading. The terminal is considered one of the most reliable in terms of stability and security. MT4 supports dozens of languages around the world. The platform interface is intuitive, which makes it attractive for beginners and experienced traders. Users can easily open and close positions, view trade history. The platform offers advanced charting capabilities. It helps traders to trade and analyze the technical aspects of the market at the same time.
Support service
Support representatives or management can be contacted by phone, email, fax, and a contact form.
The site is available in seven languages: English, Italian, German, Romanian, Turkish, Hungarian, Arabic.
For the convenience of trading, traders have free access to economic calendars, e-learning materials, news. And they can participate in webinars.
Ways of payment
The following payment methods are available to FXORO clients: credit / debit cards (Visa, MasterCard, Maestro), bank transfers and e-wallet systems such as Skrill, Neteller, WirePay.
Please note that additional fees apply for withdrawals.
Traders can open an account in EUR, USD, GBP, CHF.
Pros:
regulated broker; MT4; ECN environment.
Minuses:
there is no choice of trading platforms.
FXORO is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.
In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.
As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.
FXORO profits from traders' trades, usually in two main ways
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First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.
The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.
Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.
How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.
The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.
Bonus – traps. They are generously distributed for anything: registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money mixed with bonus money, it will be necessary to fulfill a number of actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.
The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points – it is the place of registration and regulation of the company's activities.
First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.
On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.
No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point – this is the regulation of the broker / crypto exchange. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization, specifies disputes between its members – brokers and their clients.
If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.
It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.
Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.
Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.
Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Companies who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the company you chose. FXORO received a score of 1 of 5 on our resource.