FXORO ReviewCategory: Reviews | Author: Trading Brokers | Date: September 17, 2023
In the realm of forex and CFD trading, FXORO emerges as a prominent player, boasting a history dating back to 2012. This broker stands under the watchful eye of regulatory bodies such as the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority (FSA) of Seychelles, ensuring a degree of oversight and accountability. Within its arsenal, FXORO presents a diverse range of trading platforms, tools, educational resources, markets, account options, and funding avenues. In this article, we will embark on a detailed exploration of these components, aiming to provide a comprehensive assessment of the advantages and disadvantages associated with trading through FXORO.
Pros & Cons
- It has various tools and educational resources to support its clients
- It has an Islamic account option for clients who follow the Sharia law
- It has no commissions for deposits or withdrawals
- It offers a wide range of markets and instruments to trade with
- It does not have a MetaTrader 5 platform or a proprietary platform
- It does not have a demo account option for clients who want to practice trading
- It does not have a live chat or phone support for customer service
FXORO operates as an online trading broker with a broad range of CFD offerings, encompassing assets like forex, stocks, indices, commodities, cryptocurrencies, and ETFs. Established in 2012, it adheres to regulatory guidelines set forth by CySEC and the FSA of Seychelles, emphasizing compliance and security. For trading convenience, FXORO presents various trading platforms, including MetaTrader 4, WebTrader, and Mobile Trader. Additionally, it provides access to essential tools such as market updates, news, charts, indicators, and signals.
In terms of client support, FXORO offers resources like personalized training, webinars, e-books, and one-on-one sessions. Different account types, ranging from Basic to VIP, feature distinct characteristics such as spreads, leverage, commissions, swap discounts, and dedicated account managers. In keeping with versatility, FXORO accepts multiple funding methods, including credit cards, wire transfers, e-wallets, and cryptocurrencies. While it positions itself as a professional, modern broker, its quality of service ultimately depends on individual experiences and preferences.
FXORO, the online forex broker, places a strong emphasis on regulatory compliance. It is owned by MCA Intelifunds Ltd, registered in Cyprus, and fully regulated by the Cyprus Securities and Exchange Commission (CySEC), known for its strict standards in the financial industry. This ensures that FXORO operates in accordance with top-tier regulatory oversight, providing traders with a sense of security. Additionally, FXORO holds regulatory authorization from the Financial Services Authority (FSA) in Seychelles, further bolstering its regulatory credentials. The FSA of Seychelles is the autonomous regulatory body responsible for overseeing non-bank financial services within the country. It operates under the Seychelles Securities Act 2007 and plays a pivotal role in licensing, regulation, compliance enforcement, monitoring, and supervision of activities within the non-bank financial sector in Seychelles. Please see a list of regulated brokers for some alternative options
Platforms & Tools
FXORO presents a selection of trading platforms designed to accommodate diverse trading preferences. Among these options is MetaTrader 4, recognized globally for its charting and analysis tools, appealing to traders of varying expertise levels. This platform facilitates swift order execution and offers real-time results.
FXORO offers WebTrader, a web-based platform that seamlessly integrates with MetaTrader 4. This feature permits traders to manage their accounts conveniently from any web browser. Furthermore, FXORO provides a Mobile Trader app, which extends trading capabilities to smartphones and tablets. This application supports various execution models, enabling traders to engage in transactions while on the move, and promoting flexibility in trading activities.
FXORO also offers a range of tools to support its clients in making informed trading decisions. These tools include:
- Market Updates: These real-time notifications serve as invaluable guides, offering insights into the latest market developments and trends. They provide traders with timely information to make informed decisions.
- News: FXORO offers access to articles and reports that cover the most significant events and news shaping the financial markets. This resource ensures traders stay well-informed about factors impacting their investments.
- Charts: Graphical representations of price movements and asset patterns, charts are essential for traders to visualize historical and current market data. They aid in identifying trends and potential trading opportunities.
- Indicators: Mathematical calculations embedded in the platform help traders analyze market conditions. By offering key insights, indicators support the identification of potential entry and exit points.
- Signals: FXORO’s signaling system provides traders with recommendations and alerts. These signals are based on technical or fundamental analysis, offering guidance on opportune moments to enter or exit trades.
- Economic Calendar: This tool acts as a valuable reference, highlighting upcoming economic events and indicators. It aids traders in anticipating market volatility and making informed decisions in response to economic developments.
FXORO claims to empower its clients with these tools, enhancing their ability to interpret market dynamics and key indicators as needed for their trading strategies.
FXORO takes a dedicated approach to bolster the knowledge and expertise of its clients by offering a comprehensive array of educational resources. These resources are tailored to cater to traders of varying skill levels and include:
- Webinars: These live online sessions serve as a knowledge hub, covering a wide spectrum of essential topics related to financial markets. From fundamental and technical analysis to trading strategies and risk management, webinars provide a dynamic platform for continuous learning.
- E-books: Accessible digital books serve as comprehensive references, providing clear and digestible insights into diverse aspects of trading. Topics span from forex and CFDs to indicators, charts, and more, empowering traders with in-depth knowledge.
- Basic Courses: These online lessons serve as a foundational cornerstone for newcomers to the trading arena. Basic courses impart essential knowledge, encompassing market terminology, trading platforms, order types, and other fundamental concepts.
- In-Depth Courses: For those seeking a deeper understanding of advanced trading topics, in-depth courses delve into subjects such as market psychology, trend analysis, Fibonacci retracements, and other intricate aspects of trading.
- One-on-One Sessions: These personalized training sessions provide a unique opportunity for clients to engage directly with professional traders. Through one-on-one interactions, traders can receive tailored advice and guidance to align their trading goals and needs with expert insights.
With this wealth of educational resources at its disposal, FXORO endeavors to equip its clients with the knowledge and tools necessary to navigate the complexities of the financial markets effectively. Whether you’re just starting or looking to enhance your trading skills, FXORO’s commitment to education aims to empower traders on their journey toward success.
FXORO provides clients with access to a diverse range of CFDs encompassing various asset classes. These CFDs include forex, stocks, indices, commodities, cryptocurrencies, and ETFs. CFDs offer certain advantages, such as low entry costs and the potential for high leverage, facilitating access to a broad selection of markets. Within the forex market, FXORO offers more than 60 currency pairs, covering major, minor, and exotic options. This extensive choice enables traders to explore currency movements on a global scale.
FXORO extends its CFD offerings to encompass stocks, with hundreds of options from various countries and industries available for trading. These stocks span sectors such as technology, banking, energy, and more, providing diversity in trading opportunities. Indices, serving as indicators of market performance, are a part of FXORO’s offerings. Traders can access over 20 global indices, including well-known ones like the S&P 500, DAX 30, and FTSE 100. For those interested in commodities, FXORO presents over 15 options, including precious metals like gold and silver, as well as commodities like oil and coffee.
Cryptocurrency enthusiasts can explore CFDs on over 10 cryptocurrencies, including popular names like Bitcoin, Ethereum, Dogecoin, and Tether. FXORO also caters to traders seeking exposure to ETFs, offering CFDs on more than 10 ETFs, including those tracking indices like SPY, QQQ, and GLD. This comprehensive range of CFD offerings on FXORO allows traders to diversify their portfolios and engage in trading activities across a wide spectrum of financial markets, all within the context of CFD trading.
FXORO offers a selection of four distinct account types, each tailored to cater to different trading preferences and needs:
- Fix Account: Ideal for traders seeking stability, the Fix account features fixed spreads and no commissions. With a minimum deposit requirement of $200 and leverage of up to 1:400, this account offers cost predictability. It’s important to note that there is a swap charge on overnight positions with this account, and it does not include the services of an account manager.
- Floating Account: For those who prefer flexibility, the Floating account provides variable spreads and no commissions. A minimum deposit of $1,000 and leverage of up to 1:400 offer room for maneuvering. Similar to the Fix account, the Floating account also incurs a swap charge on overnight positions and does not come with an account manager.
- Islamic Account: Catering to clients who adhere to Islamic principles, the Islamic account aligns with Sharia law guidelines. One noteworthy feature is the absence of swap or rollover charges on overnight positions. Importantly, the Islamic account is available for both Fix and Floating account types, allowing traders to adhere to their faith while engaging in financial activities.
These account options empower traders to select the one that best suits their trading style, preferences, and cultural or religious considerations. Whether it’s the stability of fixed spreads, the flexibility of variable spreads, or adherence to Islamic principles, FXORO endeavors to accommodate a diverse range of client needs through its account offerings.
FXORO offers a range of funding methods for client convenience, including credit cards, wire transfers, e-wallets, and cryptocurrencies:
- Credit Cards: Visa and Mastercard provide a quick and straightforward way to fund your account.
- Wire Transfers: This option is known for its reliability and security, allowing direct transfers from your bank account.
- E-wallets: Online payment services like Skrill, Neteller, and PayPal offer an accessible and popular means of account funding.
- Cryptocurrencies: Embracing the modern digital era, FXORO accepts digital currencies such as Bitcoin, Ethereum, and Tether as a funding option.
FXORO does not levy fees for deposits or withdrawals, but it’s worth noting that certain payment providers may have their own fee structures. The processing time for deposits and withdrawals typically takes one business day, although some methods may require additional time for funds to reflect in your account. To comply with anti-money laundering regulations, FXORO mandates clients to undergo identity and address verification before initiating withdrawals, ensuring a secure and compliant trading environment.
In conclusion, FXORO presents a range of features and services tailored to meet diverse trading preferences. From a variety of account types to an extensive array of CFDs spanning forex, stocks, indices, commodities, cryptocurrencies, and ETFs, FXORO strives to provide a versatile trading experience. However, it’s worth considering that alternative options with longer track records exist within the realm of brokers. For a more comprehensive view and additional choices, we recommend exploring our detailed trading broker reviews to make an informed decision tailored to your specific trading needs.