Clients opening a trading account at FXORO are given access to the most popular forex trading platform in the industry, the MetaTrader4. Undoubtedly, the MT4 platform is suitable for both new and advanced forex traders. The numerous attractive features include an intuitive interface that’s easy to use, multi-lingual data and support, stability and very high built in security. We did not receive any complaint about FXORO scam.
Moreover, the MT4 is designed for trading in currency pairs as well as equities, cryptocurrencies, commodities and futures. Yet another outstanding feature is that the MT4 is very popular with traders interested in algorithmic trading. Importantly, it allows traders to develop, test and apply Expert Advisors and technical indicators for automated trading. The MT4 is also renowned for its charting capabilities and the vast array of technical indicators available on the trading platform. The MT4 client software needs to be downloaded to the client’s desktop after opening the FXORO MT4 trading account.
FXORO MT4 WebTrader
Traders can log in to their FXORO MT4 accounts from any PC using the MT4 WebTrader. Importantly, the WebTrader allows clients to open/close positions and manage their trades fully, with one click operations. Moreover, they can access real time statistics, news and 40 technical indicators. Also, with the WebTrader, clients can monitor up to 4 charts at the same time and place orders from a chart. We saw that trading history can also be monitored and graphical objects edited.
FXORO MT4 Mobile Platform
Through the FXORO MT4 Mobile platform, traders can keep track of financial markets and trade 24 hours a day across 7 time frames with all types of execution modes. We saw that the Mobile platform has a full set of trade orders, real time quotes of financial instruments and real time interactive charts. Importantly, the FXORO MT4 Mobile platform is user friendly, with zoom and scroll features for enhanced visibility.
FXORO Leverage Policy
We saw that FXORO takes a responsible attitude towards trading with leverage and implement an appropriateness test for all new clients. Whilst leverage allows traders to hold positions much larger than the funds in their FXORO accounts, thereby making larger profits potentially, they also risk amplifying losses. Subsequently, FXORO protects inexperienced traders from engaging in leveraged trades with more than 1:50. Only after executing at least 45 trades over four consecutive months can clients apply for higher leverage from FXORO.
FXORO Cryptocurrencies Trading
At the time of writing this review we saw that FXORO offered just one cryptocurrency CFD, Bitcoin against the US Dollar. At FXORO, cryptocurrency CFD trading is available from 5 am on Monday until 11 pm Friday (GMT+2). The cryptocurrency CFD spreads are created by FXORO based on Bid and Ask prices received from its liquidity provider, directly from the exchange. Notably, we saw the spread for BTC/USD at $100 above market price and the margin at 20%. However, the margin on hedged positions was lower at just 10%. Because of the high volatility of cryptocurrency markets, FXORO limits leverage to 1:5 and sets the maximum ‘deal’ size at 10 Bitcoins. (minimum deal size is 0.1 Bitcoin). It’s important to realise that trading in cryptocurrency CFDs can be very risky due to market volatility, and that cryptocurrency CFDs are not regulated by the financial authorities, as they are not recognised as financial instruments.
Trading Tools at FXORO
Traders have access to a long list of tools at FXORO, including numerous video tutorials about forex trading and even the possibility of requesting 1 on 1 personal trading lessons. We saw that trading signals are provided by third parties based on tracking assets markets. Also, among other tools, there is news, an economic calendar and live rates.