Launched in 2012, FXORO is a regulated forex broker offering instant access to global markets 24/5. Clients can trade forex currency pairs, as well as CFDs in cryptocurrencies, commodities, indices and stocks. We saw that FXORO offers several account types, featuring negative balance protection, tight spreads and leverage up to 1:400. FXORO supports the popular MetaTrader4 forex platform for desktop, mobile and web trading. FXORO is the trading name of MCA INTELIFUNDS LTD, a financial services company based in Cyprus, at Petrou Tsirou 82, Mesa Geitonia, 3076 Limassol. The company is licensed and regulated by the Cyprus Securities and Exchange Commission (CYSEC) with licence number 126/10. FXORO is fully compliant with the European Union MiFID rules for cross-border financial services within the EU. Notably, FXORO is a member of the Investors Compensation Fund, providing up to 20,000 Euros per client, should the company fail. Moreover, clients’ funds are kept in segregated accounts, separating them totally from the company’s capital.
Is FXORO Legit?
FXORO offers clients three types of trading account, designed to meet individual trading requirements, and with the minimum trade size set at 0.01 Lot. Notably, FXORO provides a swap-free version of any of the three live trading accounts through an Islamic account. All three trading accounts give clients access to the full range of 250 instruments on the FXORO trading platform. This includes more than 60 currency pairs and CFDs in indices, commodities and stocks. We were pleased to see that all FXORO trading accounts provide negative balance protection, ensuring that customers cannot lose more than the funds deposited into their trading accounts. Importantly, FXORO requires that new customers provide proof of identity with an official ID document. Also proof of residence with a bank statement, utility bill or municipality letter confirming the client’s address. The documents can be sent through the secure upload system in the client’s account and must be submitted to FXORO within a maximum of 15 days of ‘making contact’. A point worth noting is that all regulated brokers are required to follow similar ‘anti-money laundering’ and ‘know-your-customer’ policies, by law. We hope that this will help you to figure out is FXORO legit.
FXORO Fix Account Features
To set up a Fix account with FXORO requires a minimum initial deposit of $200. As the name implies, spreads between the buying and selling prices are fixed for each market, even during periods of great market volatility. The FIX account is commission free, offering spreads from 2 pips and full margin capability. Notably, traders can access leverage up to 1:400 (subject to FXORO terms and conditions).
FXORO Floating Account Features
Customers are required to make a minimum initial deposit of $1,000 to open a Floating account with FXORO. Spreads are from 1.2 pips and commission is not payable. However, maximum leverage is set at 1:200 (depending on trading experience) and the stop-out level is 25%.
FXORO ECN Account Features
To open an ECN account requires a minimum initial deposit of $5,000. Traders get access to the ECN trading environment where market volatility is reflected in the live market conditions. For this reason, the ECN account is often favoured by advanced traders who tend to trade in large volumes. We were impressed to see that spreads start from 0 pips and the trading commission is just $6 per lot for FX currency pairs and $8 per lot for energies, indices and metals. To protect traders from excessive risk, FXORO sets the maximum leverage at 1:100 on the ECN account and the stop out level at 50%.
FXORO Islamic Account Features
Designed for clients who cannot accept or receive interest rate swaps for religious reasons, FXORO offers an Islamic account. However, the client needs to choose and open a trading account first and then request an Islamic Account. Subsequently, the account will be adapted, making it swap-free and without rollover interest on overnight positions (spreads are not widened). Notably, the Islamic account is only available in the USD base currency and a fee of $20 is charged on each lot held open over the weekend. Moreover, cryptocurrency trading is not available on the Islamic account.
FXORO Trial Account
We saw that FXORO provides interested clients with a 7-day trial account, funded with an initial pre-determined margin, provided by the company. The trial account is for trading in specific services at FXORO and profits made during the 7 days can’t be withdrawn from the account unless a live trading account is set up, and the account verified with all the required KYC documents.
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.
The FXORO website is available in English, Italian, Turkish, Romanian, Hungarian and Arabic languages. Impressively, customer support is offered in each of these languages by Email, Fax and telephone. We saw international phone numbers indicated on the contact page together with the phone number of the FXORO Cyprus headquarters and a UK contact number. Additionally, live help is available on the interface in the English language.
FXORO offers multiple payment methods to customers including popular credit and debit cards such as Visa, Mastercard and Maestro. Also, Skrill, Neteller, CashU and bank wire transfer. Notably, clients are offered a choice of payment options when they open their accounts, reflecting the payment methods available locally. We saw that FXORO cooperates with four separate payment service providers. These are, SafeCharge Ltd and Powercash21, both licenced by the Central Bank of Cyprus. Skrill Ltd, licensed by the FCA in the UK and Optimal Payments Merchant Services Ltd, licensed by the FSC of the Isle of Man. We couldn’t access detailed information about deposit and withdrawal fees without opening a live trading account. However, we did see in the broker’s terms and conditions, that withdrawal requests from FXORO take between 2 and 5 days to process, and withdrawals made with bank wire transfer are charged a $20 fee by FXORO.