FXORO-Overview Guide of This Broker

FXORO is the trademark of MCA INTELIFUNDS LTD (authorized and regulated by Cyprus Securities and Exchange Commission with Licence No. 126/10), a brokerage firm offering online Forex and CFD trading services, founded in 2012 with its administrative centre located in Limassol, Cyprus.

Here is the home page of this brokers official site:

Is FXORO Legit or a Scam？

It appears that FXORO, operated by MCA Intelifunds Ltd, is regulated by the following regulatory agencies:

1. Cyprus Securities and Exchange Commission (Cyprus)

• License Type: Market Making (MM)

• License Number: 126/10

• Effective Date: 2010-12-21

• Websites: www.fxoro.com, www.fxoro.it, www.tk.fxoro.co.uk, www.fxoro.ae

1. Comisión Nacional del Mercado de Valores (Spain)

• License Type: Retail Forex License

• License Number: 3065

• Effective Date: 2011-12-12

Regulatory Concerns

• Financial Conduct Authority (United Kingdom)

• Current Status: The license has been revoked.

• Federal Financial Supervisory Authority (Germany)

• Regulatory Issue: The broker has exceeded the business scope regulated by BaFin.

• License Number: 126396

• Non-Forex license.

• Banque de France (France)

• Regulatory Issue: The broker has exceeded the business scope regulated by BDF.

• License Number: 74009

• Non-Forex license.

Pros and Cons

FXORO is a forex trading platform that has garnered attention due to its user-friendly interface and wide range of available trading instruments. The platform offers a variety of educational resources and tools that can assist traders in making informed decisions. However, some users have expressed concerns about the platform's limited customer support options and the lack of transparency in its fee structure. Additionally, the absence of advanced trading features may be a drawback for experienced traders seeking more sophisticated tools. Overall, FXORO provides a trading experience with a decent selection of instruments, but its limitations in customer support and advanced features may deter some users.

Market Instruments

FXORO offers traders access to popular trading products in the financial markets, including Forex, CFD, Commodities, Shares, Indices, Cryptocurrencies, and ETFs.

FXORO provides a diverse range of market instruments for trading, offering access to over 250 different assets. These instruments cover various markets, including indices, commodities, forex, cryptocurrencies, ETFs, and stocks.

Indices: Traders can speculate on 16 global indices, such as the S&P 500, FTSE 100, and ASX 200. This allows them to gain exposure to the overall performance of specific markets or sectors.

Commodities: FXORO offers 14 hard and soft commodities for trading, including gold, coffee, brent oil, and wheat. Commodities can serve as a hedge against inflation or provide opportunities for profit based on supply and demand dynamics.

Forex: With access to more than 60 major, minor, and exotic currency pairs, including GBP/USD, EUR/USD, and EUR/GBP, traders can participate in the largest and most liquid financial market in the world.

Cryptocurrencies: FXORO allows trading in 16 crypto tokens paired with USD, such as ETH/USD, BTC/USD, and DSH/USD. Cryptocurrencies offer opportunities for speculative trading and portfolio diversification.

ETFs: Traders can invest in 16 exchange-traded funds (ETFs), including popular options like Invesco QQQ Trust, iShares Russell 2000, and SPDR Gold Trust. ETFs provide exposure to a basket of assets, offering diversification benefits.

Stocks: FXORO provides access to over 70 leading European and American stocks, enabling traders to invest in well-known companies such as Walmart, JP Morgan Chase, Google, and Telecom Italia.

Account Types

There are two account options on offer on the FXORO platform: Fixed spreads accounts and Variable spreads accounts. The minimum deposit for starting a fix account is $200, which is in line with the sector standard. The broker also offers demo and Islamic accounts.

FIXED SPREADS ACCOUNTS:

For traders who prefer stability in costs, FXORO offers fixed spreads accounts. With this account type, the spreads remain fixed and do not vary, regardless of market volatility. You can benefit from leverage up to 1:400, a spread of 2 pips, full margin capability, and no commission charges. Additionally, there is an option for an Islamic account if required.

FLOATING SPREADS ACCOUNTS:

If you prefer variable spreads that can be as low as 0.3 pips depending on market conditions, FXORO offers floating spreads accounts. With this account type, you can leverage up to 1:400, enjoy a spread of 1.2 pips, and have access to Islamic account options. However, it's important to note that the floating spreads accounts have a stop-out level of 25%.

How to Open an Account？

To open an account with FXORO, follow these steps:

1. Visit the FXORO website and click on the “Activate Your Account” button or a similar option to start the account creation process.

2. Fill in the required information in the provided fields. This includes entering your first name, last name, country (such as United States), phone number (including the country code), and email address.

3. Review and agree to the terms and conditions by checking the box indicating that you have read, understood, and accepted the Privacy Policy, Risk Warning, Terms and Conditions, and Order Execution Policy.

4.Optionally, indicate whether you agree to receive electronic communications from FXORO.

5. Double-check all the information you have provided for accuracy.

6. Click on the “Join” or a similar button to submit your account registration request.

Once your account registration is complete, you will typically receive a confirmation email with further instructions to verify and activate your account. Make sure to follow any additional steps as directed by FXORO to finalize the account opening process.

Leverage

The maximum trading leverage lever available is up to 1:400, which is considered to be a high ratio. FXORO, as a Cyprus-based broker, offering such high leverage, is rare to be seen. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads & Commissions

FXORO offers different types of accounts with varying spreads and commissions. The spreads on the Fix account are wider compared to the Floating account. For the Fix account, the spreads for EURUSD start at 2 pips, while for the Floating account, the spreads start at 1.2 pips. It's important to note that no commissions are charged for trading on either account.

In terms of commissions for depositing funds, if you choose Bank Wire Transfers, there is either no commission or a 4% commission, depending on the region. The specific commission rate will vary based on the region you are located in and the currency you are using for the bank wire transfer. For E-Wallets, specifically GlobePay, there is no commission charged for deposits made in USD.

Trading Platform

FXORO provides traders with the popular MT4 (MetaTrader 4) trading platform, which is widely used worldwide for charting and analysis. MT4 offers a user-friendly interface, advanced charting capabilities, and the ability to place orders and manage positions. The platform is fully customizable and supports automated trading. It is compatible with various devices, including Windows, Mac, Android, and iOS, allowing traders to access the platform from anywhere. FXORO's WebTrader is also based on MT4, providing full trading functionality on mobile devices.

Deposit & Withdrawal

FXORO offers traders a variety of deposit and withdrawal channels, including credit cards (Visa/MasterCard/Maestro), Bank Wire, and Globepay.

The minimum initial deposit requirement is said to be $200. For any additional Withdrawal Request, a fee of $/€/£/₣10 will be charged, according to the trading accounts currency.

Your withdrawal request is processed within 48 hours and you will receive your money via bank wire or credit/debit card between 3-10 business days.

Bonuses & Fees

FXORO currently has three promotions:

Trade your volume for gold. If an FXORO trader has 1,000 transaction lots within 3 months, they receive gold bullion. To take part in this promotion, simply give your account number to your FXORO manager and ask him to take part in this promotion. Upon redemption, the gold bullion may be sent to your address, or, if you choose, you can transfer its value to your account.

Get more trading power. New users are welcomed with a 30% equity bonus-all you have to do is to create an account and deposit at least $200.

Receive Cashback. FXORO offers a maximum of 50% cashback on each batch of opened transactions.

The broker also charges some fees. After 3 consecutive months of non-use (“Inactivity Period”), and every successive Inactivity Period, an inactivity fee of $/€/£/₣25 will be deducted from the Customers trading account.

Trading Tools

FXORO offers three trading tools to assist traders in their decision-making process: Economic Calendar, News, and Trading Signals.

ECONOMIC CALENDAR: FXORO provides an economic calendar tool that displays upcoming economic events, such as economic indicators, central bank meetings, and other significant events that can impact the financial markets. The calendar includes information on the date, time, and expected impact of each event. Traders can use this tool to stay informed about key market-moving events and plan their trading strategies accordingly.

NEWS: FXORO offers a news tool that provides real-time news updates related to the financial markets. Traders can access news articles and reports covering a wide range of topics, including market analysis, economic developments, company announcements, and geopolitical events. This tool enables traders to stay updated with the latest market news, which can help them make informed trading decisions.

TRADING SIGNALS: FXORO also offers trading signals, which are generated by independent third-party sources. These signals provide insights and recommendations on potential trading opportunities in the market. It's important to note that these signals are not provided by FXORO itself and should be used cautiously. Traders can consider these signals as one of many factors in their decision-making process, but they should not solely rely on them as investment advice.

Educational Resources

FXORO offers a range of educational resources to support traders in their journey. These resources include webinars, e-books, 1-on-1 trading sessions, and online courses. The aim is to provide comprehensive training and knowledge to help traders make informed decisions in the financial markets.

Webinars: FXORO conducts webinars regularly to provide up-to-date information on various topics related to financial markets. These webinars are led by industry experts and cover a wide range of subjects to enhance traders' understanding of market dynamics and trading strategies.

E-books: FXORO offers constantly updated e-books that serve as valuable resources for traders. These e-books cover a range of topics, from basic trading concepts to advanced strategies. Traders can access these e-books to expand their knowledge and improve their trading skills.

1-on-1 Trading Sessions: FXORO provides personalized 1-on-1 trading sessions to cater to the specific needs of individual traders. These sessions offer traders the opportunity to receive guidance and insights from experienced professionals, allowing them to enhance their trading strategies and techniques.

Online Trading Courses: FXORO offers both basic and advanced online trading courses. The basic course covers fundamental concepts, terms, basic strategies, and a glossary of trading concepts. The advanced course delves deeper into trading tools, strategies, and the use of the MetaTrader platform. These courses aim to provide traders with a comprehensive understanding of trading practices and techniques.

Customer Support

FXORO provides customer support through various channels, including email (cs@global.fxoro.com, info@global.fxoro.com), phone (+2484671958, +442045864043, +442031290670), online chat, and a “Contact Us” form on their website. Traders can also find assistance through the FAQ section and connect with FXORO on social networks such as Telegram, Twitter, Facebook, Instagram, and LinkedIn. The company's physical address is Petrou Tsirou 82, Mesa Geitonia, 3076, Limassol, Cyprus.

Reviews

Reviews on WikiFX for FXORO indicate potential issues and concerns raised by users. There are reports of alleged money fraud, scams, manipulation, and negative experiences with trading advisors. Traders have expressed frustration over losing their capital, difficulties in withdrawing funds, and feeling deceived by the broker. It's important to consider these reviews along with other factors when evaluating FXORO's reputation and making decisions about engaging with the platform.

Conclusion

FXORO is an online trading platform that offers a range of financial instruments to its clients. One advantage of FXORO is its user-friendly interface, which makes it easy for traders to navigate the platform and execute trades. Additionally, the platform provides access to a wide variety of markets, allowing users to diversify their investment portfolios. However, there are some notable disadvantages to consider. FXORO has received criticism for its customer service, with some users reporting difficulties in getting timely and satisfactory support. Furthermore, the platform's educational resources are limited, which may pose challenges for novice traders seeking guidance and learning materials. Additionally, some users have raised concerns about the transparency of pricing and execution on the platform. It is important for traders to carefully evaluate these aspects before deciding to use FXORO for their trading activities.

Frequently Asked Questions (FAQs)

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.