FXORO review

On-line since: 2012
Country of origin: Cyprus
Regulation: CySEC
Payment options: bank wire, credit cards, electronic payment systems
Minimum account size: $200
Minimum lot size: 0.01 lot
Leverage: up to 1:400
Spreads: variable, fixed

About the company:

FXORO, founded in 2012, offers trading more than 60 currency pairs, as well as indices and commodity CFDs through the reliable MetaTrader4 platform.

Company. Security of funds

FXORO is a trademark of MCA Intelifunds Ltd, authorized by the Cyprus Securities and Exchange Commission (CySEC).

Cyprus is one of the most popular jurisdictions for forex brokers in Europe. In accordance with the requirements of the CySEC, investment firms must have at least 730,000 euros on their account as a guarantee of their financial stability and the fact that the company is not a fly-by-night broker. Customer funds should be kept on segregated accounts, and companies must regularly report to the CySEC.

Another requirement that ensures the security of invested funds is compulsory membership in the Investor Compensation Fund. So, in the event of the broker's insolvency, traders will be able to return the amount of up to 20,000 euros per person.

In addition, each investment company regulated by the CySEC operates under the MiFID Directive and therefore has the right to offer its services throughout the European Union.

Trading conditions

FXORO provides its clients with several types of accounts. Traders can choose between fixed and variable spreads on usual or ECN accounts. All account types, except for ECN, do not require payment of a commission. Moreover, FXORO offers swap-free services for clients with the Islamic faith.

Minimum initial deposit

In order to open an account with FXORO, it is necessary to invest at least $200. Such a minimum initial amount is considered to be average. However, other brokers of Cyprus require lower amounts.

Spreads and commissions

The spreads offered on the interest-free accounts of FXORO are as follows: 2 pips of fixed spreads and 1.5 pip of variable spreads for the EUR/USD pair.

On the other hand, spreads on the ECN accounts are on average 0.6 pip for EUR/USD. Given the commission of $6, the average trading costs amount to 1.2 pip per lot, which is a very attractive offer.

Leverage

FXORO offers leverage from 2:1 to 30:1 for retail customers and up to 400:1 for professional traders. The leverage size is directly dependent on a traded asset.

Trading platforms

The broker provides its customers with MetaTrader4, a standard forex trading platform, available in a browser, as well as in the desktop and mobile versions.

MT4 is a market standard in online trading. The platform is regarded as one of the most reliable in terms of stability and security. MT4 supports dozens of world languages. The platform interface is user-friendly that makes it attractive for both beginners and experienced traders. Users can easily open and close positions, as well as view their trading history. The platform offers advanced charting capabilities. This helps traders to simultaneously conduct trading and analyze the technical aspects of the market.

Support service

Customer service managers are available by phone, email, fax, and via a feedback form.

The website is accessible in seven languages: English, Italian, German, Romanian, Turkish, Hungarian, and Arabic.

For easy trading, customers have free access to economic calendars, electronic training materials, and news. In addition, there is an opportunity to participate in webinars.

Payment methods

The FXORO customers can use the following payment methods: credit/debit cards (Visa, MasterCard, Maestro), bank wire, and electronic wallet systems such as Skrill, Neteller, and WirePay.

Please note that additional fees will be charged for withdrawals.

Traders can open an account in EUR, USD, GBP, and CHF.

Advantages:

• regulated broker;
• MT4;
• ECN environment.

Disadvantages:

• no choice of trading platforms.