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FXORO
Rating: Rated with 2 stars
Binary Option Programs Award
Min. Deposit
$200
Min. Investment
0.01 lot
Regulated Broker
Yes

FXORO Broker Review

  1. FXORO

    Established in 2012, FXORO is a licensed Forex broker offering retail trading in currency pairs, cryptocurrencies, commodities, indices and stocks across global markets from the MT4 suite of trading solutions. Customers can choose from a variety of accounts from $200, with competitive spreads and flexible leverage. To find out more about the trading conditions at FXORO read our balanced review below.

    FXORO Special Features

    Customers in South Africa and all over the globe, choosing to trade at FXORO can chose from three different types of trading account. Each account provides a distinct package of benefits tailored to suit the goals and needs of every trader. Moreover, all the accounts can be adapted to an Islamic account on request,making it possible for customers following the Moslem faith to trade in international markets whilst remaining compliant with Sharia law.

    Importantly, all registered clients get instant access to the FXORO trading platform, with 250 tradeable products comprising 60 currency pairs (including cryptocurrencies), indices, commodities and stocks CFDs. Negative balance protection is built into trading accounts, protecting customers from losing more than the balance in their accounts.

    It’s important to realise that all customers at FXORO must provide documents to verify their trading accounts before they can withdraw money. Normally, these documents include a government issued identification with a photo, and a bank statement, utility bill or municipality letter confirming the client’s name and address. A secure upload system is provided in the client’s personal FXORO account for the submittal of documents. Notably, clients have just 15 days to submit the documents after opening a trading account. FXORO has account validation rules, to protect customers from fraud and ensure that international anti-money laundering regulations are respected.

    FXORO Fix Account Features

    • Minimum initial deposit $200
    • Fixed spreads from 2 pips
    • Minimum trade size 0.01
    • Full margin capacity
    • Maximum leverage 1:400
    • No trading commissions

     

    FXORO Floating Account Features

    • Minimum initial deposit $1,000
    • Floating spreads from 1.2 pips
    • Minimum trade size 0.01
    • Maximum leverage 1:200 depending on trading experience
    • Stop-out level 25%
    • No trading commissions

     

    FXORO ECN Account Features

    • Minimum initial deposit $5,000
    • ECN trading environment
    • Spreads from 0 pips
    • Trading commission of $6 per lot on currency trading
    • Commission of $8 per lot for energies, indices, metals trading
    • Live market quotes and updates
    • Stop-out level 50%
    • Maximum leverage 1:100
    • Minimum trade size 0.01 lot

     

    FXORO Islamic Account Features

    • Swap free
    • Complies with Sharia law
    • No rollover interest on positions left open overnight
    • No cryptocurrency trading available
    • USD base currency only
    • $20 fee charged per lot held open over the weekend
    • Traders must open a regular FXORO account and request adaptation to Islamic account from customer support
    • Spreads are not widened in the Islamic account

     

    FXORO Trial Account Features

    Customers at FXORO can open a 7-day trial account, to practice trading with funds provided by the brokerage. We saw that an initial pre-determined margin is made available by FXORO to trade on a limited range of assets on the live trading platform. Notably, profits can be withdrawn from the account after the trial period is over, if customers go on to set up a live trading account. This is different to the typical Demo account seen at many online brokers in South Africa, whereclients trade with virtual funds and profits cannot be withdrawn.  It’s worth noting that to withdraw funds from the FXORO trial account, the usual account validation documents must be submitted to the compliance department. These include a valid ID and Utility bill proving the customer’s name and address.

    FXORO Trading Software Features

    Clients in South Africa and further afield, are given access to the MetaTrader4 platforms conveniently developed for desktop trading, web trading and mobile trading.The MT4 suite of trading solutions is designed for easy use by novice and experienced traders alike. It is currently the most popular platform in the world for retail traders.

    MT4 Platform for Desktop

    • Customisable, intuitive interface
    • Download software to desktop
    • Built in user guides
    • Trading across 7 time frames
    • Live rates streamed to the platform
    • Multi-lingual data and support
    • Stable and secure software using built in encryption protocol
    • Multi-asset platform for Forex and CFD trading
    • Algorithmic trading possible using Expert Advisors
    • Back testing possibility for automated trading with EAs
    • 50 technical indicators built in
    • Multiple graphical objects
    • Advanced charting packages
    • Trade directly from the charts
    • Trading signals available

     

    FXORO MT4 WebTrader

    • Log in to FXORO MT4 WebTrader from any internet connected device
    • Open and close positions and manage trades
    • One-click trading operations possible
    • Real time news and analysis
    • Live market updates and live rates
    • Monitor up to 4 charts at a time
    • Place orders from charts
    • Keep track of trading history from the platform
    • Edit graphical objects at any time

     

    FXORO MT4 Mobile Platform

    • Keep track of financial markets 24/5
    • Follow trading history
    • One-click trading
    • Trading across 7 time frames
    • All execution modes available
    • Full set of trade orders
    • Real time quotes and interactive charts
    • User-friendly interface
    • Intuitive interface with zoom and scroll features for enhanced visibility

     

    FXORO Leverage

    New clients at FXORO including those in South Africa, are required to take anappropriateness test before trading, to assess the level of leverage that can be offered by the brokerage.Because leverage enables customers to open much larger positions than they would be able to have with only the funds deposited in their FXORO accounts, it’s an important test for clients. However, whilst leverage can open the way for larger profits, it can also amplify losses enormously. For this reason, inexperienced traders are permitted up to 1:50 leverage by FXORO, until they make at least 45 trades over four consecutive months. Only then can they apply to the customer support team for higher leverage.

    FXORO Cryptocurrencies Trading

    FXORO offers cryptocurrency trading in Bitcoin against the US Dollar. Unlike some crypto brokers who provide 24/7 trading for Bitcoin and other cryptocurrencies, FXORO allows trading in crypto CFDs from 5 am on Monday until 11 pm Friday (GMT+2).The spreads for crypto trading are based on the Bid and Ask prices received from the crypto exchange used by the FXORO liquidity provider. High crypto market volatility makes trading in cryptocurrency CFDs risky. Subsequently, leverage for crypto trading is limited to 1:5 and the maximum ‘deal’ size is capped at 10 Bitcoins, with the minimum size set at 0.1 Bitcoin.Traders who choose to trade in cryptocurrencies are not protected by the CySEC regulations, as digital currencies are not classed as financial instruments.

    FXORO Customer Service

    Customer support is available throughout the day over the live chat help line on the FXORO interface in the English language. Notably, we saw that FXORO translates its website into Italian, Turkish, Romanian, Hungarian and Arabic and provides assistance in all these languages over email, telephone and Fax.Moreover, several international phone numbers are listed at FXORO on the contact page, including the number of the company headquarters in Cyprus and a number for clients to phone in the UK. Customers in South Africa can send an email and ask for a free call back at a convenient time if the live chat support does not answer the enquiry adequately. Further support is provided by FXORO with an economic calendar, personal trading lessons, and video tutorials available free on the website. We saw a large selection of trading tools with comprehensive guides for using them, to potentially enhance profits on the platform. Asset markets are tracked by a third-party signals provider, and the signals sent to the trading platform to assist with trading decisions.

    FXORO Payment Methods

    Customers at FXORO can choose from a broad range of secure payment methods to fund their trading accounts. These include Visa, Mastercard and Maestro, bank wire transfer and the E-Wallets Skrill, Neteller and CashU. Customers in South Africa may be offered additional payment methods, locally available in that country, at the time of registering a live trading account.Without opening a trading account with FXORO, details about deposits and withdrawal cannot be accessed. From the company’s trading terms and conditions, we saw that withdrawals using bank wire transfer are charged $20 by FXORO, and processing of withdrawal requests take between 3 and 5 days. Customers should bear in mind, that FXORO works together with four payment service providers, so their funding statements may have any of the following names on them: SafeCharge Ltd or Powercash21, licenced and regulated by the Central Bank of Cyprus. Skrill Ltd, licensed by the UK’s FCA or Optimal Payments Merchant Services Ltd, licensed in the Isle of Man by the FSC.

    FXORO is owned by MCA INTELIFUNDS LTD, a financial services company located at Petrou Tsirou 82, Mesa Geitonia, 3076 Limassol in Cyprus. The company is regulated by the Cyprus Securities and Exchange Commission (CYSEC) under the licence number 126/10. Notably, FXORO can provide financial services to clients all over the EU, as it is in compliance with European Union MiFID regulations for cross-border financial services. As a member of the Investors Compensation Fund, customers at FXORO are eligible to up to €20,000 if the brokerage would become insolvent. Moreover, we saw that customers’ funds are maintained in segregated bank accounts ensuring they are not used to run the daily business of the company.

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