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FXORO Review – Can this Broker be Trusted?

Are you looking for new ways to make money? Have you become tired of the same 9 to 5 rut? You are certainly not the only one. Keeping the economic situation in mind, there are a lot of people who are becoming increasingly frustrated because it has become difficult to maintain their lifestyles and meet all expenses in their existing income. The usual investment options are not offering the same level of returns, which has driven people to look for other opportunities. Thus, it is not surprising that the financial markets are experiencing an influx of traffic nowadays. They have always been well-recognized for being laden with opportunities to generate high returns.

But, previously it wasn’t that simple to pave your way into these markets, particularly when you already had a full-time job. Things have changed in the last couple of decades and with online trading the new trend, these markets have become a lot more accessible to everyone. In fact, the coronavirus pandemic has pushed a lot of people to jump in these markets in order to find new sources of income, as their previous ones are no longer offering the same returns. The good news is that the financial markets are full to the brim with opportunities, so there is no need to be concerned about them running out any time soon.

There are thousands of instruments that can be traded and millions of people from every corner of the world are trying to profit from the opportunities. After all, everyone has heard the success stories of people making it big in these very markets, but it should also be noted that there have also been some major failures. You obviously don’t want to end up in the second camp and would prefer to be a member of the first. In order to make that happen, you should understand that your decisions can play a very important role.

The instruments you decide to trade will determine how much profits you make, as will the amount of money you invest. Likewise, your decision to improve your skills and knowledge will also be a factor, but this not all. The biggest role will be played by the broker you decide to use for trading in the financial markets. These are your springboard into the trading world because they provide you with access to the markets, the platform to trade, along with other tools and features that are vital to the process. This means that you need a company that’s at the top of their game in order to help you achieve your goals.

If the broker you select is lacking in any way, you will not have a good trading experience, which means you will not be able to achieve the goal you were after. Is choosing a broker difficult? When you begin looking for one, you will come to know that the market is brimming with options in this regard as well. Plenty of companies have been established so far and every single one of them claims to be the best of the lot. If you were to believe them all, you will have to open an account with every single broker, which is practically not possible.

Plus, if you have done any research, you have already discovered that there have been some scam brokers that have taken advantage of people by stealing their personal information or by walking away with their funds. This should automatically alert you that not every broker can be trusted. You cannot simply rely on their own claims and should dig deed and vet the company thoroughly before trusting them. This is exactly what you should do when you come across FXORO, one of the brokers offering their services in the market.

A single entrepreneur who was also part of the finance world founded FXORO back in 2012 with the sole purpose of providing innovative trading solutions. On the surface, it appears to be a reliable broker, but can it be trusted? Check out its services and features to find out the answer:

An Overview of FXORO

Broker FXORO
Trading Accounts Three accounts; Fixed, Floating and ECN accounts. Islamic account option also available
Minimum Deposit €200
Assets Coverage Forex, Commodities, Stocks, Indices, Cryptocurrencies and CFDs
Trading Tools Trading Indicators, Signals, Live Charts, Technical Analysis Tools and Price Alerts
Education and Training Yes; , Glossary, e-books, online video courses, webinars, tutorials and expert sessions
Customer Support 24/5 through email, phone number, online contact form and live chat assistance
Security Policy KYC (Know Your Customer) and AML (Anti-Money Laundering)

FXORO’s Regulation

When you start looking at brokers in the financial market, you will come to know that there are two types that can be found. There are regulated and unregulated brokers and it is up to you to pick the category you find suitable. If you are looking for a trustworthy broker, then you need to look for a regulated one because they don’t have a problem in being monitored by a third-party and have met a certain criteria and requirements in order to obtain regulatory status. The latter, on the other hand, cannot be trusted because they don’t follow any fixed rules and come up with their own policies.

As far as FXORO is concerned, you will come to know that it is a well-regulated broker. As a matter of fact, it is regulated by some of the most reputable and renowned organizations in the world, which gives you peace of mind as you know that it must be a legitimate company to have been granted this status. The FXORO brand is operated by two companies, which are ORO FINTECH LTD and MCA INTELIFUNDS LTD. The former is based in the Republic of Seychelles, due to which FXORO is regulated by the Financial Service Authority (FSA) in the country.

If you have any doubts about the regulation, you can always check the license number on the FXORO website and verify. Next, MCA INTELIFUNDS LTD is based in Limassol, Cyprus, so the broker is also regulated by the Cyprus and Securities Exchange Commission. They follow appropriate standards, rules and policies when it comes to providing their services and are honest and transparent about all their activities.

FXORO’s Security Features

After you have determined the regulatory status of a broker, it is time to check out their security features before you can trust them. In today’s environment, security has become of the utmost importance because cybercrime is on the rise. Every other day, you will come across news about websites being hacked and people having their money stolen or their identities compromised. These are troubling consequences that you want to avoid, but it is only possible if the broker you choose doesn’t leave you vulnerable.

It is not an issue that you will encounter with FXORO because, as per their regulation, they are mandated to comply with international security policies of AML (Anti-Money Laundering) and KYC (Know-Your-Customer). These policies are designed to obtain proof of identity and residence from every trader because this can help prevent terrorist financing, money laundering, identity theft and financial fraud. Traders are required to submit documents for providing this proof and only after these have been verified can they use the company’s services.

In addition to that, FXORO also uses advanced SSL (Secure Socket Layer) encryption for protecting all data entered on their website, along with keeping financial transactions under wraps. They also maintain segregated accounts for their clients and these are kept with some of the leading financial institutions in Europe for ensuring the security of funds. Furthermore, since FXORO is regulated by CySEC, it is also a member of the Investor Compensation Fund (ICF). This means that in the event of the company discontinuing its services or filing for bankruptcy, traders will receive compensation.

You will also find a Privacy Policy in place on FXORO’s website, which highlights what information is accumulated by the company and how it is used. With such security features, it is clear that protecting their clients is a priority for the firm.

FXORO’s Trading Platform

In order to be able to trust any company or service, you have to know that they are dedicated to catering to you. The kind of trading platform offered by a brokerage can give you a pretty good idea of how much they care about their clientele. A company that doesn’t prioritize its customers is not going to survive in the long run. These days, people have too many alternatives available and they will abandon one for another quickly if they don’t get what they are after. FXORO certainly doesn’t disappoint anyone in this regard because they have ensured that their clients get the best when it comes to trading platforms.

As this is the software responsible for trade execution, it needs to do an excellent job because any breakdown or problem with its performance can have an impact on the user’s performance. To ensure there are no complaints, FXORO has opted for the MetaTrader4 trading platform. If you do a search for the best trading platform in the market, the MT4 will pop up. It is the most popular trading software used by traders of different levels all over the world. It has been developed in accordance with the industry stands and delivers a performance accordingly.

The MT4 platform is capable of providing traders everything they need in one place, from placing orders, tracking assets to managing their positions. It offers a feature rich environment and allows users to enjoy immediate order execution because it offers one-click trading. As it is highly intuitive, traders will have absolutely no complaints in navigating the platform and will not have to worry about any learning curve, even if they are trading for the first time. The MT4 also supports automated trading in case you don’t want to trade on your own.

As far as features are concerned, FXORO has ensured that the platform is equipped with some of the best. It boasts advanced charting capabilities and you will come across a variety of charts that can help traders in identifying and tracking trends to make smart decisions. They are also given trading signals and custom indicators that can come in handy. The latest market news is also provided and all results are reflected in real-time to assist traders in knowing what is happening.

The best part is that FXORO offers the full-suite of MT4 platforms, which means that you can choose to download the desktop version on your Mac or Windows devices. It is quick to download and install and you can start trading right away. But, if you don’t want to go through the process, you can go for the WebTrader version, which doesn’t have to be downloaded. Instead, you can log onto it by visiting the FXORO website. Most importantly, they have also given clients the option of downloading the mobile apps of MT4, which are available for both Android and iOS ecosystems.

They are just as responsive and fast and have been equipped with all necessary tools and features to make trading easy. With this option, FXORO allows its clients to trade from any part of the world and have complete control of their account in order to know their bottom line and make the right decisions.

FXORO’s Trading Products

Assessing the trading platform of a broker is undoubtedly important because it can help in knowing how dedicated they are, but this is not where you stop. There is another aspect that requires your attention before you can decide the company is worth trusting. This is when you check the trading products they have to offer because every brokerage will promise you a lucrative combination, but not many will be able to live up to what they have said. FXORO also claims to offer its clients access to the top financial markets and assets.

When you check out their asset index, you will discover that FXORO has added more than 250 financial instruments to their platform, thereby fulfilling their claim. A close look will reveal that they indeed offer assets from different financial markets, making it possible for traders to practice diversification that can keep their risks to a minimum and maximize their profits. If you are wondering what trading products are available, some options are highlighted below:

Cryptocurrencies: Starting with the most popular, FXORO has kept up with market demand and has added these digital currencies to its offerings. There has been a huge influx in the financial markets because of these products alone, so they have added options like Bitcoin, Ethereum and Litecoin to facilitate their clients.

Forex: You can also find fiat currencies available at FXORO because they are part of the world’s largest financial market that has a trading volume in trillions. More than 60 currency pairs have been put together on this platform like EUR/USD, USD/CAD, GBP/USD, USD/JPY and EUR/GBP. You can trade them round the clock five days a week and not have to pay any commission.

Stocks: Another one of the popular financial markets, the stock market also has a lot of opportunities to offer, so FXORO has added stock CFDs (Contract for Difference) to the mix. This means that you don’t actually own the stocks, but a contract predicting their price movement. You will not be entitled to any dividend, but can benefit from fluctuations in its price. Stocks of companies like Amazon, Netflix, Google, Apple and Microsoft are some of the options you can explore.

Indices: If you don’t want to trade individual stocks and prefer to trade a bunch of stocks combined, the indices market is where you turn. It is considered quite lucrative because it considers the big picture and you will find some of the most profitable options like S&P 500, NASDAQ 100, FTSE 100, CAC40 and more.

Commodities: A relatively safer option, the commodities market is another avenue that traders can check out on FXORO. They can go with soft commodities that refer to agricultural items like coffee, corn, cocoa and wheat, or they can check out hard ones that comprise of precious metals like gold, silver, platinum and copper. In fact, you can also trade energies, such as natural gas and crude oil, as they are also available.

FXORO’s Account Choices

When you are done looking at the trading products that will be available, it is time for you to shift your focus to the account choices you are provided. These provide further insight into how committed the broker is in catering to its clients and accommodating their needs. If they are too restrictive, it would indicate that they are not interested in maintaining long-term relationships with their customers and this should immediately be considered a red flag. But, this is not what you will find with FXORO. Like most of the brokers in the market, they also offer multiple account choices that their clients can choose from.

The purpose of offering these options is to ensure that every trader can find an account that suits their risk appetite. After all, no two traders are the same and have different preferences. You will find three account choices available at FXORO and these are:

Fix: As the name indicates, the first account at FXORO is one that’s meant for beginner and newbie traders because it has fixed spreads. This means that it automatically eliminates the risks associated with trading because you will know exactly how much costs you will incur when entering a trade. But, there is a downside, as the spreads start at 2 pips, which is on the higher side. The leverage in this account is 1:400 and it offers full margin capability. There is no commission charged in this account.

Floating: The next account option has been designed more for advanced and seasoned traders as the spreads are no longer fixed. They start at 1.2 pips, but in some cases they might be reduced to 0.3 pips if the market condition calls for it. There is no commission in this account either and leverage begins at 1:200. The stop out level for this account is 25%.

ECN: The last account option by FXORO is known as ECN and this one is more for professional traders. It has the lowest spreads, which begin at 0 pips, a stop out level of 50%, but there is commission applicable in this account and leverage is 1:100.

To further accommodate its clients, FXORO has also added the Islamic account option to every single account option. These are basically swap-free accounts that can be opened by traders complying with the Sharia law, which means they require interest-free accounts for trading.

FXORO’s Educational Resources

If you have done some research into trustworthy and reliable brokers, you are aware that they offer their clients access to learning materials and educational resources. FXORO also does the same because it wants to fulfill the needs of its clients to the fullest. You will find a whole range of educational resources that have been added to their website, which can be incredibly useful for everyone. It is not just beginner traders and newcomers who can benefit from these resources and increase their knowledge; even intermediate and seasoned traders will be able to polish their skills and improve their strategies.

These resources can be found in various forms, which makes them handy. You can read plenty of e-books that are available, attend the basic as well as in-depth courses that are provided, go through the tutorials and take advantage of the glossary they have put together of the jargon used during trading. Most importantly, FXORO also organizes webinars that are conducted by experts in the financial markets and can provide a great deal of insight into how they work.

When you consider all these features and aspects of FXORO, it is not difficult to determine that it is a trustworthy and authentic brokerage that’s capable of facilitating traders of all levels.