FXORO Review

FXORO Review by professional Forex trading experts the “” FX trading team, Finding out everything you need to know about the broker is in this FXORO Review.

FXORO Review

FXORO offers several account types and its clients may choose between fixed and floating spread, or ECN environment. All account types, except the ECN one, are commission-free.

In addition, FXORO offers swap-free (Islamic) services for all account types, which are Sharia compliant (for Muslim investors who are unwilling to earn interest for religious reasons). When a trade on an Islamic account has been held over the weekend (remains open after market close on Friday), a charge of $20 per lot will be deducted from the balance of the account.

The Company. Security of Funds

Established in 2012, FXORO offers trading in over 60 currency pairs, as well as indices and commodities CFDs on the robust MetaTrader 4 platform.

FXORO is the brand name of MCA Intelifunds Ltd, a Financial Services Company authorized and regulated by the Cyprus Securities Exchange Commission (CySEC).

Cyprus is one of the most popular forex broker jurisdictions in Europe. CySEC applies certain rules and requirements to Cyprus Investment Firms: they must hold at least €730 000 as a proof of financial stability (the same amount is also required from UK-based brokerages by FCA); in addition, forex brokers must keep customer funds in segregated accounts, and regularly report to CySEC.

As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to €20 000, If the company is in default.

Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU.

Negative Balance Protection

This is a legally binding policy which guarantees that FXORO’s client accounts could not go into minus, so traders will never lose more than they’ve invested, even in cases of extraordinary volatility.

If for any reason the customer is exposed to more than what he invested, FXORO should bear the loss.

Trading Conditions

Minimum Initial Deposit

In order to open an account with FXORO, traders have to invest a minimum of $200. Such minimum initial amount is considered average. Nonetheless, other Cyprus-based brokers require less. For instance, XM and FXTM both demand just $ 5 from its clients as a start.

Spreads & Commissions

Spreads offered on FXORO’s commission-free accounts are average: 2 pips fixed and 1.5 pips variable for the EUR/USD pair. ECN spreads, on the other hand, are really tight – averaged 0.6 pips on EUR/USD. If we add the commission of $6, average trading costs per lot are around 1.2 pips per lot, which is a good offer.

In comparison, FXTM’s average ECN spreads amount to 0.7 pips and involve a commission of $4 per lot round turn. For more information, you may look up real-time spreads of 15 leading brokers at Topforexbrokers.com.

Leverage

The maximum leverage level offered by FXORO is 1:400, which is considered as a high ratio. Nonetheless, many Cyprus-based brokers offer such – for example, XM provides leverage up to 1:888 and FXTM – up to 1:1000. Check out more brokers, providing leverage equal to or exceeding 1:500 at Topforexbrokers.com.

Trading Platform

This broker offers its clients the standard forex market trading platform MetaTrader4 (MT4), available as desktop, web and mobile versions.

MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and features: more than 50 built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options for them. Traders can download ready-made or create their own EAs and let the program do all the work.

Trading signals is also available with this broker.

Promotion

By the time of writing this preview, FXORO runs a Refer-a-Friend program. Bonuses vary from $100 to $500, depending on the referral’s initial deposit:

Methods of Payment

The following payment methods are available to FXORO clients: credit/debit cards (Visa, MasterCard, Maestro), bank wire transfer and e-wallet payment systems, such as Skrill, Neteller, ecoPayz, and CashU.

Keep in mind that withdrawals by a bank wire transfer are subject to a $20 fee.

FXORO is a well-regulated forex and CFD broker with attractive offerings. Our favorite thing about FXORO is the Negative balance protection.

Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.

FXORO Review Conclusion

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