Pros & Cons of FXORO

FXORO Fact sheet

Safety should be a top priority of any trader. The best indicator of whether a broker can be trusted or not is its regulations. FXORO is authorized and regulated in two jurisdictions and therefore can be trusted. The broker operated thought two entities. 

• ORO FINTECH LTD accepts traders from all over the world and is regulated by the Financial Services Authority (FSA) in Seychelles. The broker is registered as a Securities Dealer with license number SD046.
• MCA INTELIFUNDS LTD accepts traders from Europe and the UK. The company is regulated by the Cyprus Securities and Exchange Commission (CySEC) with License No. 126/10.

Policies that FXORO follows

FXORO provides traders with negative balance protection. Forex and CFD trading involves high leverage, and when traders open oversized positions and market conditions are not in their favor, highly volatile price movements can cause traders to lose more money than what was their trading balance prior to opening a trade. Leverage in trading simply means that traders use borrowed funds from their brokers to speculate in financial markets. To counter the dangers of going negative, FXORO’s negative balance protection ensures traders that even if the unlikely event happens and accounts go negative, they can contact the broker and the account balances will be converted back to zero. 

Furthermore, FXORO keeps deposits made by its clients in segregated bank accounts. Account segregation is important as it increases safety. The account segregation ensures that even if the broker gets bankrupt and goes out of business, traders will be able to access their own capital.

FXORO offers a wide range of Forex pairs. Traders can access up to 60 currency pairs including majors, minors, and exotics. The number of tradable FX pairs is impressive with this broker, however, we cannot say the same when it comes to trading Stocks as CFDs, as only around 26 company shares are available. The broker offers hard and soft commodities such as energies, and precious metals. In addition, there are indices of popular companies such as FTSE 100, Dow Jones index, S & P 500, Ger 40, and others. 

There are many trader types and they all have different requirements. Active traders want low spreads. While less active traders want low commissions. In addition, there are strategy testers, traders with different motivations and trading goals. Let’s take a look at FXORO’s account types and see if they can work for you. 

Pros & cons of FXORO account types

FXORO offers two account types. And unfortunately, none of them are free. Which means that trading fees are integrated in spreads. These account types are ideal for beginners, position traders, and swing traders. Let’s take a look at the account comparison table for more details. 

Getting started on FXORO – Main steps

Getting started at FXORO is easy. The broker offers a user-friendly webpage and intuitive registration process. The registration process is fully digital and takes a couple of minutes. Account verification can take up to a couple of business days. 

Step 1: Open an account

The first step is to open the broker’s web page and press the “REGISTER” button next to the “Login” in the top-right corner. You will be directed to the registration page. Fill in the application form and press “Join”. 

The broker will give your credentials to your trading account and private area. 

Step 2: Time to verify your account

After the registration process is over, it’s best to verify your trading accounts, as verification gives you full control over your account. Only verified accounts are allowed to withdraw funds from their trading balance. To verify your account, go to your private area. You can use the username and password that the broker gave you during registration. For verification, broker requires two types of documents from you: 

• Proof of identity: for proof of your identity, you can use a digital copy of your driving license, government issued ID card, or passport.
• Proof of residence: you can use a utility bill, or bank statement that clearly shows your address as proof of residence. 

Verification process may take up to a day or two as the broker needs to check the validation of your documents and compare it to your provided data. Once the verification is complete, you can move to the nest stage. 

Step 3: Make your deposit and start trading

There are various deposit and withdrawal options available at FXORO. The funding options include Maestro, Visa, credit/debit card, Skrill, Neteller, Jeton Wallet, Discover, PAYPORTHPP, and bank wire transfer. Keep in mind that while most of the options are instant and free, deposits and withdrawals made by bank wire transfers generally take more time and withdrawals can cost you money. The amount is different for every trader and depends on the intermediary bank, the broker doesn’t have charges from its end. 

Fees are a super important factor to consider when selecting a Forex broker. Traders typically have account related and trade related fees. Let’s learn more about FXORO’s fee structure.

Comparing FXORO fees with other brokers

FXORO charges no commissions when traders make their deposits. However, there are inactivity fees. Inactive accounts that have not had any activity for consecutive 3 months are charged with monthly 25 account currency fees. The broker offers 4 account currencies to choose from: USD/EUR/GBP/CHF.

Trading fees with this broker are average. Traders are offered two account types to choose from. One has fixed fees, and another has variables starting from 1.2 pips on EUR/USD pairs. To better understand FXORO’s fees, let’s compare them to its competitors.

FXORO fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

FXORO fees compared to CM Trading fees

FXORO fees compared to plus500 fees

FXORO fees compared to XM fees

FXORO fees compared to AvaTrade fees

FXORO fees compared to Capital.com fees

FXORO offers the highly popular MetaTrader 4 (MT4) trading platform to its customers. MT4 was first introduced in 2005 and became super popular instantly. The platform's design hasn’t changed much since, and for many, MT4 can feel a bit outdated. However, MT4 remains the most popular Forex trading platform even today due to its amazing reliability and simplicity. 

MT4 supports algorithmic trading via trading algorithms called Expert Advisors (EAs). Because the platform is so old and so popular, there are a record number of custom-made trading algorithms in the MetaMarket. The coding language for EA creation is MQL4. The platform comes with preinstalled 30 technical indicators, 31 graphic objects, 9 time frames, and a single-thread strategy tester. It should be mentioned that there are no community chat options or built-in economy calendar on the platform. MT4 comes with desktop, mobile, and web terminal platform versions. 

Mobile trading apps play a crucial role in financial trading. Seasoned traders use mobile apps as an emergency tool to manage their trades on the go. In addition, mobile apps keep traders informed and close to financial markets from anywhere in the world. 

FXORO mobile trading platform offers access to live charts, various technical indicators and multiple order types are available. The app is available for both Android and iOS users. 

Quality education is a stepping stone for every trader. FXORO offers a wide range of educational material to its clients. Basic and in-depth trading courses are available for traders. In addition, there are glossaries, e-Books, and webinars available. Moreover, traders are provided with economic calendars, blogs, and news updates about market developments. 

Professional customer support plays an important role in the broker-customer relationship. Customer support agents help in technical support, assistance, and timely issue resolution. Potential and existing clients of FXORO can contact the broker via email and over the phone. Unfortunately, live chat support is not available. The lack of a live chat option is a huge downside. 

To sum it all up, FXORO is a well regulated broker in two jurisdictions: CySEC and Seychelles. The broker offers access to various asset types for trading and MetaTrader 4 trading platform. Educational material is extensive, however customer support lacks live chat options. The number of tradable instruments at FXORO is very limited. FXORO offers a wide choice for Forex trading as around 60 currency pairs are available, however, for trading Stocks as CFDs, traders will need to search elsewhere as only around 26 company shares are available. The account types are designed for regular traders that position or swing trade. There are no spread free accounts for active trading.