Read our FXORO review at FStar Capital Forex and Cryptocurrency Trading blog, find the answer to your question “is FXORO scam or legit” and much more! We have checked all the aspects of this broker and we recommend FXORO for online trading. It is NOT a scam. You can sign up with FXORO in the link below, or continue reading the full review.
Global technological advancements have influenced all spheres of human life including the financial system. The ways of doing business and the exchange of goods and services have taken several turns and are no longer what it is used to be several years ago. Global financial systems are also embracing this change and several concepts are being introduced and accepted. One such innovation is online trading which facilitates the buying and selling of goods and services from anywhere in the world. The sole requirement for only trading is accessibility to the internet and a mobile phone as it has successfully eliminated geographical and physical restrictions and limitations. The success of online trading has led to the creation and establishment of cryptocurrency which is essentially digital assets that have a certain monetary value. Several different markets are now fully digitally based and they include the cryptocurrency market and the forex market.
The forex market is where the trade and exchange of currencies, stocks, and commodities take place. It is one of the biggest digital markets currently operational today with its trading volume running into billions of dollars daily. This market is also a highly beneficial and profitable one as there are several means and instruments with which can get premium profits while trading. However as profitable as the market is, individuals cannot trade or do business there on their own. This is due to the high volatility and the digital nature of the market. For individuals to trade forex, they would need to employ a forex broker. This is essentially a forex firm or company that connects individuals to the forex market. Through brokers, you can place trades and conduct transactions digitally from any part of the world. One example of a great forex broker is FXORO.
With the numerous forex brokers available to traders and with the several trading services they offer, it can be confusing when deciding brokers to trade with. However, in choosing your trading platform, there are certain things you should look out for. Firstly, you should be aware of the regulation status of any broker of your choice. For online trading platforms, their regulation means that certain financial bodies guide their actions and operations. This also implies the firm adheres to the regulations and rules laid down by these bodies concerning trading activities. Forex traders prefer regulated platforms to unregulated ones and the more regulatory bodies a firm is associated with, the higher its level of patronage. What this regulation does to a forex broker is that it increases the level of trust and credibility of such a platform as prospective users know that this broker adheres to financial rules and regulations.
There are other necessary factors to take into consideration such as the security of the broker, customer support system, and the trading services and tools offered by the platform. When the above factors are wisely considered, then you are sure to pick a reliable broker such as FXORO to trade with. In this review, we shall be considering in detail the unique features and the various aspects of the FXORO exchange that sets it apart from other similar brokers.
What is FXORO?
In forex and online trading, the experience and longevity of a broker’s existence play a subtle role in its level of adoption. This is because carrying out trade activities as a firm in the market is no small feat and the longer a broker spends in operation, the more experience it gathers. For a forex broker established in 2012 with a dream to establish an innovative approach to the trading system and operations in general, this firm has succeeded tremendously. Its continued existence since 2012 is proof of its competence, credibility, and customers’ trust in it. This broker seeks to provide and offer its traders the best trading environment in the forex market. It is also concerned with the creation of a convenient and comfortable trading atmosphere where traders whether beginners or professionals can thrive and achieve market success.
Having maintained consistency since its establishment, the platform has now become a perfect choice for traders and investors who seek a direct, more efficient, and relatively customer-attuned trading environment. To achieve this, the firm invests heavily in cutting-edge innovative technology, providing new financial products, and establishing a well-equipped customer support system with trained staff who are always available and responsive. Amazingly, this broker is an authorized financial firm registered with CySec and is duly licensed to carry out the conduct of forex transactions.
The broker is officially owned and run by MCA Intelifunds Ltd and currently supports over six languages on its grading platform thus confirming its status as a global broker. The focus of this platform is to create an atmosphere or environment where individuals can conveniently and safely trade from any region of the world.
FXORO Trading Services
Usually, in the forex market, the number of trading services offered on a platform can be a determining factor to the patronage such a firm would enjoy. For this reason, firms who consider customer satisfaction a priority, therefore, have to offer services that would bring the needed satisfaction. The trading services on this broker are tailored to meet every trader’s financial needs. It is in light of this that the firm offers several tradeable assets and instruments for investments. These assets include forex, CDs, cryptocurrencies, indices, and commodities. By making these assets available, the broker offers traders a pool of variety to make choices from and even the opportunity to conduct and own multiple investments and trades.
The availability of multiple assets goes to show how dedicated and committed the firm is to meet the financial needs of its traders.
In addition to this, the broker offers certain tools to enhance the trading experience of individuals. These tools aid the trading process and help create a more relatable and enjoyable trading environment. One such important tool is the trading signals provided by the firm which informs traders on how and when to enter a trade. The services offered on this platform contribute toward the market success of each trader.
How Does Investment Work on FXORO?
The broker maintains the Meta Trader 4 platform to allow it to enjoy many operational benefits. Some include seamless access and trading equipment like technical calculation, personal technique development, and automatic trading. In addition to these functions, hedging and scalping are necessary trading strategies that are included. In a bid to take away the hassles of difficulties in accessing the platform, the platform has provided its app that works on mobile devices. This makes trading more accessible and more convenient. Also, the interface and user experience still have the same top-notch quality as that of the desktop version.
One of the numerous benefits of trading with this broker is its low spreads and convenient deposit and withdrawal options. Also, there are over 250 trading tools available which can aid and enhance user trading experience. Other excellent features include authorized and controlled trading, allowance for multiple accounts, protection from unfavorable balance, security on users’ funds, and reliable customer support. The level of its customer support is one of the best in the world of forex. Also, other extra bonuses offered by FXORO are a lure for investors.
The mobile app is compatible with iOS and Android devices, and it is user-friendly. On the app, there are more than 80 trading pairs of currency available and a combination of financial tools. In addition, there are 7-time frames, namely M1, M5, M15, M30, H1, H4, and D1). Also, users can access different types of charts, like line charts, bar charts, and Japanese candlesticks.
There are different trading platforms on this broker; one of them is Meta Trader 4 which is the most rated in terms of forex trading and CDs.
MT4 is the strongest, most automatic, and popularly used trading platform in Forex because of its stability, security, and wealth of resources. MT4 is very beneficial to traders, including novices, because it gives them a good user experience. There are several features and tools employed on this trading platform. They include automated trading, charting alternatives, currency trade pairs, assets, stocks, futures, and multiple languages.
In addition to these benefits, there is the availability of the entire trading history, 128-bit encryption tech, and total IP protection. The web-based trading feature that can be accessed from any location and device on FXORO shows the efficiency of MetaTrader 4. MT4 connects with mobile and desktop browsers to provide updated statistics and a user-friendly interface. It is efficient in closing and opening exchanges, limiting or stopping loss orders, and providing complete charts. There are 40 technical pointers on the trading platform, including four charts, updated risk statistics, and single access to all accounts.
There are four different categories of markets available on FXORO and they include forex, CFDs, stocks, and commodities. On FXORO, the forex market has over 60 pairs of currency, comprising of minors, majors, and exotic pairs like AUD/CHF, USD/TRY, EUR/CHF, USD/JY, AUD/NZD. Contracts for Difference are derivative products for exchange. They are available on indices. Examples include NASDAQ, Dow Jones, Nikkei 225, FTSE 100, CAC. For metals, some of them include copper, gold, platinum, and silver. Some commodities include oil, gold, Brent crude oil, natural gas, silver, coffee, corn, and soybean. Some notable stocks include Cisco, Coca-cola, Amazon, Facebook, Apple, AT&T, Chevron, Apple, Citigroup, Exxon Mobil.
FXORO has different types of accounts for its users to operate with. They are made to suit the needs of different traders and fit their financial strength. The accounts are the fixed Account, floating Account, ECN Account, and Islamic Account. The fixed account implies that only fixed spreads (starting from 2 pips) are set up. The fixed does not need any commission; instead, it is the most budget-friendly with a deposit of $200 and a leverage of 1:400. Full margin abilities are guaranteed with fixed spreads. The floating account has a deposit requirement of #1000 and a closure at 25%. In the floating account, the leverage is lesser than that of the fixed account.
The ECN account comes with Direct Management Access (DMA). This is where the best quotes are discovered with very low spreads that begin at 0 pips. The ECN account can be opened with $5000; however, its leverage is lesser (1:100) than the floating account. For this account, the advised commission is as cheap as $6 for every trade size. This account is available for traders that trade following Sharia Law. All these accounts can be swapped for free.
This broker sometimes offers special promotions to reward users that trade frequently. These rewards are given to ensure that its traders are continually translating. And the rewards and enticing. These rewards are usually time-limited as they expire after some time. Some FXORO promotions are for referrals, and winners are handsomely paid.
Referral bonuses given to users are outlined as such; Deposits ranging from $300 to $1000 attract a $100 reward. For deposits ranging from $100 to $2500, they attract a $200referral bonus. Deposits of more than $10,000 attract $500 while deposits ranging from $2,501 to $10,000 attract a $350 reward. There are also conditions to be eligible for these bonuses. And it states that every user must have completed the referral friends form (last name, email address, country, contact, and friend(s)’ information ) to qualify for the referral bonuses.
FXORO Withdrawal and Deposit Fees
Trading platforms usually charge withdrawal and deposit fees as tokens for successful transactions. Sometimes, trading platforms make it to the top rankings because of low withdraw and deposit fees. Most times, these fees cost about 2% of the transaction, and sometimes more. The fees depend on the platform and the trading volume.
There are no deposit and withdrawal fees on this broker and it also provides multiple deposit options to aid its users in making funding choices that suit them. There are more funding methods than withdrawal on FXORO. Some deposit choices include Paypal, Credit Cards, Neteller, Fasapay, Skrill, transfer, etc. Also, withdrawals are processed within 24 hours.
Security is one of the key features in online businesses. And invariably, when a platform does not have proper security, it is likely to be abandoned for a reliable, competitive platform. As you know, depositing funds on platforms and trading with them is risky, especially on a poorly protected platform, because more than your money, even your information, is at stake.
This platform as earlier stated is regulated, and because of that, it has protections from several regulatory bodies, etc. Also, its users are protected with affiliations from significant markets.
Also, it has a separate account for storing traders’ funds to avoid mixture and confusion. In essence, third parties can’t have access to traders’ funds. This mode of fund safety is very efficient and trustworthy.
The user interface is easy to understand and make use of. There are guidelines and lessons for users who are new to the system or confused about any matter. Due to its integration with Meta Trader 4, it features 24/7 market stats, serving as a trade guide to traders. Also, it shows trading histories to help users monitor their transactions.
Customer support is vital in every firm. Without customer support, it will be difficult for customers to lay complaints, reviews, and recommendations. And when they do not find channels of communication, they tend to find other companies that offer the same products and adequate customer service. On this broker, the customer support channels available are email support, live chat support, and phone support. The service agents are available at any time during weekdays. Also, you can select your preferred language.
From the overview analyzed, it is evident that this forex firm is a state-of-the-art trading platform. Its integration with Meta Trader 4 increased its relevance, speed, and productivity. Also, it is considered a safe hub for traders because of its self-security measures and its multiple alliance with big markets and governing bodies.
The mobile app integration has made its operation convenient and seamless. More so, the rewards system on the platform is a boost for traders to make more trades and yield themselves more returns.