Looking for a Relative Newcomer to the World of Forex Trading? Read our FXORO Broker Review
FXORO is a brand name used by MCA Intelifunds Ltd, which is a company authorised and regulated by CySEC. FXORO itself is relatively young in the world on online trading, and only came into being in 2012. The company headquarters are in Limassol, Cyprus, as is the case for many online Forex brokers. With FXORO you can trade a number of different instruments and products, as well as take advantage of the most popular trading platform MT4.
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Products available for trading with FXORO
FXORO offer a good variety of tradeable instruments, including currency pairs, commodities, indices and CFDs. Open an account and you get access to more than 60 currency pairs, 24 hours a day, 5 days a week. Minimal capital is required and leverage of up to 400:1 is available. If you want to trade CFDs there is access to global markets in Europe, UK, USA, and Asia. Leverage on indices is up to 400:1, and there are a wide variety of well-known commodities, stocks, and indices.
FXORO have chosen MT4 as their trading platform
Many would consider MT4 as the standard when it comes to trading platforms. It has certainly gained a considerable following, and for many traders it’s the platform of choice. So what are the advantages of MetaTrader 4?
- An extremely user-friendly interface
- Advanced charting capabilities
- Supports automated trading and Expert Advisors
- Enables a wide variety of products to be traded from one account
- Brokers can post messages and communicate with their traders
- Users can view all the important information regarding their account
- Highly secure platform that uses 128-bit key encryption
There are 4 different account types to choose from
Fixed account – Minimum deposit requirement is $200 and leverage of up to 400:1 is offered. Spreads start at 2 pips, but there is no commission payable. A fixed account provides full margin capability.
Floating account – Minimum deposit requirement is $1,000 and leverage of up to 200:1 is available. No commission is payable and stop out is 25%.
ECN account – Minimum deposit is $5,000 and leverage of up to 100:1 is possible. Spreads start at 0 pips, but there is a commission charge of $6 per lot. Stop out is 50%.
Islamic account – All the above accounts are available as an Islamic account option.
What sort of tools are available?
MetaTrader 4 comes with its own set of tools for the trader to take advantage of, but FXORO are offering a few extra. There is a great calendar, giving clear and easy to follow details of upcoming important economic and financial events. There is a signa; tool that reflects the judgement of an independent third party. And additional there is a table giving a selection of live rates.
Is there anything to help the newbie trader?
We appreciate a lot of people reading our reviews will be complete beginners. Which is why we always try to evaluate what a broker is offering for those with very little trading knowledge. FXORO really didn’t disappoint us in this department. In fact we were really quite impressed. You get a chance to learn everything from the very basics, and that includes an explanation of trading jargon, right up to more complex subjects such as market analysis and strategies. Included in the education section are a number of videos, signals, and an easy to read e-book. There is also mention of 1 on 1 personal training, but we couldn’t find very much detailed information.
FXORO have a refer a friend program
While FXORO may have decided not to go with heaps of big bonuses, there is one worthy of a mention. There is currently a refer a friend bonus available. Take part and get your friends to sign up and open an account and you’ll be rewarded with a bonus for everyone that makes a deposit and starts trading. The amount depends of the referrals initial deposit and how many lots are traded. For example, if the initial deposit is between $300 and $1,000 and 10 lots are traded there is a reward of $100. If the referral makes a deposit of $10,000 or more and trades a minimum of 50 lots, there is a $500 reward bonus.
If you want to get in touch because you have some questions or there is a problem that needs resolving you can choose to either give FXORO a call, email them, complete a contact form, or use the live chat option.
All in all, FXORO was pretty impressive. Both in the number of instruments available for trading, along with their costs. However, we were particularly impressed with the education section, which is going to be brilliant for those just beginning. There was no demo account available, which we consider a negative point. So, if you want to try FXORO, we’d advise you start with smaller investments.