The financial markets, whether it is the forex, stock, commodities and now the cryptocurrency market, are known for offering a horde of lucrative opportunities. The global coronavirus pandemic had closed a lot of doors, but the world of trading remained open. In fact, the financial markets were thriving and this attracted a great deal of attention. Therefore, it is not surprising that a lot of people are looking for an online broker to jump onto the trading bandwagon. If you are also taking this route, you will need this FXORO review. Why is this so?
This is because when you start looking, you will find a horde of brokerages offering their services. It obviously results in a dilemma because you have to sort through the companies and pick one for your trading journey. How do you do that? Most people don’t know what to look for and making a random choice is not recommended because there is a possibility that you may not find what you are looking for. This will be a waste of time and also cause you to miss some very profitable trading opportunities. The only way to avoid this scenario is to do your due diligence, which means finding out everything possible about a brokerage.
Doing so will help you select a company that provides the kind of trading services you are looking for. Considering the number of brokers that are currently providing their services, there is a good chance you will be able to find the option you need. Amongst the numerous options in the market, you will come across FXORO, a forex and CFD brokerage that was founded back in 2012. You will come to know that it is a brand of ORO FINTECH LTD, which is a registered company based in Seychelles and regulated by the Financial Services Authority (FSA).
It is also a trademark of MCI INTELIFUNDS LTD, which is based in Cyprus, meaning that it is regulated by the Cyprus Securities and Exchange Commission (CySEC). This tells you that FXORO is a registered and licensed brokerage that can provide you professional trading services. While this does add a layer of security, there are still other things you need to know. What are they? This review can provide you some details:
|Trading Accounts||Different account options; Fixed spread accounts, Floating spread accounts and Islamic accounts|
|Assets Coverage||Forex currency pairs, Stocks, Cryptocurrencies, Indices and Commodities|
|Trading Tools||Trading Indicators, Trading Calendar, Calculator, Signals, Live Charts, Technical Analysis Tools and Reports, Price Alerts, Market Research, Trading Tips, Financial News and Risk Management Tools|
|Education and Training||Yes; e-books, online video courses, webinars, seminars, tutorials, latest market news, guides and in-depth research|
|Customer Support||24/5 support via email address, phone number, live chat and online contact form. An FAQ section is also available.|
|Security Policy||KYC (Know Your Customer) and AML (Anti-Money Laundering)|
|Parent Company||ORO FINTECH LTD based in Seychells and MCA INTELIFUNDS LTD based in Cyprus|
The Trading Instruments at FXORO
The first and most important thing that you need to know about any brokerage is their trading instruments. They are obviously the primary offerings and your profitability will depend on the ones you trade. The financial markets comprise of hundreds of thousands of options, but not all of them are created equal. Some instruments are more profitable than others, but the risk is also higher and this is something you need to consider. Every brokerage offers different instruments to their clients, so it is best to know what you will have access to.
A quick look at the instruments provided by FXORO will definitely not disappoint because they have provided traders with access to the world’s leading financial markets via a single platform. You will have the option of choosing from 250 instruments that belong to the most reputable markets, which means traders have the option of diversifying their investment portfolio. This is quite helpful in minimizing the risks and maximizing the profits. Some of the options at your disposal are:
Forex: The biggest market in the world, forex is known for its volatility. You will find that FXORO has added numerous currency pairs to the mix, such as EUR/USD, GBP/USD, USD/CHF and USD/JPY.
Stock: Another renowned financial market is stocks, where traders get to invest in some of the top companies in the world. The choices at FXORO include some notable names, such as Apple, Google, Facebook, PayPal, Netflix and Fiat.
Indices: The stock market deals with individual stocks, but baskets of stocks are traded in the indices market, which makes it quite lucrative. You can choose from some of the best indices, such as FTSE 100, NASDAQ 100 and S&P 500 that are provided by FXPORO for its clients.
Commodities: If you are looking for a low-risk market for balancing your portfolio, you will find that FXORO has added the commodities market for this purpose. You can trade precious metals like gold and silver, agricultural products like coffee, sugar and rice and energy commodities like natural gas and crude oil.
Cryptocurrency: Digital currencies are in high demand these days and their volatility makes them very profitable. Some of the top cryptocurrencies have been added by FXORO for its clients, including Bitcoin, Litecoin, Bitcoin Cash and Ethereum.
The Security at FXORO
After you have checked out the trading instruments provided to you, the next thing to look into is the security of the platform. You don’t want to sign up with a broker and find out that your personal information, or your hard-earned money is at risk. Cybersecurity is not something to be taken lightly, unless you are prepared to handle disastrous consequences. Hence, you have to check what kind of security measures a broker is using. A check of the security at FXORO will certainly reassure you because they have proven to be quite thorough in this aspect.
To ensure the safety of your confidential information, they have opted to use full-data encryption with SSL (Secure Socket Layer) technology. This keeps your personal data safe from prying eyes and prevents unauthorized access. Your trading account is also protected via two-factor authentication to keep it safe. The safety of your funds is also a priority of FXORO and they have used segregated clients account for this purpose. This means that all customer accounts will be kept separate and the funds are strictly used for trading purposes.
Apart from that, since FXORO is a regulated brokerage, they have to comply with the KYC (Know-Your-Customer) and AML (Anti-Money Laundering) policies. This requires traders to provide proof of identity and proof of residence to the broker for verifying their account. It is helpful in reducing the risk of identity theft, financial fraud and money laundering. Lastly, as per regulations, FXORO also offers negative balance protection and is a member of a compensation scheme, which means your funds remain safe, even if the company goes bankrupt.
The Trading Platform at FXORO
One of the most crucial features that are provided by a broker is the trading platform. This is the software that’s used for executing trades in the financial markets and also provides you with the necessary tools needed for making optimal decisions. Some companies prefer to develop their own platforms and others offer those that are already available. You will find that FXORO falls in the latter category, but this doesn’t mean that the platform you are given is not a good one.
In fact, you will come to know that FXORO offers you the top trading platform in the market i.e. the MT4 (MetaTrader4). This trading platform is the favorite of all professional traders because it uses cutting-edge technology and offers a feature-rich environment to every trader. The highly intuitive user-interface makes the platform easy to use and navigate for everyone, whether they are beginners, or experienced traders. The platform is known for its ultra-fast trade execution and one-click trading features that allow everyone to take advantage of different market opportunities.
One of the best things about FXORO is that they have added different versions of the MT4 to their offerings, which provides flexibility to the traders. You can choose to download the desktop client, if that’s what you want, or you can also use the MT4 mobile trading apps available for iOS and Android. These apps are immensely useful for trading on the go and ensure that you don’t miss out on anything and can always stay connected.
You will also be able to access some of the best trading tools at FXORO that can be quite helpful in making good and timely decisions. They give you access to the latest market news, live charts and graphs, trading indicators and signals, along with various risk management tools that can come in handy.
The Account Options at FXORO
Opening an account is an essential step you have to complete when you want to use a broker’s services. This means that you have to know what account options you are offered and if they are a suitable choice for you or not. It is the norm for brokerages to offer several account options to their clients, each of which comes with different features. You will find that FXORO also provides choices to traders for opening an account, but they are a tad different than what most companies usually offer.
Instead of devising options based on the skill and experience of traders, the account options you find at FXORO are more about the risk appetite. There are two types of accounts you will come across and these are:
Fixed Spread Accounts: You need to deposit a minimum of $200 for opening this account at FXORO and it offers a leverage of about 1:400. As indicated by the name, the spreads in this account are fixed, which means you will know the cost of trading before you enter a trade. It will remain fixed no matter what and is set at 2 pips. No commission is charged in this account and it offers full margin capability.
Floating Spread Accounts: If you are someone who enjoys taking risks, then the floating spread account is a good choice for you. It requires a deposit of $1,000 and FXORO has kept the spreads as low as 1.2 pips for it. The leverage for this account also goes as high as 1:200 and there is no commission. The stop out is at 25%.
Along with these two account types, you will find that FXORO also provides Islamic account options for these categories. This is to cater to Muslim traders who do not deal with anything related to interest due to Sharia compliance.
The Customer Support at FXORO
Another vital aspect of a broker that you need to look into is the customer support they offer. Your trading experience will depend on this, so it is not something you should take lightly. You don’t want to get stuck with a problem and find out there is no help available. Not only is it frustrating, but can also result in hefty losses because you will not be able to open or close trades in a timely manner.
The good thing about FXORO is that they have been quite attentive towards customer support. They provide assistance to their clients via multiple channels, such as email and phone number. You can also fill out the contact form on their website for scheduling a callback. If the problem is urgent, the live chat option is also given. Lastly, you will find an FAQ section as well, where they have provided answers to most questions that traders usually have.
Other than these features, you will discover that extensive educational resources are also available to help you polish your knowledge and skills. Another important aspect is the transparent trading conditions of FXORO that let you know exactly what to expect when you sign up on their platform, thereby ensuring that you don’t have to deal with any surprises.