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FXORO Review - Is it scam or safe?

FXORO Review - is fxoro.com a good forex broker or a scam?

RATING: 3 / 3 REVIEWS FXORO
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Trading Accounts

 

Account type   Minimum deposit  Minimum trade size Maximum leverage Average Spreads
FIX $200 0.01 1:400  Fixed, 2 pips 
Floating $1 000 0.01 1:200 1.5 pips
ECN $5 000 0.01 1:100 0.6 pips + $6 per lot

 

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 here.

 

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 here.

 

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.

 

Conclusion

 

FXORO is a well-regulated forex and CFD broker with attractive offerings. Our favorite thing about FXORO is the Negative balance protection. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros   Cons
Well-regulated  No choice of trading platforms
Negative Balance Protection  
Competitive spreads  
ECN environment available  
MT4 available         

  

Latest news about FXORO
No news about FXORO. Check back later.
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Traders` reviews for FXORO

Spread

Pros

Cons

 

 

Slippage

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Cons

 

 

Requotes

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Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

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Summary

Pros

Cons

 

 

scammer

I had an account at fx oro, it's scammer, it has increased my leverage without my knowledge

ovidiu 11/26/2018

Scam - Stay away

They will harrass you non-stop. Never give them any contact info. Pure scam.
They are just a bunch of scumbags.

Martin Rodgers 03/08/2018

Bad broker

Hello, I had trade for 2 month with this broker, and at first was good I gain a lot, but when I stop to fund with my money my account my account manager have start to give me bad signal and I lost everything... Stay far

Emiliano Cavicchioli 12/23/2017
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