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OruFX Review - Is it scam or safe?

OruFX Review - is orufx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz OruFX
OruFX is an offshore broker. Your money is not safe.

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 Trading Accounts

 

Account type  Minimum deposit  Maximum leverage Spread
ECN $10 1:500 From 0.3 + $13 per lot
ECN Pro $10 1:500 From 0.3 + $19 per lot

 

OruFX is a broker, which allegedly offers access to the global financial markets via an ECN business model. That being said, the two account types offer very unusual conditions – the exact same deposit requirement and a different commission structure. Other portions of the company’s website also appear to be unclear.

 

The Company. Security of Funds

Company Country Regulation
OruFX Seychelles N/A

 

There is no information on the company behind OruFX. Furthermore they do not claim affiliation with any financial regulatory agency. There are several addresses provided on the website, all in different off-shore zones. 

 

You may already know this, especially if you have read any of our other reviews, financial regulation is very important when determining a broker’s credibility. This is due to the fact, an unregulated (or loosely) regulated company can basically do whatever it wants with its clients’ funds. For this reason most countries have some sort of regulatory agency, which oversees the financial services industry. In the United Kingdom this is the Financial Conduct Authority (FCA). It applies a lot of rules, which must be followed by companies, registered with it. Two are the most crucial ones, from a trader’s perspective.

 

First and foremost client’s funds are kept in segregated accounts. This means an FCA-regulated broker can not freely access its clients money and spend it for company purposes. The second key ruling is the madnatory participation in the Financial Services Compensation Scheme (FSCS) – a mechanism, which operates simillarly to an insurance company. All brokers periodically pay a relatively small fee, which is added to a collective pool. Later on, this serves as a guarantee in case one of the members happens to go bankrupt. If you trade with an FCA-regulated broker, your account will be covered up to £50,000.

 

Needless to say, you will not gain any of these benefits with OruFX.

 

Trading Conditions

 

Minimum Initial Deposit

The minimum deposit at OruFX is a mere $10, which is pretty low. That being said, some brokers, like the FCA-regulated industry pioneer IG, have completely removed the deposit size barrier.

 

Access to the financial markets has never been this easy in the past. This is great for anyone, willing to learn, but do keep in mind, a more well capitalized account is required for serious trading.

 

Average spreads & Commissions

OruFX charges commission on top of the spread, which is typical for an ECN broker. An easy way to calculate how much the commissions are worth in effective spread is this:

 

Every $1 in commissions per lot (per trade, not per side) is wort 0.1pips. 

 

This makes the effective cost of trading at OruFX 1.6 to 2.1 pips, on average. This is slightly above the current industry standard. These are the company’s claims, which we were unable to test, due to an issue with their platform at the time of writing of this review.Feel free to check our real-time comparison of the spreads provided by some of the world’s leading brokers here.

 

Leverage

The maximum leverage provided by OurFX is 1:500. Although this may appear to be an extremely high level, it is offered by a lot of brokers.

 

Keep in mind high leverage carries a lot of risk for your investment. Not understanding the principles of margin trading and risk management often makes newbies turn their trading into gambling

 

Trading Platforms

 

 OruFX offers its services via MetaTrader4(MT4), the most popular currency trading platform. Although there may be newer trading platforms, MT4 has stood the test of time. Some people, who trade with brokers, providing other solutions still keep a demo version of MT4 running, because they enjoy the charting so much. This is in part due to the countless number of custom-made new indicators, which are available at the broker independent MQL marketplace. This is probably the most unique feature of MetaTrader – the easy to learn programming language, which has led to the creation of many tools.

 

Furthermore MT4 has a mobile app, which allows you to follow the latest market developments, wherever you are. It is packed with a lot of features for a mobile platform – in fact, beginners may even find it a bit confusing.

 

We couldn’t get the OruFX MetaTrader running for the purposes of this review.

 

Methods of Payment

 

There are plenty of payment options available at OruFX – Bank Transfer, Credit Card, Paypal, Neteller, Skrill, Fasapay, Bitcoin and Webmoney. Overall a solid and diversified pool.

 

Conclusion

 

OruFX is an unregulated off-shore broker. This is enough for us to recommend not dealing with the company. Their website is missing some key information, while other portions are contradicting each other. The trading platform wasn't working properly, when we attempted reviewing it. Here are this broker’s pros and cons:

 

Pros Cons
MetaTrader4 Platform No regulation
Lots of payment methods Off-shore company
  Slightly non-competitive spreads
  Unclear website
  MT4 not running, when tested

 

 

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Traders` reviews for OruFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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