Crypto / Forex Broker Reviews

FXORO Review – Important Questions to Ask about the Broker

FXORO Review

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If you have been contemplating entering the financial markets recently, you are not alone. After the havoc that the coronavirus pandemic has wreaked on the global economy, a lot of people are dealing with difficult financial situations. Thousands of people have lost their jobs or have had their salaries deducted and are struggling to make ends meet. Similarly, people who had invested their savings are also experiencing losses because they are just not getting enough returns. Hence, it makes sense that people are searching for alternatives that can help them make money as quickly as possible.

Sure, there are plenty of illegal things you can do for doing so, but if you are looking for a legal and practical option, you can find it in the form of financial markets. These appear to be thriving, even if these tough times and people are making fortunes even now by trading some of the top assets in various markets. This has prompted many people to take a look at this option, especially considering the fact that they don’t have to do much in order to enter. You don’t need to leave the comfort of your home to start trading and don’t have to quit your job either.

One of the best things about online trading is that it provides you with a great deal of flexibility. Even if you have zero trading experience and just basic knowledge of the markets, you can still jump into the pool. Plus, you don’t have to invest a big amount either because these days, brokers allow you to start trading with minimum figures. But, yes, what you do need to start is a brokerage. They have been part of the financial markets from the get go; even in traditional trading, you had to find a broker to help you in executing your transactions.

Today, the difference is that now there are online brokers who can cater to you and you need to find one if you want to begin. Why is that such a big challenge? You will come to know the answer when you start searching for one and discover that there are literally hundreds of companies offering their trading services nowadays. The sheer number of options you will find can be quite overwhelming, especially when you take a look at some and discover that they appear to be quite similar. How will you distinguish between them?

It is a given that not all brokers can offer you the same level and quality of services. There will obviously be some good options and some shady ones. You will find stories of people who have been scammed by some of these and you would obviously want to avoid such a scenario. But, how do you do that? What should be your priority? Is their one feature you should focus on? When you are doing this for the first time, it can become quite confusing. You might end up making the wrong choice and it can lead to disastrous outcomes for you.

If you don’t want to end up in such a situation, the key is to learn to ask a few questions about the broker you are considering and depend on the answers to make your decision. These questions and their answers will help you in rooting out any shady brokers and help you find a legitimate and reliable one. You need to ask these questions in the case of FXORO, a broker you will find when you initiate your search. They have been around for a few years, but this doesn’t guarantee that they will be able to offer you the services you require. So, what questions should you ask? Read on to find out:

Broker FXORO
Trading Accounts Three accounts; Fixed, Floating and ECN accounts. Islamic account option also available
Minimum Deposit €200
Assets Coverage Forex, Commodities, Stocks, Indices, Cryptocurrencies and CFDs
Trading Tools Trading Indicators, Signals, Live Charts, Technical Analysis Tools and Price Alerts
Education and Training Yes; , Glossary, e-books, online video courses, webinars, tutorials and expert sessions
Customer Support 24/5 through email, phone number, online contact form and live chat assistance
Security Policy KYC (Know Your Customer) and AML (Anti-Money Laundering)

Is FXORO regulated?

Is FXORO regulated?

There are a ton of services and features brokerages provide to their clients, ranging from trading platforms to educational resources. But, it is important to understand that all of these are irrelevant if you are not aware of their regulatory status. Knowing whether they are regulated or not will tell you if you can depend on the company to keep their word. After all, a regulated broker is subject to rules and regulations outlined by a third-party and are answerable to them. They cannot exploit their customers or do anything illegal, or else they will be penalized. An unregulated broker, on the other hand, doesn’t answer to anyone and can disappear overnight.

So, when you are looking at FXORO, you should start with regulation. The brand was launched in 2012 by an entrepreneur in the financial space and it operates through two companies. The first is known as ORO FINTECH LTD, which is regulated and authorized by the Financial Services Authority (FSA) in the Republic of Seychelles. The second is known as MCA INTELIFUNDS LTD, which is regulated and authorized by the Cyprus Securities and Exchange Commission (CySEC). In addition, the brokerage is also compliant with the MIFID (Markets in Financial Instruments Directive) rules.

This means that FXORO is regulated by some of the most reputable regulatory bodies in the world and has managed to satisfy their tough criteria in order to obtain this regulation. They have provided their license number for both authorities on their website, so you can confirm their regulatory status by using that without any issues. It immediately reassures you because you know that it is a genuine firm and not just one of the scams out there.

Can you diversify with FXORO?

After you have confirmed the authenticity of the company, it is now time for you to move to a different aspect i.e. the trading instruments you will be provided. Your purpose of entering in the financial markets is to make money and in order to do so, you have to trade various instruments. But, the profits you make at the end of the day will depend on the instruments you are trading and how you are minimizing your risks. There are thousands of instruments that can be traded, but not all are highly profitable and lucrative. Bear in mind that not every broker is capable of providing these in-demand instruments.

With FXORO, you will come to know that more than 250 trading instruments have been added on their platform and when you check them out, it will become apparent that they are some of the leading options in the market, allowing you to earn high returns. Moreover, as there are so many options available, traders can also diversify their portfolio, which is helpful in reducing their risks as much as possible and giving them maximum returns. What are the instruments you can trade? Check out some of them below:

Commodities: Traders who are looking for low-risk and consistent options will find commodities to be an excellent option. There are different types of commodities that can be traded and each of these offer varying returns. You can choose to trade precious metals like gold, silver, platinum, palladium and copper. There are agricultural items, such as coffee, corn, wheat, sugar and cotton you can trade and even some energies like crude oil and natural gas, which can also be explored.

Forex: Traders who enjoy risks and high returns can certainly explore the foreign currency market, which is the world’s biggest financial market. FXORO has added more than 60 currency pairs from this market to their offerings because they understand how profitable they can be. You will find a combination of major and minor currency pairs, which can offer solid returns to traders. EUR/USD, USD/JPY, GBP/USD and USD/CHF are just some of the options you will find.

Cryptocurrencies: An equally profitable option that you will find is that of digital currencies, which have taken the world by a storm in the last decade. Cryptocurrencies like Bitcoin, Litecoin and Ethereum are in high demand, so you will be able to trade these via the FXORO platform.

Stocks: The stock market is forever been associated with the trading world and so, you will come across a ton of stock CFDs available, which can offer you excellent returns and not require you to physically buy the stocks. Companies like Google, Netflix, Amazon, Apple and Facebook are just some of the options at your disposal.

Indices: While the stock market deals in individual stocks, the indices markets deals in stocks as a whole. Therefore, it is quite lucrative and eliminates the volatility of the stock market. NASDAQ 100, FTSE 100, S&P 500, Nikkei 225 and Dow Jones are a few indices you can trade.

Can you trade in a secure environment with FXORO?

Anyone who uses the internet these days is aware that cybercrimes have surged significantly in the past couple of decades. As more and more people are using the internet, it is not surprising that criminals have also shifted their attention there in order to take advantage of people and exploit as many of them as possible. You will come across lots of reports about websites being hacked and people having their personal information stolen or their financial accounts compromised. When you are trading online, you become vulnerable to such problems because you have to entrust the broker with your personal and confidential information.

In this case, you would definitely want to opt for a broker that takes the necessary steps to keep your information safe. Of course, they cannot guarantee 100% protection, but there are measures that can be implemented for minimizing the risks as much as possible. FXORO has been around for a number of years, which means they are quite familiar with the risks that exist and have implemented measures and policies needed to mitigate them. First, you will come to know that they use advanced 256-bit SSL (Secure Socket Layer) encryption, which immediately encrypts all data shared by traders with the company.

This prevents the chances of outsiders getting access to this data and even if they do, it is useless for them since it is encrypted. To protect the funds entrusted to them, FXORO has followed the policy of customer account segregation, something it is required to do due to its regulatory status. Customer accounts are kept separate from the company’s own accounts, so deposits cannot be used to pay the firm’s own obligations. The funds are deposited with reputable financial institutions in Europe, which is another layer of security.

It should also be noted that as part of the CySEC regulation, FXORO is a member of the Investor Compensation Fund (ICF). This is like an insurance scheme, where traders will be compensated in the event the broker files for bankruptcy or is shutting down its services. It gives you peace of mind because you know that your funds are not going to go anywhere. Regulation also requires them to comply with the KYC (Know-Your-Customer) and AML (Anti-Money Laundering) policies. These are well-recognized security policies that are aimed at preventing financial fraud, identity theft, money laundering and terrorist financing.

Traders are required to provide documents to FXORO for proof of ID, which can be a national ID card, an international passport, or even a driver’s license. They also have to submit proof of residence, which is done in the form of any utility bill like gas, water or phone, or a bank statement or credit card bill. None of the documents you submit should be expired and should also be in the name you will use to register with the broker.

How can you trade via FXORO?

An important question that you should definitely not miss out on when you are checking a broker is about their trading software. It is the primary feature these companies offer to traders because how else will you be able to access the market and execute trades? You require access to it and need to be able to execute your trades, which you can only do via a trading software. This is provided by the broker you will choose, but every company will not give you the same option, which makes it important to know what you will get.

Your trading experience will depend a great deal on how the software works, so it is best to know beforehand what to expect. FXORO has chosen to go with the best option there is in the market i.e. the MT4 (MetaTrader4). If you have done any research into trading platforms, then you are probably aware that this is truly the top choice there is. This analysis and charting software is used by all traders across the globe, whether they are just starting out or are professional traders. It supports multiple languages and can deliver a seamless trading experience across the board.

Powered by cutting-edge technology, the MT4 boasts a user-friendly trading interface, which eliminates any navigation problems and makes it easy for even novices to become acquainted. The platform is fully customizable, so traders can make adjustments according to their preference. It certainly doesn’t hurt that the MT4 is a secure, table and feature-rich platform that offers immediate trade execution and real-time results. The one-click trading feature also makes it easy for people to take advantage of price movements quickly.

The layout and dashboard are easily accessible and the MT4 comes with full charting functionality. You can use a single platform for trading all assets and it will provide a consummate user experience. The range of features and tools that you will come across include automated trading, charting options, economic calendar, trading signals and the recent market news and happenings. You will also find technical indicators that can come in handy and risk management tools, such as stop loss/limit orders can also be used.

To facilitate its clients, FXORO has incorporated several versions of the MT4 platform. It allows its clients to choose from the desktop platform, the web-based solution, or go for mobile trading apps. The desktop platform of the MT4 can be downloaded and installed on Mac and Windows PCs, but it can only be used on the device you download it on. Those who find this restrictive can choose the WebTrader, which is accessible on any device with a browser and an internet connection. It doesn’t need any downloaded and you just have to visit the FXORO website to access it.

But, there are also some traders out there who prefer even more flexibility and this is where MT4 mobile apps come in for both Android and iOS. They allow traders to access their account on the move and be able to execute traders, no matter where they are.

How can you open an account with FXORO?

A broker’s services can only be availed after you have opened an account with them. There is no standard account opening process and every company can come up with their own. You will probably read about some people complaining of having to deal with a lengthy process, which can be quite annoying. With FXORO, you will not encounter such issues because their registration process comprises of a single form that you can fill in a couple of minutes. The form just asks for your first name, last name, an email address, a phone number and your location.

After you have done so, you will be asked to choose from the account options developed by FXORO. They have provided multiple choices because they wish to cater to traders with different risk appetites. There is a Fix account, which comes with fixed spreads starting at 2 pips. These may be a bit high, but as they are fixed, then you will know that they cannot change, which reduces a big risk. Therefore, this account is a good choice for newcomers, beginners and intermediate traders. It has a leverage of 1:400, no commission applicable and full margin capability.

FXORO’s next account is called floating where the leverage is between 1:200 and 1:400. It is better for skilled traders because the spreads are no longer fixed and start at 1.2 pips. In fact, depending on the market conditions, the spreads can go as low as 0.3 pips. The stop put is at 25% here and no commissions are charged here either. The ECN account comes next, best for advanced traders because the stop out level is 50% and there is a commission to be paid here. The leverage for this account begins at 1:100.

Along with these options, you should also note that FXORO offers its clients the Islamic account option for each of the three account types mentioned above. The difference in this account is that it is swap-free, so now rollover interest or swap or overnight positions are available. It has been developed for Muslim traders who wish to comply with Sharia law while trading in the financial markets.

Does FXORO offer customer support?

It is important to know what kind of support and assistance is available because you never know when you need help. FXORO is quite proactive in this regard, as they have a robust customer support department. They are available 24/5 through various channels, which include email, phone, live chat support and an online contact form. You can use the option that seems most convenient to you. Along with these options, you will also find an FAQ section on their website where they provide answers to any questions that you might have and you can seek help there as well.

The answers you find above will tell you that FXORO is a well-rounded and authentic broker that can meet your trading needs and allow you to have an optimal trading experience.

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