Over the years, the financial market has broadened to accommodate new traders and investors. As a result of this, online trading has increased meaningfully over the years to foster convenience on the part of the trader. While the stock market has always been around for quite a long time; other trading instruments have become available over time to widen opportunities for traders to make profits in the financial market.
The reason why trading in the financial market has been adopted by so many people is that there is a tendency to make a profit even when you’re unsure of your strategy. Online trading came to make trading very convenient so that every trader can carry out trades right from their home or while at work. This allows traders to go on with their day jobs while also trading in the financial market at the same time.
Brokers are the backbones of the financial market; they help traders make the right trades that will earn them substantial profits. A trader or investor who decides to trade on a solo mission in the financial market will have no one to blame when then the tide turns against him. Even experienced traders make use of brokers to ensure that they use the right strategy in trades and to gain access to millions of markets globally. Brokers provide you with a variety of assets to trade with and trading tools to give you a smooth riding experience in the financial market.
While all of this might sound pretty easy and straightforward, the challenge lies in choosing the right broker to trade with. It has become a tasking challenge to pick the right broker who wouldn’t just make you lose all of your money but those who will provide you with the right trading platform to facilitate trade. It is not enough to simply Google brokers as there are thousands of them available in the market with more emerging every day.
Picking a broker requires information; you will need to find out the features and information about the broker to ensure you don’t fall into the wrong hand. Wondering how you can go about this? We have you covered with another comprehensive review of another brokerage firm that promises maximum security and profits. This review is to confirm how sincere they are and if they are the right fit for a trader like you.
When joining the financial market and specifically Forex trading, it is advised that you look out for brokers from Cyprus as they have the biggest traders in the trading industry. This brokerage firm called FXORO is an online broker who comes from Cyprus and we’ll be analyzing what they’re offering in this review. This review will cover everything a trader needs to know before choosing to trade with this online broker
An Overview of FXORO
Have you heard of FXORO? It is a relatively new brokerage firm in the financial market. It was developed in 2012 by entrepreneurs who are looking to provide traders with the perfect platform for trading forex. This company is based in Cyprus and is owned by MCS Intelifunds Ltd and the site was created to achieve the goal of creating an advanced style to the world of trading. Since its creation in 2012, FXORO has grown to be quite popular in the financial market for all the right reasons.
This online broker is regulated by the Cyprus Securities and Exchange Commission (CySEC) and it is completely licensed to offers its services and various assets in trading to traders in the UK and beyond. I have become a platform for traders and investors looking for a safe, direct and efficient trading platform. The platform focuses mostly on Forex and CFD trading but also offers traders access to shares, indices and commodities that could be invested and traded with.
Its team is made up of trading experts who will assist traders in making the most out of their trades and guide them based on their level in the financial market. It is one trading platform that offers the trader a calm mind and maximum protection of their funds and information. A trader can rest assured that their funds are safe so that they can focus on their trading and make profits abundantly.
Prominent Features of FXORO.com
Some features make FXORO a brokerage firm that many traders have chosen to register with. This platform offers unique accounts and various financial instruments to traders. It also offers security to traders and other benefits to traders that will be contained in this review
- Pleasant Customer Support
Who wants a broker that is not there for you when you need them the most? Many people do not grasp the importance of having an online broker that is available at all times to help you with issues. That is until they are experiencing issues and it takes days for their chosen broker to get back on them on questions posed. Customer support is essential and FXORO is a customer-oriented platform that considers this.
FXORO provides customers with stellar customer support. The support team is made up of professionals and well-trained staff that are prepared at all times to help a trader with queries, issues or simple inquiries. The customer service of FXORO works at any time of any day and will answer your questions or queries as soon as you pose them.
This platform also offers live chat so that traders can chat with them even as they trade and get immediate answers. You can also contact their support team by sending an email or get answers from their very comprehensive FAQs section. This online broker has you covered on all grounds in terms of customer service to ensure hitch-free trading on their platform.
- Sterling Security Measures
An online broker without adequate security measures put in place will cost you your funds and a whole lot more in the long run. I think we would all agree that we would like to avoid that in any way we can; this is why it is essential to check out the security measures put in place by an online broker before registering with them to carry out trades.
Another thing to check out is regulation because a brokerage firm that is not regulated has no commission to keep them in check when they start acting wrong. This is why FXORO is regulated; to assure customers of their safety on the platform and to be assured that they are being kept in check by an external body. This platform also has a sophisticated security measure put in place to ensure the safety of customers.
Every single information provided on the platform is encrypted as soon as it comes in to ensure the safety of information from hackers. Although the platforms are amply secured and protected against cyber-attacks, traders’ personal information is safe from hackers on the off-chance that they do get in due to the high-end encryptions.
- User-Friendly Trading Platform
I think we can all agree that MetaTrader 4 is the best trading platform in the financial market and we are all aiming for the best, aren’t we? MetaTrader 4 is vastly used for trading in the Forex trading world. Its vast resources are one of the reasons why it is a favorite amongst traders in addition to its security and stability. The MetaTrader 4 offers an experience which new and experienced traders can all benefit from in addition to various trading tools like automated trading, charting options and many others
FXORO provides a web trading platform and a mobile trading platform so that clients can pick a platform that they deem to be more convenient for them. This platform supports various languages to ensure convenient trading for traders from different parts. It also offers various currency pairs and commodities a trader can choose to trade with.
A trader who chooses to trade with the Web Trader can access the platform on their computer and this trading platform is compatible with various browsers to ensure easy access by traders. The Web Trader is packed with a very friendly user-interface and various indicators. A trader is also able to set a stop-loss limit on the web trader and it is starting and ending trades.
A trader who wants to use the Mobile Trader can access the platform from any location and at any time. This mobile trading platform also has a friendly user-interface and offers over 80 currency pairs amongst other assets a trader can trade with. It is compatible with both iOS and Androids and gives a daily market update to the trader. The trader also has access to indicators, timeframes and charting options.
- Broad Range of Assets
This online broker offers a vast range of assets and access to various markets that a trader can benefit from and make profits. A trader can choose to either diversify and trade in various markets or focus on a single market; FXORO provides clients with this variety of opportunities. One of the markets a trader gains access to is the Forex trading market.
A trader trading with Forex with FXORO gains access to more than 80 currency pairs; these pairs range from major, minor to even the exotic currency pairs. Some of these currency pairs include EUR/USD, USD/CHF, USD/CAD, USD/JPY, AUD/CHF amongst many others. A trader can also choose a Contract for Difference (CFD) trading. Such a trader gets to trade with various assets like indices, metals and commodities like oil, gas, corn, soybeans and many others.
This platform also allows traders to trade with the gold commodity on its platform. A trader can also invest in the stock market and buy the stock of popular, global companies like Amazon, Chevron, Coca-Cola, Facebook, Total, Google and various others. With these various markets at a trader’s disposal, the traders have various opportunities to earn profits.
- Attractive Benefits
This platform also gives bonuses for traders who refer a friend to the platform too. As many friends as you get to register on the FXORO platform, the higher your rewards. For a trader to be able to benefit from this bonus, he/she needs to complete the referral form which contains the full name, the email address, country, contact number and other friends’ details.
The bonuses differ according to the deposit of the friend referred with the lowest bonus reward being $100 for a deposit of $300 – $1000 and the highest being $500 for a deposit of $10000 and above.
Account Types Offered by FXORO
This online broker offers traders four unique accounts from which they can choose an account that fits their financial needs and status.
- Fixed Account
The fixed account offers just 2 pip spreads and nothing more, the spreads are fixed and cannot be moved. It allows you to use your full margin and the maximum leverage on this account is 1:400. There are also no commissions attached to trading on this account and the minimum deposit is $200. This account is ideal for new traders who are just trying out the trading platform; the account has minimum risk involved
- Floating Account
This account is an upgrade of the Fixed account and is ideal for traders who are not yet experts but have a certain level of experience in the trading world. This account is referred to as a floating account because the spreads can move with the market as they are not fixed and the pips can rise from 1.2. The leverage is reduced to 1:200 and the stop out level of the account is now 25%. There are no commissions attached to this account and a trader can upgrade from the fixed account to the floating account. Deposits to unlock this account is set at a minimum of $1000
- ECN Account
The ECN account is ideal for expert traders who are interested in a higher level of risks and therefore, higher profit opportunities. A fixed or floating account holder can upgrade to this account when they feel ready as the minimum deposit to unlock this account is $5000. The account has a spread that starts from 0 pips and can rise higher to any level.
Leverage on this account has also been reduced to 1:100 and the margin for stop out has also been increased to 25% which is double the floating account. There are commissions of $6 attached to the account per lot which can be considered low and holders of this account get to enjoy Direct Market Access (DMA)
- Islamic Account
The Islamic account is available for all accounts on demand and complies with Sharia Laws. There are no interests attached to this account and it is swap-free in compliance with Sharia laws. Holders of the Islamic account cannot pay or receive interest as they believe that conflicts with the Sharia laws because they cannot hold trades overnight.
Favorable Deposit and Withdrawal Process of FXORO
The deposit and withdrawal processes of FXORO are pretty simple and convenient for traders. FXORO ensures that traders do not come across any problems when making deposits and withdrawals on the platform.
- Deposit Process
Making deposits on the platform is pretty easy, the amount being deposited depends on the account and trades being made. This online broker offers customers various methods they can deposit funds into their account. A trader can choose to make deposits with their debit card, MasterCard or even Maestro. Various payment gateways like Skrill, Neteller, and others are also at the disposal of the trader.
FXORO does not charge any fee for deposits made on its platform and every payment gateway on the platform is protected with end to end encryption to protect the trader’s financial information. Make sure your bank doesn’t charge any transaction fee so as not to confuse it for FXORO charging you.
- Withdrawal Process
Withdrawal can also be made in the same method through which deposits were made. Withdrawal requests are processed with 48 hours of the request being made but bank transfer takes up to ten days to be processed. There are charges attached to withdrawals and the charges differ according to the method being used.
For a relatively new trading platform, FXORO has performed well on all grounds. Its many features that traders can enjoy on the platform makes it such a great platform to trade with. The various trading platforms, currency pairs and financial instruments are reasons why a trader can confidently trade on the platform. It also offers account types that cater to traders according to their financial needs and levels.
The platform is fully regulated and has top-notch security put in place to protect the funds, personal information and financial information of the traders. The customer support team is also encouraging as this online broker has made it possible for traders to reach them through various methods like email, phone contacts and even a live chat. Trading is a risk altogether but with the many trading tools offered by FXORO, a trader can trade with confidence while maximizing profits and minimizing losses with this online broker.