FXORO
4.8

FXORO

Regulation: Cyprus Securities and Exchange Commission CySEC

Pros
  • 3 real accounts plus Islamic account
  • Minimum deposit is $200
  • no commissions are charged on fix and floating accounts
  • Technical support operates round the clock on weekdays
Cons
  • This broker only offers contracts for difference (CFDs).
  • This company does not work with residents of the Islamic Republic of Iran, Canada, and some other countries.
  • FXORO clients can earn solely through active trading and purchasing physical shares.

Established in 2012fcf

Location: Cyprus

Operated by MCA Intelifunds Ltd

Regulation: Cyprus Securities and Exchange Commission (CySEC)

No Dealing Desk Broker: yes on ECN account

Trading Conditions and Features

Trading instruments: Forex, Stocks, Commodities, Indices, ETFs and CFDs on Cryptocurrencies.

Over 60 currency pairs

Segregated accounts: All FXORO’s client funds are separated from the company capital and they are kept in leading banks for maximal protection.

Negative balance protection: yes. With this option customers’ accounts cannot go into minus, so traders will never lose more than they’ve invested, even in cases of extraordinary volatility.

Instant margin protection:  FXORO uses automatic precautions and advanced technology to ensure that our clients have complete use of their trading accounts’ margin. At the same time, limits are carefully monitored to avoid negative balance.

Minimum trade size: 0.01

Maximum leverage: 1:400

Spreads: start from 2 pips

Commissions: only for ECN account

Expert advisors: yes

Social trading: no

Automatic trading capability: not available

Trading accounts: Fixed Spread Account, Variable Spread Account, ECN Account and Islamic Account.

Account Types

At FXORO, there are 3 different types of accounts to fit all types of traders needs. The main difference between each type of account is linked to the spread applicable to the transactions.

Fixed spreads accounts: The spreads stay fixed and do not vary no matter what the volatility is in the markets. 

  • Leverage up to 1:400
  • Spread 2 pips
  • Full margin capability
  • No commission

Variable spreads accounts: You can expect a spread that will, at times, be as low as 0.3 pips depending on the instrument being traded and the level of market volatility.

  • Leverage up to 1:200
  • Spread from 1.2 pips
  • Stop out 25%
  • No commission

ECN accounts: The FXORO ECN enables clients to trade on tight bid/offer spreads, which are as low as 0 pip on all majors in normal market conditions but which fluctuate according to market volatility. 

  • Leverage up to 1:100
  • Spread from 0 pips
  • Stop out 50%
  • Commission $6 per lot

Demo Account – Can I Trade For Free?

You can choose a risk-free account and test the broker system. However, we found no information about FXORO Demo. The company doesn’t say how much money you can get or which account will be simulated upon registration.

All you know is that you’re given access to MT4 and can open trades free of charge. It’s a pretty lousy bargain, considering you can get the same on the MetaQuotes website without providing your personal information to any brokerage house.

Trading Platforms Review

MT4 platform

The MT4 platform is the most popular charting and analysis software used by traders of all levels, all over the world. It comes with all the most popular charting tools and offers immediate order execution and real-time results.

MT4 is adapted to the industry standards. It is combining an intuitive user interface with customizable feature-rich environment. The MT4 trading platform provides everything a trader needs to chart assets, place orders and manage positions.

MetaTrader 4, also known by the acronym of MT4, is a completely free trading platform owned by MetaQuotes Software. Its ease of use and its high reliability allow millions of traders worldwide to operate safely on the main financial markets.

MT4 has gained a leading role over the years thanks to its many features for traders. The development of this platform and its definitive affirmation were also thanks to the main world brokers – such as FXORO – which, in addition to their native platforms, offer customers the possibility of operating through MT4.

Free, simplicity, and functionality are the three elements that distinguish MetaTrader 4 from the competition. So let’s try to understand how MT4 works in detail and why it is so popular with traders.

Let’s start from the first point: MT4 is a trading platform that allows, absolutely free and secure, operatations on the main financial markets. It is clearly not possible to trade by downloading only the MT4 platform. However, it is necessary to match an open trading account with a specific broker (such as FXORO). The account can be both Demo and Real.

The second aspect that distinguishes MT4 from the competition is the sheer simplicity of the platform. Thanks to a very intuitive User Experience, it proves to be a suitable solution for experienced traders and those who enter the trading world for the first time. In MT4, you can set your preferred language (there are dozens of them) and customize your profile.

The third element that makes MetaTrader 4 indispensable for those who want to trade concerns the functionality, to which we dedicate a separate paragraph.

The intuitiveness of the user experience is not the only distinctive element of MT4.

With the countless tools available on this platform a trader’s experience becomes truly encompassing.

First and foremost, MetaTrader 4 is meant to trade on the market Forex, how much to act on indexes, commodities, and other assets thanks to CFDs. First and foremost, MetaTrader 4 is meant to trade on the market Forex, how much to act on indices, commodities, and other assets thanks to CFDs.

MT4 is an extremely reliable platform. With the trader’s IP address remaining permanently hidden and with a 128-bit encryption system, security is optimized without comprimising speed and processign power. This results in operations being both quick and safe. Additonaly a very interesting feature the ability of integrating specific communication tools that allow traders to receive communications (whose nature is pre-set) in real-time from the broker of their choice.

Finally, the functionality relating to automated trading (also called algorithmic trading ) should not be underestimated. This mechanism was created to allow traders to operate on the markets through pre-established strategies based on a prior set of parameters following specific studies on technical analysis. In this way, it is possible to set opening orders or trailing stops in advance in a fully automatic method.

Graphics and technical analysis with MT4

Perhaps the most interesting aspectcan be found in the graphs feature, through which it is possible to view the technical analysis and the historical trends. The support of a visual element of this magnitude allows traders to have a quick view of the instrument they intend to monitor to speed up the decision-making process. Just think that by default, MT4 presents the four graphics representing the trend of the main currency pairs, graphics that the trader can modify at will. There is more: at the level of technical analysis, it is also possible to customize the graphic by inserting specific indicators such as the Bollinger bands, the Money Flow Index, the resistances, or the stochastic oscillator.

Features of Mt4 (how to open an account, how to download the platform)

Thanks to the FXORO technologies, every trader can benefit from the official Web version of the MT4 platform, logging in with their credentials from any PC. It is also possible to download the MetaTrader 4 mobile platform, which is essential to be able to operate on the move. The two platforms, FXORO and MT4, are fully compatible in every context.

The procedure for downloading MT4 is as follows:

  • First step: registration to FXORO for account opening. In the account creation form, name, surname, email, country, and telephone number are requested;
  • Second step: download MT4 according to the device used. With FXORO you can download the platform depending on your device. It is, in fact possible to get MT4 for Windows and Android;
  • Third step: start trading with FXORO and MT4.

To create an order in MT4, click on “New Order”. Here the system asks you to enter the order mode desired

  • Instant: entry into the market at an exact moment, at the current price;
  • Pending order: procedure that provides for entry into the market only upon reaching a certain price level, pre-established by the trader;
  • Buy limit: a technique used by those who want to enter the market following a bearish trend: the trader, in this case, sets the purchase at a lower value than the current price;
  • Sell ​​limit: a technique used by those who want to enter the market following an upward trend: the trader sets the purchase at a value higher than the current price;
  • Buy stop: occurs when the purchase is set at a specific price following an upward trend that breaks a predetermined resistance level;
  • Sell ​​stop: occurs when the purchase is set at a specific price following a bearish trend that breaks a predetermined resistance level.

Payment Options

Minimum deposit requirement: $200

Payment methods: Credit cards, Wire transfer, Skrill, Neteller, ecoPayz, CashU

Customer support and Educational Materials

Customer support: phone, online chat, email

FXORO’s education section is also competitive but could be improved with a wider variety of resources.

There are numerous training courses with detailed video lessons for beginners and experienced traders. A good range of topics are covered, including how social trading works, how to make the most of the MT4 platform, and how to reduce risk exposure.

Alongside these videos, there is also a free downloadable e-book and free webinars that cover the introduction to fundamental and technical analysis.

How was the rating of FXoro performed compared to other brokers? 

This 2024 Forex Broker Review  has been conducted though thorough research and assessment of rating and ranking among almost 300 international forex brokers. The final grade is given based on FXoro FX broker performance and features. 

Overall our online FXoro review was conducted with the details obtained from the demo trading and the forex brokers website. If you would like to add details to this online FXoro or you find inaccurate details FXoro broker review please get in touch with us and the changes will be applied.  

FXORO is a Cypriot-based forex and CFD brokerage offering online trading. With beginner-friendly tools and fixed spreads, FXORO appeals to new traders.

5.0
Regulation and Security
5.0
Platforms and Features
5.0
Deposit and Withdrawal
4.0
Educational Material
4.8 Overall Rating

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