If you want to open a Forex company, then you should go to Cyprus where you will be surrounded by other fellow Forex brokers who have taken over Cyprus. Cyprus evolved into one of the largest financial centers thanks to numerous Forex companies which recognized the island’s business potential. It can be freely stated that the Forex industry keeps the country vivid and active. On the other hand, if you want to join the market as a trader, then you should check out Cypriot brokers where you can find some of the biggest fish in the industry. FXOro is also one of the brokers who made themselves comfortable in Cyprus and what they offer can be found in the FXOro review below. Read our review to see if this broker would be something for you. Forex traders need to know in forward what they can expect from their broker, so we suggest all potential traders to prepare well before they deposit funds. FXOro is a well-known broker, so let’s check out what the broker brings to the table.
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History Check
FXOro is actually a part of the bigger MCA Intelifunds Ltd who decided to extend their services to online trading in 2012. FXOro already registered with CySEC in 2010 and is a proud CySEC license holder since then on. Trade commodities, indices, currencies, and CFDs with this broker. You have 60 currency pairs at your disposal once you sign up. The broker is supposed to be safe under the guidance of CySEC, the license which opens doors to many markets like the USA, Asia, and Australia. Along with UK’s FCA, CySEC is the best known European regulator who fosters international laws and regulations and enables brokers and traders the optimal trading conditions. CySEC is especially known for its strict policy on fund safety and brokers’ liquidity.
Platform
As the majority of brokers in the world, FXOro sticks to the Meta Trader 4 platform as well. This platform enables many conveniences like easy access, a variety of trading tools, e.g. technical analysis, personal strategy development, and auto-trading. Hedging and scalping are also part of the deal if you are a fan of these strategies. If you are a market participant, we believe that you have already tried the platform, since, sometimes it seems, that there is no way around the MT4 which is well-established and incorporated in the industry. Today’s platforms always come in a double version. Namely, they have to have the corresponding mobile app. Thanks to today’s technology, it is possible to carry out trades via our phones. FXOro provides for the FXOro mobile app which can be downloaded for free with the same settings, layout, and options as the desktop version.
Account Types
Brokers usually offer 3-4 account types to match traders’ needs and their financial status. FXOro offers 4 accounts for traders to choose from. They are:
- Fixed Account (1:400)
- Floating Account (1:200)
- ECN Account (1:100)
- Islamic Account
The fixed account, of course, suggests that only fixed spreads (from 2 pips) are in place. The account is also the most affordable with $200 and leverage 1:400. With fixed spreads, full margin ability is guaranteed. This account requires no commission. The floating account requires $1000 of deposit with a stop out at 25%. Leverage is lower with 1:200. The ECN account provides DMA (Direct Market Access) where the best quotes can be found with extremely low spreads starting from 0 pips with FXOro. You can open this account with $5,000, and leverage is further lowered to 1:100. The recommended commission is $6 per trade size, which is not much. Islamic Account is aimed at those who trade according to the Sharia Law, and all of the three accounts are available as swap-free accounts.
FXOro Bonus Policy
The broker has some special promotions running to reward trades, especially those who are trading a lot. The current loyalty promotion which lasts until February 2017 will reward all traders trading 2500 lots with an ounce of gold which includes the engraved logo of FXOro- the FXOro lion. This present is very creative, but also generous. The broker likes to keep its traders active, and the incentives sound very appealing. Other types of time-limited FXOro promotions include friend referrals which are maybe not paid in gold but can still generate your profits with trading credit.
Funding Options
The broker offers far more deposit than withdrawal methods. Deposit via wire transfer, credit cards, Skrill, PayPal, Neteller, Fasapay, UnionPay, eProtection, mPay, etc., but withdraw only via credit card, Skrill, PayPal, and wire transfer. The broker does not charge any commission on deposits or withdrawals and processes withdrawals within 24 hours.
Customer Support
The customer support is available all the time during weekdays so you can call anytime. Besides the phone, you can also e-mail the support team, or chat with them via live chat which pops out immediately as you enter the FXOro website. The support team is multilingual, so you can check if it includes your native language.