FXORO Review Of A CIF Forex Broker
FXORO, which is the Forex trading trademark name of MCA INTELIFUNDS LTD, is a Cypriot Investment Firm (CIF) located in Limassol, Cyprus. FXORO is one of the many Forex trading companies in the region that operates under the careful guidance and supervision of the Cyprus Securities and Exchange Commission (CySEC), which is the primary regulatory agency in the country that is responsible for maintaining the safe and smooth functioning of all non-banking financial companies operating in the region. The CySEC works according to a set of rules and regulations as prescribed by the European Markets in Financial Instruments Derivatives (MiFID) and the European Central Bank to ensure the safety of investors and to preserve the integrity of the European capital markets.
Recommended Forex Brokers
- Website: www.fxoro.com
- Support: +3220.127.116.1155
- MCA Intelifunds Ltd
- Petrou Tsirou 82
- Mesa Geitonia, 3076
Types Of FXORO Forex Trading Accounts
FXORO offers a combination of market maker and ECN account options, but the broker may have slightly more expensive account offerings than traditional Forex trading accounts. There are three different account options that FXORO clients can choose from, which include the FIX, FLOATING, and ECN Accounts. The FIX Account is reserved for traders that are looking for the cheapest account option, which requires at least $250 as the initial deposit. The FIX Account, as the name implies, is a fixed spread account that offers a minimum FXORO spread option of 2 pips. Of course, the spreads may increase for different currency pairs according to the market conditions, but expect the spreads to cost at least 2 pips at the best trading conditions. The FIX account may not offer any significant advantages for traders due to the high entry cost and the higher than average spreads, but the account does provide access to a maximum FXORO leverage of 1:400. The FLOATING Account is once again a slightly expensive account option with a minimum deposit requirement of $1000 for a maximum leverage of 1:200. The spreads may be deliberated as strictly average, as most currency pairs are quoted at 1.2 pips as the minimum spread. The ECN account is the pick of all accounts that has spreads starting from 0 pips, while the commissions are also competitive that start from $6 per lot round turn. However, the ECN account may be slightly out of reach for smaller retail traders, as clients will be required to invest at least $5000 as the initial trading capital. All three types of trading accounts do offer an option for opening a SWAP-free trading account for Islamic traders. FXORO clients can also make payments to their trading accounts through credit/debit cards, Skrill, Neteller, Wire Transfer, CashU, and ecoPayz. Nevertheless, the advantages end there, as the minimum account deposit requirements are marginally higher than conventional Forex brokerages, where $250 might be eligible for a real ECN account.
FXORO Regulatory Protection
As far as a trader’s welfare is concerned, FXORO has managed to satisfy the entire essential regulatory guidelines that are imposed by the CySEC on its FX operations. Once a client makes a deposit, FXORO transfers the entire amount to a segregated account to keep its own operating capital separate from its clients’ funds. Furthermore, CySEC has mandated a minimum capital requirement of €1 million to ensure that the broker can maintain its customers’ positions during any amount of market volatility. Your trading capital is also protected by the Investor Compensation Fund (ICF) that offers an insurance of up to €20,000 in compensation if a broker is subject to bankruptcy or other liquidation procedures. To prevent any broker frauds, the CySEC has also made it a priority to subject FXORO and all other regulated broker firms to routine audits, along with a special emphasis on creating a transparent operating standard for absolute clarity in a broker’s financial transactions.
Does FXORO Offer Any Promotions?
FXORO offers cash rebates and promotions related to loyalty bonuses for existing clients, but the broker does not support any deposit bonuses or any other types of free money that are directly related to opening an account. Most European Forex brokers avoid giving out bonuses due to regulatory restrictions and the issues that are common with brokers that offer extravagant bonuses to its clients. Nevertheless, the broker offers memorabilia, gold, cash rebates, and other types of gifts for clients that transact the required number of lots within a given period.
Reaching For Assistance From The FXORO Customer Service Department
FXORO seems to be committed to its approach to its clients, especially under the EU’s regulatory framework, which requires all regulated Forex brokers to offer the best customer service experience to clients. FXORO is free to indulge in cross-border sharing of services through its CySEC license under the European Economic Area Agreement (EEA), which requires the broker to address all client concerns on time. Failure to address any client issues may lead to regulatory sanctions from other European regulatory organizations, which may also result in hefty fines and cancellation of licenses. Therefore, as an investor, you can contact the customer service department through live chat, phone, or through email, and expect a speedy response for your queries.
FXORO Apps, Mobile Trading, & List Of Instruments
FXORO has embraced the MT4 as its main trading platform, which does offer a stable and reliable Forex trading environment for both retail and institutional investors. Professional traders have time and again chosen the MT4 over other conventional trading platforms due to the advanced features offered by the MT4, which are supported by the open-source community for EAs, indicators, and other charting options. Mobile traders can also download the FXORO mobile apps for smartphones and tablet devices through the dedicated iOS and Android versions of the MT4, or choose the WebTrader for accessing their account on the move. FXORO traders can access more than 60 different currency pairs, commodities, indices, and CFDs of shares from global financial markets for a grand total of 250+ financial assets. FXORO does not claim to be the best authority in the Forex market, but it makes a promise of a reliable and high-quality Forex service offering that requires the traders to take the minor steps towards achieving long-term profitability in the Forex markets.