The financial markets have always been notorious for the money making opportunities they have to offer. There are thousands of people across the world who have managed to accumulate a great deal of wealth, primarily through their career in these markets. But, even though people have been trading in these markets for decades, it wasn’t always easy to establish your career in this space. In the old days, trading involved dedicating your entire time to it because you had to venture out in search of a broker and spend time with them in order to identify opportunities and make your trades.
It was a lengthy and time consuming process and you had to have a great deal of knowledge and understanding in order to succeed. But, the 21st century brought about changes due to technological progress and the use of the internet. Every industry evolved and changed and these markets also had to do the same. This resulted in the introduction of online trading, which has now become a global phenomenon. Today, millions of people all over the globe are trading in these markets and have access to a horde of instruments that they buy and sell for profits.
But, the most important thing to know about online trading is that it has made access to the financial markets incredibly easy and simple. You don’t need to commit yourself fully in order to trade in any market and you don’t have to have any prior knowledge or skill either. Moreover, there is no longer any requirement for you to have access to a massive capital in order to begin because there are no much restrictions that exist any longer. As long as you are above 18 and have access to a small sum of money, you can dip your toes in the trading world.
Your background is not going to be relevant here, but in order to unlock the door, you do need to have an online broker. Indeed, brokerages are still an important part of the trading journey and they can play a vital role in your experience as well because they are responsible for providing the platform and the environment to anyone wishing to trade in the financial markets. Due to the shift towards online trading, there has been an increase in the number of companies offering their trading services. A quick search will tell you that there are numerous options to be found.
Nevertheless, you have to remember that quantity doesn’t necessarily mean quality. Just because there are many brokerages in the market doesn’t mean that each of them can provide you the same level of services and features that are needed for trading. As a matter of fact, you have to be extremely cautious because this space has also been infiltrated by cybercriminals and there are some shady brokers that can be found. Signing up with any such company means you will be left vulnerable and could end up being scammed. Obviously, this is not something you wish to experience.
Hence, you have to proceed with caution and take a close look at the company before you decide to use their services. One of the various options that you will discover when you are searching for a dependable brokerage is FXORO, which is a registered and licensed firm that is offering its services globally. They are offering a range of trading instruments and catering to traders from all backgrounds, which has helped the company in attract a large number of clients. But, this doesn’t mean that you shouldn’t do your research and take a close look at their offerings.
In fact, it is better for you to do so in order to ensure that FXORO’s services can cater to your needs. Let’s get started and see what they are offering:
Broker — FXORO
Website — https://global.fxoro.com/en/
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)
Parent Company — ORO FINTECH LTD and MCA INTELIFUNDS LTD
Regulatory Status of FXORO
First things first, you need should never opt for a broker without knowing their regulatory status. There are both regulated and unregulated companies in the market that are offering their trading services, but the fact is that the former are more reliable than the latter. Regulated companies are monitored by third-party organizations and follow a certain set of standards and rules that ensure you can get quality services and your rights are protected. The same cannot be said for unregulated firms that can come up with their own rules and don’t really answer to anyone.
In this regard, FXORO will come off as quite impressive. The first thing you should know is that FXORO was founded by ORO FINTECH LTD, which is based in the Republic in Seychelles. Thus, the company is regulated by the Financial Services Authority (FSA) in the country and they have also provided the license number on their website, which you can use for verifying their status. Apart from that, the brokerage also offers its services through FXORO Europe, which was founded by MCA INTELIFUNDS LTD. This European entity is regulated by the Cyprus Securities and Exchange Commission (CySEC).
The fact that FXORO is regulated by more than one authority and by some of the prominent ones in the world is highly reassuring and confirms that it is an authentic brokerage that can offer impeccable trading services to everyone. This kind of regulation means that the company follows the highest standards and complies with all rules and regulations to offer transparent and professional services to its clients. It can give you peace of mind that FXORO will not just disappear overnight and will not try to exploit you in any way.
Asset Index of FXORO
After you have determined a broker’s regulatory status and reassured yourself that they are a legitimate firm, it is time for you to take a look at their asset index. After all, doing this will tell you if they can provide you with the trading instruments you wish to invest in. Some people have specific assets in mind that they want to trade, while others are simply interested in variety because they want to be able to diversify their investment portfolio. No matter what category you fall into, it is best to know what assets you can trade at FXORO.
When you check out their index, you will be pleased to see that they are providing their clients access to a wide array of instruments. Not only will you be able to find the instrument you want to trade, but they also have enough options to help people in diversifying without any problems, thereby helping them reduce their risks. Some of the assets you can trade with FXORO are:
Forex: Known as the biggest financial market in the world, the forex market is full of currency pairs that you can trade. At FXORO, you can trade more than 60 currency pairs, 24 hours a day and five days a week. These include major and minor currency pairs, along with exotic options, such as EUR/USD, GBP/USD, USD/CHF, AUD/NZD and USD/JPY. The broker offers stable prices, deep liquidity and low spreads and doesn’t charge any commission.
Indices: Based on the indices of common stocks, the equity index market is a very lucrative one and they can come in handy for avoiding the volatility in the stock markets. FXORO has added some of the top indices to their platform, which include NASDAQ 100, the S&P 500, DOW JONES, FTSE 100 and more.
Commodities: Traders who are looking for a stable instrument will find commodities to be the perfect choice. There are different kinds of commodities available, both soft and hard options that you can explore. Soft commodities refer to agricultural products, such as coffee, sugar, cocoa, corn and wheat, whereas hard commodities include precious metals like gold, silver and copper. You can also trade energies, like natural gas and crude oil on the FXORO platform.
Stocks: One of the most prominent financial markets is none other than the stock market and when you decide to use FXORO, you will be able to trade some of the leading stock CFDs without any problems. You will get instant access to markets including the USA, UK, Asia and Europe and be able to trade stock CFDs of some of the biggest companies in the world, such as Google, Apple, Amazon, Netflix and Facebook.
Cryptocurrencies: Last, but certainly not the least, FXORO has kept up with the market trends and has added the most popular asset category nowadays i.e. cryptocurrency. These digital currencies have surged significantly and more and more people are interested in trading them. You can find some of the leading market options, such as Bitcoin, Litecoin and Ethereum on this platform.
Trading Platform of FXORO
Perhaps the most vital feature that any broker can offer to you is their trading platform. This refers to the software that is to be used for executing your trades in the financial market and monitoring the movements. Most of your time will be spent using this software and it also provides you with the tools needed during trading. Thus, if the platform is lacking in any regard, it could result in an uncomfortable and difficult trading experience. In fact, it can even lead to losses because a platform that’s too slow or lags frequently will not enable you to take advantage of quick market movements.
As FXORO is well-aware of the importance of this platform, they have chosen to offer their clients the gold standard i.e. the MetaTrader4. The MT4 is the most popular trading platform in the market and is the top choice of professional traders because it is a comprehensive solution that can fulfill every trader’s needs. It is capable of offering instant trade execution, which means that you will be able to tap into even the smallest market movements and see results in real-time. One-click trading also simplifies the overall trading process and ensures that you don’t need to worry about a learning curve.
Thanks to its intuitive user interface, the MT4 is easy to use for every trader, whether they are a beginner with no prior experience or a seasoned trader who knows what they are doing. Not only is it responsive and fast, but also provides multi-language support, which also comes in handy. Traders can also benefit from automated trading and the platform is fully customizable, which provides you the room to navigate easily. Apart from that, it also boasts advanced charting capabilities and is equipped with some of the most impressive trading tools that are offered in the market. Its trading signals are second to none, as are the risk management features.
In order to give its clients flexibility, FXORO has added various versions of the MT4 to their offerings. You have the option of downloading the desktop version, which is available for both Windows and Mac, on your PC. If you do not want to be restricted to one device for trading, you can opt to use the WebTrader, which is accessible through the broker’s website. This version of the MT4 doesn’t have to be downloaded and you just need a browser and an internet connection to access it. Lastly, as more and more traders prefer to trade on the move nowadays, FXORO has also added the MT4 mobile apps to their offerings.
You can find an app for both iOS and Android devices and can download it within minutes. The apps are just as powerful and well-equipped, as their desktop and web counterpart and enable you to trade from anywhere.
Account Creation and Options of FXORO
In order to use any online service nowadays, you are asked to open an account and the same is applicable in the case of a broker. You need to register on their platform first and then open an account with them as per your preference. The registration process begins when you visit the FXORO website and click on the Register button on the top left. When you do so, it will open up a short form that asks you to complete some basic details. You have to provide them with your first name and your last name, an email address, your country and a phone number.
Fixed: The Fixed spread account is one where spreads are fixed all the time, which means that you don’t have to worry about market volatility when you are trading. Since this eliminates the risk associated with trading, this account is a good option for beginner traders who don’t have a lot of knowledge and need some security. But, the fixed spreads do come at a cost i.e. they are on the higher side. The spreads for this account begin at 2 pips. But, you will not be charged any additional commissions here and the maximum leverage that is offered is 1:400. Full margin capability is also provided to account users.
Floating: The Floating spread account is the second option that you will find at FXORO and this one is more suitable for seasoned traders because this one doesn’t have fixed spreads. They tend to vary, which adds risk back to the equation. The spreads begin at 1.2 pips, but they can go as low as 0.3 pips, depending on the conditions of the market. For this account, the leverage is reduced to 1:200, but no commissions are charged here either. The stop out level for this account is set at 25%.
ECN: The last account option that you will come across on FXORO is called the ECN account and this one is deemed more suitable for advanced traders. This account comes with leverage of about 1:100 and the spreads are lowest here, as they start from 0 pips. However, you should be aware that a commission of $6 per trading lot is charged here and the stop out is at 50%.
It should be noted that Islamic account options are also available for all accounts in order to make it easy for Muslim traders. These are swap free accounts and you can open them if you wish.
Deposits and Withdrawals of FXORO
After you have taken a look at the account choices and have decided which one you want to open, it is now time for you to move onto how you can make your deposits and withdrawals. After all, the only way you will be able to trade in the market is by depositing some funds. The minimum deposit amount that’s required by FXORO is €200, but how do you make it? The good news is that a variety of methods have been added by the company to facilitate their clients in regard to deposits and withdrawals.
They have added the traditional option of bank wire transfer for those who prefer this, but if you are looking for more modern solutions, FXORO has accommodated you as well. They support debit and credit cards, including VISA and MasterCard. They have also added some of the e-wallets that have gained a lot of popularity nowadays, such as Skrill and Neteller. It is up to traders to decide which method they wish to use for both deposits and withdrawals and opt for the one that seems most convenient and easy to them.
Customer Support of FXORO
When you are taking a close look at the offerings of a broker, it is recommended that you do check out what kind of customer support they provide. During your trading journey, there is a possibility that you will have questions, or you may even encounter problems when you are using a company’s services and you will need assistance. If support is not available, it can create additional problems for you because your trading will come to a halt and you might even have to face losses.
You want to avoid that and so, checking the customer support offered by FXORO is of the utmost importance and not something to be taken lightly. You will come to know that they have first added an FAQ (Frequently Asked Questions) section to their website, where they provide answers to questions asked by most clients. If you don’t find your answers there, you can reach out to their support staff who are available 24/5 to assist you in every way possible.
But, how do you get in touch? For this matter, FXORO has added a number of channels that you can check out and opt for the one that seems most suitable for you. For instance, if you have an urgent query that requires immediate assistance, you can use the phone number provided on their website or opt for the live chat option available. There are several phone numbers available for different queries and complaints. If it is not that urgent, you can send in an email to the broker’s team, or you can fill out the contact form on their website and schedule a callback.
After you have assessed FXORO’s services carefully, you can sign up with them and begin your trading journey.