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The WikiFX Score of this broker is reduced because of too many complaints!

FXORO

Seychelles|10-15 years|
Regulated in Cyprus|Market Making(MM)|United Kingdom European Authorized Representative (EEA) Revoked|Suspicious Overrun|Medium potential risk|

https://global.fxoro.com/en/

Website

Rating Index

Influence

Influence

A

Influence index NO.1

Italy 7.29

Surpassed 41.22% brokers

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Contact

+248 4671958
info@fxoro.com,cs@fxoro.com
https://global.fxoro.com/en/
Suite 3, Global Village, Jivan’s Complex Mont Fleuri, Mahe, Seychelles
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Contact number

English

+248 4671958

English

+44 2045864043

English

+44 2031290670

Italian

+39 06.948.01.326

Broker Information

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Company Name

MCA INTELIFUNDS LTD

Company Abbreviation

FXORO

Platform registered country and region

Seychelles

Company website
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WikiFX Risk Alerts 5
Previous Detection : 2024-03-28
  • United KingdomFCA (license number: 571351) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!
  • This broker exceeds the business scope regulated by Germany BaFin(license number: 126396)BaFin Non-Forex Licence Non-Forex License. Please be aware of the risk!

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FXORO · Company Summary

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

Feature Information
Registered Country/Region Cyprus
Found 2012
Regulation CYSEC/CNMV
Market Instrument Forex, CFD, Commodities, Shares, Indices, Cryptocurrencies, ETFs
Account Type Fixed spreads accounts and Variable spreads accounts
Demo Account yes
Maximum Leverage 1:400
Spread Fixed spreads accounts: 2 pips, Variable spreads accounts: 1.2 pips
Commission no
Trading Platform MT4
Minimum Deposit $200
Deposit & Withdrawal Method credit cards (Visa/MasterCard/Maestro), Bank Wire, and Globepay

General Information & Regulation

FXORO is the trademark of MCA INTELIFUNDS LTD (authorized and regulated by Cyprus Securities and Exchange Commission with Licence No. 126/10), a brokerage firm offering online Forex and CFD trading services, founded in 2012 with its administrative centre located in Limassol, Cyprus.

Here is the home page of this brokers official site:

home page

Is FXORO Legit?

Based on the information provided, it appears that FXORO, operated by MCA Intelifunds Ltd, is regulated by the following regulatory agencies:

  1. Cyprus Securities and Exchange Commission (Cyprus):

    1. License Type: Market Making (MM)

    2. License No.: 126/10

    3. Effective Date: 2010-12-21

    4. Website: www.fxoro.com, www.fxoro.it, www.tk.fxoro.co.uk, www.fxoro.ae

  2. Comisión Nacional del Mercado de valores (Spain):

    1. License Type: Retail Forex License

    2. License No.: 3065

    3. Effective Date: 2011-12-12

However, it's important to note that the information also indicates some regulatory concerns:

  1. Financial Conduct Authority (United Kingdom):

    1. The license has been revoked (current status).

  2. Federal Financial Supervisory Authority (Germany):

    1. The broker has exceeded the business scope regulated by BaFin (license number: 126396). Non-Forex license.

  3. Banque de France (France):

    1. The broker has exceeded the business scope regulated by BDF (license number: 74009). Non-Forex license.

regulation
regulation
regulation
regulation
regulation

Pros and Cons

FXORO is a forex trading platform that has garnered attention due to its user-friendly interface and wide range of available trading instruments. The platform offers a variety of educational resources and tools that can assist traders in making informed decisions. However, some users have expressed concerns about the platform's limited customer support options and the lack of transparency in its fee structure. Additionally, the absence of advanced trading features may be a drawback for experienced traders seeking more sophisticated tools. Overall, FXORO provides a trading experience with a decent selection of instruments, but its limitations in customer support and advanced features may deter some users.

Pros Cons
User-friendly interface Limited customer support options
Wide range of trading instruments Lack of transparency in fee structure
Educational resources Absence of advanced trading features
Mobile trading capabilities Limited research and analysis tools
Demo account availability Potential withdrawal delays
Multiple account types High minimum deposit requirements
Access to market news and updates Limited customization options
Limited integration with third-party tools

Market Instruments

FXORO offers traders access to popular trading products in the financial markets, including Forex, CFD, Commodities, Shares, Indices, Cryptocurrencies, and ETFs.

FXORO provides a diverse range of market instruments for trading, offering access to over 250 different assets. These instruments cover various markets, including indices, commodities, forex, cryptocurrencies, ETFs, and stocks.

Indices: Traders can speculate on 16 global indices, such as the S&P 500, FTSE 100, and ASX 200. This allows them to gain exposure to the overall performance of specific markets or sectors.

Commodities: FXORO offers 14 hard and soft commodities for trading, including gold, coffee, brent oil, and wheat. Commodities can serve as a hedge against inflation or provide opportunities for profit based on supply and demand dynamics.

Forex: With access to more than 60 major, minor, and exotic currency pairs, including GBP/USD, EUR/USD, and EUR/GBP, traders can participate in the largest and most liquid financial market in the world.

Cryptocurrencies: FXORO allows trading in 16 crypto tokens paired with USD, such as ETH/USD, BTC/USD, and DSH/USD. Cryptocurrencies offer opportunities for speculative trading and portfolio diversification.

ETFs: Traders can invest in 16 exchange-traded funds (ETFs), including popular options like Invesco QQQ Trust, iShares Russell 2000, and SPDR Gold Trust. ETFs provide exposure to a basket of assets, offering diversification benefits.

Stocks: FXORO provides access to over 70 leading European and American stocks, enabling traders to invest in well-known companies such as Walmart, JP Morgan Chase, Google, and Telecom Italia.

Market Instruments
Pros Cons
Diverse range of market instruments Volatility and risk in certain asset classes
Global market access and diversification opportunities Potential for losses due to market fluctuations
Profit potential in different market conditions Complexity of trading certain instruments
Opportunities in both traditional and emerging markets Impact of regulatory changes and geopolitical events

Account Types

There are two account options on offer on the FXORO platform: Fixed spreads accounts and Variable spreads accounts. The minimum deposit for starting a fix account is $200, which is in line with the sector standard. The broker also offers demo and Islamic accounts.

FIXED SPREADS ACCOUNTS:

For traders who prefer stability in costs, FXORO offers fixed spreads accounts. With this account type, the spreads remain fixed and do not vary, regardless of market volatility. You can benefit from leverage up to 1:400, a spread of 2 pips, full margin capability, and no commission charges. Additionally, there is an option for an Islamic account if required.

FLOATING SPREADS ACCOUNTS:

If you prefer variable spreads that can be as low as 0.3 pips depending on market conditions, FXORO offers floating spreads accounts. With this account type, you can leverage up to 1:400, enjoy a spread of 1.2 pips, and have access to Islamic account options. However, it's important to note that the floating spreads accounts have a stop-out level of 25%.

account-types

How to Open an Account?

To open an account with FXORO, follow these steps:

  1. Visit the FXORO website and click on the “Activate Your Account” button or a similar option to start the account creation process.

open-account

2. Fill in the required information in the provided fields. This includes entering your first name, last name, country (such as United States), phone number (including the country code), and email address.

3. Review and agree to the terms and conditions by checking the box indicating that you have read, understood, and accepted the Privacy Policy, Risk Warning, Terms and Conditions, and Order Execution Policy.

4.Optionally, indicate whether you agree to receive electronic communications from FXORO.

5. Double-check all the information you have provided for accuracy.

6. Click on the “Join” or a similar button to submit your account registration request.

open-account

Once your account registration is complete, you will typically receive a confirmation email with further instructions to verify and activate your account. Make sure to follow any additional steps as directed by FXORO to finalize the account opening process.

Leverage

The maximum trading leverage lever available is up to 1:400, which is considered to be a high ratio. FXORO, as a Cyprus-based broker, offering such high leverage, is rare to be seen. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads & Commissions

FXORO offers different types of accounts with varying spreads and commissions. The spreads on the Fix account are wider compared to the Floating account. For the Fix account, the spreads for EURUSD start at 2 pips, while for the Floating account, the spreads start at 1.2 pips. It's important to note that no commissions are charged for trading on either account.

In terms of commissions for depositing funds, if you choose Bank Wire Transfers, there is either no commission or a 4% commission, depending on the region. The specific commission rate will vary based on the region you are located in and the currency you are using for the bank wire transfer. For E-Wallets, specifically GlobePay, there is no commission charged for deposits made in USD.

Trading Platform

FXORO provides traders with the popular MT4 (MetaTrader 4) trading platform, which is widely used worldwide for charting and analysis. MT4 offers a user-friendly interface, advanced charting capabilities, and the ability to place orders and manage positions. The platform is fully customizable and supports automated trading. It is compatible with various devices, including Windows, Mac, Android, and iOS, allowing traders to access the platform from anywhere. FXORO's WebTrader is also based on MT4, providing full trading functionality on mobile devices.

trading-platform
Pros Cons
User-friendly and intuitive interface Limited information about specific platform features
Customizable according to preferences Lack of in-depth information on security measures
Secure platform with robust encryption protocols Limited information on mobile platform functionality
Fast and responsive execution No information on compatibility with other platforms
Advanced charting capabilities Lack of information on customer support options
Automated trading support Limited information on available trading tools

Deposit & Withdrawal

FXORO offers traders a variety of deposit and withdrawal channels, including credit cards (Visa/MasterCard/Maestro), Bank Wire, and Globepay.

The minimum initial deposit requirement is said to be $200. For any additional Withdrawal Request, a fee of $/€/£/₣10 will be charged, according to the trading accounts currency.

Your withdrawal request is processed within 48 hours and you will receive your money via bank wire or credit/debit card between 3-10 business days.

Deposit & Withdrawal

Bonuses & Fees

FXORO currently has three promotions:

Trade your volume for gold. If an FXORO trader has 1,000 transaction lots within 3 months, they receive gold bullion. To take part in this promotion, simply give your account number to your FXORO manager and ask him to take part in this promotion. Upon redemption, the gold bullion may be sent to your address, or, if you choose, you can transfer its value to your account.

Get more trading power. New users are welcomed with a 30% equity bonus-all you have to do is to create an account and deposit at least $200.

Receive Cashback. FXORO offers a maximum of 50% cashback on each batch of opened transactions.

The broker also charges some fees. After 3 consecutive months of non-use (“Inactivity Period”), and every successive Inactivity Period, an inactivity fee of $/€/£/₣25 will be deducted from the Customers trading account.

Trading Tools

FXORO offers three trading tools to assist traders in their decision-making process: Economic Calendar, News, and Trading Signals.

ECONOMIC CALENDAR: FXORO provides an economic calendar tool that displays upcoming economic events, such as economic indicators, central bank meetings, and other significant events that can impact the financial markets. The calendar includes information on the date, time, and expected impact of each event. Traders can use this tool to stay informed about key market-moving events and plan their trading strategies accordingly.

trading-tools

NEWS: FXORO offers a news tool that provides real-time news updates related to the financial markets. Traders can access news articles and reports covering a wide range of topics, including market analysis, economic developments, company announcements, and geopolitical events. This tool enables traders to stay updated with the latest market news, which can help them make informed trading decisions.

trading-tools

TRADING SIGNALS: FXORO also offers trading signals, which are generated by independent third-party sources. These signals provide insights and recommendations on potential trading opportunities in the market. It's important to note that these signals are not provided by FXORO itself and should be used cautiously. Traders can consider these signals as one of many factors in their decision-making process, but they should not solely rely on them as investment advice.

trading-tools
Pros Cons
Provides access to an economic calendar for important events Trading signals are not provided by FXORO itself
Real-time news updates for market analysis Trading signals should be used cautiously
Helps traders stay informed about market-moving events Independent third-party judgment can change without notice
Assists in planning trading strategies based on economic events and news -

Educational Resources

FXORO offers a range of educational resources to support traders in their journey. These resources include webinars, e-books, 1-on-1 trading sessions, and online courses. The aim is to provide comprehensive training and knowledge to help traders make informed decisions in the financial markets.

Webinars: FXORO conducts webinars regularly to provide up-to-date information on various topics related to financial markets. These webinars are led by industry experts and cover a wide range of subjects to enhance traders' understanding of market dynamics and trading strategies.

trading-tools

E-books: FXORO offers constantly updated e-books that serve as valuable resources for traders. These e-books cover a range of topics, from basic trading concepts to advanced strategies. Traders can access these e-books to expand their knowledge and improve their trading skills.

trading-tools

1-on-1 Trading Sessions: FXORO provides personalized 1-on-1 trading sessions to cater to the specific needs of individual traders. These sessions offer traders the opportunity to receive guidance and insights from experienced professionals, allowing them to enhance their trading strategies and techniques.

Online Trading Courses: FXORO offers both basic and advanced online trading courses. The basic course covers fundamental concepts, terms, basic strategies, and a glossary of trading concepts. The advanced course delves deeper into trading tools, strategies, and the use of the MetaTrader platform. These courses aim to provide traders with a comprehensive understanding of trading practices and techniques.

trading-tools
Pros Cons
Comprehensive range of educational resources No specific mention of interactive learning tools
Regularly updated webinars and e-books Limited information about the course curriculum
Personalized 1-on-1 trading sessions Limited information on the expertise of instructors
Basic and advanced online trading courses Lack of details on the duration of courses
Coverage of various trading topics and strategies No information on the availability of support after completing courses
Social trading feature for learning from experienced traders No mention of a structured learning pathway

Customer Support

FXORO provides customer support through various channels, including email (cs@global.fxoro.com, info@global.fxoro.com), phone (+2484671958, +442045864043, +442031290670), online chat, and a “Contact Us” form on their website. Traders can also find assistance through the FAQ section and connect with FXORO on social networks such as Telegram, Twitter, Facebook, Instagram, and LinkedIn. The company's physical address is Petrou Tsirou 82, Mesa Geitonia, 3076, Limassol, Cyprus.

customer-support

Reviews

Reviews on WikiFX for FXORO indicate potential issues and concerns raised by users. There are reports of alleged money fraud, scams, manipulation, and negative experiences with trading advisors. Traders have expressed frustration over losing their capital, difficulties in withdrawing funds, and feeling deceived by the broker. It's important to consider these reviews along with other factors when evaluating FXORO's reputation and making decisions about engaging with the platform.

customer-support

Conclusion

FXORO is an online trading platform that offers a range of financial instruments to its clients. One advantage of FXORO is its user-friendly interface, which makes it easy for traders to navigate the platform and execute trades. Additionally, the platform provides access to a wide variety of markets, allowing users to diversify their investment portfolios. However, there are some notable disadvantages to consider. FXORO has received criticism for its customer service, with some users reporting difficulties in getting timely and satisfactory support. Furthermore, the platform's educational resources are limited, which may pose challenges for novice traders seeking guidance and learning materials. Additionally, some users have raised concerns about the transparency of pricing and execution on the platform. It is important for traders to carefully evaluate these aspects before deciding to use FXORO for their trading activities.

FAQs

Q: Is FXORO regulated?

A: Yes, FXORO is regulated by the Cyprus Securities and Exchange Commission (Cyprus) under license number 126/10 and the Comisión Nacional del Mercado de valores (Spain) under license number 3065. However, their license with the Financial Conduct Authority (United Kingdom) has been revoked, and they have exceeded the business scope regulated by BaFin (Germany) and BDF (France) for non-Forex licenses.

Q: What market instruments can I trade with FXORO?

A: FXORO offers access to over 250 market instruments, including indices, commodities, forex, cryptocurrencies, ETFs, and stocks. You can trade global indices such as S&P 500 and FTSE 100, commodities like gold and oil, various currency pairs, cryptocurrencies such as Bitcoin and Ethereum, ETFs like Invesco QQQ Trust, and stocks of leading European and American companies.

Q: What types of accounts does FXORO offer?

A: FXORO offers two types of accounts: fixed spreads accounts and floating spreads accounts. Fixed spreads accounts have stable spreads that do not vary regardless of market volatility, while floating spreads accounts offer variable spreads that can be as low as 0.3 pips depending on market conditions.

Q: How can I open an account with FXORO?

A: To open an account with FXORO, visit their website and click on the “Activate Your Account” button. Fill in the required information, review and agree to the terms and conditions, and submit your account registration request. Follow any additional instructions provided by FXORO to verify and activate your account.

Q: What leverage does FXORO offer?

A: FXORO offers a maximum trading leverage of up to 1:400, which is considered high. However, it's important to be cautious and use proper risk management strategies when utilizing high leverage.

Q: What trading platform does FXORO provide?

A: FXORO provides the popular MetaTrader 4 (MT4) trading platform, known for its user-friendly interface, advanced charting capabilities, fast execution, and automated trading support. The platform is fully customizable and compatible with various devices, including Windows, Mac, Android, and iOS. FXORO's WebTrader is also based on MT4 and offers full trading functionality on mobile devices.

Q: What trading tools does FXORO offer?

A: FXORO offers an economic calendar to track important events, real-time news updates, and trading signals generated by independent third-party sources. These tools assist traders in staying informed about market-moving events, analyzing market trends, and planning their trading strategies.

Q: What educational resources are available with FXORO?

A: FXORO provides educational resources such as webinars led by industry experts, e-books covering various trading topics, personalized 1-on-1 trading sessions with experienced professionals, and online trading courses for both basic and advanced learning. These resources aim to enhance traders' knowledge and improve their trading skills.

Frequently Asked Questions (FAQs)

Q 1: Is FXORO regulated?
A 1: Yes. It is regulated by Cyprus Securities and Exchange Commission (CYSEC) and Comisión Nacional del Mercado de Valores (CNMV).
Q 2: At FXORO, are there any regional restrictions for traders?
A 2: Yes. FXORO offers its services to clients from all over the world who have reached the age of 18 years and reside in a country where trading the financial markets with an international broker is not prohibited. They do not provide trading services to clients based in the USA.
Q 3: Does FXORO offer demo accounts?
A 3: Yes.
Q 4: Does FXORO offer the industry-standard MT4 & MT5?
A 4: Yes. FXORO supports MT4.
Q 5: What is the minimum deposit for FXORO
A 5: The minimum initial deposit to open an account is $200.
Q 6: Does FXORO charge a fee?
A 6: Like every forex broker, FXORO charges a spread fee but no commissions. It also charges an inactivity fee of $/€/£/₣2 after 3 consecutive months of non-use.
Q 7: Is FXORO a good broker for beginners?
A 7: Yes. FXORO is a good choice for beginners because it is regulated well and offers various trading instruments with competitive trading conditions on the leading MT4 platforms. Also, it offers demo accounts that allow traders to practice trading without risking any real money.

User Reviews

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Comments

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Mandheling
3-6months
Unable to initiate a withdrawal, and customer service hasn't addressed the issue. Depositing and trading activities are functional, but withdrawal requests are being ignored. The total amount in my account, which includes both principal and profit, is just a few hundred dollars, but withdrawal remains unattainable.
2024-01-15 12:37
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0
0
Alex 917
0-3months
There are shortcomings in providing a satisfactory trading environment and prompt customer service. The lengthy waiting times for assistance and the current inability to access their website have made executing trades or managing my account significantly more difficult. This has left me with a negative perception of the broker, and I would not suggest it to fellow traders.
2024-01-12 14:15
Reply
0
0
Sohelmollah11
3-6months
Not Bad
2023-11-03 16:17
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0
0
Raffaele
3-6months
Illegal consultancy According to the regulation, signed by me, Fxoro "does not offer financial advice or guidance to customers". Then this account manager (call center operator) Davide Antona of Fxoro acted illegally. For this reason I presented an official complaint to the Fxoro complaians who only offered me 12,000 euros and which I refused. I will submit an official complaint to the financial ombusfman of Cyprus if Fxoro does not refund my entire capital (21,000 euros).
+1
2023-10-20 23:21
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0
0
FX1283767917
more than one year
Trading with FXOPRO for many years, and it always make me feel reliable. It is like a good friend. FXORO’ customer service is unparalleled, always here to help me fix problems. I guess it is difficult for me to find a better one.
2023-02-24 13:58
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0
0
A葉子
more than one year
Hey guys! Thanks for the excellent customer service and great platform! Nice and easy-to-use service. Good interface, and many trading pairs. I love it and recommend it!
2023-02-16 11:19
Reply
0
0
free48279
more than one year
don't believe this so called forex broker, i don't know why this scammer can keep trading for more than a decade. keep an eye out so you don't lose money!
2023-02-13 15:43
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0
0
FX1023329039
more than one year
DON’T TRUST FXORO! DON’T OPEN AN ACCOUNT here. Their spreads are so high and totally manipulated. They use good return to seduce you, said if you put 200 euro, you would earn daily 20 euro more or less. Stay away from their website, they will probably scam you!
2022-11-18 18:25
Reply
0
0
Oscar1410
more than one year
They are a SCAM, I was with Eduard Mendez and JUAN V and they are both scammers, thieves and liars, they are a thief broker who hides behind the fact that they sponsor Roma to steal from people, they tell you to help you and that they don't that "you win, they win", but what they really mean is "what I make you lose, you win", they are thieves, scammers, a thief company that is only interested in stealing your money.
2022-11-16 22:41
1
0
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金庸小迷弟
more than one year
SCAMMER BROKER!! CONSUMMATED LIAR!! Stay away! Now I still have more than 3000 US dollars in my account that I can't withdraw and I get scammed by everyone
2022-11-16 19:14
1
0
1
何 璞
more than one year
So many fees make me confusing...i regret investing in this broker...withdrawal is also too slow...i have requested a week ago.but now i havent see my money..i hate waiting and waiting..always.when can i get my money back?
2022-11-16 18:17
Reply
0
0
Oscar1410
more than one year
THEY ARE THIEFS!!! He is a bad broker. they are scammers and thieves, I will give my experience: the idea of helping you invest is "good"; tells you "what you earn, I WIN", that they do market analysis and that together "we all win", but then they give you bad advice, bad signals, and when you least feel it, all your money goes, I leave “EXECUTIVES” contacts; thieves Eduard: mendez.g@fxoro.com A SIDOSO, JUAN: juan.v@fxoro.com, the most bastard and lying guy you can meet.
2022-11-12 02:00
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0
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