FXORO is a broker that offers multiple account types so the clients can choose between the fixed and floating spread. Users find it difficult to choose and very confusing. The account types are all commission-free except the ECN one. In addition, this broker offers swap-free services which are compliant with the Sharia law for Muslim investors.
The company was established in 2012 and now has more than 60 currency pairs as well as commodities CFDs on the MetaTrader4 platform. According to the users, the online platform is very slow and the trading is very difficult to conduct. FXORO is actually the brand name of the MCA Intelifunds LTD. The negative balance protection of the broker is a binding policy that guarantees the users’ accounts not to go into minus but several customers complained that this is not the case.
In order to open an account with FXORO, the traders have to invest a minimum of $200 which is a relatively high amount. There are other brokers that charge way less such as XM an FXTM that demand just $5 from its clients. The spreads offered on FXORO are commission free and they are both averages. 2 pips fixed and 1.5 pips variable for the EUR/USD pair. The ECN spreads, on the other hand, are really tight which is 0.6 pips on EUR/USD. There is also a commission of $6.
The maximum leverage level offered by FXORO is 1:400 which is a very high ratio. FXORO also offers its clients the standard forex market trading platform METATrader4 which is available for mobile and desktop version which both are reportedly slow and inefficient.
The website is available in English, Italian, Turkish and Romanian but also in Arabic languages, so the customer support, in theory, should work perfectly. Clients, however, complained about the lack of specialty and knowledge when it comes to solving a problem. There are also some international phone numbers related to the company which is supposed to help the clients in need.
The company offers many payment methods including credit and debit card payments but also Skrill, Neteller, and CashU. The clients can choose the payment method when they open their account. There was no detailed information about the deposits and withdrawal fees without opening a live trading account. The withdrawal requests usually take up to 5 days to complete and the bank wire transfers are charged $20 fee by FXORO.