Overview

FxOro is a Forex and CFD broker that provides a wide range of trading instruments, including Forex, CFDs, Shares, Commodities, and Cryptocurrencies. Founded in 2010, the broker operates under strict regulatory frameworks by both CySEC in Cyprus and the FSA in Seychelles. Known for its competitive spreads, the broker caters to retail and professional traders and offers access to platforms like MetaTrader 4 (MT4) and mobile applications for convenient trading.

FxOro Pros and Cons

Pros

• Competitive trading environment

• Low pricing structures

• Wide range of trading instruments

• MT4 platform available

• Strong regulatory backing (CySEC)

• Comprehensive educational resources with Trading Central

Cons

• No 24/7 customer support

• Lack of top-tier regulation in offshore entities

• Limited educational resources compared to some competitors

Is FxOro Safe or a Scam?

FxOro is a legitimate and regulated broker, operating under the regulatory authority of the Cyprus Securities and Exchange Commission (CySEC). The broker adheres to strict compliance standards and offers client funds protection by segregating them from operational funds. While it also holds an offshore license from Seychelles (FSA), which may introduce some risks, the CySEC regulation ensures that it is a safe choice for European and international traders.

Leverage

FxOro offers different leverage ratios depending on your jurisdiction. Retail traders within the European Economic Area (EEA) can access leverage of up to 1:30 for major currency pairs, as per CySEC regulations. International clients outside the EU can access higher leverage ratios, reaching up to 1:400, offering more aggressive trading opportunities.

Account Types

FxOro offers a range of accounts tailored to different trader preferences, including Fixed Spread, Floating Spread, and ECN accounts. The ECN account is specifically for clients trading within its European entity. Islamic accounts are available to meet the needs of traders who require Sharia-compliant trading conditions.

Instruments

FxOro offers a variety of instruments, including:

• Forex pairs

• CFDs on Stocks

• Commodities (e.g., Gold, Oil)

• Indices

• Cryptocurrencies (e.g., Bitcoin, Ethereum)

With over 800 available instruments, FxOro ensures a broad range of trading options, including Equity CFDs and Commodity CFDs, to cater to different types of traders.

Fees

FxOro’s fee structure is based on spreads and commissions, with specific conditions depending on the account type and asset being traded.

• Spread: For the Standard Account, spreads typically start from 1.2 pips on the EUR/USD pair, which aligns with industry standards.

• Commission: For the ECN Account, a commission fee is charged.

• Overnight Fees: As with most brokers, positions held overnight will incur swap or rollover fees.

Overall Fees Rating: 4.0/5 based on our comparison with over 1000 brokers.

Spreads

FxOro’s spreads are competitive, with floating spreads starting from 1 pip on the EUR/USD pair for Standard accounts. ECN accounts benefit from much tighter spreads, starting from 0 pips, but with commission charges. For commodities like Gold and Oil, spreads are also low, making FxOro an appealing option for traders focused on tighter trading costs.

Deposits and Withdrawals

FxOro offers multiple deposit and withdrawal options including bank transfers, credit/debit cards, and e-wallets like Neteller and Skrill.

• Minimum Deposit: The broker requires a minimum deposit of $100, which is relatively low compared to industry standards.

• Withdrawal Fees: FxOro does not charge fees for deposits, but withdrawals may incur a small fee, particularly for Skrill transactions or other payment methods.

• Processing Time: Withdrawals are generally processed within 48 hours, with funds typically reaching the trader’s account within 3-10 business days, depending on the method used.

Trading Platforms

FxOro provides access to the popular MetaTrader 4 (MT4) platform, which is known for its user-friendly interface, advanced charting tools, and automated trading capabilities via Expert Advisors (EAs). Additionally, traders can use mobile apps to trade on-the-go and access real-time market updates.

• WebTrader: The broker also offers a web-based platform for traders who prefer not to download software.

• Proprietary Platforms: FxOro’s Mobile App provides seamless trading from smartphones, further enhancing its user-friendly trading options.

Customer Support

FxOro’s customer support is available from Monday to Friday, with support through live chat, email, and phone. The broker’s responsiveness has been commended, although 24/7 support is not available.
Overall Support Rating: 4.2/5.

Education

FxOro provides various educational resources, including Trading Central for market analysis and insights. Although their educational section is beneficial for traders seeking market updates, it could be expanded with more structured learning materials like video tutorials, webinars, and more comprehensive courses.
Education Rating: 3.5/5.

Conclusion

FxOro stands out for its robust regulatory environment, competitive spreads, and diverse trading instruments. The broker offers a reliable trading platform in MetaTrader 4, a variety of account types, and a range of funding options that cater to different trading styles. Although its educational resources are somewhat limited, FxOro’s overall offering is solid, especially for traders familiar with Forex and CFDs. It’s a good choice for both beginners and professional traders looking for a reliable and transparent broker with competitive pricing and an excellent trading platform.

Recommended for:

• Beginners looking for a low minimum deposit

• Professional traders using MT4 and seeking tighter spreads

• Forex and CFD traders

• Traders who want competitive leverage