FXORO is a brokerage firm registered in 2012 in Cyprus. While operating under the CySEC umbrella, the company decided to open an offshore entity in Seychelles. There were many complaints, even regulatory bans on this part of FXORO.
If you want to learn more and keep your money safe, we urge you to read this FXORO review until the end.
In addition to the Cypriot office, the company has a branch in Romania, which is particularly interesting considering a regulatory ban we’ll discuss later on. Furthermore, we have a display of all the FXORO licenses in the EU, along with a license number from the UK FCA. Note that this company is no longer under FCA supervision and has been removed from the regulatory register.
There have been many complaints regarding the offshore entity, which has led to regulatory warnings.
FXORO is a CySEC-regulated trading brokerage with an entity in Seychelles. The offshore part of the firm was blacklisted in Romania and Poland.
Our analysis of SimilarWeb traffic results showed that the company saw a significant increment in traffic, going from 19,000 in January 2023 to over 98,000 in February. According to our research, the majority of customers come from:
The firm has a designated domain for UAE clients, fxoro.ae. However, it’s currently inaccessible due to error 22. You should be aware that this broker is not registered with any of the regulators in the country, and their CIF status allows them to provide services in Saudi Arabia and Turkey but not the Emirates.
If you turn to Trustpilot, one of the most credible review websites, you will find FXORO rated average. At the top of the page, you’ll also find a warning regarding fake reviews that have been removed.
It’s pretty unusual for a regulated broker to use such deceptive tactics to lure clients into investing. Be careful and check if you’re covered by a CySEC or an offshore regulation.
One undoubtedly good thing is the FXORO trading platform. The company offers MT4, acclaimed online trading software with millions of users.
The platform enables one-click trading, charts and indicators, EAs, social trading, and more. Whether you’re a seasoned investor or a newbie, this software is satisfying.
Along with MT5, MetaTrader takes the largest share of the market. Besides all the advanced functionalities, it’s customizable, meaning you can set it up according to your own needs. Furthermore, you can install various add-ons and elevate your trading.
The software is compatible with nearly any device, from Windows and macOS to Android and iOS.
Note that we have no information regarding the platform on the offshore site. Hence, we can only assume it’s the same as for the Cypriot entity.
As mentioned, MT4 has dedicated mobile apps. You can download Android and iOS versions, log in using your account credentials and access your trades quickly and conveniently. You will find links for all devices on the broker’s website.
This trading brokerage offers trading in 6 asset classes, those being:
Depending on the FXORO account type, you can expect to pay different commissions.
There are no fees for the Fix and Floating Spread accounts, but the spread starts from 2.0 and 1.2 pips, respectively. For the ECN one, there are no spreads, but you can expect to pay a commission of $6 per lot. Additionally, you will pay swaps unless you register for an Islamic swap-free account.
Once again, these costs are displayed on the CySEC-regulated website, while we know nothing about offshore costs.
With a CySEC-regulated entity, you can choose from one of the 3 accounts:
The first two accounts are available for offshore trading, while ECN is not.
The main difference is in spreads and fees; we see no minimum deposit. It’s odd for a regulated broker not to display how much you must pay to register an account. This information cannot be found with any of the entities, making us suspicious.
You can choose a risk-free account and test the broker system. However, we found no information about FXORO Demo. The company doesn’t say how much money you can get or which account will be simulated upon registration.
All you know is that you’re given access to MT4 and can open trades free of charge. It’s a pretty lousy bargain, considering you can get the same on the MetaQuotes website without providing your personal information to any brokerage house.
We found several payment options for FXORO withdrawal, those being:
According to the website, the first three monthly withdrawals are free of charge, while any additional payout will be charged 10 EUR/USD/GBP/CHF.
To get a withdrawal, clients must meet specific criteria, including having sufficient balance for the margin, providing all the necessary documents, and more. The brokerage will then process the request within five business days.
If you’re experiencing issues with your FXORO account, let us know. Global Fraud Protection has the means to assist clients in such situations.
We’ll evaluate your case during a free consultation to check whether you can request a chargeback and contact the authorities. If so, we’ll help you with the process. Remember, you’re not alone!
FXORO is a broker with two entities, one of which is offshore. In case of any trouble with your account, we may be able to assist.
Yes, FXORO offers a risk-free Demo account without specifying how much money you can get.
Your fund safety mainly depends on the entity. With CySEC, you have a compensation fund of up to 20,000 EUR, while there’s no such option with an offshore entity.
FXORO is a broker with two entities, one of which is offshore. In case of any trouble with your account, we may be able to assist.
Yes, FXORO offers a risk-free Demo account without specifying how much money you can get.
Your fund safety mainly depends on the entity. With CySEC, you have a compensation fund of up to 20,000 EUR, while there’s no such option with an offshore entity.
The post FXORO Review 2023 – What You Need to Know About Its Blacklisted Broker appeared first on Global Fraud Protection.
