The financial market is one of the oldest investment opportunities around. This is because, since its inception, it has continued to provide huge opportunities, offering financial success and transforming the lives of investors and traders.
Aside from these alluring opportunities, the current economic situation; increase in inflation, and high cost of living have seen people look for other sources of income and thereby turning to the financial markets.
As abundant as these investment opportunities in the financial market, entry is not restricted to anyone provided they are above the minimum age requirement of 18 years. It is important to note that as much as these factors seem to be very attractive, the financial market is not without its risks. This is why traders and investors are always warned about the high volatility and risks involved in the financial market.
As an investor, you must have it at the back of your mind that huge losses can be made as much as huge returns can be earned in the financial market. To be able to curb these losses, you must then have some level of experience and a good broker to assist you in your financial journey.
Through the digitalization of the trading space, traders with little experience and small investment capital can now look to invest in the financial market and make it big. The world of trading is now open to all kinds of traders all thanks to online trading
This advancement has made investors and intending investors have access to trading opportunities at their fingertips. Hence, investors can execute trades in the comfort of their offices and homes.
How do traders then start investing in the financial market? Before any investor can venture into the financial market, he or she must register with a certified exchange platform. This is because exchange platforms are gateways into the trading market. They primarily assist traders and investors by offering various trading tools, features, and services that facilitate traders to begin their trading pursuit.
The number of exchange platforms available to traders in the financial market is so numerous. A simple google search makes available tons of exchange platforms claiming to provide the best offerings to traders. This is not usually so as there are lots of scam exchange platforms. Hence traders need to do some research before choosing an exchange platform as this decision can make or mar you; it is the difference between succeeding financially or losing all your investments in the financial market.
To know if an exchange platform is legitimate, comprehensive research must be carried out on the primary features the exchange platform is offering. Only then can an informed decision be taken on which exchange platform is best suited to meet your trading needs.
Talking about the few legitimate exchange platforms in the financial market, FXORO comes to mind. We’ll be putting together a complete review of the services, features, and benefits offered by this exchange platform. The objective is to provide an honest analysis of the workings and operations of FXORO so you can decide whether or not to trust the exchange platform with your investments.
|Account option||Variable Spread Accounts, ECN Accounts, and Fixed Spread accounts.|
|Trading platform||MT4 and Mobile App|
|Payment method||Wire Transfer, Debit and Credit card, and E-wallet|
|Leverage||Up to 1:400|
|Customer service||Online support form, Telephone, and Email|
FXORO is a regulated exchange platform that provides reliable access to the financial market. It was established in 2012 as an associate of MCA INTELIFUNDS LTD, a financial company having its headquarters based in Limassol, Cyprus. To ascertain its credibility, the company is regulated and licensed by the Cyprus Securities and Exchange Commission (CYSEC).
FXORO was established to create a direct and creative approach to the trading world. It strives daily to provide its clients with the best trading conditions in the financial markets. FXORO does this effortlessly by researching new tools, investing in advanced trading technology, and training both investors and its agents.
FXORO has seen a lot of growth since its inception and has come to be one of the top exchange platforms playing a prominent role in the financial market. Today, FXORO has come to be the go-to platform for all investors and traders looking to work in a trading atmosphere that is simple, direct, effective, and customer-oriented.
To better have a clearer picture of what FXORO is offering to its clients, let’s have a closer look into its primary features and services that makes it exceptional.
- Security Protocol
As an investor, be it a newbie or an expert, one of the things you don’t want to make any compromise for is the security of both your investment and personal information. The online world is dangerous and full of hacks and numerous cyber attacks and that is why the business of providing security is a serious one and FXORO takes it as such.
The FXORO has established a decent encryption protocol on its website making sure all information provided is properly encrypted and safe against cyberattacks from hackers.
Asides from the encryption of information, FXORO also makes sure that investors’ and traders’ trading accounts are segregated. This implies that investors’ accounts are kept separate from the broker’s account. You should want to get a broker offering segregated accounts so that if the broker comes under investigation and its account gets frozen, you will still have access to your money kept safe in another account. This is the assurance that comes with signing with FXORO; that your investments don’t get mixed up with any of their financial situations.
Furthermore, as mentioned earlier, FXORO is regulated and licensed by the Cyprus Securities and Exchange Commission (CYSEC), which further proves that the exchange platform is adequate enough to provide the necessary security for your investments. To further strengthen its security status, FXORO’s operations are also insured by the Investor and Compensation.
FXORO is also in compliance with other regulatory agencies such as CMNV, FCA, BaFin, CONSOB, and AMF to ensure the safety and protection of clients’ funds.
- Trading Options
Diversification of investment is one of the many ways to manage risks in the financial market. It is a strategy all traders must learn to become successful. Diversification entails trading assets of different classes to help distribute risks. What this signifies is that with diversification, a loss in a trading asset does not translate to a loss of your entire investments. This is the technique traders and investors use in curbing huge losses. However, traders can only diversify when they have sufficient trading assets accessible for trading. This vast diversification is what traders get when they register with FXORO.
The exchange platform offers its clients five various asset classes in the financial markets. Traders can trade forex, commodities, stocks, cryptocurrencies, and indices. Hence, there are more than enough options available to traders to diversify their investments and minimize trading risks. Let’s have a look at each of these trading classes.
Forex is short for Foreign Exchange. It is a market that consists of numerous currency pairs traded against each other to make profits. The foreign exchange market sees a trade of more than £4 trillion each day presenting vast opportunities for all traders. Investors can make the best out of this market that is accessible on a 24/5 basis.
FXORO as an exchange platform makes available 60 currency pairs (both major and exotic currency pairs) to its clients to make the best out of. Some of the currency pairs offered include EUR/USD, GBP/USD, USD/CAD, EUR/GBP, and USD/JPY.
Commodities are raw materials utilized to create a comfortable world. This includes metals(gold), agricultural products (corn), and energy (oil). Commodities are primarily the building blocks of the world’s economy. A commodity must be liquid, deliverable, and tradable. Some of the commodities offered by FXORO are Gold, Oil, Copper, NGAS, and Platinum.
One of the most common investment assets among traders and investors is the equity index. It is one of the valuable assets used in risk management during fluctuations of the stock market due to high volatility. The equity index is established on the indices of traditional stocks offering practical hedging tools for hedging equity to traders. Some of the Indices offered by FXORO include IT40, US500, US30 NAS100, and GER30.
The cryptocurrency market is the latest in the financial market and it seems to be catching the attention of a lot of investors. Its high prospect of yielding high returns is its primary attraction. With traders looking to invest in cryptocurrency, FXORO then decided to list the major cryptocurrencies traded in the crypto market. Traders signing up with FXORO can trade Bitcoin, Litecoin, and Ethereum on the exchange platform.
- Trading Platform
An incredible trading experience is one of the features a trader must request from a broker; it is second to none. And this is what FXORO is offering its clients. The trading platform is developed on the MT4 model structure to give users a remarkable trading experience.
FXORO understands the need for investors and traders to have a smooth, hitch-free operation while trading, and this is why they have made use of the MT4 trading platform. It is very safe, integrated with impressive charting tools and various significant drawing tools.
Traders can make use of auto trading on the MT4 trading platform. This is made possible as a result of the already installed indicators that allow expert consultants. MT4 also enables sharp chart trading while offering several language options.
Clients can easily download the MT4 trading platform on FXORO’s website for free. It’s simple, secure, and rapid. For clients who are always on the move, the exchange platform went further to develop a mobile app. The mobile app can be downloaded on both Android and IOS devices.
Exchange platforms offering leverages on trades is absolutely normal. The significance of leverage is to enable traders to enter big trades even when their trading account doesn’t have sufficient funds. Leverage is basically your broker lending you some money to enter a big trade. Nonetheless, there are consequences to this; losses during trade executions will be heightened as a result of the leverage offered.
FXORO offers to protect its client from these losses by offering negative balance protection. With this protection, clients don’t have to worry about a negative account balance during trade executions.
FXORO offers various leverages depending on the trading account clients register for. The leverage ranges from 2:1 to 30:1 for retail clients and a maximum of 400:1 for expert traders. The leverage offered is dependent on the trading asset being traded.
- Account Options
Generally, most exchange platforms offer three to four different trading accounts to accommodate the various needs of different kinds of traders. FXORO is not an exception.
The trading platform offers three basic types of trading accounts. The term “basic” is used because each of the account types also has an Islamic version, which is made accessible to those who meet the laid down requirements.
The three accounts offered by FXORO include the Variable Spread Accounts, the ECN Accounts, and the Fixed Spread accounts.
The Variable Spread Account
With this account, the spread charged is dependent on market volatility. On average, spreads begin from 1.2pips and can go as low as 0.3 pips on specific trading assets. The maximum leverage made available on this trading account is 1:200 and traders do not have to worry about any additional commission being charged.
The Fixed Spread Account
With this trading account, the spread charged is fixed, thereby eliminating the risk factor of market volatility. Although this arrangement isn’t without its consequences; the spread charged is on the high side starting from 2 pips.
The maximum leverage made available on this trading account is 1:400 and traders do not have to worry about any additional commission being charged
The ECN Account
This trading account is intended for expert traders looking to invest huge capital. The spreads on the ECN account begins from 0 pips, however, a $6 commission is charged per lot. The maximum leverage available to traders is set at 1:100 having a stop-out also set at 50%.
- Bonuses and Promotion
Exchange platforms employ various marketing techniques to motivate investors to continue to trade and promote their services. FXORO not being excluded came up with bonuses and promotions offering incredible rewards to clients who can make referrals.
Clients can pick up a referral form to register their friends and family. The referral form consists of last name, first name, email address, the referred’s country, and telephone number. After registration, a deposit ranging from $300 to $1000 sees that the referral gets a reward of $100.
The referral friends form contains the name first name, last name, telephone number, email address, and country of the referred person’s details, And a deposit between $300 and $1000 can claim a $100 reward.
A deposit of more than $1000 but smaller than $2500 gets a reward of $200. Likewise, deposit more than $2500 but less than $10,000 also gets a reward of $350. Finally, deposits of more than $10,000 get a reward of $500.
- Deposit and Withdrawals
Exchange platforms require that a minimum deposit is to be made before trading can commence. At the same time, traders also expect to withdraw their amassed profits. Hence exchange platforms most provide smooth and various avenues to make both deposits and withdrawals.
The adequate payment methods offered at competitive rates is one of the features that make FXORO exceptional. The exchange platform offers various ways to deposit funds into their trading accounts. These include Credit and Debit cards, bank wire transfers, e-wallets like Neteller, Skrill, and Wire2pay. Incredibly, funding your trading accounts using all these methods come at no additional cost.
You should note that each method of payment comes with specific currency options; therefore it is crucial to choose the payment method that suits the currency options at your disposal.
Withdrawal with the FXORO exchange platform is quite similar to funds deposit. Although, unlike fund deposits, making withdrawals comes with a transaction fee. Processing and confirmation of withdrawals on this exchange platform takes approximately 2 days for debit and credit cardholders. Making use of e-wallets takes roughly 10 days.
- Customer Support
How an exchange platform attends to the requests and complaints of its clients is a determinant of how effective such a platform would be. Traders and investors get a boost in confidence when their questions and complaints are answered rapidly and appropriately.
FXORO has set up various ways its clients can reach their agents or representatives. The first approach is the online support form made available to investors to fill out their complaints.
The second approach which is the quickest method is through emails and calls be it queries, partnerships, complaints, and support. To be able to attend to various clients across the globe, the FXORO website is accessible in seven various languages which include Italian, English, German, Turkish, Romanian, Arabic, and Hungarian.
It is evident that from all these features offered by FXORO, the exchange platform is all about smooth and secure trading. It’s very rare to get all these services from a single broker. Remember that signing up with FXORO will be you signing up with an exchange platform that is licensed and FSA authorized. If your goal as an investor is simple, smooth, and secure trading, FXORO is the best option for you.