FXORO is one of the of brokers that started gaining traction in early 2010’s. FXORO offers plenty of assets such as stock indices, stocks, forex and crypto. Moreover, FXORO has plenty of deposit and withdrawal options coupled with good educational resources. FXORO also has a decent and appetizing interface where you can gain a deep insight into how your assets are performing. With more than 80 crypto options and 15 stock indices FXORO promises to be a good platform for anyone looking to trade in these assets. Click the link below to join now
However, if you are looking for a holistic platform that offers a wide array of assets then you should consider Capital.com as it offers a diverse range of stocks, ETFs, bonds, crypto, commodities and CFDs. With one of the best and most affordable fee structures coupled with the most comprehensive educational resources, Capital.com promises to be a good platform for your trading needs, whether you’re just getting started or you’re a professional trader.
|Ease of Use||7|
|Deposit & Withdrawal Options||10|
|Demo Account & Educational Resources||10|
|Safety & Regulation||8|
FXORO started its operations in 2012 and the broker is headquartered in Seychelles and Cyprus. The broker offers plenty of assets, decent customer service and good educational resources. FXORO also offers a lot of asset types that one can trade-in. Moreover, it is regulated by internationally renowned authorities in Seychelles and Cyprus.
The broker is available in over a 100 countries. The list of countries where it is available include:
|Antarctica||Antigua and Barbuda||Argentina||Armenia||Aruba|
|Bolivia||Bosnia and Herzegowina||Botswana||Bouvet Island||Brazil|
|Brunei Darussalam||Bulgaria||Burkina Faso||Burundi||Bahrain|
|Bermuda||Bhutan||Bolivia||Bosnia and Herzegowina||Botswana|
|Bouvet Island||Brazil||Brunei Darussalam||Bulgaria||Burkina Faso|
|Burundi||Cameroon||Cape Verde||Cayman Islands||Central Africa|
|Chad||Chile||China||Christmas Island||Cocos Islands|
|Colombia||Comoros||Congo||Cook Islands||Costa Rica|
|El Salvador||Equatorial Guinea||Eritrea||Estonia||Ethiopia|
|Faroe Islands||Fiji||France||French Guiana||French Polynesia|
|Indonesia||Iraq||Ireland||Isle of Man||Italy|
|Nauru||Nepal||Netherlands||Netherlands Antilles||New Caledonia|
|Myanmar||Palau||Panama||Papua New Guinea||Paraguay|
|Puerto Rico||Romania||Rwanda||Saint Barthélemy||Saint Kitts and Nevis|
|Saint Lucia||Samoa||San Marino||Saudi Arabia||Senegal|
|Serbia||Seychelles||Sierra Leone||Singapore||Sint Maarten|
|Slovenia||Solomon Islands||Somalia||South Africa||South Korea|
|South Sudan||Spain||Sri Lanka||Suriname||Swaziland|
|Togo||Tokelau||Tonga Islands||Trinidad and Tobago||Tunisia|
|Turkey||Ukraine||United Arab Emirates||United Kingdom||Uruguay|
|Uzbekistan||Vatican||Venezuela||Vietnam||Virgin Islands UK|
Pros & Cons
- Good educational resources
- Diverse asset options
- Plenty of deposit & withdrawal options
- Really good options for stock indices, forex and commodities
- Withdrawal fees
- Inactivity fees
- Slightly expensive stock spreads
- Does not offer bonds & ETFs
There are 2 main types of accounts namely, Fixed and Floating accounts.
The Fix Account
A Fix Account has fixed spread rates which are higher than the floating account but they are constant so you do not have to pay more depending on different market conditions. The leverage rate offered is up to 1:400.
The Floating Account
The spread rates offered are lower than the Fix Account but they can change depending on market conditions. The leverage rate offered is the same as the Fix Account which is a leverage of 1:400.
The fee structure of FXORO provides some great value at times and at times it does not provide so much value. Let’s discover the structure to see some of its strengths and some of its weaknesses.
Deposit & Withdrawal Fees At FXORO
There is no deposit fee associated with depositing funds at FXORO. However, there are a few withdrawal costs associated with your account:
- A fee of 5 base unit currency that you trade-in for debit or credit card withdrawals
- Wire transfer has a fee of up 50 for transfers between 1 and 10,000 base units and 140 for withdrawals over 50,000 base units
- Skrill has a fee of 5 base units and Neteller has a fee of 15 base units while Wire2Pay has a fee of 5 USD + 10%.
The withdrawal fee can be expensive via wire transfer for small amounts. Moreover, using Wire2Pay seems unfeasible as a method because you have to pay a fee of 5USD + 10% which can be very expensive irrespective of the amount that you want to withdraw.
There is an inactivity fee of 25 base currency units that you need to pay if your account has been inactive for a period of 3 months or more. If you have a balance below 25 base currency units then all your balance would be deducted as an inactivity fee but your account balance would not go below 0. The inactivity fee is expensive compared to other brokers because there is a myriad of brokers that do not charge any inactivity fees such as HotForex & Capital.com.
Forex Spread Rates
The forex spread rates are decent but slightly expensive in general. Let’s have a look at some of the forex rates.
|Instrument||Minimum Spread Floating Account||Minimum Spread Fix Account|
The minimum spread rate at which you can get started with trading is 1.2 pips in the Floating Account which is slightly high. The forex rates generally are slightly on the expensive end. However, some rates such as USDCAD and USDJPY are comparable to other brokers for the Fix and Floating Accounts. However, you can get started with trading at much lower spreads with Tickmill.
Let’s have a look at the spread rates for some different companies.
|Company||Min (pips)||Avg Spread (pips)|
|Bank of America||4||4.8|
The average spread rates offered are better for some stocks compared to other companies. For instance, there is some really good value for trading Bank of America, SAP & Deutsche Bank .However, some stocks like Puma & Amazon are quite expensive and may not make sense to trade with using this platform.
The fact that there are inactivity fees, withdrawal fees, slightly expensive stock spreads and forex spreads means that the broker scores a 6 rather than something higher.
FXORO Fees Score: 6/10
#2 Signup Process
The signup process is easy and simple. you can simply upload your documents on the FXORO website and signup within a few minutes.
The simple documents that you need upload to register for the FXORO platform are:
- ID Documents such as a valid International Passport, National ID card or Driver’s Licence in order to verify your identity.
- Proof of residence document showing your name and address, issued within the last 6 months, which could be any electric bill or credit card statement.
However, the approval process for opening an account can be slightly longer as it can take up to 2 days to open an account hence, the broker scores a 7 in this dimension because there are brokers like easyMarkets that can verify your account the very same day that you apply.
FXORO Signup Process Score: 7/10
#3 Minimum Initial Deposit
The minimum initial deposit that you need to get started with FXORO is $200, which is not much and you can get started with trading right away. However, this deposit limit can be a bit much for individuals looking to get started with trading. However, if you want to start trading for less you can get started with FXTM or IronFX for $0.
FXORO Minimum Initial Deposit Score: 8/10
#4 Ease of Use
Desktop, Mobile & Web Platforms
FXORO has a decent platform for mobile and desktop use. The android application has a rating of 4.1 along with good user feedback for the interface of the broker. The interface is pretty comprehensive shows visible trends of your asset which can allow you to trace variances associated with its price. For instance, you can see a detailed dashboard in the picture below where you can view different metrics in different visualizations. However, the dashboard can be a bit cluttered with so many visualizations crammed in it.
The desktop and mobile platforms for FXORO are pretty similar. However, the interface of the mobile and web platform is slightly better than the desktop version which seems a bit more outdated than the other ones. However, the interface in general seems a bit cluttered across platforms and is something the broker could improve upon.
In the following section, we’ll briefly talk about some of the analysis tools that come with this broker’s platforms.
The economic calendar can help you keep track of major market events such as fiscal and monetary budget announcements that can have an impact on your assets.
The newsfeed feature helps users stay in touch with the latest events that can impact the prices of their assets. The feature can be used to get advanced models based on available data for effective business and trading strategies.
Trading Ideas At FXORO
The Trading Ideas feature can advise you on selling or keeping an asset. It is based on advanced algorithms and it is a key feature that can help you in making trading decisions. However, you should always monitor the news as well before relying on trading idea options
As you can see, the ease of use is good overall, but due to the clutteredness of the dashboard, and the lack of customization and other advanced features, the score here is a 7 rather than something higher.
FXORO Ease of Use Score: 7/10
#5 Deposit & Withdrawal Options
There are plenty of options through which you can deposit or withdraw your funds. It is always good for a broker to have multiple deposit and withdrawal options to provide users with the flexibility t hey need. Some of the options offered are as below:
- Wire Transfer
- Credit/Debit Cards such as Visa, Mastercard, Maestro, JCB & Union Pay
- E-Wallets such as Skrill & Neteller
While FXORO offers a lot of options for withdrawal and depositing of funds, an issue to be noted is that you must use the same method for withdrawal of funds that you used for depositing funds. This dimension scores a perfect 10 because of the number of options that are available for users.
FXORO Deposit & Withdrawal Options Score: 10/10
#6 Customer Support
You can get customer support through various platforms with FXORO. Some of the options that are available include:
- Live Chat
- Email at email@example.com
- Telephone at +442031290670
Customer support is available 24/5 during weekdays, which is pretty decent. However, email support is slightly slow and the broker does not offer customer service on weekends. Hence, the broker scores a 7 on this dimension rather than a 9 or a 10.
FXORO Customer Support Score: 7/10
#7 Asset Classes
FXORO does a decent job of offering different asset choices to users in-terms of assets that they can trade in. However, the number of options offered within each asset type can be slightly limited. Let’s dissect the asset classes offered by FXORO.
|Asset Classes||Number of Available Options|
In general FXORO does a decent job of offering 5 different asset types that you can trade in. Moreover, you can also trade CFDs in different asset types as well which gives you variety in what you want to trade in.
FXORO offers plenty of major, minor and exotic currency pairs that one can trade in. Here’s a list of currencies offered by FXORO:
You can trade in a total of 69 currency pairs so far. This gives users the option to trade in popular pairs such as USD, EUR, GBP as well as niche currencies like NOK, RUB & HKD.
Only 3 cryptos are offered which include: Bitcoin, Litecoin & Eretheum. The choices here are limited. However, if you want to choose well known cryptos then FXORO has you covered.
Below is a list of commodities offered by FXORO.
FXORO has a good range of commodities. You can trade expensive metals in platinum, gold and silver moreover you can trade in crops such as soybeans, coffee and cotton. The broker also offers minerals and oil to ensure that they cover the full range in offering commodities.
FXORO Stock Indices
The broker also offers a diverse range of stock indices for its users. Let’s have a look at what’s on offer:
You can see that Australian, German, Japanese, Swiss and US stock indices are offered which offers a lot of variety to users to trade in.
Stock indices are a great passive income strategy because stock markets tend to grow in the long term. While returns in stock indices are naturally smaller than other assets, they provide stable returns in the long term. Stock indices can be used in risky portfolios to hedge risks.
FXORO offers a lot of stocks and gives some very good options to users to trade in. The stocks offerd by FXORO include:
|STMicroelectronics||Telecom Italia||Tenaris||UBI Banca|
|Moncler||Poste Italiane||Johnson&Johnson||JPMorgan Chase|
|Aurora||Bank of America||INVEB||SANDVIK|
The options above include stock options from e-commerce giants like Alibaba & Amazon, Auto companies like BMW & Ferrari, banks like Bank of America and JP Morgan and tech companies like Google and Microsoft. Hence, FXORO provides users with a complete range of stock offerings from all around the world.
The asset options offered by FXORO are good but since assets like bonds and ETFs are not offered, the broker loses a pair of points in this dimension.
FXORO Asset Classes Score: 8/10
#8 FXORO Referral Program
Referral programs play an important role in making trading fun because you can use the platform with friends and learn more. However, there is no active referral program for FXORO for individual users. This reduces the chance that you have to earn more funds by referring more friends. Hence, the score for this dimension is 0.
FXORO Referral Program Score: 0/10
#9 FXORO Demo Account & Educational Resources
Having a good demo account and educational resources to practice trading skills can be beneficial for an individual.
FXORO Demo Account
Demo accounts are a great way of training individuals as you can trade with fake money and test out your skills. A good feature of the demo account at FXORO is that you do not have a time limit so you can continue to use it as long as you need to practice to improve your skills and strategies.
FXORO Educational Resources
FXORO offers some solid educational resources to help you strengthen your understanding of trading. The resources offered are good and are shown below:
- Video tutorials
The resources provided are detailed to train you in the theoretical as well as practical knowledge of trading that can really help you trade efficiently & savvily. Hence, the broker scores a perfect 10 without any doubts.
FXORO Demo Account & Educational Resources Score: 10/10
#10 FXORO Safety & Regulation
FXORO is regulated by authorities in Cyprus and Seychelles. It augers well for users that the broker is regulated by 2 regulators and especially a regulator like CYSEC because it is a strong regulator and one that has regulated a lot of international brokers. The score for this dimension is an 8 rather than a perfect 10 because there are strong regulators like the UK’s FCA and USA’s SEC that are not included.
FXORO Safety & Regulation Score: 8/10
FXORO vs. Capital.com
FXORO has a wide asset portfolio, good demo account and some really good educational resources. However, there are a few dimensions where our highest ranked broker Capital.com is better than FXORO. Let’s have a look
More Asset Options
When it comes to trading options the more options a broker offers, the better it is for you to build diversified portfolios. Capital.com simply gives you more options by offering more assets such as bonds, ETFs and 1700 stocks from all around the world.
A Better Fee Structure
Capital.com also has a very competitive fee structure and they do not charge withdrawal fees or inactivity fees like FXORO does. The spreads are generally tighter and there are no commissions and hidden fees associated with trading.
Stronger Educational Resources
While FXORO has really good educational resources, Capital.com is like a digital academy for learning trading from scratch or expanding your knowledge. Often we have seen brokers offer a couple of generalized educational resources for traders to get started with trading but Capital.com goes the full way and it is with you in the journey for you to become an experienced and savvy broker. Some of the resources offered include
- Tutorial videos on using the platform
- Educational videos on trading different assets
- Educational articles
The resources offered to users start by teaching you how the platform works and then with webinars and articles Capital.com keeps you updated with whats happening in the market. Capital.com also offers asset trading training guides.
- CFD training guides
- Commodities training guides
- Indices trading guides
- Trading psychology guides
- Shares trading guides
- Forex trading guides
Capital.com has you covered if you want to start trading an asset that you have not traded before. They also offers 5 courses that are aimed at training beginners and refreshing knowledge of experienced traders.
Capital.com Online Courses
- Introduction to financial markets
- ABC of derivatives
- Financial instruments
- Derivatives and risks of trading
- What are leverage and margin
The online courses are designed for beginners but anyone can benefit from them in learning the basics and good practices and knowledge of the industry.
So what are you waiting for signup today for a broker that has more assets, better pricing structure and a wealth of knowledge to change you from zero to hero in trading.
Related: If you want to learn more about this broker, you can read this excellent review of Capital.com.
FXORO: In Summary
FXORO generally offers a diverse range of assets compared to most brokers. Moreover, they offer a lot of options for depositing and withdrawal of funds. The ease of use is also good and can help individuals have a pleasurable trading experience. The options that FXORO offers in-terms of stock indices and commodities are usually unmatched by most brokers. Signup today if you are a commodities or a stock index trader.
FXORO is a good application that gives you plenty of assets to trade however, Capital.com has many more assets that provide you with more trading options. Moreover, Capital.com has amazing educational resources that are not matched by FXORO. They also have a leaner cost structure with no inactivity & withdrawal fees, which is encouraging for new traders. Signup now for Capital.com by clicking the link below and enjoy the highest-ranked broker in our database.