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FXORO is a brokerage company that is part of MCA Intelifunds Ltd. It is licensed by CySEC. FXPRO provides traders with instant access to global financial markets.
Trading conditions
The company`s clients can conduct deals by using the MetaTrader 4 trading platform via desktop, web, and mobile versions.
To open an account, traders should invest at least $200, which is considered average among brokers. The initial deposit may be higher or lower depending on the broker in Cyprus. (Other Cyprus-based brokers may require a higher or lower initial deposit.)
Clients can choose from various account types:
- fixed (the minimum deposit is $200; the leverage is 1:400. Spreads start from 2 points. Commission is not charged. Margin call is 25%)
- floating (the minimum deposit is $1,000; the leverage is 1:200. Stop-out is 25%, and no commission is charged)
- ECN (the minimum deposit is $5,000; the leverage is 1:1000. Spreads start from 0 points, the commission for the lot is $6, and the stop-out is 50%)
- Islamic account (all of the above accounts are available)
As you can see, spreads are different in each account type.
Notably, the company gives access to customers with a seven-day demo account, funded with an initial predetermined margin, provided by the company. With the help of a demo account, traders can test some of the broker`s services. It is worth noting that customers cannot withdraw profit from the account during the first seven days.
Trading instruments:
- 60 currency pairs
- indexes
- stocks
- commodities
- CFD
- Forex
Trading accounts can be replenished via MasterCard, Wire Transfer, Neteller, Skrill, and Visa.
Training
The training section includes videos, trading signals, and an easy-to-read e-book. The website also mentions one-on-one personal training, but detailed information about it is not available. In private lessons, you can learn both the basics of trading and more complex subjects such as market analysis and strategies.
Support service
FXPRO support service is available in offices in Cyprus and the UK. Clients can contact the support team via live chat in the user interface as well as a hotline, Fax, or email.
Feedback
Traders complain about wide spreads and gaps in quotes, violation of the agreement terms, and setting of the stop orders. There are also negative reviews about the work of the support service and funds withdrawals.
Advantages and disadvantages
Among the advantages, the broker is licensed by the reputable regulator. Clients` funds are stored in segregated accounts. The broker provides negative balance protection as well as an online support service. Among the pros, the lack of choice of trading platforms.
