Investment Advisory License
Common Financial Service License
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Common Financial Service License goes beyond their business with the licenses Seychelles FSA (license number: SD046), please be aware of the risk!
The regulatory of SeychellesFSA, license number SD046, is offshore regulatory, please be aware of the risk!
|Regulatory Authority||Regulated by CySEC|
|Numbers of Cryptocurrencies Available||16 cryptocurrency pairs against USD|
|Fees||Swap fee, spread, and inactive account fee|
|Payment Methods||Credit/debit cards, e-wallets, bank wire|
|Customer Support||Telephone, email, live chat, contact form, social media channels|
FXORO, established in 2010 and registered in Cyprus, is an online trading platform regulated by CySEC. It offers 16 cryptocurrency pairs against USD and traditional financial instruments, catering to various trading preferences. The platform charges swap fees, spreads, and an inactive account fee while supporting credit/debit cards, e-wallets, and bank wire transfers for payments. Customer support is available through telephone, email, live chat, contact forms, and social media channels.
|Regulated by CYSEC and FSA||Customer feedback concerns|
|Diverse range of 16 crypto pairs||Limited cryptocurrency information|
|Robust customer support||Educational content quality|
|Strong security measures||Fees for additional withdrawals|
Pros of FXORO:
Regulation: FXORO stands out as a regulated exchange, overseen by CYSEC and FSA. This regulatory framework enhances credibility and fosters a sense of security among traders.
Cryptocurrency Variety: With a diverse selection of 16 cryptocurrency pairs available for trading against USD, FXORO provides traders with ample options for diversifying their portfolios and exploring various digital assets.
Customer Support: FXORO takes customer support seriously, offering a range of channels to connect with their team. From telephone and email to live chat, contact forms, and even social media, traders can access assistance according to their preferred mode of communication.
Security Measures: Security remains a priority on the FXORO platform. The utilization of 128-bit encryption and RSA digital signatures helps safeguard user data and transactions, creating a secure trading environment.
Cons of FXORO:
Customer Feedback: Some negative customer reviews found online point to potential concerns with customer service responsiveness, pricing transparency, and the quality of educational content provided by FXORO.
Limited Cryptocurrency Information: While FXORO offers a range of cryptocurrencies, traders might find themselves wanting more in-depth information about each asset, potentially affecting their trading decisions.
Educational Content: The educational resources offered by FXORO have faced criticism from some users who feel that the content lacks depth and comprehensive coverage, which could impact the learning experience for novice traders.
Fees for Additional Withdrawals: FXORO offers the first three monthly withdrawal requests free of charge, but any subsequent requests come with a fee of 10 EUR/USD/GBP/CHF, potentially impacting traders who frequently move their funds.
FXORO operates under the regulatory oversight of both the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Services Authority (FSA). CySEC, a public legal entity, oversees FXORO's activities within Cyprus, granting the platform an exclusive Investment Advisory License (License No.: 126/10) that enables them to provide investment advisory services and ensures compliance within the country's financial markets.
Additionally, FXORO holds a Common Financial Service License (License No.: SD046) from the Seychelles FSA, an autonomous regulatory body responsible for non-bank financial services in Seychelles. This license permits FXORO's operation within Seychelles' financial sector; however, it's noteworthy that FXORO's license has been marked as “exceeded.” This raises concerns about the scope of their operations exceeding the usual boundaries associated with a Common Financial Service License, necessitating careful scrutiny by potential users regarding the regulatory implications of such a situation. It is advised for individuals considering FXORO's services to conduct thorough research and due diligence to ensure a comprehensive understanding of the platform's regulatory standing.
FXORO has implemented several security measures to enhance the safety of its trading environment. While being regulated by CySEC lends credibility, the broker takes additional steps to ensure a secure trading experience. The MT4 platform, renowned for its security, ensures the confidentiality of personal IP addresses and secures transactions using robust 128-bit encryption and RSA digital signatures.
However, it's worth noting that FXORO could enhance certain security aspects. Biometric authentication and two-factor authentication (2FA) options are currently absent, which might leave some users seeking stronger account protection concerned. Nevertheless, FXORO's introduction of the LexisNexis digital identity verification tool is a proactive step toward improving security. This tool offers real-time identity verification scoring and prioritizes data protection, making the verification process more streamlined and secure.
Overall, while FXORO's efforts in maintaining a secure trading environment are notable, users should be mindful of the inherent risks associated with trading CFDs and remain vigilant about their personal security practices.
FXORO offers a gateway to the future of trading by providing access to a range of cryptocurrency Contracts for Difference (CFDs). Traders can explore the exciting world of digital assets without directly owning them. The platform supports CFDs on popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dogecoin, EOS, and NEO. This diverse selection allows users to speculate on the price movements of these prominent coins, offering potential opportunities for profit in the evolving cryptocurrency market.
Opening an account with FXORO involves a series of steps to ensure compliance with regulatory standards. These steps encompass collecting necessary documentation for KYC purposes, such as a valid ID card and recent proof of address.
Here is a step-by-step guide to opening an account with FXORO:
Begin the registration process on the FXORO website.
Provide personal details, including name, email, and phone number.
Submit required identification documents, such as a valid ID card.
Furnish a recent utility bill or bank account statement to confirm your registered address.
Complete the necessary KYC verification process.
Once verification is successful, your FXORO account will be activated, allowing you to access their trading services.
When trading with FXORO, investors encounter Swap and Spread rates. Swap fees, applied to positions left open overnight, reflect the interest rate difference between the traded currency pairs' countries. If the received currency has a lower interest rate than the sold currency, a cost is deducted from the investor's account; if the sold currency's interest rate is lower, the investor receives income.
FXORO provides an example to clarify this. Spread, the difference between buying and selling prices of financial assets, is expressed in “pip” units. For instance, a 2-pip spread on EURUSD parity with buying price 1.1225 and selling price 1.1223 would incur a 20 USD cost when opening a lot of 100,000 units. Spread can be fixed or variable, and it's influenced by market liquidity.
|Swap Fees||Charged for holding positions overnight, varies based on rates.|
|Spread||Cost due to the difference between buying and selling prices.|
|Inactivity Fee||€25 or equivalent amount based on customer's relevant currency after three consecutive months of non-use.|
FXORO provides a range of convenient payment methods for traders to fund their accounts and withdraw funds. These methods include credit cards, bank wire transfers, and e-wallets like GlobePay. With credit card transactions in EUR, USD, GBP, and CHF, there are no commissions involved. Bank wire transfers in USD, EUR, GBP, and CHF also offer no commission, except in cases where a 4% fee may apply based on the region. GlobePay, an e-wallet option, comes with no commission for transactions in USD.
To provide further clarity, here is a summarized table of the fees and commissions associated with each payment method on FXORO:
|Credit Cards||EUR, USD, GBP, CHF||No Commission (0%)|
|Bank Wire||USD, EUR, GBP, CHF||No Commission or 4% (Depending on region)|
|E-Wallets||USD||No Commission (0%)|
Additionally, FXORO offers a fee structure for withdrawal requests. The first three withdrawal requests submitted to the company every month are processed free of charge. Any additional withdrawal requests beyond the first three will incur a fee of 10 EUR/USD/GBP/CHF, depending on the trading account's currency.
FXORO offers a variety of educational resources aimed at empowering traders with valuable insights and knowledge to make informed decisions in their trading journey. Traders can access Trading Central, a platform that provides detailed market analysis and trading signals, helping them stay ahead of market trends. The Market Analysis section offers comprehensive insights into market dynamics, aiding traders in understanding the current market conditions and potential opportunities.
Additionally, the Economic Calendar keeps traders informed about important economic events and indicators, allowing them to anticipate market movements. The News section ensures that traders stay up-to-date with the latest market news and developments that could impact their trading strategies. Lastly, the Signals feature provides expert-generated trading signals, assisting traders in identifying optimal entry and exit points for their trades. With these educational resources, FXORO equips traders with the knowledge and tools necessary to navigate the financial markets effectively.
FXORO can cater to a variety of trading needs, making it a potentially suitable exchange for different types of traders and investors.
Newcomer Trader: New traders benefit from FXORO's educational resources, including beginner and advanced courses, glossaries, and webinars, helping them grasp trading essentials.
Novice Trader: Novices can refine skills through advanced courses and webinars, supported by market analysis tools, economic calendars, and news updates.
Investor: Investors can diversify portfolios with forex and commodities, enjoying commission-free credit card transactions and convenient e-wallet options.
Professional Trader: Professionals leverage FXORO's platform for advanced features, staying updated with market analysis, signals, and economic calendars, with the added advantage of bank wire transfers for larger trades.
FXOROs varied offerings cater to traders and investors with different needs and experience levels, but users should weigh their unique trading objectives and risk tolerance before selecting FXORO as their preferred exchange.
In conclusion, FXORO provides traders with a regulated platform offering a diverse range of cryptocurrency pairs and traditional assets. The educational resources can enhance customers with wider knowledge of cryptocurrency.
However, concerns have been raised regarding negative customer reviews, unresponsive customer service, and potentially misleading pricing. As with any trading platform, users should weigh the advantages of its regulated status, array of assets, and support options against the potential drawbacks to make an informed decision based on their trading needs and risk tolerance.
Q: What cryptocurrencies are available for traders on FXORO？
A: FXORO offers 16 cryptocurrency pairs with USD, including Bitcoin, Ethereum, and Litecoin.
Q: Is FXORO transparent about its fees and payment methods？
A: Yes, FXORO provides transparent fee information and payment methods on its platform.
Q: What is the level of customer support provided by FXORO？
A: FXORO offers robust customer support through telephone, email, live chat, contact form, and social media.
Q: Is FXORO regulated and by which regulatory authority？
A: FXORO is regulated by CYSEC.
Q: What are the registration process and requirements for FXORO？
A: Registration involves personal details, KYC verification, and submission of ID and address proof. This ensures compliance and security.
User 1: I've been using FXORO for a while now, and I must say, their security measures are top-notch. I feel confident knowing that my virtual currency transactions are well-protected. The interface is also easy to navigate, making it convenient to trade. However, I do wish they had more cryptocurrencies available for trading. Overall, customer support could be better, as it sometimes takes a while to receive a response. Also, the trading fees are a bit unclear, which can make it difficult to calculate the potential profitability of my transactions. But all in all, I'm satisfied with the exchange.
User 2: I've had mixed experiences with FXORO. On the one hand, their regulatory status gives me some peace of mind, knowing that they are overseen by the Cyprus Securities and Exchange Commission. The customer support team has been helpful and responsive, which is a huge plus. However, I've had some issues with the interface being a bit clunky and slow at times. I also found the liquidity on the platform to be lacking compared to other exchanges I've used. Additionally, I wasn't impressed by the limited amount of cryptocurrencies available for trading. Overall, I think there's room for improvement, but it's not a bad exchange.
Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.