What supporting documents do I need to provide if I want to be your client?
- A colour copy of valid passport and/or other official identification document issued by authorities (e.g. driver's license, identity card, health card, etc). The identification document must contain the client's full name, an issue or expiry date, the client's place and date of birth or tax identification number and the client's signature.
- A recent utility bill (e.g. electricity, gas, water, phone, oil, Internet connection, bank account statement) dated within the last 6 months and confirming your registered address. The name on the bill/statement should be the same as the name of the client.
- For third party deposits, please send documents for both parties as well as a front & back, colour copy of the credit card used, showing: full name, expiration date, last 4 digits of the credit card number when the name is provided on credit card and first 6 digits and last 4 digits visible in case where no name is provided on credit card.
- Please note: You may hide the CVV Security code on back and POA form.
- All documents must be readable, easily viewed and identified with all corners clearly visible.
Why do I need to submit my documents for account validation?
- As a regulated company, we operate in accordance with a number of compliance-related issues and procedures imposed by our main regulatory authority, CySEC. These procedures involve the collection of adequate documentation from our clients with regards to KYC (Know Your Client), including the collection of a valid ID card and a recent (within 6 months) utility bill or bank account statement that confirms the address the client has registered with.
Can I open several accounts using the same data and a single IP address?
- Yes, you may open as many accounts as you need for trading using a single IP address and identical personal data.
Can I update my personal information?
- If you wish to update your personal information, please send an email to [email protected] from your registered email address.
What trading account types do you offer?
We offer the following trading accounts:
What currencies can I open an FXORO account in?
Clients of FXORO may open a trading account in USD, EUR, GBP, CHF.
How do I open a corporate trading account with FXORO?
In order to proceed with approval of corporate account you must provide all of the following documents:
1. Certificate of Incorporation
2. Certificate of Shareholders
3. Certificate of Directors and Secretary
4. Certificate of Good Standing
5. Certificate of Registered Office-Address
6. Memorandum and Articles of Association
7. Websites/Activate links (if any)
8. Bank statement or utility bill in order to verify the registered address of the Company
9. Verification of Directors and Shareholders owning over 10% (Passport, Identity Card)
10. Proof of residence for Directors and Shareholders (not older than 6 months)
11. Board resolution – authorize the private person to make deposits on FXORO
12. Source of funds
13. LEI Number (Legal Entity Identifier).
- After your application has been reviewed, you will receive either a notice that your corporate account at FXORO has been opened or a request for clarification regarding your application
*Note. In a case where there has been made a deposit from a corporate credit card but from a retail client account than you must submit only the below documents
1. Board Resolution where has been approved the authorization for the use of the Credit Card
2. Certificate of shareholders
3. Certificate of directors
Can I change the base currency of my account?
It is not possible to change the base currency of your account, however you can open a new account at any time and then specify your preferred base currency.
Do you offer Islamic accounts?
- Yes, we do.
- Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith. We offer by request our Islamic accounts to clients following the Muslim faith. As soon as our relevant department receives your request, your trading account will receive swap-free status and you will be notified by email accordingly. Please note that FXORO reserves the right to revoke the swap-free status granted to any real trading account in the event of any form of abuse.
What is the Appropriateness Assessment?
The Appropriateness Assessment is a short questionnaire which will give us an understanding of your experience in the financial markets and your knowledge of the risks involved. The Assessment ensures that you are given access to the leverage, products and services you are most suited for.
Why I do need to take it?
The Appropriateness Assessment is necessary in order to open a trading account and to ensure that we limit your exposure to risks through leverage.
What is leverage? How does it work?
- Leverage is the multiplication of your balance. This allows you to open bigger trading positions since the margin required will be lowered according to the leverage you have chosen. Even though with leverage you can make a bigger profit, there is also a risk of having a bigger loss because the positions you open will be of higher volume (lot size).
Your trading capital is 10,000EUR
The leverage chosen is 100:1
For a FIX trading account this means 100*10,000 = 1,000,000EUR
On EURUSD long position opening at 13,055, position closing at 13,155
The difference is 0.0100 pips thus 1,000,000*0.0100 = 10,000USD this is the profit you made.
What leverage do you offer?
We provide leverage from 2:1 up to 30:1 for retail clients and up to 400:1 for professional clients. The leverage depends on the instrument traded. Please read more details about this here.
What is margin / margin level / free margin?
- Margin is the required amount in the base currency of the trading account needed to open or maintain a position. When trading forex, the Required/Used Margin for a specific position = Number of Lots * Contract size / Leverage. Here the result is originally calculated in the first currency of the traded pair, and then converted into the base currency of your trading account, which will be numerically displayed on your MT4, or any other trading platform.
- The margin requirement for gold and silver is calculated like this: Lots * Contract Size * Market Price / Leverage. The result will be in USD, which will be converted into the base currency of your trading account (in case it is other than USD).
- For CFDs, the required margin is Lots * Contract Size * Opening Price * Margin Percentage. The result will be in USD, which will be converted into the base currency of your trading account (in case it is other than USD). More details can be seen here.
- Margin level is calculated with the formula Equity/Margin * 100%.
- Free margin is your equity minus margin. It means the available funds that you use for opening new positions, or for maintaining existing positions.
How can I be sure that the money on my trading account is safe?
FXORO is operated by MCA Intelifunds Ltd. which ensures the safety of client funds and consumer protection under the Markets in Financial Instruments Directive (MiFID). Thus the measures that FXORO undertakes are as follows:
- Segregation of clients’ funds
- The funds are kept in bank accounts, named as “clients’ funds” and are clearly segregated from the Company’s own fund.
- Bank accounts
- We maintain client and operational bank accounts with EU banking institutions of great repute.
- Investor Compensation Fund (ICF)
- The Investor Compensation Fund ensures that the Company pays compensation to all clients in the unlikely event of the Company becoming insolvent or having to suspend its services. The compensation amount will depend on the prevailing level of clients’ claims.
- Supervision by the regulator
- As a regulated financial services provider, we are obliged to meet strict financial requirements, including the monthly submission of financial reports to our main regulatory body, the Cyprus Securities and Exchange Commission (CySEC). We are thus required by law to maintain sufficient liquid capital in order to cover clients’ deposits, possible fluctuations in the Company’s currency positions, and any outstanding costs. Our regulator is informed by any deficiencies in a detailed audit submitted by an independent internal auditor every year.
Is there a dormant fee if I don’t use my account?
For fees regarding a dormant account please see Terms and Conditions paragraph 9.21
What is stop loss?
- Stop loss is an order for closing a previously opened position at a price less profitable for the client than the price at the time of placing the stop loss. Stop loss is a limit point that you set to your order. Once this limit point is reached, your order will be closed. Please note that you need to leave certain distances from the current market price when you set up stop/limit orders
- Using stop loss is useful if you want to minimize your losses when the market goes against you. Stop loss points are always set below the current ASK price on BUY, or above the current BID price on SELL.
What is take profit?
Take profit is an order to close a previously opened position at a price more profitable for the client than the price at the time of placing the take profit. When the take profit is reached, the order will be closed. Please note that you need to leave certain distances from the current market price when you set up stop/limit orders.
How can I calculate 1 pip of profit or loss?
Amount of Base Currency*Pips= Value in Quote Currency
Value of 1 pip in EUR/USD= 1 Lot (100 000 €) *0.0001= 10 USD
Value of 1 pip in USD/CHF= 1 Lot (100 000 $) *0.0001=10 CHF
Value of 1 pip in EUR/JPY=1 Lot (100 000 €) *0.01= 1000 JPY
How can I calculate swaps?
- Swaps = Pip value x Number of lots x Swap rate x Number of nights
- Example: $10 (pip value for 1 lot of GBP/USD) x 4 (number of lots) x 0.35 (short GBP/USD) x 4 (number of nights) = $56 swaps
How do I become an FXORO Professional Client?
FXORO Professionals must meet at least 2 out of 3 below criteria:
1. Sufficient trading activity in the last 12 months
You have carried out transactions, in significant size, on the relevant market at an average frequency of 10 per quarter over the previous four quarters (with FXORO and/or other \providers). Relevant market – OTC Derivatives such as Leveraged CFDs, Forex, Spread Betting.
2. Relevant experience in the financial services sector
You work or have worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services envisaged.
Relevant Financial Sector
What is/was your role?
Please specify the financial company where gained experience.
3. Financial instrument portfolio of over €500,000 (including cash saving and financial instruments)
Financial instrument portfolio of over €500,000. Financial instruments includes shares, derivatives (only cash deposits made to fund/profits realised from investing in derivatives), debt instruments and cash deposits. It does not include property portfolios, direct commodity ownership or notional values of leveraged instruments.
Do you provide any kind of online support/tutorial for how to use the MT4 platform?
Feel free to contact your Personal Account Manager via live chat, email or by phone to schedule a presentation on MT4
How do I place a new market order in MT4?
- An instant order is an instruction to open a position at the current market price.
- There are many ways to place an instant order in the MT4 terminal:
- Click on the ‘New Order’ button on the ‘Standard’ toolbar
- Select ‘New Order’ from the ‘Tools’ drop-down menu
- Press F9
- Right-click an instrument in the ‘Market Watch’ window and select ‘New Order’
- Double-click an instrument in the ‘Market Watch’ window
- One-click trading
- Proceeding with any of the above options will open up the ‘Order’ window. This will let you adjust the parameters of the position you are about to open. The ‘Symbol’ field allows you to change the instrument, while the ‘Volume’ field is where you set the size of the trade (lot). You may also set stop-loss and take-profit levels, while checking the ‘Standard Deviation’ box at the bottom of the ‘Order’ window will allow you to set the pip range that will be available to you if the market price deviates from the price you clicked at so as to avoid requotes at times of high volatility.
- You may then click ‘Sell’ to open a short position at the current bid price, or ‘Buy’ to open a long position at the current ask price.
I can’t see the opening/closing price on my chart.
Every buy order is open at ASK price and closed at BID price, and every sell order is open on BID price and closed at ASK price. By default, you are only able to see the BID line on your chart. In order to see the ASK line, right click the particular chart -> Properties -> Common-> and tick the Show ASK line.
How do I modify or delete a pending order in MT4?
Should the need arise for you to modify or delete a pending order that you have placed, locate the order in the ‘Terminal’ window at the bottom of your MT4 screen. Open orders appear above your account details, while orders that haven’t yet been executed appear below them. Right-click or double-click on the order you wish to modify or delete. A pop-up menu will appear that will allow you to select ‘Modify or Delete Order’. The ‘Order’ window will appear and enable you to change the price at which the order is triggered, to re-set the expiry date of the order, to set stop-loss and take-profit levels or to delete the order altogether.
Why has my pending order not been executed?
If your pending order has not been executed, it may be because you did not have sufficient funds to open the position when the pending order was triggered. Alternatively, your pending order may not have been executed if the specified price has not yet been reached. Please note that for pending Sell Orders, the bid price must reach your specified level; for pending Buy Orders, the ask price must reach your specified level.
Where can I find my account balance and trade history in MT4?
- All account information and trade history is found in the ‘Terminal’ window at the bottom of your MT4 screen. At the bottom of this window you will find the following tabs:
- Trade: displays your account balance, equity, margin, free margin, margin level, and any open positions and pending orders
- Account History: displays a complete breakdown of all the orders you have placed including date and time, type, size, instrument, price at open, take-profit and stop-loss levels, price and time of close, swap fees and profit.
- Journal: provides a list of all the actions you have taken on your MT4 terminal, as well as their respective dates and times.
What deposit/withdrawal options do you have?
Information about our Deposit/Withdrawal options are available here.
Can I withdraw my money if I have an open position?
Yes, you can, if at the moment of payment your free margin exceeds the amount specified in the withdrawal instruction, including all payment charges. Free margin is calculated as equity less necessary margin (required to maintain an open position). If you do not have sufficient free margin in your trading account, the system will not accept your request and you will need to lower the amount. Please note, that any credit in your account is considered as part of your equity and will be deducted as the result of any withdrawal.
How long does it take to receive my money after I make a withdrawal request?
- Your withdrawal request is processed by our back office within 48 hours and you will receive your money via bank wire or credit/debit card between 3 - 10 business days.
- Kindly note: Saturday and Sunday are not considered business days.
Why is my withdrawal not being processed?
- Usually, withdrawals are processed and sent out within 48 hours for Credit/Debit cards and e-money, or up to 10 business days for wire transfers.
- Before requesting a withdrawal, please make sure that all requirements are met. These may include account verification, sufficient usable margin, correct withdrawal method and more.
- Once all requirements are met your withdrawal will be processed.
What should I do if I have a complaint?
- FXORO strives to provide our customers with an unrivalled trading experience, ensuring that all customers are treated fairly.
- In the event that you are dissatisfied with the service provided to you, you can contact Customer Support
- Our Customer support representatives will be happy to assist you and will try to resolve the issue as soon as possible.
- If you feel that your dispute has not been resolved to your satisfaction and wish to make a formal complaint, please email [email protected] and fill up the complaints form.
- Please provide as much details as possible relating to your dispute, including your full name and account number. We will ensure your application is thoroughly investigated and that you receive a fair outcome.
What is inactivity fee?
After three (3) consecutive months of non-use ("Inactivity Period"), and every successive Inactivity Period, an inactivity fee will be deducted from the Customer’s trading account. This fee is €25 or its equivalent amount according to customer relevant currency based account (USD Account: $25, GBP Account: £25, CHF Account: CHF25).
Can I trade when the market is closed?
When the markets are closed you are unable to trade. As trading occurs only when the market is open (open positions, close positions, place and modify orders) so when the markets are closed, there are no trades available.
Do you accept US client?
- FXORO is not regulated in the USA. Therefore, we are unable to accept customers from the United States at this time.
- Additionally, we do not accept any funds that originate from within the US.