FXOro is an online trading program that fulfills the criteria of being a reliable platform through which you can perform your trades.One of the many advantages of this platform is that it offers a variety of account types for traders. It is essential to select the account that suits you and your requirements the best. There are a few things that you should take into consideration before making a choice. For example, the trading conditions and the capabilities of the platform itself. It might seem confusing in the start but that’s okay. This FXOro Review will make it easy for you to understand and hopefully help you select one for yourself.
Types Of Accounts Offered By FXORO
1. Fixed Spread Account
You refer to this type of account as Fixed account because the spreads are fixed here. Spread is the difference between buy and sell price. So, this means that it will remain the same no matter how volatile the market situation is. This consistent value does not change according to the circumstances of the market. This reduces the investment risk for you in different fluctuating market conditions. But in this type of account, the spreads start at 2 pips which is basically the minimum rate of spread.
Minimum deposit required to register is 200$ but the good news is that they do not charge you any commission. Now, if we talk about the leverage offered by FXOro in this account, it is up to 400:1. Not only that, they offer you full margin capability here.Fixed account is helpful for someone with little experience, as fixed spread feature is less confusing and offers a feeling of stability.
2. Variable Spread Account
The next type of account by FXOro is Floating spread account which are relatively cheaper. The spreads here start at 1.2 pips which is lower than what Fixed account offers. However, the unstable value of spread here is a little difficult to handle. As the value depends on the market conditions, you need to make quick judgments on this account to make profit and avoid loss.
It is so inconsistent that the spread can go as low as 0.3 pips in favorable conditions, but also as high as 5 when the time is not lucky for you. For this reason, this account is preferably for experienced traders, who can deal with this spread variation. Moreover, other than 1000$ for the initial deposit, they also provide stop out at 25%. This indicates that your open position will close when the margin level drops to 25%. Here, leverage is 1:200 which is lower compared to Fixed account. But just like Fixed account, they do not charge any commission.
3. Electronic Communication Network (ECN) Account
This account has advanced features offering direct market access. The spread here start at 0 pips which is extremely low. But the minimum deposit fee is 5,000$ and the commission charge of 6$ per trade on this account. This is the only account by FXOro which is not commission-free. This being said, the leverage offered with ECN is 1:100.
4. Islamic Account
If you are a Muslim and you need to trade according to the Sharia Law because of religious reasons, FXOro offers all the above accounts as an Islamic account. Users following the Sharia Law are investors having no intention to earn interest as it is prohibited in their religion.
As you can see by this review, there is no such thing as limitations when it comes to trading with FXOro. They try to accommodate different needs of different traders. This indicates that they take the requirements of their users into consideration. For example, Muslims usually have a difficult time finding the right platform that follows Sharia Law to support the option of Islamic banking. But with FXOro, you do not need to worry about that. In conclusion, FXOro is a smart choice.