Abstract：FXORO, a Seychelles-based forex broker, has been receiving quite a few negative reviews from traders. Looking at the overall complaints, traders are not happy with the way the broker handles withdrawal issues. Even more concerning is the loss due to its alleged advice of not using risk management tools. Some traders even alleged to have been taken advantage of by the broker’s officials. In this FXORO review article, we have collected a list of complaints against the broker. Keep reading to know about them.
FXORO, a Seychelles-based forex broker, has been receiving quite a few negative reviews from traders. Looking at the overall complaints, traders are not happy with the way the broker handles withdrawal issues. Even more concerning is the loss due to its alleged advice of not using risk management tools. Some traders even alleged to have been taken advantage of by the brokers officials. In this FXORO review article, we have collected a list of complaints against the broker. Keep reading to know about them.
FXORO Overview: Company Profile, Trading Platforms & Account Types
FXORO is a renowned brokerage house offering a host of CFD products such as forex, cryptocurrencies, shares, indices, commodities and ETFs. The company offers different types of variable spread accounts, with spreads starting from 0.3 pips, as per the information available on its official website. The minimum deposit for a floating trading account is $100, while the maximum leverage offered for this is 1:400.
Top Forex Trading Allegations Against FXORO
FXORO Accused of Misleading Bonus Offer and Risky Trading Guidance
An India-based trader reported misleading bonus promises by the broker. As per the complaint, the trader was lured into trading with a promise of getting an extra $100 for depositing $100. The trader noted that FXORO gave him only $50 on the deposit. However, the aspect that allegedly left the trader in losses was its advice of not keeping a stop-loss. For the unversed, a stop-loss is a forex risk management tool that allows you to limit your losses to a predefined level should the market go against your position. Blaming the broker for the worst experience, the trader allegedly shared this negative FXORO review.
Examining Another Poor Trading Guidance Claim
A trader from Romania appreciated the earlier good withdrawal experience with FXORO. As per the trader‘s admissions, withdrawals were quick. However, the extent of withdrawals was still lower than that of deposits made. The trader, while recounting his journey that started back in 2018, conceded having invested over $50,000 in FXORO. However, due to constant misleading trading advice, driven by the lack of the trader’s expertise in this investment domain, led to huge capital losses for him. The trader even claimed an unprofessional and unhelpful attitude of the customer support team when sharing this FXORO review. Take a look!
As Profits Appeared, Withdrawal Access Got Blocked, a Trader Claims
A Saudi Arabia-based trader revealed having deposited USD 2,000 on the trading platform. As the trader started making profits, which showed USD 27,000 on the FXORO login, the withdrawal access was allegedly blocked, with the brokers customer support team not even answering his queries shared through live chats or emails. The trader shared a bad review of FXORO concerning this alleged fraudulent approach from the broker.
A Similar Withdrawal Denial Complaint with a Fake Name Claim
Adding to the list of claims concerning poor response from the customer support team on withdrawal queries, a trader from Pakistan reported having been called by people with fake names to deposit into the account. Starting his journey with a capital of $400, the trader made profits of $820. However, as the trader requested a withdrawal of $550, FXORO allegedly failed to process it. The complaint further demonstrated the lack of access to the platform and customer support for the trader. The trader highlighted this FXORO withdrawal complaint in this critical review.
The Illegitimate Account Block Allegation Against FXORO
This complaint demonstrates the hassles witnessed by the trader in the aftermath of the alleged account closure by FXORO. The trader reported that the broker closed the account, citing inactivity as a reason. Responding to it, the trader claimed to have witnessed massive capital losses due to their alleged wrong practices. Urging others to stop trusting the broker, the trader shared this FXORO review.
FXORO Review by WikiFX: Whether it is Regulated
Yes, it is regulated in Cyprus, giving speculations concerning - is FXORO real or fake - to rest. However, the surge in user complaints against the broker sounds serious, prompting a rather modest score of 5.55 for this regulated entity by the WikiFX team. The broker management needs to look at these complaints seriously and resolve them at the earliest to continue gaining users trust.
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