FXORO Review: Is FXORO the Right Broker for You?

As there were many confusions related to the FXORO broker, we decided to investigate why clients are confused and what is happening with the brand. It seems like some of them are registering from the EU but ending up with an offshore entity and unregulated trading conditions. Read our FXORO review and resolve your dilemma in regards to this brand.

What About FXORO Regulation?

While on one side, FXORO is a genuinely regulated and legit brokerage, there’s one side of this brand that we cannot stand behind – the offshore entity. The brand was established in 2010 by the MCA INTELIFUNDS LTD from Cyprus. However, it looks like this year, the company opened an additional brand in Seychelles but hasn’t reported it to CySEC. Therefore, we have several domains approved by CySEC, such as those for the EU, UK, and UAE, while the offshore one remains under the FSA jurisdiction.

This all wouldn’t be so confusing if EU clients didn’t end with an offshore entity, questioning how it could possibly happen when they applied for a Tier1 regulated brand. 

Whenever you notice that a company has 2 entities, beware of potential fraud. As the company has a discretionary right to assign you to any entity, you might end up with an offshore one, given unregulated trading conditions, and without a compensation fund. All those who belong to the CySEC entity are entitled to a compensation fund of 730,000 EUR, while those under the FSA have no guarantees for their funds.

Fund Withdrawal Issues With FXORO Broker

Since the situation with FXORO is not ideal, we were not surprised to hear about withdrawal issues. Clients, especially those who belong under the entity of the Seychelles, are massively reporting that they cannot withdraw their funds. Moreover, even those assigned to a Cyprus-based entity initially, ended up offshore once they submitted a withdrawal request. We’ve noticed that many brokers are using this scamming technique to prevent clients from withdrawing and being reimbursed by the regulator.

Let us know if you notice anything suspicious or have been assigned to an offshore entity without approval.

In addition, we strongly advise you not to invest in MaxiPlus Trade and GrandTrade fraudulent brokers. So don’t fall for these dishonest scam brokers!

Traders About FXORO Scam

According to numerous FXORO reviews, the biggest issue is an offshore entity that nobody knows about before signing up. What raised a huge red flag is that the broker operates perfectly legally, asks for documents, and more before depositing with a Cypriot company. At the same time, once you’re assigned offshore, they will go directly after your money without any questions being asked. 

Make sure to read the reviews before being involved with such a trading scam.

Also remember the names of the AvaChoice and Global GT trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

What Is A Potential Issue With FXORO And Similar Companies?

Sometimes, legitimate firms have two entities – one under Tier1 regulation and one offshore. As a primary reason, these companies say they’re registering offshore to gain access to worldwide customers and pay lower taxes. However, you should be pretty careful with those. While everything may go well, and you may be assigned to a Cypriot firm, there’s always a possibility of ending up with an offshore one and being subject to almost non-existing trading rules, higher leverage, and more risk.

Having problems with FXORO Broker? – Tell Us Your Story

Let us know if you have experienced any issues dealing with FXORO or a similar brokerage with two entities. Our chargeback specialists will find the best money-back solution that suits you.

But What Is A Chargeback?

It’s a way for your bank to reverse the transaction. If you have any issues getting your money back, the best way is to get proper assistance and be refunded. We’re waiting for you, get in touch now!