AroTrade is a brokerage that offers a ton of trading instruments to the retail side. They mainly focus on Forex, but that does not mean that they have not paid attention to other sectors. To be precise, they offer over 1000 instruments which are certainly impressive.
Sadly, the same compliment cannot be given about their reputation because users appear to be frustrated with them. People are calling them a scam and their weak regulatory status is not helping them in any way. Moreover, they are connected with a lot of questionable trading services which makes things worse for them.
Trading costs are also on the higher side and surprisingly, the withdrawal fees are also way too much compared to the competition. Transparency is not present in every aspect and social consensus is way too negative. Also, there are a lot of things about them that do not make much sense.
This platform is riddled with a lot of variables and the entire thing is overwhelming for the retail crowd. To get a clear idea about how they operate, continue reading this post till the end.
It is important to stick with regulated brokers because they offer a lot of advantages and the best part is that they are relatively safe. Of course, unregulated brokers offer more benefits, but at the end of the day, your money will never be truly safe with them. AroTrade is owned by Speed Solutions Ltd, a firm based in Belize.
They are regulated by IFSC. Unfortunately, the IFSC standards are not at all comparable to the guidelines set by ASIC or FCA. In other words, IFSC regulation does not amount to much and the funds deposited with this broker are always going to be exposed to a lot of risk.
Moving on to the support team, they do respond quickly. However, many users have said that the staff is too pushy and they are not something that we can call professional. If they ever push you towards investing in any product or scheme, then turn down the offer immediately. Do not decide unless you have talked with your financial adviser.
AroTrade Trading Platform and Terms
The trading platform offered by this broker is web-based. The default software is light and runs on most modern devices. Though web trader is decent, it does not offer much flexibility and compared to MetaTrader software, it is not at all worth it for professionals. Charting and drawing tools are also merely adequate.
The lack of support for custom indicators is a deal breaker. We do not know whether they supported automated trading, but before you explore this option, go over their terms and conditions carefully. A lot of assets are present, but the trading costs are way higher compared to top brokers in the sector.
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Spreads on average are around 3 points and withdrawal fees are said to be over 3% which is outrageous. As far as leverage goes, it is capped at 1:200. Note that we do not know whether scalping and short-term trading are allowed by them or not.
Deposit and Withdrawals
There are boatloads of funding and withdrawal options available with this platform. AroTrade supports popular e-wallets such as Skrill, and Web Money along with major debit and credit cards. The minimum deposit is said to be around $250, but the minimum withdrawal amount is clear and apart from the support team, no one knows the answer.
This broker charges 3.5% withdrawal fees which are too outrageous, to say the least. Information on dormant accounts and inactivity charges is also unknown.
AroTrade Feedback
From Trustpilot to other niche-related forums, it is not at all difficult to find information about this broker. In the beginning, they did have good ratings, but slowly the tide turned and now, they have terrible social consensus. People are afraid to use their platform and the amount of complaints against them keeps on growing.
Surprisingly, the firm has not responded to criticism and the way they are dealing with the situation is highly unprofessional. Given the huge sampling size, it is safe to say that they are doing a lot of things.
If you want to see the list of ever-growing issues with them, just input the name of this firm into a search engine and scroll down. Eventually, you will find a lot of forums wherein people are voicing their opinion.
Is AroTrade Legitimate?
AroTrade appears to be a questionable firm. On one hand, they do offer a lot of instruments, but their weak regulatory status and web trading interface are aspects that are deal breakers. User reviews about them reveal a lot of scary things and they have not responded to the criticism to date.
After analyzing them from every angle, we suggest people stay away. After all, it does not make any sense to use a broker that cannot ensure the safety of your capital, right? If you are having trouble getting your money back from them, get in touch with us.
Our team will hand you an actionable plan and will help you get the money back in the shortest time frame possible. Also, we never charge anything for our services which means you have no reason to walk away.
Verdict
Forex and CFD brokers do provide the retail side with a lot of opportunities. Unfortunately, this space is too saturated now and scam brokers are making the best out of the situation.
So, to avoid any kind of trouble, it is best to use regulated platforms. Lastly, never invest too much money without talking to a licensed financial adviser.
Have you used the AroTrade Platform? If yes, share your experience by leaving a comment below.
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