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AROTRADE SCAM REVIEW
Arotrade is an offshore Forex and CFD broker which is registered in Belize. Arotrade is a trading name of a company Speed Solutions Limited which is registered in Belize. The payments are processed by another company Speed Payments OU which is situated in Estonia. Read the complete review about Arotrade here to know whether Arotrade is a scam or legit.
Arotrade offers 5 different trading accounts and also includes a demo and an Islamic account. With Arotrade if you deposit more, you will get a higher deposit bonus. The minimum deposit required is $250 with the Basic account they offer.
This is generally not a good trading condition when a broker offers higher bonus on higher deposits. The brokerages do not provide genuine trading conditions in terms of bonus deals. The traders have to meet high trading volumes in order to withdraw the investment they do with the bonus offered.
Arotrade offers a wide range of global assets as CFDs. The brokerage offers CFDs on various Forex pairs, commodities, stocks, indices and also include cryptocurrencies. The cryptocurrencies Arotrade offers include famous Bitcoin, Litecoin, Ethereum and other popular ones.
The leverage offered by Arotrade is 1:200 which is high. But high leverage is always risky and can lead to heavy losses in no time. AroTrade offers generally all the major types of Payment methods which are debit/credit cards, Bank Wire and major e-wallets. Arotrade offers 3 different types of platforms which include a web-based platform, Mobile app and MT4.
The spread offered by Arotrade is fixed 3 pips for all the accounts they offer.
Is Arotrade a scam or legit broker?
We do not recommend to trade with AroTrade broker because the brokerage is owned and operated by an offshore company Speed Solutions Limited which is registered in Belize. Many offshore brokers are registered in a place where the registration process is easy and not much initial money is required. AroTrade seems to be an example.
AroTrade claims that it is authorized by a financial company International Financial Services Commission in Belize. This registration does not seem to be a reputed one like the FCA in UK, ASIC in Australia and others. IFSC is an independent regulatory body and there is no sign of protection of the trader funds in this case. Therefore, trading with Arotrade broker can be a risky affair and trader’s account can be compromised.