AroTrade Review Scam Complaint
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AroTrade is an offshore broker offering trading services in Forex and CFDs. It is registered in Belize. AroTrade is owned and operated by speed solutions Limited. The payments on this trading platform are processed by some other company named Speed Payments OU which I situated in Estonia. The broker offers 5 types of accounts, Basic, Bronze, Silver, Gold and Platinum plus an Islamic swap free account. Read the full review to know AroTrade is a scam or legit.
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About the AroTrade:
AroTrade offers more than 1000 financial assets as CFDs. The broker’s offerings include CFDs on indices, stock, commodities, forex and wide range of cryptocurrencies. In cryptocurrencies there are Ripple, Bitcoin, Ethereum, Litecoin, Dash and many more. The minimum deposit required to open an account with AroTrade is $250 with their Basic account type. The broker advertises that, if you deposit more you will get higher bonus on the deposit. This is not a great and fair condition for trading if the broker offers higher bonus on higher deposit. The AroTrade brokerage company does not provide genuine trading conditions in terms of bonus deals. Moreover, the traders have to meet high trading volumes in order to withdraw the investment they do with the bonus offered to them.
The leverage offered by the broker is 1:200 which is high compared to other brokers. High leverage is a risky thing and can lead to heavy losses in no time, especially when the company is an unregulated one. AroTrade provides 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, a Mobile app and MT4 trading platform. The spread provided by the broker is fixed at 3 pips for all the accounts they offer.
Is AroTrade legit or scam?
It is not recommend to trade with AroTrade broker because the broker is owned and operated by an offshore company Speed Solutions Limited which is registered in Belize and is unauthorized brokerage company. Like in case of AroTrade, many offshore brokers are registered in some place where the registration process is easy and not much capital is required. AroTrade claims to be authorized by a financial company named International Financial Services Commission in Belize. But, this registration does not seem to be a reputed one like the Financial Conduct Authority in UK, ASIC in Australia and others.