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AroTrade Review - is it scam or safe?

AroTrade Review - is arotrade.com scam or good forex broker?

RATING: 1 / 16 REVIEWS AroTrade
AroTrade is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Account type  Minimum deposit  On-deposit bonus Maximum leverage Spread
Basic    $250 20% 1:200 3 pips, fixed
Bronze    $1000 40% 1:200 3 pips, fixed
Silver    $2500 60% 1:200 3 pips, fixed
Gold    $10000 80% 1:200 3 pips, fixed
Platinum  $25000 100% 1:200 3 pips, fixed

 

AroTrade is an offshore forex and CFD broker that offers the above account types, plus a demo and Islamic (swap-free) one.

 

However, it seems that the only difference between the different account types is that traders who deposit more get a higher on-deposit bonus, not better trading conditions. Of course, if you accept any such bonus, you will have to meet a high trading volume requirement in order to be able to withdraw your money.

 

 

AroTrade Advantages

 

Over 1000 financial assets

Clients of AroTrade can trade on over 1000 global assets as CFDs. The broker’s portfolio includes CFDs on forex, stocks, commodities, indices and wide range of cryptocurrencies. The latter group includes Bitcoin, Ethereum, Ripple, Litecoin, Dash, and more. These can be traded against USD, EUR, AUD, USDT and other coins.

 

We always recommend our readers to trade only with reliable and regulated brokers. As AroTrade is not one of them, here is a list for those of you who are into cryptocurrencies:

 

 

>> Regulated brokers offering Bitcoin trading <<

 

 

1:200 in leverage

Such level is standard when it comes to forex trading in jurisdictions where leverage is not restricted (USA, Japan, Europe). A leverage of 1:200 will suit most trading styles, but remember that a higher leverage ratio isn’t always beneficial – it only allows you to take a greater level of risk, which can lead to quick and heavy losses.

 

Many payment methods supported

Clients of AroTrade are able to deposit to and withdraw from their accounts via various payment methods, including bank wire, credit/debit card, as well as e-systems such as Qiwi, Yandex, AstroPay, Web Money, Skrill, and Neteller.

 

 

AroTrade Disadvantages

 

Registered offshore

Our most serious concern with regards to AroTrade is that this broker is not properly regulated. The brand is owned by SPEED SOLUTIONS Ltd, a company licensed by the International Financial Services Commission (“IFSC”) of Belize.

 

Belize is an offshore zone, where financial regulation regime is somewhat tighter compared to the Seychelles or Saint Vincent and the Grenadines. However, licensing requirements are looser compared to other jurisdictions, such as Australia or the UK, and little focus is placed on supervision.

 

MT4 platform not available

AroTrade offers some simple web-based platform that would suit better a binary options broker.

 

 

It could not be compared to the industry-leading piece of software, developed by fin-tech MetaQuotes more than 10 years ago. This trading platform is highly praised by traders for its ease of use, speed, top-tier charting, with a lot of indicators and customization options. Besides, there are wide range of automated trading systems developed for it, which one can use for free, buy at the MQL marketplace or create by himself.

 

 

>> A list of MT4 brokers <<

 

 

High spreads

AroTrade offers a spread fixed ate 3 pips on EUR/USD, which is higher than what most brokers offer nowadays. By comparison, easyMarkets, a CySEC-regulated broker, offers a spread of 1 pips fixed to all of its clients who deposit $250 or more.

 

 

For further information and comparison, you can check the offers provided by some of the top-rated brokers on our dedicated page.

 

 

>> Compare forex spreads here <<

 

 

Withdrawal fees

This is not a flaw as serious as previous ones, but we still have to mention it.AroTrade charges all withdrawals a service fee of 3.5% (up to $3,500). 

 

 

Conclusion

 

AroTrade seems to offers a lot of everything: account types, tradeable assets, payment options. However, we would not recommend this forex broker for its trading conditions are not that good in terms of spreads, and more importantly, because it is not licensed by a reputable financial authority.

 

There are far better options than Belize’s IFSC. For example, forex brokers regulated in a EU Member state. Most of them have to meet certain capital adequacy requirements, to keep client funds in segregated accounts, to report transactions, and more. Besides, most European countries have established compensation funds for regulated brokerages, so even in case they go bankrupt, their clients will be compensated. That being said, one of the most popular jurisdictions for forex brokers in Europe is Cyprus.

 

 

>> Forex brokers regulated in Cyprus <<

 

 

To sum up the weak and strong sides of with AroTrade:

 

Pros Cons
Over 1000 financial assets Registered offshore
1:200 in leverage MT4 not available
Many payment methods High fixed spreads
  Withdrawal fees

 

Latest news about AroTrade
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Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
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Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $5 Review Website
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Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus CySEC MT4, Web $25 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website

Traders` reviews for AroTrade

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

It's a scam

If this is your first time online trading. THis experience will leave you with a bad taste in your mouth and despite your wife telling you it is a scam. I had to try 5 times to try and leave the website which they eventually did terminate my account - not after they decimated my 250 USD with their well rehearsed sweet talk and constant immediate phone ins.
Beware.

Nursing a wound and a strained relationship right now.

Gordon Ma 02/13/2019

Fraud - my account had been blocked

It was unfortunate that I was caught in this fraudulent website and altogether lost my initial investment of US$250.00. Now, my account had been blocked and no reply is coming from the scam people, who used to call me many times in a day, before the deposition of money. It should be notified to Royal Malaysian Police, before other innocent people would be caught by these culprits.

Dato' Dr. Tahir Mahmood 02/10/2019

Dont open account with AroTrade

Is "AroTrade.com" fraudulent?

This platform has been designed in a way that the first time you start to search about trading with "Cryto" will pop up and will invite you that it is the best recommended platform for you to start with. Then, you will be given simple dialogue box to create an account for online trading. After completing the account creation, in a few minutes time somebody will call you with the phone number you put in during the account creation. He/she will give you briefing on their company and will immediately direct you to someone called "account manager". This account manager will be assigned to your account in almost no time and will call to your number and will start with enticing talk about how you will be making money with "AroTrade" company. If you are naive, you will immediately agreed with proposed business plan and you will be asked to deposit the money. Once the money is transferred to their online trading platform; the so called "account manager" will call you now and then saying that there are a number of business opportunities that you should not miss. Since you are already in their trap and you are excited with the proposed trading strategy and you will follow his/her instructions to start the online trading. If you are at this stage without enough research and experience your money is going to be their money in a fractions of days! The "account manager" will do it with you on selecting as what to sell and what to buy. For sure this will be conducted in way that you will give a trust to the "account manager" so as if you follow his/her instruction you will be making profit. After 2 to 4 small profits the assigned "account manager" will workout a trading strategy that will drain all of your money. He/She will start by running trades which eventually will goes to "margin call" so that you will be recommended to increase your deposit so that at the end of the trading you will double or even tipple your initial investment. If you are still continue to be fooled by the "account manager" then you will depositing additional money, hence the "account manager" succeeds in taking more money from a naive trader. If you don't have any additional saving or your are decided to do so, it will automatically close the trade and your money will be gone! This pieces is simply to warn any new trader who would like to start online trading on the financial markets should not pick "AroTrade" for the reasons i mentioned above and should not trust any broker who will bother you with all but fraudulent intention.


To summarize in a few words:


The "account manager" from AroTrade will nag you now and then to deposit your savings and at the end they will take it!
They have a platform which is dead slow to execute your trading orders in such away while you are struggling with it your trading will end up with loss!
AroTrade "account manager" will make sure that your money flow to their side, hence you should be aware of it!
Even at some point they may ask you to send your bank statement to see you still have potential to be milked!
In my case i was even asked the secret code of my credit card!, so be aware of this kind of acts which could be dangerous!
Therefore, I will advice you not do your first online trading with this company as it will leave you with painful bad experience and regret on your attempt to do online business!

Add 02/09/2019

AroTrade Scam - refund not possible?!

I credited to Arotrade $250 on 4/2/19 hoping that they will do all the trading as I do not anything about it. A man from Arotrade by the name of Erick Willson contacted me several times and finally advised me to buy one bitcoin to start the trading. He said one bit coin cost around US$3,000 so he asked me to credit the money to Arotrade. I disagreed and suspected it is a scam, and asked him to close my deal with Arotrade and refund my US$250 into my credit card account. He said it is not possible. He lost his temper and after a long argument he cut off the phone call.

I do not know how to get back my money.

W kasim 02/08/2019

Scam scam scam!!!

All the people in Arotrade are fake!!!
every is fake fake in short scam!!!

Charm 02/03/2019

It is very difficult to make a withdrawal

I still have the remaining money in the arcades account after losing. To avoid losing all the money, I applied to withdraw all the balance of the money but unfortunately it has yet to be processed. I doubt the integrity of this broker because it seems to not allow me to make a withdrawal.

Rahimin Bin Abd Mues 02/01/2019

Lost the fund in single day with guide by Acc Manager

Its been absolute disappointing to start work in Arotrade as we lost security in trade. Acc Manager was bizarre and made me lost 1k then not response to my email / text. Pls to be careful its seems scammers

Jaganathan Butumalai 01/31/2019

Scammed

This 100% Scamm.

vanny smith 01/23/2019

Arotrade - unprofessional and childish

Called by someone at Arotrade. Belligerent. Indicated as to why I registered if I did not invest. One has to 'register' in order to check out their offering. Simple. Carried on and on telling me I don't have money. Not sure why HE then rang me if HE adsumed I had no money. Eventually he became quite obnoxious. Told ME to calm down non stop while I had a crows around me making quite a noise, hence I HAD to be 'louder' than normal. In reviewing his call, soliciting business, it felt like I was convetsing with a child. The man had zero selling skills let alone customer retention ability. I ALWAYS push them a bit in order to see if they can handle things because a 'legit' group will always remain professionally in control. Absolutely unprofessional, AND childish. It SCREAMED "SCAM" to me!!

Tony 01/21/2019

Legally unable to withdraw or close account

It less than 15 min to signup ,give my personal details,bank details and to withdraw the deposit from my account. I was assured a few times that as a registered company I can withdraw my money. But not once was asked or warned to read their legal policies,rules or procedures .It is now 15 days that I signed up and 15 days trying to withdraw and cancel my registration and account with arotrade. Now I fear legal procedures from them for an open and an inactive account for fees.I won't even care about my deposit money

Fazlin Galant 01/17/2019

Fraud Aro trade

Emily Daniels call me everytime and she will say her account manager ready to speak with me. She doesn't have a sense to make call offenly. I reviewed most of them feedback and all has given scam company only so I didn't invest and also they don't have branch in UAE also. who will open account immediately and tell to invest without submitting any proof. That itself I understood that was fraud. Without having branch they forced to invest so I didn't do it. As you people I suggest after full investigate take action on your investment.

mini 01/08/2019

Cheated

Money cheated by account manager. Manager doesnt know how to trade. Promise bonus but didn't pay. Cannot withdraw money once deposited. Need to make police report. Arotrade is a scam trader. Do not be cheated.

Chiu 12/23/2018

AroTrade will keep calling you to deposit $250

I resisted because I want to take a look at it and within 1 or 2 days after creating the account a person called me at 8 in the morning forcing me to deposit my money. I told him honestly that I will think about it but he refuses to let me be but instead keeps calling me and asking me to deposit $250USD to them.

Samantha 12/17/2018

AroTrade - unable to withdraw

I am unable to withdraw the balance of my account. I was given the assurance that I can withdraw or end my account any time I wish to but it seems impossible.

Amanda Haywood 11/08/2018

scammed by arotrade

This is a scam. pls don't get cheated.
Account manager Theodora especially!
Paul Gidment too cannot be trusted.
Open account easy, but withdraw no way?
What the Fuck!

sunny 10/04/2018

Scammed by Arotrade

This is a scam. You cant withdraw any amount from your account. Dont believe the account manager when he says you can transfer to them and immediately withdraw. Consider your money lost once you transfer it over. I tried withdrawing profit as well as initial investment. Both were unsuccessful. The account manager (freddy.lee)is no longer in contact anymore and also no reply from their billing department.

Scammed 09/23/2018
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