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Arotrade Broker Review
Speed Solutions Ltd currently operates as the online forex CFD broker AroTrade. The broker is located in Belize, where they keep their International Financial Services Commission registration current. Brokers who want to escape the stricter regulations of authorities like the FCA and CySEC frequently use this offshore hideaway. Even if they were regulated by a more dependable regulator, this broker doesn’t offer many incentives for traders to choose them.
Trading with AroTrade
The broker offers a wide range of currency pairings in addition to CFDs. AroTrade provides over 1000 investment possibilities in total, including CFDs on stocks, commodities, cryptocurrencies, and currency pairs.
The broker offers a 1:200 leverage ratio, which is unusually high. However, as mandated by ESMA, any brokers providing investing services within the EU are only permitted to offer leverage up to 1:30. This broker appears to have gotten around this limit because they are registered in Belize.
Unappealing Trading Options
AroTrade’s lack of the industry-recognized MetaTrader 4 platform will disappoint any traders who are interested in their services. Investors are only permitted to use the broker’s browser platform. This platform is far too basic for most traders and lacks the sophisticated technical tools that MetaTrader 4 has.
The broker accepts bank wires, credit cards, and online payment processors in addition to the usual payment methods. A 3.5 percent service charge is necessary for each of their withdrawals.
Account Types and Bonuses for Deposits
AroTrade offers five distinct account options. From Basic to Platinum, they are offered. A $250 minimum deposit is required to start an account, which is not ideal but also not awful.
The broker provides deposit bonuses, a practice that the ESMA has banned in the EU. Basic accounts offer a bonus of 20% on the initial deposit, while Platinum accounts offer a 100% bonus. Traders need to deposit $20,000 to open a Platinum account.
These bonuses include a lot of restrictions and conditions, just like with many other brokers, making it extremely improbable that you could ever withdraw them.
As a result, traders have no dependable way to get in touch with uncooperative offshore brokers or go through authorities.
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