Upon first landing on the AroTrade website you get the feel of a platform that is smooth and well presented, you can also immediately see that the platform uses or can be used in conjunction with MT4 (via a large slideshow at the top of the site) which it seems a lot of traders nowadays are using.
The website is available in 3 different languages, English, Russian and Arabic.
The website design is not too fancy but runs smoothly and everything is clear and visible and easily navigated around. I would say a simple design but effective. A 6 out of 10 in my book.
AroTrade is the trading name of Speed Solutions Ltd, this is a company based in Belize. They are regulated by the International Financial Services Commission (IFSC) which is a local regulator. You should note that all client transactions for the company are processed through another company named Speed PA Ltd. It’s a company based in Bulgaria (red flags), just like Bluelexus.
The IFSC are considered somewhat reliable. However, the regulations in Belize are fairly relaxed. So any company falling under the ISC regulatory conditions won’t be under as much scrutiny compared with other brokers. Like those regulated by more reputable financial watchdogs such as the FCA or ASIC.
Traders will need to be aware that AroTrade is an offshore broker. This should come as a warning as the investors capital will be at risk.
Their Platform And Technical Information
Their web trading platform like their website is a simple design and easy to navigate. It has an economic calendar, price alerts and risk management, all features advertised on their site.
They have a number of different assets that can be traded, from forex to crypto to CFD’s. Although, their spreads seem to be a lot wider than normal. With there seeming to be around a 3-4 pip spread on major forex pairs.
As for the account types that can be opened they offer a free demo account to experience their platform. The higher your initial deposit the better features you are offered for your account. It starts with a basic account and then on to bronze, silver, gold and platinum. You should note that extra features are offered depending on the account type you go with.
The website offers video courses, eBooks and webinars as part of their education section. As well as different analysis tools on offer from fundamental analysis to technical analysis and daily analysis videos.
Unfortunately the videos only seem to be available to clients that open an account with them. Which we will not be doing! You can find out why further down this review. So we are unable to verify how good or bad the education is on the platform but if I were to guess I would say it would be basic as most brokers don’t seem to have too much of an in depth educational program.
AroTrade offer 24/6 customer support but it does not make clear which day they do not offer support on.
They have phone numbers available to call in South Africa, Malaysia, Singapore, Russia, and Kazakhstan, they also have another international number for other users. Whilst their website also offers a form to fill in for inquiries and they have email addresses for their different departments available.
In regard to reading what others have said about their customer support it seems that the account manager is in constant contact with you until the day you try to withdraw money! (find out more below).
So How Reliable Are They?
As mentioned above due to the fact that the company is registered in Belize and processes transactions via a different company in Bulgaria this should be your first red flag.
Immediately just by doing a quick google search I can find many negative reviews from customers regarding the broker which is not a good sign, including one that has said that the broker called the trader to provide him with insights on what positions he should take which then ended up in him losing a substantial amount of money. This indicates to me that the broker may have been taking the other side of the trade here (so betting against the client) and taking their own profits from the trade.
What Have Clients Said?
After reading a few other reviews it seems clear to me that this is an untrustworthy and unreliable broker, the general theme seems to be that clients open an account, then are immediately called by an account manager who pressures the client into depositing money. Once that is done the client will then receive another call a few days later pressuring the client once more to fund their account with more money in order to “increase their profits” and then advise them to take positions that the account manager recommends (is this so that they can take the other side of the trade? Seems possible) and more often then not the client then loses money on those positions taken.
After that is the real kicker and what is a well known scam amongst financial circles. Once the client realises that the broker is a scam or that they want to take their profits from their account they will then request a withdrawal which they are then told is only allowed after the account manager confirms it, which he/she never does and it seems the broker is allowed to get away with this time and time again.
So in terms of reliability I would give this a 0 out of 10, it seems clear to me that they are not to be trusted.
AroTrade should be avoided. Due to the fact that they aren’t properly regulated and seem to be running a clear scam on their clients I would suggest staying well clear of them. The company will try to reel you in by offering bonuses for different deposit types and the fact that they have an easy to navigate clear website and easy to use trading platforms is probably the reason why other clients have fallen victim to them in the past. Be warned, they are not to be trusted.