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AroTrade is a broker that offers a variety of investment assets, including various types of cryptocurrencies with a selection of different accounts. However, it should be noted that, while it is not necessarily that case that AroTrade is a scam, it is an offshore broker.
|Product Types||Forex, CFDs, Currencies and Indices|
|Products Offered||More than 200 products to Trade|
The first thing potential traders should know that AroTrade has a license, but it is not of a very high standard. AroTrade is owned by Speed Solutions which is licensed by the International Financial Securities Commission or IFSC in Belize.
Although the IFSC in Belize is more highly rated than Seychelles or Saint Vincent and the Grenadines where many scam brokers are located, it is still quite lenient, and virtually any broker can be licensed by the IFSC. To make it even more complicated, AroTrades transactions are handled in Speed PA LTD in Bulgaria.
Outsourcing is fine for many businesses. However, outsourcing regarding licensing is not the practice of a legit broker. This does not mean AroTrade is a scam necessarily, but brokers who want to ensure their money is safe should deal only with brokers licensed in regions with high standards for security and comply with regulations that protect the customer.
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AroTrade wants to give the impression that it is licensed, but legally, it is only regulated for clients in its area. It does not take clients from the United States, but it is not licensed to deal with clients in most other areas of the world either. Currently, they get most of their views from the Democratic Republic of Congo (75%) and mostly deal with clients outside of the United States and Europe.
The company is so eager to seem like a CySec regulated broker and listed a company called Rehoboth as a payment processor, which is located in Cyprus, but on further investigation, Rehoboth is not listed as a Cypriot Investment firm.
Aside from the fact that AroTrade is not regulated, there are also some complaints about AroTrade and some indication that it is unscrupulous in the way it deals with clients’ money.
There are complaints that AroTrade does not release funds promptly to clients and often avoids communication about serious issues. AroTrade has not yet been censured or warned by a regulatory body, but since it falsely appears to be licensed, it wouldn’t be surprising if AroTrade receives a warning at some point.
AroTrade does not have the highest level of licensing, and it is an offshore broker. The IFSC in Belize has higher standards than those used by most scam brokers and seems to have transparency about types of accounts and fees.
However, the multiplicity of negative reviews reveal that AroTrade is not safe, because it has a tendency to pressure traders to make specific trades, deposit more money, and makes excuses to avoid providing requested money to the customer. Therefore, as with many offshore brokers with high leverage, it is best to stay away.
Unfortunately, AroTrade is another broker that looks professional upfront, with a decent website, a few positive comments, and some educational tools that can help traders. This can lead visitors to believe that AroTrade is a legitimate broker.
However, as with many offshore brokers, AroTrade has high leverage, pressures its customers and is slow to withdraw money for clients.
These and other behaviors are signs of an unscrupulous broker. Some unethical activities include:
If AroTrade or another broker has engaged in any of the practices above and has taken your money, there are ways you can recover your funds. Fund recall has a team of professionals well-versed in the financial industry, regulations and legal procedure.
Book a free consultation to find out whether a broker is legitimate or to get your money back from a scam broker.
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