Reason to avoid: Offshore License.
Listed Date: October 15, 2018
Top 3 Regulated Forex Brokers
Beware AroTrade is an Offshore Broker. It is NOT SAFE to trade.
- Company name:
Speed Solutions Ltd. AroTrade.
- Registration Address/ License:
Belize. Authorized by IFSC, registration license IFSC/60/391/TS/18.
AroTrade is a financial service provider with an asset index of over 1,000 stocks, forex, commodities and indices available on CFDs on a range of account types and platforms. AroTrade operates as a trading name of SPEED SOLUTIONS Ltd, located in Belize and authorized by the International Financial Services Commission (IFSC), while the client transactions are processed by Speed PA Ltd situated in Bulgaria. That is actually quite confusing, while it seems the company performs its service within the EU with its alleged authorized operation. Indeed the AroTrade is regulated by IFSC in Belize, however, with all the respect to the regulator it is still considered to be an offshore license and is one of the most liberal in terms of the requirements and general overseeing of the brokerage services. Which is also do not give a permission to trade within the EU.
In addition, it was cases while the traders stated company as a scam due to their failure to withdraw funds, which is typical among the companies with non-serious regulation.
Therefore we always advise our readers choose better options to trade and to select among the reputable brokers from the jurisdictions like UK, Australia or others that perform the strictest regulation of the financial firms. As the security of funds always goes first apart from the authorization, the international brokerage should rest assure the clients’ protection by the segregation of the funds from the company ones. As well as, report all transactions to authority, to be part of the compensation scheme and more, that all designed to deliver the reliable trading environment.