AroTrade Review

Is AroTrade Scam or Legit Broker?

No, it is not safe to trade with AroTrade. AroTrade is owned by Speed Solutions Ltd. which is an offshore company registered in Belize.

• Belize is notorious for its practically absent requirements and regulations. Due to the setup cost being low it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as BlueMax Capital, ZeegosFX, and more. We have a detailed article explaining the risk of trading with brokers from Belize.

What is AroTrade? 

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. The broker claims to be authorized by the International Financial Services Commission (IFSC), while the client transactions are processed by Speed PA Ltd situated in Bulgaria.

That is quite confusing, while it seems the company performs its service within the EU with its alleged authorized operation. Indeed AroTrade is regulated by IFSC in Belize, however, with all respect to the regulator, it is still considered to be an offshore license. Axiory is a regulated broker that is also based in Belize. Thus we suggest you do research on the broker before using it.

• The Financial Commission is not a financial regulatory body from any Government. It is an independent self-regulatory organization. From our source, it costs €24,000 per year to become a member. However, there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for the traders. 

• In addition, there were 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.

AroTrade Review Conclusion

We advise all investors and traders to avoid AroTrade and other brokers from Belize. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.

AroTrade Update

Based on our research, the AroTrade website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.