Beware! This is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Aristrex offers three account types, based on the initial deposit. The Standard and Pro accounts offer a leverage of 1:400, which is an industry standard, although it is really high. As you may know, high leverage is a double edged sword – it can provide massive returns or swift loses of similar proportions. Spreads for these accounts are slightly higher than the industry average. VIP accounts offer a raw price feed with negotiable commissions.
Minimum trade size
Spreads (& Commission)
From 1.5 pips
From 0.8 pips
Raw spread + negotiable commission
1. Will your money be safe at Aristrex?
Aristrex is regulated by the Vanuatu Financial Services Commission (VFSC) and is registered as a foreign company with the Australian Securities and Investments Commission (ASIC). Off-shore brokers are generally not recommended by us, as such licenses often require low oversight.
For instance a broker who is registered with a top watchdog like the UK’s Financial Conduct Authority (FCA) would have to obey strict rules. Clients’ funds would be kept in segregated accounts, meaning the company does not have access to them. Furthermore a compensation scheme would be in place, guaranteeing your trading capital, in case the broker goes bankrupt.
2. What are the Trading conditions?
Spreads, which start at 1.5 and 0.8 pips for the Standard and Pro accounts respectively, are in line with expectations, although you could find better conditions. The industry averages are close to the starting point for the Sandard account. The VIP package could potentially offer great costs, but the deposit requirement is rather high.
Islamic (Swap Free) account versions are offered for Standard and Pro accounts.
3. What Trading platforms do they offer?
Aristrex offers multiple trading platforms. The web-based version of VartexFX Trader platform seems to be in development – at the time of writing the web-based version doesn’t have any charting capabilities. It currently also offers only FX pairs.
The industry staple MetaTrader 4 is also offered, as well as Fortex, which is available upon request with a VIP account. The latter is still not fully integrated as suggested by the “coming soon” portion of the website.
4. What are the Deposit and Withdraw methods?
When it comes to payment methods, the broker’s site is somewhat misleading as one section mentions rather limited options – Solid Payments, Nettler and FastPay as the only alternatives to a Bank Wire.
At the same time another section also includes options such as Skrill and even Bitcoin.
This type of inconsistency doesn’t inspire trust. It may be a temporary issue with the website or it may be indicative of bigger problems.
5. How is support?
The website states there is live support 24/5, which is an industry standard nowadays. However, at the time of writing the live-chat support was down. This fits in with the general impression, which implies the company is not yet fully operational.
|Multiple Trading Platforms||Off-shore regulation|