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.
Arotrade is forex and CFD broker, offering a good variety of currency pairs and CFDs on commodities, indices, stocks and even crypto coins with a choice of five account types, on proprietary web based platform. The crypto CFDs include popular coins like Bitcoin, Ethereum, Ripple, Litecoin and Dash.
As tested with a demo account the benchmark EURUSD spread was fixed at 3 pips, which is basically twice higher than what traders usually consider acceptable with a standard account. Arotrade allows leverage of up to 1:200 with all account types.
The minimum deposit requirement is 250 USD for the starting Basic Account and goes up to 25 000 USD with the Platinum Account.
Arotrade regulation & safety of funds
Arotrade is a trading name of SPEED SOLUTIONS Ltd. – a company based in Belize and regulated by the local International Financial Services Commission (IFSC). However, all client transactions are being processed by SPEED PA LTD – another company, based in Bulgaria.
Although the IFSC is considered more reliable than phony regulators such as the financial supervision commissions on Vanuatu or the Seychelles, Belize regulatory regime is quite liberal and is still far form the standards set by well respected financial watchdogs like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
Among other requirements FCA and CySEC regulated brokers have to participate in clients compensation schemes, under which traders can receive part of their capital back, in the event their broker is unable to pay.
With FCA brokers that sum can reach 50 000 GBP, while with CySEC brokers the insured amount is up to 20 000 EUR.
Arotrade deposit/withdrawal methods and fees
Arotrade accepts a variety of payment methods including e-wallets like PaySafe, Neteller, Skrill, WebMoney, QIWI, Yandex and AstroPay, bank wire and major credit and debit cards like VISA and MasterCard.
As we mentioned the minimum deposit requirement is 250 USD, but rises up to 25 000 USD with the premium accounts. Have in mind that Arotrade charges 3,5% service fee on all withdrawals.
How does the scam work?
Although scams could be quite diverse, the most widely used scenario goes like this:
You will happen to watch a video add on one of those robo scam websites like Bitcoin Revolution or Bitcoin Method, that will tell you how easily you can make a pile of cash, if only register and invest with an innovative trading app or software.
After leaving your e-mail and phone, you will be transferred to the page of a unregulated, offshore broker, where you will be invited to deposit just 250 USD and start making money right away. Your first trades might prove to be quite successful. That, however, will happen not necessarily because you have made great trading decisions, but simply because your account will be manipulated.
And then you will receive a call from a “senior account manager”, who will explain, that if you want to make some real cash, you simply have to invest more – what about 10 000 USD for a start. Chances are you will invest those money as well.
In the beginning everything will look fine and you may even continue to “profit”, until the day you decide to withdraw some of your cash. It will suddenly turn out you can not. Withdraw conditions will be linked to some minimum trade volume requirement and most probably to the welcoming bonus you have accepted, when you opened your trading account in the first place. Of course, it could be something else, but the bottom line is you will not be able to withdraw anything.
Be aware that at some point the scammers will try to trick you to send them copies of your ID and a proof of address (your latest electricity bill for example). They will say they need those documents, because of the anti-money laundering regulations. The truth however is, if you send them personal information voluntarily, they will have a much stronger case, when you file for a charge back with your credit card company.
Also, do not be fooled to install Team Viewer under any circumstances. Scammers may try to trick you to do that under the pretext to help you with the installation of some software or with the funding of your account. If you install the program, you may be sure bad guys will get to your credit card number and online banking password and will try to steal money form your bank account directly.
What to do if scammed?
Finally, if you have fallen victim to a scam, immediately file for a charge back with your credit card company. Note, you will be able to do that only within the first six months after you have made the deposit.
If by any chance you have given away your credit card number or banking details, or if you have agreed to install Team Viewer, immediately block your credit card, delete Team Viewer and change the password for your online banking service.
In the unfortunate event you have lost money to scammers, do not loose even more by seeking the service of the so called recovery agencies. You will simply be asked to make an upfront payment and basically that will be the end of the story.