Beware! ARUM Trade 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.
ARUM Trade is an offshore broker, based in Vanuatu, offering forex pairs and CFDs on precious metals, indices and crypto coins – all in all over 100 instruments – with a Standard and a VIP account with leverage as high as 200:1 and the MetaTrader5 platform.
Spreads are advertise to start as low as 0,6 pips, but we were not able to check this as we were not immediately able to open a demo account.
Also, the broker says to be regulated by the financial commission in Vanuatu. Such an offshore regulation however is not very convincing, so if you are about to open a live account with them be sure to read this review first.
ARUM Trade regulation & safety of funds
ARUM Trade LTD, the company behind ARUM Trade, is a Vanuatu Investment Firm, which as we understand is licensed by the Vanuatu Financial Services Commission (VFSC).
Let us start with some geography – Vanuatu is a small atoll in the middle of the Pacific ocean thousands of miles form anywhere. And whatever VFSC may say, we are simply not convinced that they have the resources and the qualified staff to oversee internationally operationally operating brokers like ARUM Trade.
Form the presentation we also understand that ARUM Trade might be connected to ARUM Capital – a Cyprus Securities and Exchange Commission (CySEC) regulated broker, owned by Arumpro Capital Ltd.
If such connection exits, however, it does not make trading with ARUM Trade any more safe. This is a virtually unregulated, offshore broker, where for the safety of your funds you will have to rely solely on the integrity of the people, who operate it.
ARUM Trade deposit/withdrawal methods and fees
Although on their homepage ARUM Trade displays the logos of Neteller and Skrill – two of the most popular e-wallets on the market, when we proceeded with our registration the only payment options appeared to be VISA, MasterCard and bank wire.
Besides, this is notable because of the new anti – scam policy adopted recently by Skrill, according which they partner only with properly licensed brokers. As we already noted, ARUM Trade does not have a reliable license.
Otherwise their minimum deposit requirement is just 1 USD and that is in line with the best practices on the market.
How does the scam work?
A scam scenario usually starts after the potential victim is tricked to leave his or her e-mail and phone, by signing for some ground breaking investment opportunity. Usually you will see such an offer on one of the so called robo scam websites like Bitcoin Profit and Brexit Trader, where a cheese video ad will be telling you how easily you can get rich in a matter of days, if only you agree to invest a small sum with their top notch trading software.
And if you do get hooked and register, instantly you will be transferred to the website of some unregulated, offshore broker, where you will have to deposit about 250 USD.
And initially your trades will be amazingly successful, but that will be simply the result of a manipulation. Scammers just want you to invest more, so they will do anything to lure you.
And that is what your “senior account manager”, would be advising you on the phone – to invest at least 10 000 USD, if you really want to make some real cash. And as strange as it is, but most people do invest that kind of money without realizing they have been scammed until the very moment they attempt to withdraw some of their funds. Than all of a sudden it tuns out they are not allowed to withdraw, because they have not met some minimum trade volume requirement, linked to their welcoming bonus. The pretext for the cancellation of their withdraw requests might certainly be different but the end result will always be the same – scammers will not repay a single dollar back.
What to do if scammed?
Probably the only plausible way to get your deposit back is to file for a charge back with your credit card company. So if you have paid with VISA or MasterCard, you can easily do that within 540 days. Bear in mind however that your chances to win the charge back will be greater, if you have not shared with the scammers a copy of your ID or other personal documents.
Some scammers may even try to steal money directly form your bank account. So if you have revealed your personal banking details like your credit card number or online banking password, be sure to immediately change the password and block your credit card.
Finally, do not rely on the so called recovery agencies. Not only they will not help you in any way, but also you will have to pay some fees in advance, and basically that will be the end of the story.