RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
ArgoTrade does not do a good first impression, and not for any suspicious reason. Rather, its website is very simple, and its subpages look sup-par. However is the nature of the interface mirrored in the services, and most importantly, in the legitimacy of the firm? Read the review for these answers, and more.
We opened an account with ease. The leading trading area was very slick and was sort of futuristic, in a minimalistic kind of way. There was an online trading software that was immediately open to us. There the EUR/USD spread was around 1.5 pips, which is a very favorable value, and one of the most common costs of trade. The leverage can be increased to 1:300 tops. The platform revealed us the following available trading assets: forex currency pairs, indices, commodities, cryptocurrencies, shares, ETFs, and bonds. This is a very impressive list of instruments, indeed.
The website is available in English and Arabic.
ARGOTRADE REGULATION AND SAFETY OF FUNDS
Dilna Investments Ltd is the company that operates the broker. Dilna Investments Ltd is acting on behalf of Leadcapital Corp Ltd, the main holding company, that is regulated by the Seychelles Financial Services Authority. This is what the broker claims on its website. However, there is more than meets the eye.
The Seychelles Financial Services Authority produced the following result when we typed “Leadcapital Corp Ltd” into its database of regulated entities. As you can see there is no reference to ArgoTrade.
The website that is mentioned is leadcapitalcrp.com. Leadcapitalcrp.com is not really anything but an intermediary between Leadcapital Corp Ltd and Finq.com,
another broker operated by Dilna Investments Ltd (it being held by Leadcapital Corp Ltd).
We have an old review of Finq which proclaims it regulated, but still on the suspicious side of things, and thus we advised users against depositing there. Judging by this, and if we connect all the dots, we have to come to terms and accept that ArgoTrade’s parent company is regulated, making Argo a legitimate broker, albeit offshore.
The Seychelles Financial Service Authority, as well as other offshore regulators, lacks the capacity and quality to regulate big brokerages and that is why they settle for smaller and sometimes suspicious brokerages, such as ArgoTrade. One major drawback of the regulator is that it does not require brokers to hold the funds of users in segregated bank accounts. Yet that does not mean that the agency has no requirements from its brokers. They have two that stand out. The first one is that all brokers must be incorporated domestically, with 2 shareholders and 2 directors present at all times in the country. The second one is that the watchdog demands of its brokers to be holding a minimum capital of $50 000.
The broker further staples its offshore regulation by not allowing users from the European Union and the United States.
ARGOTRADE DEPOSIT/WITHDRAW METHODS AND FEES
Withdrawals cannot be made if a user has not deposited. According to Terms and Conditions, the minimum withdrawal is $20. There is a $10 charge for all methods except for wire transfer. For bank transfers, the fee is $50.
ArgoTrade is a decent broker that brings about everything you would expect from an average brokerage. We recommend it, however,if you have a better offer, we advise you to take it!