Arotrade is a regulated broker and financial services provider for traders across the world. Situated in Belize, they offer over 1000 different tradable assets and give you instant access to the markets. Some of the benefits that Arotrade claim to offer include 24/6 customer support in multiple languages, personal account managers, IFSC regulation, free demo accounts, choice of trading accounts, advanced charts and analysis tools, an online education centre and more. We will be looking into these and more throughout this review to help you decide if they are the right broker for you,
Account Types
There is 5 main account sot chose from when signing up, there are an additional 2 accounts, but these are for special clients so we won’t be looking into them in any detail, the ones available we have outlined below.
Basic: This account requires a deposit of $250 and comes with standard spreads, it also has access to 24/6 support along with access to the education centre, daily market reviews, pro webinars, price alerts and daily analysis videos. This account has a 20% welcome bonus.
Bronze: This account requires a minimum deposit of $1,000 and comes with standard spreads, it also has access to 24/6 support along with access to the education centre, daily market reviews, pro webinars, price alerts, daily analysis videos and, access to a junior account manager. This account has a 40% welcome bonus.
Silver: The minimum deposit for this account increases up to $5,000 and it comes with silver spreads, it also has access to 24/6 support along with access to the education centre, daily market reviews, pro webinars, price alerts, daily analysis videos and, access to a senior account manager. This account has a 60% welcome bonus.
Gold: This account comes with a minimum deposit requirement of $10,000 and has silver spreads, it also has access to 24/6 support along with access to the education centre, daily market reviews, pro webinars, price alerts, daily analysis videos, access to an executive account manager, gold signals and a personalised trading strategy. This account has an 80% welcome bonus.
Platinum: This account comes with silver spreads and has a minimum deposit of $25,000, it also has access to 24/6 support along with access to the education centre, daily market reviews, pro webinars, price alerts, daily analysis videos, access to an executive account manager, platinum signals, a personalised trading strategy, a 1 on 1 trading trainer and exclusive position access. This account has a 100% welcome bonus.
Platforms
The single platform on offer from AroTrade is MetaTrader 4 (MT4), MT4 has been used by millions of traders and for good reason. It offers accessibility with a desktop, web and mobile version. It is fully customisable for your own personal trading, gives instant access to the world’s markets, offers a full suite of trading tools from indicators, analyzers and expert advisors, it also hosts 24/5 technical support and backups. If you are stuck with just one platform to use, you could do a lot worse than MetaTrader 4.
Why MT4?
- Tested and approved by millions of FX traders
- Desktop and mobile versions available
- Completely customizable for personalized trading
- Instant access to major global markets
- A full suite of trading tools, charts and live data
- 24/5 technical support
Leverage
The maximum leverage available at Arotrade is 1:200 which can be selected when opening up an account.
Trade Sizes
Trade sizes start from 0.01 lots and go up in increments of 0.01 lots, the maximum trade size is unknown but we would suggest not trading over 50 lots ina single trade. The maximum number of open trades allowed is also not known.
Trading Costs
It is unknown if there are any commissions on the accounts, we know that there are spreads present but there is no mention of any commissions. Swap charges are there for all accounts, these are interest charges for holding trades overnight and can be viewed within the MetaTrader 4 platform. There is an Islamic account that does not have swap charges.
Assets
Arotrade has broken down its assets into 5 different categories. We have outlined the instruments in each below. Please note that any dated one will change based on the date.
Forex: USDJPY, GBPUSD, USDCAD, AUDUSD, EURUSD, EURJPY, USDRUB, GBPJPY, USDTRY, EURGBP, USDZAR, NZDUSD, USDCHF, EURRUB, GBPCHF, GBPAUD, GBPRUB, EURTRY, AUDJPY, EURCAD, EURZAR, GBPCAD, GBPNZD, EURCHF, EURAUD, NZDCHF, USDMXN, AUDCAD, EURNZD, EURSEK, AUDNZD, EURPLN, EURNOK, NZDJPY, CADJPY, USDSGD, CADCHF, USDCZK, NZDCAD, CHFJPY, USDPLN, AUDCHF, USDDKK, USDSEK, USDHKD, USDNOK, USDCNH, EURDKK, BCHBTC, AUDSGD, USDILS, USDHUF, USDRON
Commodities: GOLD, CL MAR20, SILVER, NGAS FEB20, BRENT MAR20, COPPER MAR20, COFFEE MAR20, PALLAD MAR20, PLAT JAN20, WHEAT MAR20, COTTON2 MAR20, COCOA MAR20, SUGAR11 MAR20, HOIL FEB20, CORN MAR20, RICE MAR20, SBEAN MAR20, LCATT FEB20
Indices: DAX30, NSDQCO, DJIA, CAC40, RTS MAR20, Nasdaq 100 MAR20, S&P500 MAR20, FTSE MIB MAR20, DOW MAR20, FTSE MAR20, JSE 40 MAR20, HANG SENG JAN20, USDNDX MAR20, VIX FEB20, Germany 30 MAR20, RUSSEL2000 MAR20, AEX MAR20, NIKKEI225 MAR20, France 40 MAR20. SPMIB.I, EU Stocks 50 MAR20, TOPIX500, IBEX, IBEX FEB20, TOPIX MAR20, AEX.I, ISE100, MSCI Singapore DEC19, SPY, XINHUA50, SHCOMP
Cryptocurrencies: BTCUSD, ETHUSD, DASHUSD, XRPUSDT, ETHEUR, ETHUSD, XRPUSD,m LTCUSD, XRPEUR, ETHBTC, BTCEUR, BTCAUD, LTCEUR, BTCJPY, BTCUSDT, LTCXMR, XRPBTC, LTCBTC, DASHUSDT, DASHXMR, OMGETH, ETCETH, STRBTC
Stocks: There are a lot of stocks, too many for us to list but some of them include APPLE, AMAZON, TESLA, NETFLIX, FACEBOOK, GAZPROM, ALIBABA, GOOGLE, SBER, MICROSOFT, NVIDIA, BOEING, LUKOIL, BYND and, UBER
Spreads
Looking through some of the assets we do not know if there is a different spread for the different accounts, but they seem to start at around 3 pips, they are also variable which means they move with the markets when there is a lot of volatility they will be seen higher. Different instruments also have different starting spreads, so while EURUSD seems to start at 3 pips, other assets like AUDUSD start at 4 pips.
Minimum Deposit
The minimum deposit required to open an account is $250 which will get you the basic account, it is not clear if smaller amounts can be deposited once an account has been already been opened.
Deposit Methods & Costs
You are able to deposit into Arotrad using Credit / Debit Card (Visa and MasterCard), Bank Wire Transfer, Skrill and, Neteller. It is not clear if there are any added fees as the deposit page does not state if there are ar arent. We would suggest contacting your bank or processor to see if they add any fees of their own.
Withdrawal Methods & Costs
The same methods are available to withdraw with, for clarification these are Credit / Debit Card (Visa and MasterCard), Bank Wire Transfer, Skrill and, Neteller. There is a fee of 3.5% when withdrawing, however, the minimum fee is $30 per withdrawal, the maximum is $3,500. This is a pretty hefty withdrawal fee and makes withdrawing anything under $1,000 very expensive.
Withdrawal Processing & Wait Time
Arotrade will not process your withdrawal request until 48 hours after the request as they wish to allow clients to cancel the withdrawal if they see fit. This is a little disappointing because most people will request a withdrawal because they need the money. It will normally take between 3 – 4 days for the request to be approved. Once the request has been approved it will take between 1 to 5 working days for the withdrawal to fully process.
Bonuses & Promotions
The account overview page details a deposit bonus, however, we could not locate information on the site regarding it, we know it is a percentage bonus, but the terms are unknown and we do not know if it is worth the hassle to get the bonus withdrawn.
Educational & Trading Tools
There seems to be plenty when it comes to education, there are some video courses which cover aspects of trading from crypto, forex and CFD, there are plenty of them so there should be new things to learn. There are also Ebooks on a number of subjects covering Forex, CFDs and Cryptocurrencies and they seem to be quite in-depth. There is a calendar for webinars but they do not seem to be any on there at the moment, finally, there is a glossary of terms just in case you come across something you do not know the meaning of.
Customer Service
Should you need to contact the support team they are available 24 hours a day 6 days a week. You can use the online submission form to fill in your query and you should then hopefully get a reply via email.
There are also a whole host of email addresses and telephone numbers available:
Demo Account
You can sign up for a demo account, however, we are not clear on what the conditions of the account are, such as which account they mimic and if there is an expiration on the account. They are a good way for new clients to test out the trading conditions.
Countries Accepted
While there isn’t a statement on the site indicating which countries are accepted and which are not if you are situated in a country that is not eligible for an account a pop up should tell you this. If you are still not sure you can contact the customer service team to find out.
Conclusion
There is plenty to choose from when trading with Arotrade, they have a lot of different accounts, however, thee trading conditions do not seem to change much between them. We do not know what the different spreads are as they state to contact an account manager to find out. There are a lot of assets, and loads of crypto pairs to trade which is great to see. We are not sure on commissions but the starting spreads are a little high making it quite expensive to trade, so it will depend on how much of a discount the bigger accounts offer as to how worth it is to trade here, with the starter accounts, it is a little too expensive for us to recommend.
