Arum Trade FX Review – Can This Broker Be Trusted?
Founded in 2018, Arum Trade is a Forex broker that has come to prominence in recent years. The broker sets its philosophy to offer as many innovations as possible to clients and widen their horizons. The founders of the company have worked in the financial sector for over 20 years. Arum Trade offers different trading assets to customers from stocks to indices. There are different methods for deposits and withdrawals and the main platform offered to customers is MetaTrader 5. However, as attractive as the broker may seem at the first glance we have detected a lot of questions marks that are going to be explored in this Arum Trade review.
Arum Trade License and Information
Arum Trade has a license from Vanuatu Financial Services Commission. The Registration address is at Top Floor, Lolam House, Kumul Highway, Port Vila, Vanuatu. There is also a proof of ID indicated at the bottom of the website. The brokerage services of the broker are limited to over 30 countries. Having a license is a good sign for the broker, but we should not forget that depending on the regulator and the country, where a particular broker is based, may have difficulties, as it cannot be held accountable. What’s more, there is information provided about liquidity providers. We could not find relevant information about the AML policy as well as negative balance protection to mention in this Arum Trade broker review. This makes us think that the funds of a client might be badly protected and stored in dangerous hands.
Arum Trade Trading Accounts – Tips and Features
The first and only option you get after registering on Arum Trade is a real account, also known as a live account for trading. There is no additional fee to maintain the accounts, spreads start from 0 pip and the maximum leverage is 1:200. We should also note that the broker offers a demo account to its new clients. With the funds of $10,000, you will be able to trade various instruments without risking real funds. This is actually a pretty good solution for those who want to improve their trading and become more experienced. Furthermore, with the help of a demo account, you will test different strategies and get to know the basics of a trading platform. However, the demo account will only be available for a limited period of time.
As for an Islamic account on the website, there is no such feature available. Traders cannot engage in swap-free trading which is a huge minus for the broker. As it seems, the only possibility is a real account.
Arum Trade Fees
Is Arum Trade legit when it comes to trading fees? At the present moment on the broker’s website, there are not too many commissions. There is no fee for maintaining the account. Spreads start from 0 pip. There are no inactivity fees from what we have found out on the website – you can stop trading for a particular period of time and the broker will not charge you extra money. In addition, deposits require no commissions. Depending on withdrawal methods sometimes you might be required to pay 5% extra to carry out a transaction. In general, the information about trading and non-trading fees on the website is vague and there are a lot of question marks about this subject.
Arum Trade Assets & Conditions
On Arum Trade more than 100 instruments are available for trading including currency pairs, cryptocurrencies, indices, etc. Different trading assets have various requirements and conditions. While the maximum leverage available on the website is 1:200, in some cases you might be offered a lower amount of leverage for specific instruments. Generally, it is up to a particular trader which of the assets he or she is going to choose. Some instruments are more profitable and easier to trade but once again everything still comes up to the choice of a trader. In terms of currency pairs, you will see almost every popular currency such as EUR, USD and GBP.
Arum Trade Platforms
Arum Trade FX broker offers MetaTrader 5 platform to its traders. Customers will be able to trade on the international currency market using the most popular platform. Users will get access to modern technologies, execution of orders and technical indicators. The platform is available for desktop platforms as well as on mobile devices. On Android and iOS, you can download the app directly from their respective stores. Usually, they will be installed automatically. As for additional features, sometimes it is necessary to download various tools for the platform.
Arum Trade Deposits and Withdrawals
Arum Trade FX broker supports a lot of payment methods for deposits and withdrawals. We can note credit cards, AstroPay, Perfect Money, cryptocurrencies. The minimum deposit for these methods is $30, while the maximum amount is limited to $99999. The minimum withdrawal is $50, and the maximum withdrawal is the same as the maximum deposit. Deposits are instantaneous and cryptocurrencies are faster than fiat methods, considering that they are based on a completely different system. Withdrawals could take up to 3 working days and there is an additional 5% charge when you withdraw the money. Payments, which do not meet any of the aforementioned conditions, will be returned to the sender’s account. The broker states that deposits and withdrawals are protected on the website.
Arum Trade Educational Section
Arum Trade broker has a separate educational section which is divided into 4 categories: Trading Strategies, Indicators, Video Courses and E-book. In the first one, you will see a list of the most popular trading strategies, however, the information has not been updated recently and the information available is from 2016. In the Indicators section, there are different indicators, such as GDP, CPI and how they change throughout time. Video courses are available directly on the broker’s website, which on average are 10 minutes in length. Some of these videos include chart patterns, indicators, fundamental analysis, technical analysis, Forex trading, etc. An E-book is a trading guide in the format of PDF, where users can get information about Forex, what are its advantages and how it is different from other forms of trading.
In addition to the analytical section, on the broker’s website, it is possible to find out more analytical information, such as trading signals, news, economic calendar and a trader calculator. In short, this section is average on the website.
Arum Trade Customer Support
Arum Trade customer support is available in 2 languages: English and Spanish. The support works from Monday to Friday and it is possible to contact Arum Trade through mobile phone, e-mail and live chat. Generally, for users who want to get the information instantaneously, it is advisable to use a live chat, as it is the fastest way to get answers to your queries. In addition, e-mail answers tend to be taking up to 24 hours depending on the number of requests from customers. Sometimes problems are complicated and it could require several days before your issue is resolved.
As we have gone through our Arum Trade review the final question arises – can Arum Trade be trusted? For a moment, the broker has everything that is required for a financial company – a valid license, accounts and an educational section. However, we think that the broker is suspicious, considering that it has flawed payment methods. Also, there is a scarcity of different accounts. We would not recommend users to register on the broker’s website and choose other brands, that have reputations and decent testimonials from users.
Comments (0 comment(s))