Arum Trade Forex broker positions itself as a broker that provides access to trading in currencies, stock indices, precious metals, as well as CFDs on stocks and cryptocurrencies. According to the creators, they are licensed in the jurisdiction of Vanuatu. We decided to check this company in more detail in order to understand whether it can be considered as a reliable partner for trading and investment.
If you just look at the official website of the company, it becomes obvious that the creators of the office did not bother much about the development of the original interface. Everything is done at a rather primitive level. This, of course, does not mean fraud, but self-respecting brokers usually invest serious money in the creation of a website and do not use cheap templates. We will further dive into other details and features in this Arum Trade review and discuss what traders are most commonly interested in.
Arum Trade License and Information
There is no information about the length of service of the broker. A check of the arumtrade.com domain shows that it was registered in April 2018, that is, less than two years ago. For a forex broker, this is a very short time frame. Unfortunately, it is impossible to find out who is the owner of this domain, since the data is hidden. This also leads to certain thoughts. The site is operated by Arum Trade Ltd. Legal address: Pot 805103 Rue D’Auvergne, Port Vila, Vanuatu.
The official website and documents indicate that ARUM Trade LTD is licensed by the Vanuatu Financial Services Commission (VFSC), license number 40490. We checked this information through the official online resource of the said regulator. And we found out that Arum Trade is indeed included in the list of VFSC licensed companies.
But can Arum Trade be trusted even if they have a license? Well, this does not change much, since this regulator itself does not inspire confidence. And the very jurisdiction of Vanuatu, from the point of view of the FATF (Financial Action Task Force on Money Laundering), is extremely unreliable. In this regard, the FATF stated that the country has “inadequate” criminalization of money laundering and terrorist financing. In addition, Vanuatu has “inadequate” due diligence requirements for its clients.
Arum Trade Accounts – What are They?
As we have explored from the official website of Arum Trade only a standard account is available. The maximum leverage is 1:200. The minimum deposit is $30 and spreads can be as low as 0 pip. There is no additional fee to maintain the account on the website. There are no words about the existence of an Islamic account, however, users are able to create a demo account before moving to real trading. First of all, with the help of a demo account, you are not risking real funds and the broker gives you $10,000 in virtual funds to start trading. Furthermore, you can test a new platform and acquire all the necessary basics that are required for comprehensive trading.
Arum Trade’s Trading and Non-Trading Fees
There is no comprehensive information about trading fees on the website. The broker states that spreads start from 0 pip. There are no additional commissions on maintaining the account, neither there is an inactivity fee. We should also point out that deposits are free from any additional commissions, while on withdrawals there is mostly 5% commissions, depending on the payment method you are going to use on the website. Commissions on the website seem a little suspicious, though.
Arum Trade Assets
More than 100 instruments are available to traders for trading: currency pairs, stock indices, precious metals, CFDs for stocks, and cryptocurrencies. The minimum deposit is $30, the maximum leverage is 1:200. The company receives liquidity from the largest liquidity providers, which ensures ultra-high speed of execution of transactions.
Arum Trade offers the following trading conditions:
- floating spreads from 0.8 pips;
- micro-lot trading;
- ECN / STP execution;
- trading on Meta Trader 5;
- training demo account.
It is allowed to use scalping, advisors, hedging. There are analytics tools, a service for copying transactions, PAMM/MAMM accounts.
ARUM Trade does not provide information on the types of trading accounts. You can replenish your balance and withdraw profits using the payment systems Skrill, Neteller, AstroPay, Perfect Money, Pay Retailers.
Arum Trade Deposits and Withdrawals
Arum Trade broker offers a bunch of methods for deposits and withdrawals. First of all, you can use traditional payment methods such as Visa and Mastercard. In addition, there are possibilities of Skrill, Neteller, AstroPay, PayPal. The minimum deposit is $30 and the maximum amount is limited to $99,999. The same goes for withdrawals, however, the latter has a 5% extra commission. Transactions are secure, but withdrawals could take up to 3 working days before the money appears on your balance. Sometimes it can be carried out even in one day.
Arum Trade Educational Section
Arum Trade does have a separate educational and analytical section, where users can find out information about Forex trading. There are videos, where concepts of Forex trading are thoroughly explained. Various ebooks are present as well, let alone the analytical section where you will be able to discover news, various interesting information about the financial industry which will be helpful for traders to gain more funds through trading.
Customer Support
Customer support on Arum Trade Forex broker is primarily provided in English and Spanish language. It is recommended to use a live chat to contact the support group. In addition, there is a possibility of contacting the broker through email. Normally, answers to your queries might take some time – up to 24 hours.
Final Verdict
So, is Arum Trade legit? Well, not really. Arum Trade is an extremely dubious company with no reputation. We recommend that you bypass it. By making a choice in favor of a company with solid work experience and a proven reputation, you can avoid possible risks. The website states that “the founders of the company have worked in the financial sector for over 20 years.” But this is most likely an outright lie. There is no information about the creators on the website, social networks, or anywhere else. Also, representatives of this broker are not present on specialized forums, which also raises questions.
