Updated on April 16, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Arum Trade due to the issues we've identified.
Is Arum Trade Scam or Legit Broker? ▲
No, it is not considered secure to engage in trading activities with Arum Trade, as it operates as an offshore entity. ARUM Trade LTD, incorporated under the laws of the Republic of Vanuatu, is a Vanuatu Investment Firm. The popularity of the Vanuatu jurisdiction among investors and Forex industry entrepreneurs stems from its streamlined process for achieving regulated status. However, this comes with a significant downside: operating nearly without any oversight. The VFSC, Vanuatu's regulatory body, lacks stringent requirements for company background verification and fails to enforce secure fund management or operational guidelines. Additionally, it does not mandate regular reporting and refrains from levying fines even in instances of fraudulent operations. For an in-depth understanding of the risks associated with brokers from Vanuatu, we recommend reading our article on Forex Trading: Why Avoid Brokers from Vanuatu.
Arum Trade positions itself as an international investment firm, facilitating access to a diverse array of trading instruments, including currency pairs, stock market indices, precious metals, shares, and cryptocurrency CFDs. The company prides itself on obtaining liquidity from leading providers to ensure transactions are executed with exceptional speed. Arum Trade advocates for the MetaTrader5 platform, underscoring its commitment to providing sophisticated trading tools. The broker's primary focus appears to be on attracting clients from Mexico and Russia, as indicated by the website's support for Russian and Spanish languages and the provision of contact numbers in Russia, Mexico, and Cyprus. However, the absence of information regarding the broker's offices or regulatory compliance in these countries firmly establishes Arum Trade as an unregulated entity that clients should approach with caution.
Upon thorough investigation and analysis, which involved comparing Arum Trade against a total of 1000 other brokers, we have uncovered several concerning issues related to Arum Trade's regulation and reliability. As a result, our overall assessment of Arum Trade is decidedly negative, warranting a ranking of 2 out of 5. This conclusion is drawn from our extensive experience in Forex trading, spanning over a decade.
Arum Trade extends a broad spectrum of deposit options to its clients, including Electronic Payment Methods (Skrill, Neteller, AstroPay), Bank Wire Transfers (through the National Bank of Vanuatu and a local bank in Dubai), and Credit/ Debit cards (Visa, MasterCard, American Express). It is important to note that credit card transactions are subject to verification, as the company may request a copy of the credit card. Moreover, clients are obligated to notify the company of any changes to their banking details at least three working days prior to initiating a withdrawal. This requirement underscores the importance of maintaining transparent and up-to-date communication with the broker to ensure the smooth processing of transactions.
In light of the concerns raised during our comprehensive review process, we strongly advise investors and traders to steer clear of Arum Trade, as well as other offshore brokers based in Vanuatu. It is imperative to choose brokers that are well-regulated, such as those holding licenses from reputable bodies like the FCA in the UK or ASIC in Australia. Our assessment of Arum Trade's overall ranking and experience is unequivocally negative, prompting us to caution against engaging with this broker.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Arum Trade Review 2024
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