ArduPrime has some problems, which makes it a hard choice for some. Find out if this one is for you by reading the review.
Forex currency pairs, indices, commodities, US stocks, cryptocurrencies, and “specialty” CFDs are the assets that can be traded. As this is a European broker, the most you can borrow is 1:30. The FX spread for a standard account is said to be 1.8 pips.
ArduPrime regulations and safety of funds
ArduPrime is a Greek broker, and its main holding company is called Ardu Prime SA. The Hellenic Capital Market Commission and the FCA oversee the company. Its main office is in Greece, where it has three addresses, plus one in London.
The most important license here is from the Hellenic Capital Market Commission. This authority works the same way as any other EU-based license issuer in that it asks a lot of its brokers and is always on the lookout. There are always rules to follow and requirements to fulfill. It’s a good license to have and shows that you’re safe.
Note that the broker is currently working in the UK with temporary permissions for EEA-based firms. In this situation, the broker is still able to provide its services in the UK, but its clients might not be qualified for the FCA’s Financial Services Compensation Scheme.
The Greek Investment Guarantee Fund, however, is a different program that also protects users. The broker makes it clear that UK users can use this scheme. We can figure out that the Financial Services Compensation Scheme from the FCA is not available just by using common sense.
On top of that, we learned that BaFin also controls ArduPrime.But no matter how many times we looked, we could not find the BaFin license in the German regulator’s database. ArduPrime couldn’t have lied, because if either of its other regulators found out, the company would be ruined.
Either it’s a very big mistake that needs to be fixed or the broker is in the process of getting a BaFin license and the agency hasn’t updated its database yet. We don’t know for sure yet, but the broker’s lack of information is disappointing and not a sign of professionalism.
ArduPrime trading application
The company is set up with MT5, which is the best software for trading.
With its technical analysis indicators, automated trading systems (EAs), advanced market depth feature, backtesting tools, stop limits and sell limits, hedging options, and better chart indicators, MT5 is by far the best choice platform.
It can be used here on a desktop terminal or on a mobile trader that can be bought at most major stores.
ArduPrime deposit/withdraw methods and fees
The minimum deposit is $250, and you can use credit cards, debit cards, cryptocurrency wallets, or a bank transfer to pay. Also, withdrawals are said to be free of charge. So far, so good.
But in the FAQ section, we find something that is very strange and almost not like ArduPrime. The company says that there are two ways to get your money back. Either the user has to use the MT5 platform to request a withdrawal or he has to send an email to request a withdrawal. As soon as this request is approved, the payment team will send the money to the bank account that was given.
This could be a misunderstanding, which seems to happen a lot, or it could be the way ArduPrime works. No matter what, we don’t think it’s very good for a modern broker to use such an old system.
This, the spread (better spreads are available on dozens of other platforms), and the situation with the BaFin license put the market at a crossroads. We can’t see where ArduPrime is better than other companies, but we can see where it falls short.
how does this con work?
Hearing success stories from people who have invested in cryptocurrencies can be very enticing. But you need to be very careful so that you don’t end up a victim of the many online scammers. These fraudsters, who pose as brokers, promise to simplify your investment experience by taking care of all the details.
These con artists will ask for a small deposit, usually between $100 and $300, to win your trust. They might even convince you for a while that your investment is doing very well, all to get you to give more money. Therefore, you shouldn’t expect any returns on your investment. When you try to cash out your purported earnings or even your initial payment, you’ll find out it’s not possible.
The con artists claim that you may have lost all of your money because of a sudden shift in the market. Or, they might point out that withdrawals are only possible once you meet a ridiculously high minimum trading volume criterion, which is buried in the fine print of their terms and conditions. Since these scam websites use fake names and are registered in tax havens, they are less likely to draw attention to themselves and more likely to just disappear.
Actions to Take in the Event of a Scam
If you fall for a scam, you should tell the authorities in your country and post warnings online to warn other people who might fall for the same thing. Yet, the likelihood of a successful refund is slim. If you paid for the items with a credit or debit card, you could submit a chargeback request.
If you have given the scammers proof of who you are, like a copy of your ID, you may be able to fight such requests. Never give someone your money who asks for payment upfront via the internet. There’s little doubt that they’re con artists as well.
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