AdroFX is a regulated broker firm that was established in the year 2018. after conduction thorough research we have come to the conclusion that the site was regulated 6 months after its inception. This means that for a brief time the firm was offering its products and services without a regulatory body present. This is not a good look for the company.
Now let’s get into the main features of the site, the information everybody wants to know before starting their trading experience. the minimum depositing requirement on the site is $25, it is for the Micro account. however, each account type has its own requirement for the depositing amount. In regards to the account types, there is much variety as there are four different account types which are the standard account, premium account, pro account, and of course already mentioned Micro account. additionally, demo and swap-free accounts are available as well for the traders to take advantage of.
As for the Trading platforms, there are quite a few options which are the industry favorite MetaTrader4 and a web-based platform as well called “allPips”, which is a nice way to access a global market with a single account.
The site offers a standard amount of assets. The available trading instruments on the site include Forex pairs, stocks, commodities, indices, metals, and cryptocurrencies.
The available payment option on the site is somewhat decent, however, it can be better with ease if the company tried to have a bigger outreach with payment companies. If they don’t have anything to hide a firm with that much experience in the industry should have a longer list of payment options. one can use Visa, Mastercard, and bank transfer for fiat depositing. The only available cryptocurrencies to deposit with are Bitcoin and Ethereum. additionally, one can use virtually unknown payment providers like Load, PM, and Payeer.
There are three promotional initiatives on the site available for the traders, which are a 30% deposit bonus, a 100% deposit bonus and a refer a friend program.
License and regulations – Is AdroFx legit?
On the site, it is displayed that the firm has two separate qualifications from different regulatory bodies. One of them is the Vanuatu Financial Services Commission and the other is the local license from St. Vincent and the Grenadines.
The Vanuatu license doesn’t have many merits in regard to legitimacy. It’s very easy to buy, all the broker who has it always follow its prohibitions in a very loose matter. They seem to forget the fact that only being regulated is not as much of an indicator of legitimacy as it used to be. Regarding this topic the perception of a trustworthy firm has shifted quite a lot, a firm not only needs to have a license but needs to prove itself to be able to make it evident by its actions.
AdroFx Review – Trading Features
A forex broker is only as good as its trading features like leverage, spread, minimum deposit, and even promotional offers. These are the thing that any consumer of the site looks at first, whether someone is a visitor or a professional trader.
There are many account types to choose from, specifically one can take advantage of four different account types, which are the standard, premium, pro, and micro-accounts. The site likes to take pride in its free commission policy alongside the low spreads and free funding. but we can see in our review that this is not always the case as everything is not as it seems. in many cases, the account type is a way the differentiate between high and low-end consumers.
This is the case for AdroFx as their account are basically tailor mind for a specific type of consumer in mind. This is a very fraudulent action on their behalf. other than the minimum depositing amounts and spreads there’s nothing else that can really distinguish each account type, making it seem like a gimmick and not an actual structure of the firm’s products.
The maximum amount of available leverage ratio on the site is 1:500. all of the account types have the access to this ratio. non of the accounts are limited to a certain amount of leverage ratio. This is abuit6 odd as we have already discussed the legitimacy of the form and have concluded that it does have regulatory bodies monitoring it. however, unfortunately in this day and age mere fact of having a license can’t be trusted if the firm itself can’t provide additional evidence of legitimacy. We think that the fact that the broker offers such high leverage ratios is not possible if they are in line with the policies of the aforementioned regulatory bodies.
the spreads on the site are in a variable position. To all the novice traders this means that the amount of the spreads for each account is different and it changes depending on the market and the decisions of the firm itself. As they have displayed on their website numerous times they don’t take commissions so the profits of the broker are derived from the high spreads which they seem to think is low and very acceptable but yet again this might not be the case in most scenarios.
- The typical spread amount for the standard account starts from1.2 pips
- The typical amount of spreads for the premium account starts from 0.4 pips
- The amount of spreads for the Pro account starts from 0.3 pips
- The amount of spreads for the Micro account starts from 2.0 pips
The minimum depositing amount for each account type varies and is drastically different. The most interesting aspect is how the firm uses this feature to make a contrast between the account types as there is a clear distinction to which demographics they cater to. there are high and low-end accounts.
- The minimum amount for depositing for the Micro account is $25
- The minimum depositing amount for the Standard account is $100
- The minimum requirement for depositing for the Premium account is $2,000
- The minimum depositing amount for the Pro account types is $10,000
This broker has many promotional initiatives, including two deposit bonuses and a refer a friend program that can be very beneficial for both experienced and novice traders. regarding the bonuses, we can say that there are 30% and 100% bonuses available. with these bonuses, one can increase one’s margin and have an interesting trading experience if used wisely.
As for the refer-a-friend program, it can actually be quite beneficial in regard to trading. this promotion offers flexibility and additional revenue for just referring the firm to someone else. An easy marketing plan for the company but maybe an advantageous stream of capital for the consumer.
On paper, these promotions seem great but the lack of specific information about both deposit bonuses is very odd. As every type of bonus has its terms, the lack of description of it is another red flag that the Adrofx broker has.
AdroFX review – Our final thoughts
all in all, we do not recommend using this broker for trading purposes as they have high spreads and no special additional benefits. even the fact that a broker with two qualifications still offers such a dangerous amount of leverage is questionable at best. Additionally, the customer support system on the site is mediocre at best, which is never a good thing. There’s also no educational material on the site which is another disadvantage that the site possesses, additionally there’s no form of an FAQ section on any of the site’s pages.
however, the “market analysis” section of the site is clearly a pathetic attempt at replicating the illusion of functionality when it comes to providing any beneficial advice and educational content. the available blogs and news pieces are extremely underwritten and have no educational value. Using industry terminology to confuse and mislead the consumer is actually a form of fraudulent behavior of the broker that they excel at.
The SSL encryption software the site uses is very outdated and the lack of a two-factor authentification system raises few questions about the general security of the website. The site implies that they don’t share their data with any third parties, however, after a deep dive into the history of the film, it seems like a rather contradictory notion.