Aurum Pro Review Is It Safe To Trade With Aurumpro.co

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Aurum Pro Review: Is It Safe To Trade With Aurumpro.co?

Aurumpro.co Review: this is the website of a Forex broker that operates from St. Vincent and the Grenadines. Is trading with Aurum Pro safe? Read the dangers of trading with Offshore based brokers.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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Aurum Pro discloses that it is based in Saint Vincent and the Grenadines. This is an offshore location and it rings our alarm bells because Forex trading in this region is not properly regulated. Forex companies here can register with the local finance regulator without being present there themselves. The rules are also lax and this is why many scam brokers choose to operate from these kinds of regions.

Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of Aurum Pro

AurumPro touts itself as the “best” and can aid traders to invest wisely in stocks. They offer commendable low leverage and charge no deposit fees. Their trading platform is encouraging as is their suite of trading instruments.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Aurum Pro Trading Platform

The broker gives clients access to the MetaTrader 4 trading platform. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

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Trading instruments offered to traders are CFDs on Forex, commodities, indices, and cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

The maximum leverage offered to clients is 1:30 which is not quite generous enough but advisable. High leverages can lead to huge loss of funds for inexperienced traders. Spreads used are 0.4 pips.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Aurum Pro

The means of making deposits and withdrawals with Arum Pro broker are VISA, MasterCard, bitcoin, Jeton, Vogue Pay, Piastrix, Neteller, and Skrill. We are encouraged that popular e-wallets are not allowed.

This is because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

The minimum deposit required is $250 and this is good because it is within the average of $100 – $250 common among brokers. The withdrawal conditions of this broker are not listed, which is suspicious.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Blacklisted in Spain

Despite all the good points, we found about the brokerage, it turns out that they may all be make-believe. The Spanish Forex trading authority, the CNMV, has warned citizens to avoid the Aurum Pro. It is suspected to be running a scam and is not licensed to target European traders.

Is Aurum Pro Licensed?

No. Aurum Pro is not a properly licensed or registered trading company. Even if anyone comes across a mention of licensing from this firm, so long as it is based in the offshore location, it is not likely to be a trustworthy one.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To get in touch with a representative of the client support service, call +442038079355 or send an email to [email protected]

Conclusion

The brokerage is rated low because it is not properly licensed. Further, Aurum Pro does not provide a demo for traders to test its claims first. We may be tempted to jump into conclusions by the information on the page but they may not all be true. Choose a legit broker instead.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

Aurum Pro Review – is aurumpro.co scam or good forex broker

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Blue $500 1:30 From 0.4 pips
Silver $5 000 1:30 From 0.2 pips
Gold $20 000 1:30 From 0.1 pips
Elite $50 000 1:30 From 0.1 pips
Islamic $500 1:30 From 0.65 pips

Aurum Pro is an offshore broker, registered n Saint Vincent and the Grenadines. While it offers as many as 5 account types, free testing service is unavailable. So, don’t believe everything that you see on the broker’s website.

Below, we have highlighted everything you need to know Aurum Pro, so make sure you read I prior to investing any money.

Aurum Pro Advantages

MT4 platform supported, a lot of asset classes covered

Like more than 80% of all brokerages, Aurum Pro offers access to the ever popular MetaTrader4 (MT4) platform. This platform is highly praised by the trading community for its intuitive interface, and useful functionalities. MT4’s charting is top-notch and there are a number of tools which help traders analyze price dynamics. Apart from the wide range of technical analysis indicators, the platform offers a number of Expert Advisors to those who prefer automated trading.

Furthermore, Aurum Pro says to cover a lot of markets, including cryptocurrencies like Bitcoin, but we couldn’t verify this claim.

Low spreads announced on website

According to the information on Aurum Pro’s website, spreads on majors start from 0.4 pips for the EUR/USD pair on the most basic account type, which is an attractive pricing. We suppose that commission fees also apply, but could not figure out their amount, as this broker does not offer free demo accounts. For further information on trading costs, you can check out the spreads of some leading forex brokerages.

Aurum Pro Disadvantages

No regulatory oversight

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The broker is allegedly owned and operated by Muller Enterprise LTD., a company registered in St. Vincent and the Grenadines (SVG). Brokers in this offshore zone just have to follow a simple and inexpensive registration procedure with the FSA, which has explicitly stated that there is no licensing regime for financial services providers. This means that SVG-registered forex brokers are not overseen by any financial authority and that their clients are subjected to all kind of risks.

By comparison, the brokers regulated by reputable financial authorities (in the EU, Australia, or the US) are obliged to follow strict financial and ethical discipline and to keep a transparent account of all transactions involving clients’ funds. That is why we advise our readers to do business only with duly authorized companies.

Blacklisted by the Spanish financial watchdog

Furthermore, we found out that that both the Comisión Nacional del Mercado de Valores (CNMV) in Spain has issued a warning against Aurum Pro, and has included all domains associated with it – www.aurumpro.co; www.aurumpro.io; www.aurumprofin.cc, aurum-pro-finance. The broker obviously targets European investors, while it is not authorized to offer financial services on regulated markets such as the European Union.

Click on the image to zoom in.

We should also note that in most cases financial regulators issue warnings against unregulated brokers after they have received complaints and alerts from traders who have fallen victims to scams.

Couldn’t log into demo

All reliable brokers offer functional free demo accounts as this is a sign of transparency and reliability. Aurum Pro, however, is not one of them, so we weren’t surprised that we couldn’t log into its MT4 in demo mode.

High initial deposit, withdrawal fees

To open the most basic account with Arum Pro, you should invest at least $500 and that is two times higher than what most forex brokers require as a start.

On top of that, the broker charges pretty high withdrawal and inactivity fees. Those who haven’t traded for a period of 6 months, are charged with monthly inactivity fee of 10%, and withdrawals also seem pretty hefty:

Click on the image to zoom in.

Only 1:30 in leverage

The maximum leverage provided to retail clients of Arum pro is just 1:30, which is a pretty low ratio for an offshore forex broker.

Conclusion

Overall, Arum Pro is an offshore broker, which doesn’t stand out in any way – it supports the good old MetaTrader4, but doesn’t offer free testing. What is worse, the broker seems to target European investors without holding a legit license.

Considering the above, our best advice is to only deal brokers, regulated by respected financial institutions, such as the Cyprus Securities and Exchange Commission (CySEC), or the Financial Conduct Authority (FCA) in the UK, which are the best in Europe. These agencies have strict rules in place that guarantee the safety of your investment.

Here is a summary of the review of Aurum Pro:

Pros Cons
MT4 platform supported No regulatory oversight
Low spreads announced on website Blacklisted by the Spanish financial watchdog
Couldn’t log into demo
High initial deposit, withdrawal fees
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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