If you look at the fine-looking website of this broker, you’ll probably think: “This is surely legit!” However, there are some alarming details about Aron Groups that we must address.
In the Aron Groups Review, we shall look at the broker’s license, areas of activity, trading platform, conditions, accounts and funding methods. Let’s first discuss the domain where Aron Groups is based.
Around Groups LLC, the broker’s owner, is based in the offshore domain of Saint Vincent and the Grenadines (SVG). This fact right here is our biggest concern.
SVG is an infamous scam haven, primarily due to the country’s favorable tax system and lax rules. To make matters worse, SVG’s Financial Services Authority (FSA) expressly stated on its website that it doesn’t regulate Forex trading.
Therefore, Aron Groups’ regulation doesn’t exist, i.e. the broker is not licensed to provide trading services. Please take this into account if you still want to trade with Aron Groups.
Our suggestion is that you find a licensed broker. If you’re from Europe, make sure your provider has a MiFID passport, i.e. operates under the European Securities and Markets Authority (ESMA).
If you’re from the US, your broker has to be registered with the CFTC and the NFA. As for Canada, all Canadian operators need to be in IIORC’s database.
Aron Groups is an unregulated offshore broker based in Saint Vincent and the Grenadines. Since July 2020, Aron Groups has offered trading services to users from the US, UK, Netherlands, Germany, and France.
On the Home page of Aron Groups’ website, you’ll read “Valid Licenses and Regulations”. We’ve already debunked that claim, Aron Groups is not a regulated broker.
Here you see that Aron Groups is not being honest with potential clients, just to make its reputation seem legit. Always check whether your broker is licensed first.
Despite not having a license, Aron Groups still opted to provide trading services to onshore clients. The domains in which Aron Groups was active have pretty tight regulations:
There’s no way a broker such as Aron Groups would be allowed to operate in the US. American brokers have to possess a staggering operating capital of at least 20,000,000 $ and we highly doubt Arond Groups does.
As for the rest of the countries on the list, besides the UK, all fall under ESMA’s jurisdiction and Aron Groups isn’t compliant with the rules in the EEA zone. The UK’s FCA also hasn’t issued an operating permit to Aron Groups.
Aron Groups is particularly active on social media. The broker provided links to its Facebook, Instagram, and YouTube accounts.
The broker also included a WhatsApp chat and Telegram channel. Lastly, there are two phone numbers (for UK & Cyprus) and an email address on the website.
We suppose that Aron Groups uses all of the above-mentioned methods to find potential clients and offer them services.
There aren’t many reviews of Aron Groups. The ones we did find were mixed. However, it seems that Trustpilot removed the page for Aron Groups from its website, possibly due to reports or fake reviews.
Nevertheless, Aron Groups seems to have some pretty bad practices. Here’s one complaint against the broker from a forum:
After few months Aron Groups decided that I violated their rules by not providing any intelligible facts at all. I traded absolutely honestly, now they want to “fine” me 90% of the balance. Obviously, the company does not need profitable traders and it is looking for an excuse to take away your money…
The trading platform that Aron Groups offers is MetaTrader 5, a neat trading terminal designed by MetaQuotes in 2010.
MT5 is a multi-asset trading platform equipped with cutting-edge tools and features such as algorithmic trading, 21 timeframes, lighting-fast execution, advanced charting & functionalities, etc.
In addition to a Windows version, Aron Groups offers a mobile app version of MT5, available for Android and iOS.
While MT5 may be the industry’s leading platform, it still doesn’t compensate for the fact that Aron Groups has no trading license. Trading with this broker carries significant risks.
Here’s an overview of Aron Groups’ available trading instruments:
Aron Groups provided a detailed explanation of how much it charges for trading. The broker’s commissions depend on the account type.
For example, the Nano account has zero commission whereas the Standard account charges 0.0028% of the trading value for FX, metals, energies and indices.
Spreads weren’t disclosed but based on what we read on the ForexPeaceArmy forum, certain instruments have wide spreads.
Let’s take a look at Aron Groups’ trading account types:
According to the website, the Nano account is suitable for “low budget and low risk”, the Standard is “for professionals who prefer the best conditions available”, Swap Free is for “who intend to trade in large volumes” and VIP is for “Low call margin level and high profitability”.
The Nano and Swap Free (Islamic) accounts are without commissions and the former is the only type with fixed spreads.
You should pay attention to the leverage. Aron Groups allows extremely high leverage caps – up to 1:1000. High leverage equals risk – it’s a double-edged sword that usually leads to losses rather than gains.
Hence, ESMA imposed a 1:30 cap for retail clients in Europe while in the US and Canada, the legal leverage limit is 1:50.
Aron Groups says you can. There’s even a demo account tab on the broker’s website. However, when we opened the demo account link, we were directed to the regular registration page.
There is a promo code option but we’re unsure how is a user supposed to open a demo account and not a live account.
Aron Groups offers several bonus plans. For example, the broker offers a 25% welcome bonus and a 10% bonus for each deposit.
Each of these special offers comes with Terms and Conditions. We advise you to read all of them because offshore brokers typically award bonuses with strings attached.
We’ll tell you straight away that ESMA banned brokers from issuing bonuses to clients, precisely due to these shady bonus policies.
According to Aron Groups’ website, the broker accepts a wide range of payment methods for both deposits & withdrawals:
However, the selection of Aron Groups’ withdrawal methods is smaller. The minimum deposit depends on the account type and can range from 1 $ to 1,000 $.
As for the fees, Aron Groups charges 5% for Topchange transactions and 3% for payments made via Ziraat Bank. Withdrawal fees range from 1-3%.
Aron Groups looks more decent than most offshore brokers from SVG but is still not up to par with Tier 1-licensed providers.
If Aron Groups violated any terms and conditions, please notify our team. Need help getting your money back?
Global Fraud Protection can assist you with requesting a bank chargeback or recall. Also, our experts are skilled with the crypto-tracing software CipherTrace.
If this broker steals your money, contact us for help. Book your free consultation today using Online Chat, it’s the easiest and fastest way!
Aron Groups has no official trading license and no regulation. We do not recommend you trade with this offshore broker.
Aron Groups claims that a demo account is available but the link leads to the live account registration page; we didn’t find a demo option there.
Yes, Aron Groups provided a mobile app version of MT5 for both Android and iOS.
Aron Groups has no official trading license and no regulation. We do not recommend you trade with this offshore broker.
Aron Groups claims that a demo account is available but the link leads to the live account registration page; we didn’t find a demo option there.
Yes, Aron Groups provided a mobile app version of MT5 for both Android and iOS.
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