AdroFX Review 2023
Founded in 2018, AdroFX is an offshore broker based in St. Vincent and Grenadines. Claiming to have been regulated in multiple jurisdictions, the company accepts clients from all over the world. Both retail and institutional clients can explore a wide array of tradable assets across various financial markets at AdroFX. While the pricing structure looks competitive, the broker’s educational section also seems well maintained. Clients can access the broker’s proprietary trading platform or use the industry-standard MT4 to explore trading opportunities. This piece reviews the broker in detail.
Regulation and Security
AdroFX hasn’t been in the business for so long. However, it claims to have acquired multiple licenses in different jurisdictions worldwide. The company’s financial regulators include;
- Vanuatu: Vanuatu Financial Services Commission (VFSC)
- Saint Lucia: The Financial Services Regulatory Authority (FSRA)
The broker also holds registration with the Financial Services Authority of Saint Vincent and Grenadines (SVGFSA).
Concerning security, the brokers protect clients’ confidential data via secured socket layer (SSL) web protocols besides employing two-step authentication. The company also claims to be a member firm of a funds compensation scheme.
Negative Balance Protection
AdroFX also offers negative balance protection, ensuring clients never incur losses exceeding their capital investment with the company.
The company keeps your funds in various carefully vetted, top-tier European banks in separate accounts clearly labelled “Clients Accounts.” That means the broker never uses clients’ investments for personal or business purposes.
Is AdroFX available worldwide?
Operating under the brand name of Adro M Group LLC, the broker serves clients all across the globe. However, the company doesn’t accept clients from North Korea and the United States. If you’re looking to start your trading journey with AdroFX, you must check your nation’s service status to avoid disappointment: click here to see the list. click here to see the list.
AdroFX offers a custom-built proprietary trading platform and the most renowned MT4 powered by MetaQuotes. Both platforms are accessible via web, desktop and mobile devices. Let’s quickly go through several features available under each medium.
Desktop: Clients who prefer exploring the markets from the comfort of their desktops can install the MT4 traditional version or the Multi trading terminal. While the MT4 provides access to all available order types, trading histories, and symbol-based interactive charts, the muti-terminal is perfect for traders who want to manage several MetaTrader 4 accounts from a single interface using a Master login ID and password. With MT4, traders can access 30+ technical indicators, 24 analytical items, 9 timeframes, and 3 different chart formats (bars, Japanese candlesticks, and broker lines) to experience meaningful trading exposure.
Mobile: Traders now have better trading mobility than ever before, thanks to seamless market access offered by the MT4 mobile trading app. Clients can download the respective version (iOS or Android) on their mobile phones and tablets from the App or Google Play Store. In addition to standard chart types, technical indicators, and market analysis tools, the MT4 mobile app also facilitates social and algorithmic trading. In addition to conventional market orders, such as fill-or-kill and market-on-close, the mobile-based platform also supports pending orders and a news feed. In short, the mobile trading app comes with most features as offered via the web or desktop terminals. However, the small screen resolution remains a possible limitation for performing in-depth technical analysis.
AdroFX offers four primary account tiers: Standard, Premium, Pro, and Micro. The availability of features and services available in each account type may vary. Let’s quickly review them one by one;
Micro: Clients looking to trade small lots can open a micro account with the company. Besides low deposit requirements, the broker allows a minimum trade size as low as 0.0001 lots. However, the micro account comes with higher spread charges and margin calls.
Standard: The broker offers basic features and services in this account. Newbies often start with a standard version since it allows them to take a feel of the platform and experience optimal trading conditions.
Premium: Traders with advanced skills might prefer signing up for the premium account. Although the broker asks for a higher initial deposit to open a premium account, it provides clients with premium trading conditions not available to micro or standard account holders.
Pro: The pro account is for high-volume traders having plenty of investment to stake. Initial deposit requirements for the pro account are way too high than traditional account steups. However, clients are offered the most competitive spreads besides cash rebates upon achieving a specific monthly trading volume.
Swap-free account: Swap-Free Accounts allow traders to make transactions on regular terms without worrying about paying or receiving interest charges. However, the broker applies a flat account administration fee on swap-free accounts if a position is held for more than 03 days. Clients have to request the company to switch their accounts to Islamic ones since these are not available as a stand-alone product.
Demo account: AndroFX also offers a virtually funded demo account to help clients learn and practice their trading skills under live market conditions without committing their real funds.
When you sign up for an account with AdroFX, you’ll find that it’s simple, fast, and easy to get started. All new accounts are verified the following business day. Here are the steps you need to take to sign up for AdroFX;
1. Visit AdroFX.com’s official website and click the “Start Trading” button to access the registration form.
2. Type in your name, email address, country, phone number, and password.
3. Enter the verification code received via SMS on your registered mobile number.
4. Mark the terms and conditions check box to confirm your agreement.
5. Complete the KYC process and submit the verification documents
Note: You can submit a photocopy of your driver’s licence, passport, or national identification card to verify your identity. The organization also needs proof of address, such as a recent bill or bank statement.
The AdroFX trading dashboard is pretty simple to navigate. All of the options at the broker’s intuitive user interface seem well organized and self-explanatory. Whether you wish to configure your profile settings or add funds to your account, the side navigation panel has dedicated tabs for each action required. The social trading tab allows you to select your favourite leaders to start replicating trades, while the trading signal tab is available for clients looking to explore the markets themselves. Both newbies and professional clients can use the research and educational resources tabs to find learning material according to their skills and market exposure. In short, access to all services and features is routed via the dashboard at AdroFX.
Deposit and Withdrawals
AdroFX supports several reliable payment options, including but not limited to Credit cards, Debit cards, Skrill, Neteller, Wire transfers, Payeer, Perfect Money, cryptocurrencies, etc. Clients can fund their accounts in USD, GBP and EUR.
The broker asks for a minimum deposit of $25 to open an account. There is no fee on deposits. While payments through cards and e-wallets are processed within an hour, the processing time for bank transfers is one to five business days.
The broker releases funds to the original payment method. Withdrawals made through cards may take up to 24 hours to process, and wire transfers may take anywhere from 3 business days to 1 week to appear in your account.
Please be informed that the broker doesn’t allow third-party payments. Therefore, your source of funds should be in your name only.
Today’s most popular trading instruments make part of AdroFX’s offering, including 60+ forex pairs, 40+ stocks, 9+ indices, 2+ commodities, and 4+ cryptocurrencies. A wide selection of assets enables traders to diversify their portfolios effectively. However, the broker’s product listing is not as extensive as offered by other top brokerage firms in the industry.
Modern trading instruments can be highly vulnerable to market volatility, but they also provide a great opportunity to make impressive profits. Click here to find more details about trading instruments offered by AdroFX.
Commissions and Fees
AdroFX’s trading and non-trading costs appear to fall within a competitive bracket compared to its rivals. The broker doesn’t charge any fee on deposits and withdrawals, except for inactive customers. Clients inactive for more than six months must pay 6% withdrawal charges in addition to a $5 or equivalent inactivity fee each month.
The broker doesn’t charge any commission on trading stocks and CFDs. It makes money through spreads, instead. However, swap charges are applicable for holding positions overnight.
The company employs a variable spread charging policy. The average spread for trading major currency pairs like EURUSD for pro and premium accounts stays around 0.8 pips, while it is 1.8 pips for standard account holders. Clients with micro accounts must pay a minimum spread of 2.8 pips for trading EURUSD.
In all AdroFX accounts, the maximum leverage is 1:500. While this can be advantageous in expanding the size of positions and the possibility for profits, it also increases the risk of loss. Thus caution is advised when trading on margin. Clients in different jurisdictions may be subject to differing leverage rates due to varying local restrictions.
Analysis and Education
AdroFX’s educational facility seems rich with both written and video content. Trading calculators and e-books also make part of valuable educational materials available. A quick and straightforward approach to becoming familiar with forex terminologies is made possible with the help of a glossary.
Foreign exchange market insights, trading methodologies, social trading guides, stock trading fundamental analysis, and much more are all covered in the instructive video tutorials. Moreover, E-books cover all the significant points for new customers to learn. However, we didn’t like that traders looking for courses that include video lessons must sign up with the broker first. It would have been much better if all the educational content had been accessible for free. Nonetheless, you can still benefit from their extensive educational resources posted on the website by even just meeting the minimum deposit threshold.
AdroFX provides real-time assistance from trained professionals during office hours. While a dedicated FAQs section is available for clients to seek immediate resolution to their queries on a self-serve basis, the company is also reachable via telephone, email and live chat. The broker might not be available on social media since it hasn’t shared links to such platforms. Clients can use the following information to contact the customer care staff.
- Email: firstname.lastname@example.org
- Telephone: +44 203 504 2223
Reputation amongst Traders
Despite being a relatively new brokerage firm, the company seems to have won clients’ trust worldwide. After 44 reviews posted on Trustpilot, the company holds a rating of 4.6 out of 5 stars which indicates the company’s excellent reputation among investors.
Most clients have appraised the broker for instantaneous withdrawals, transparent trading conditions, and quick customer support. Surprisingly, there is not even a single bad review about the broker. However, some clients wished to have more tradeable assets at their disposal.
Since the broker hasn’t been so long in the industry, it hasn’t won any awards yet. However, it strives hard to become the top choice available to investors.
Can beginners trade with AdroFX?
Yes! AdroFX has various reasons we think it can be the right fit for newbies. For instance, it asks for low deposits and provides clients access to multiple account types, including micro-accounts. The pricing structure is also competitive, yet another reason why beginners might prefer to signup with it. The availability of demo accounts to practice their trading skills without fearing the loss of actual funds can also help beginners to improve their confidence before going live.
AdroFX seems to have taken reasonable initiatives to offer a secure and reliable trading environment. It employs multiple security measures like SSL encryption, funds segregation and negative balance protection to protect its customers’ funds. Moreover, the company keeps its pricing structure in line with industry standards.
However, the company lags behind the top brokerage firms in providing clients with a rich product portfolio. Also, the absence of guaranteed stop loss (GSLs) could result in more losses than anticipated during volatile market conditions. Although the company claims to be a member of the fund’s compensation scheme, it doesn’t list any relevant information on its website. Moreover, the regulatory setup is not as robust as that of other top-tier brokers. We’ve tried to cover everything about the broker in detail. However, perspective clients should also conduct thorough research of the company before signing up with it to ensure it’s the correct fit for you.