ArgoFX, a broker registered in China, provides over 40 forex pairs, commodities, and stocks for trading on its self-developed platform. The broker introduces a special service where you can choose trading masters and then automatically copy their trading strategies. However, this service entails a 20% commission on profits generated, payable to the chosen trading master. Moreover, it's important to note that ArgoFX is not regulated by any legal institutions.
Pros and Cons
Is ArgoFX Legit?
Given that ArgoFX is not regulated by any legal institution, despite the allure of its transaction replication technology, it is important to exercise caution and verify its authenticity before engaging in trading with the broker.
What Can I Trade on ArgoFX?
ArgoFX provides a wide range of trading instruments, including over 40 forex pairs, commodities such as precious metals (gold, silver), crude oil and natural gas, cryptocurrencies (Bitcoin, etc.), a variety of CFDs, and more than 20 globally renowned stocks.
Account Type
ArgoFX offers only one live account requiring a minimum deposit of $50. It also provides demo accounts, enabling you to simulate trading in a risk-free environment and refine your trading skills.
Leverage
The leverage offered by ArgoFX varies depending on the instrument type. For forex pairs and precious metals, you can choose from three leverage ratios: 1:100, 1:200, and 1:400. For crude oil and natural gas trading, two leverage options are available: 1:50 and 1:200. As for CFD (Contract for Difference) stock index contracts, the leverage options include 1:100 and 1:200.
ArgoFX Fees
- In terms of trading instruments, ArgoFX does not charge commission, only the spread. The specific amount is subject to fluctuation based on the type of tool and underlying market price movements. To obtain specific spread details, you can visit its official website.
- If you choose to follow a trading master and generate profit, you need to pay 20% of the profit to the trading master.
- For customers who have registered for more than three months but remained inactive (no trades or deposits) during the past three months, ArgoFX will charge a $10 idle fee on the last day of each month.
Swap Rate
ArgoFX imposes overnight interest fees, with Wednesday requiring a tripled rate compared to standard rates. The specific values for these fees are subject to fluctuations, as ArgoFX updates the overnight interest rates every Monday based on market changes.
Trading Platform
ArgoFX only supports trading through its own platform. It do not support globally renowned leading trading platforms such as MT4 or MT5, which could be viewed as a dangerous signal, urging you to be alert.
Deposit and Withdrawal
At ArgoFX, you can make deposits or withdrawals through wire transfers, wallet deposits, and online banking payments.
ArgoFX does not charge wire transfer fees, but different banks may charge fees (usually handling fees, telegram fees, and transfer fees) when making remittances. Moreover, depositing or withdrawing funds through wire transfer may take up to five days.
Mobile online banking charges a 2% fee per payment, PC online banking charges a 1.8% fee per payment.
Regarding withdrawals, each account can withdraw 4 times a month for free. If exceeding 4 times, a fee of $1 will be charged for each withdrawal.
Customer Service
ArgoFX only supports you contacting them through email, which may be considered unreliable as it may not guarantee prompt assistance or timely responses.
The Bottom Line
ArgoFX provides over 40 forex paris, various commodities, and stocks with flexible leverage, supporting you to trade on its self-developed platforms. However, this broker is not subject to any legal regulation, so you are still advised to stay away from such brokers.
FAQs
Is it safe to trade with ArgoFX?
No, trading with ArgoFX is unsafe given the lack of legal regulation.
What is the minimum deposit at ArgoFX?
The minimum deposit is $50.
What trading platform is available at ArgoFX ?
ArgoFX only supports trading on its proprietary platform - AGOFX.
