ARMO Broker Review 2023

How we ranked fees

We ranked ARMO Broker's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

First, let's go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

• Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
• Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of ARMO Broker for each asset class. For example, in the case of stock investing the most important fees are commissions.

We also compared ARMO Broker's fees with those of two similar brokers we selected, CapTrader and Brokerpoint, which are both also Germany-based introducing brokers to Interactive Brokers. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of ARMO Broker alternatives.

To have a clear overview of ARMO Broker, let's start with its trading fees.

ARMO Broker trading fees

ARMO Broker trading fees are average.

Stock fees and ETF fees

ARMO Broker has generally low stock and ETF fees.

The stock and ETF fees are volume-tiered with a minimum commission, as per the table below.

If you prefer stock trading on margin, you should check ARMO Broker's margin rates.

Trading on margin basically means that you borrow money from your broker and can purchase more shares than you could with just the available cash in your account. You have to pay interest on this borrowed money – the interest rate is called the margin rate. It can account for a significant portion of your trading costs.

ARMO Broker margin rates are low.

Forex fees

ARMO Broker's forex fees are average.

To get a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

The commission is a standard 0.4 pips of the trade value, with a minimum fee. The minimum fee depends on the base currency of the forex pair you trade.

Fund fees

ARMO Broker's mutual fund fees are average. However, thousands of US mutual funds (including funds from Allianz, Blackrock and Schroder) may be purchased without a transaction fee.

The minimum size of an initial fund order is $3,000, while the subsequent minimum order size is $100.

When you purchase a fund that is not in the 'free to buy' category, a simple price structure applies that includes all regulatory and exchange fees.

The fee structure is percentage-based and can have a minimum and a maximum. Note that for European mutual funds, the pricing is a bit different:

Bond fees

ARMO Broker has generally low bond fees.

ARMO Broker charges a volume-based commission with a minimum amount. 

Options fees

ARMO Broker options fees are high when it comes to trading stock index options.

You pay options fees depending on the number of contracts you trade.

Futures fees

ARMO Broker futures fees are high.

The same fees are charged as for options, but there are a few additional products:

• mini DAX: €1.25 per contract
• US micro e-mini: $1.25 per contract with a $1.25 minimum
• CFE/CBOE Bitcoin (GXBT): $10 per contract with a $10 minimum
• CME Bitcoin: $25 per contract with a $25 minimum

CFD fees

ARMO Broker has average CFD trading fees.

To have a clear understanding of CFD fees we calculated a CFD benchmark fee for the selected products. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

We calculated with 20:1 leverage for stock index CFDs and 5:1 leverage for single stock CFDs.

The fees for stock CFDs are volume-based, with a minimum fee.

Similarly to stock CFDs, stock index CFD fees are volume-based, with a minimum fee.

The fees for forex CFDs have the same fees as for spot forex trading.

Non-trading fees

ARMO Broker has low non-trading fees. There is no inactivity, account or deposit fee. The first withdrawal each month is also free of charge, while subsequent withdrawals carry a fee. 

Can you open an account?

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We recommend ARMO Broker primarily for customers based in Germany, although ARMO is present on every continent. You can most likely open an account wherever you are, but you will belong to an IBIE entity and to the corresponding regulator.

Only countries with highly unstable political or economic backgrounds are excluded, such as North Korea.

What is the minimum deposit at ARMO Broker?

The required ARMO Broker minimum deposit is €2,000 ($2,400), which is quite high.

Account types

ARMO Broker offers many account types, which differ in ownership and the range of services provided.

The account types fall into two groups based on account ownership:

• account for individual traders and investors
• account for institutions

As an individual trader or investor, you can choose from the following account types:

How to open your account

The account opening process is fully digital but complicated. Following an online registration, you have to wait for account verification, which took two business days for us. At some brokers, the whole process takes about 20 minutes.

Note that the account opening process takes place on the broker's own website, not on the interface of its partner Interactive Brokers. 

After you click on the 'Open a live account' tab, you have to go through a 3-step registration process, which takes between 30-60 minutes. 

1. Personal information: name, address, email, phone number, date and place of birth, nationality, marital and employment status. You also have to select your base currency and the account type. There are a few security questions followed by the W-8Ben form. This is required to invest in the US market and get a tax advantage. 
2. Account settings: provide regulatory information, your income, net worth, trading objectives and trading experience. You have to upload proof of identification and proof of address here. 
3. Risk warnings: accept the agreements and disclosures.

To verify your identity and residency, you have to upload one of the following documents:

• Proof of identity - passport, national ID or driver's license are accepted
• Proof of residency - bank statement or utility bills are accepted

Account base currencies

At ARMO Broker, you can choose from 20 base currencies: EUR, GBP, USD, CHF, CZK, PLN, DKK, NOK and SEK.

This selection is average compared to other competing brokers.

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don't have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

ARMO Broker doesn't charge any fee for depositing funds.

However, deposit options are limited. Similariliy to its competitors, only bank transfer is available: neither credit/debit cards nor electronic wallets can be used.

A bank transfer can take several business days, while payment with a credit/debit card is instant.

You can only deposit money from accounts that are in your name.

ARMO Broker withdrawal fees and options

The first withdrawal each month is free of charge, while subsequent withdrawals carry a fee.

Similar to deposits, you can only use bank transfers for outgoing transfers. US residents can also withdraw via ACH or check.

The fee for additional withdrawals after the first free transaction depends on the currency and the method you use for withdrawal.

*Check payments are also available in USD and they carry a $4 fee.

How do you withdraw money from ARMO Broker?

• First, log in to the Client Portal, then click 'Transfer & Pay' and 'Transfer funds'.
• Click on the 'Make a Withdrawal' button. 
• Select the currency of your withdrawal from the drop-down menu, then the withdrawal method.
• Fill in the required information.
• Submit your withdrawal request.
• You can see the status of your request in 'Transaction Status & History'. 

When you trade online at ARMO Broker, you can choose between two web platforms: the Client Portal and WebTrader. In this review, we tested the Client Portal.

The web trading platform is available in 11 languages:

Look and feel

ARMO Broker's web trading platform is particularly user-friendly and intuitive. You can easily find every feature even if you just started trading.

Login and security

ARMO Broker provides a safer, two-step login. When we tested this, sometimes we could log in with just the username and the password. 

Search functions

The search functions are good. All you have to do is start typing the name of the asset you're looking for, and you will see a list of relevant exchanges and products. The search field can be found in the upper-right part of the screen. 

Placing orders

You can use the following order types:

• Limit
• Market
• Stop
• Stop Limit
• Limit-on-Close
• Market-on-Close
• Trailing Stop
• Trailing Stop Limit

To get a better understanding of these terms, read our overview of order types.

There are also order time limits you can use:

• Day
• Good-til-Canceled (GTC)
• Immediate or Cancel
• Market-on-Open
• Limit-on-Open

Alerts and notifications

You can set price alerts using the bell/notficiations icon.

Portfolio and fee reports

ARMO Broker has clear portfolio and fee reports. Under the 'Portfolio' tab, the platform gives an overview of your performance, including your historical profit/loss balance and the fees you have paid.

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ARMO Broker uses IBKR Mobile, Interactive Brokers's mobile trading platform. It is available for both iOS and Android. In this review, we tested it on iOS.

The mobile trading platform is available in 11 languages:

Look and feel

The ARMO Broker mobile trading platform is user-friendly. The mobile trading app is handier than the desktop platform. Still, its overall look and user-friendliness fall short of some competitors' mobile platforms.

Login and security

ARMO Broker provides a safe login for its mobile platform. You can use a two-step login, which is safer than a simple login.

If your device has a fingerprint reader, you can also use biometric authentication for added convenience.

Search functions

The search function works well, just like on the web trading platform. You can access the search button easily from any menu.

When you type in the asset you are looking for, the app lists all asset types. For example, if you search for Apple, you can choose between Apple stock, futures, options, warrants, as well as CFDs.

After you have selected the product you are interested in, you will see an information and trading window, which shows:

• asset market information
• an interactive chart with technical indicators
• related news
• some fundamental data
• summary of the latest analyst report
• and the 'Buy' and 'Sell' buttons that transfer you to the order panel.

Placing orders

You can use the same order types as on the web trading platform.

Alerts and notifications

You can set alerts and notifications on the ARMO Broker mobile platform using the bell/notifications icon (🔔).

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ARMO Broker's desktop platform, Trader Workstation (TWS), is the same as Interactive Brokers's. It is so advanced that even a separate review would not be able to cover all of its features. Nevertheless, we'll try to provide you with a comprehensive summary of TWS.

The platform offers literally every feature you could desire. You want to replicate your favorite ETF or trade using chatbots? On TWS, you can do both.

The desktop trading platform is available in 9 languages:

Look and feel

Trader Workstation is by far the most complex platform that we at BrokerChooser have ever reviewed. This platform is ideal for you if you are an experienced professional user. As a beginner or someone who seeks long-term investments, though, you may have difficulty navigating all of TWS's features.

Accordingly, the ARMO Broker desktop trading platform is not so user-friendly, although it is customizable.

Login and security

It has the same security features as the web trading platform. You can turn on two-step authentication, which makes the platform safer to use.

Search functions

The search functions are poor. This is the weakest part of TWS platform. Search results are not structured, and it is quite difficult to filter out the product you are looking for.

Placing orders

You can use a lot of order types:

• Limit
• Mid Price
• Market
• Market-to-limit
• Stop
• Stop-limit
• Trail
• Trail-limit
• Relative
• Retail Price Improvement
• Snap Market
• Snap to Midpoint
• Snap to Primary
• Market-on-Close
• Limit-on-Close
• IBALGO
• Hedge (Forex, Pair stock)

On the desktop platform, there is a Smart Routing feature. This detects the best possible route (e.g. exchange) for your trades automatically.

There are also order time limits you can use:

• Good 'til Canceled (GTC)
• Good-Til-Date (GTD)
• Market-on-open (MOO)
• Limit-on-open (LOO)
• Immediate-or-cancel (IOC)
• Fill-or-Kill (FOK)
• Day 'Til Canceled (DTC)

Alerts and notifications

Alerts and notifications can be set in the Configuration panel. You can choose to receive email, text (SMS) or mobile pop-up notifications.

You can also set additional alerts, for example for price changes, daily profits or losses, executed trades, etc.

Portfolio and fee reports

ARMO Broker has clear portfolio and fee reports providing a comprehensive overview of your performance, including your historical profit/loss balance and the fees you paid.

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ARMO Broker has a great selection of products, including a wide range of stocks, ETFs and bonds. It also offers more exotic assets, like warrants and structured products.

ARMO Broker provides access to roughly 150 exchanges worldwide.

Stocks and ETFs

ARMO Broker gives you access to several stock markets, similarly to its main competitors. These include major markets such as the NASDAQ, the New York Stock Exchange (NYSE) and the London Stock Exchange (LSE), as well as smaller ones such as the Warsaw Stock Exchange and Mexican markets. In addition to regular stocks, penny stocks are also available. 

Besides stocks, you can also trade with more than 13,000 ETFs at ARMO Broker. 

Forex

ARMO broker provides a wide selection of over 100 currency pairs. 

Funds

Through ARMO Broker, you have access to 400 fund providers, including the biggest market players like BlackRock and Vanguard.

Bonds

At ARMO you can trade more than 38,000 US, European and Canadian government bonds. There are also over 1.4 million so-called municipal bonds: these are fixed income investments issued by local US governments, cities, states or counties, but they are tradable only for US residents. 

Options

As with other product types, you can reach a wide range of options markets at ARMO Broker. You can access the biggest ones, like the Chicago Board Options Exchange (CBOE) or the CME Group, as well as smaller markets such as the Korea Stock Exchange (KSE) or the Mexican Derivatives Exchange (MEXDER).

Futures

ARMO Broker offers an extensive selection of futures products and markets. There are 32 markets available at the time of writing. Similarly to options, you will find both major and minor markets.

CFDs

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Compared to other products and competitors, ARMO Broker offers only an average selection of CFDs, mainly stock and stock index CFDs.

Cryptos

At ARMO Broker, you can trade Bitcoin and Ethereum ETNs and Bitcoin Futures:

• Bitcoin and Ethereum ETNs are traded on the Stockholm Stock Exchange and the US OTC (Pink) markets
• Bitcoin Index is available on the New York Stock Exchange (NYSE) and on the CME Group and Chicago Board Options Exchange (CBOE)
• Bitcoin futures are available on the CME Group and Chicago Board Options Exchange (CBOE)

If you want to know more about crypto investing, we recommend our crypto article.

Asset management service

ARMO Broker has its own asset management service, which allows you to copy professional portfolio managers, letting you automatically make trades as professionals do.

You can choose from many portfolio managers to find the one that fits you best, with real-time information on portfolio performance available.

The minimum investment depends on the portfolio you want to invest in: the lowest investment amount starts at $10,000.

Trading ideas

On the trading platform, you can view recommendations provided by third parties. These research tools are mostly free, but some are available only for-pay.

Several prominent news sources, like Thomson Reuters, Morningstar and Dow Jones, are available for free.

Validea and TheLeadingEDGE provide real-time analysis, in-depth reports and model portfolios for a monthly subscription. You can enable these features via your Client Portal: to do so, go to 'Menu/Settings/User Settings' and then 'Research Subscriptions'.

The platform also provides trading ideas. The trading signals contain possible entry and exit points, which you can combine with your own risk and money management strategy.

Fundamental data

ARMO Broker offers fundamental data on all of its platforms. 

Charting

ARMO Broker has good charting tools. You can use 120 technical indicators.

Other special technical tools include:

• Stock/ETF benchmarker: helps you to compare your stock or portfolio to a selected benchmark
• Mutual fund and ETF replicator
• Volatility lab
• Option probability lab: a group of option analysis functions
• VaR, Sharpe: portfolio performance analyzers

News feed

You can access:

• News
• Daily summaries
• Multiple economic calendars

The platform has its own news domain called 'Traders' Insight'. It also channels integrated third-party news and recommendations to the desktop platform.

After entering the platform, you can read daily summaries of the markets through 'Daily Lineup'. This feature keeps you informed about the latest news and analyst recommendations. There is also an earnings calendar and an economic event calendar, which help you start off your day.

Compare research pros and cons

You can contact ARMO Broker via:

• phone
• email

ARMO Broker's phone support was average. We called them twice, and there was no reply the first time. When we called them a couple of hours later, they immediately replied and we got relevant answers in English. 

Via email, we received fast and relevant answers.

We missed however a live chat and 24/7 support availability.

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At ARMO Broker you can learn in the following ways:

• Demo account
• Platform tutorial videos
• General educational videos
• Webinars 

Once you set up a trading account, you can also open a Paper Trading Account. This is a demo account: all paper accounts start with $1 million in virtual money, which you can use to experiment with ARMO Broker's platforms and trading services. We think this is the best way to learn how a trading platform works.

There is a 'Learning center' on the website, where you can watch free educational videos in German. You can also book seminars or webinars with a professional trader who specializes in options, for a fee. 

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Is ARMO Broker regulated?

ARMO Broker serves as an introducing broker to Interactive Brokers' Irish entity, IBIE. This means that your cash and assets are held with IB, while IBIE specifically is regulated by the Central Bank of Ireland.

We recommend ARMO Broker primarily for customers based in Germany, although ARMO is present on every continent. You can most likely open an account wherever you are, but you will belong to an IBIE entity and to the corresponding regulator.

The accounts you open with ARMO Broker are regulated in the following organizations:

• In the US by the US Securities and Exchange Commission and the Commodity Futures Trading Commission and a member of NYSE-FINRA-SIPC
• In Canada by the IIROC
• In the UK by the FCA
• In Luxembourg by the CSSF
• In Ireland by the CBI
• In Hungary by the Central Bank of Hungary
• In Australia by the Australian Securities and Investments Commission
• In Hong Kong by the Hong Kong Securities and Futures Commission
• In India a member of NSE, BSE and SEBI
• In Japan by the Konto Local Finance Bureau
• In Singapore by the Monetary Authority of Singapore

If you are, let's say, a client in South Africa, you would open an account in IB UK because the broker is not regulated in South Africa. So your account would be regulated by the FCA.

Is ARMO Broker safe?

To be certain if a brokerage is safe, we highly advise that you check two facts:

• how you are protected if something goes wrong
• what the background of the broker is

How you are protected

Interactive Brokers is the contracting partner that processes and transacts orders via the trading platform. This means the investor protection amount and the regulating authority are related to IBIE, the Ireland-based entity.

ARMO Broker provides negative balance protection for forex spot and CFD trading, but only for retail clients from the European Union. Professional and non-EU clients are not covered by negative balance protection.

Background

ARMO Broker was established in 2019, meaning it does not yet have a long history of operation. In general, the longer track record a broker has, the more proof we have that it has successfully survived previous financial crises.

While Interactive Brokers is listed on the NASDAQ, ARMO Broker itself is not listed, meaning that it is not required to publish any financial information.

Find your safe broker

We recommend ARMO Broker for investors and traders from europe interested in global markets.

Below you can find links to all aspects of ARMO Broker in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our ARMO Broker fees article.

What about the minimum deposit?

Our ultimate guide to the ARMO Broker minimum deposit is updated regularly.

How to start your ARMO Broker account?

Look no further than our evaluation of the ARMO Broker account opening.

How's their trading app?

Here's our expert view after checking the ARMO Broker trading app.

Is the quality of customer service satisfactory?

All you need to know about the ARMO Broker customer service.

Legit or scam?

Is ARMO Broker legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether ARMO Broker is really free.

Is this broker good for beginners?

We checked it in Is ARMO Broker good for beginners.

Should you buy your silver bullets on ARMO Broker?

Research for silver bugs in the Silver buy on ARMO Broker guide

I want to trade options, are they available at ARMO Broker?

We explored the topic in Can you trade options on ARMO Broker?

What is the minimum account balance at ARMO Broker?

Check out the current account balance requirements at ARMO Broker in our What is the minimum account balance at ARMO Broker article.

Looking for commission and fees data for ARMO Broker?

We collected them in ARMO Broker commission and fees.

How do you withdraw money from ARMO Broker?

We tested it and collected the options and costs in How to withdraw money on ARMO Broker.