ARMO Broker Review 2023

  • 8.4

ARMO Broker review summary

ARMO Broker is a Germany-based global stockbroker for investors and traders. Thanks to its link to Interactive Brokers, ARMO Broker provides access to a wide range of products and offers several great research tools. Also, it has an easy-to-use and well-designed web trading platform. We recommend this broker mainly for advanced traders because the account opening process is complicated and the desktop trading platform is not so simple to use. In addition, the broker charges high fees for derivatives products, such as options and futures. BrokerChooser gave ARMO Broker a 4.2/5 rating based on analyzing 500+ criteria and testing via opening a live account.

ARMO Broker is available in Pakistan

ARMO Broker pros and cons

Pros Cons
Wide range of products Complicated account opening process
Many great research tools Complex desktop trading platform
Easy-to-use web trading platform High options and futures fees

ARMO Broker main highlights

🗺️ Country of regulationUSA, Ireland, UK, Luxembourg, Hungary, India, Australia, Canada, Japan, Hong Kong, Singapore
💰 Trading fees classAverage
💰 Inactivity fee chargedNo
💰 Withdrawal fee amount$0
💰 Minimum deposit$1,980
🕖 Time to open an account1-3 days
💳 Deposit with bank cardNot available
👛 Depositing with electronic walletNot available
💱 Number of base currencies supported20
🎮 Demo account providedYes
🛍️ Products offeredStock, ETF, Forex, Fund, Bond, Options, Futures, CFD, Crypto
Our overall ARMO Broker review Brokers rating
  • 8.4

  • Fees
    7.4
  • Account opening
    3.4
  • Deposit and withdrawal
    7
  • Web Trading platform
    9
  • Mobile trading platform
    7
  • Desktop trading platform
    6
  • Markets and products
    10
  • Research
    10
  • Customer service
    7.8
  • Education
    8
ARMO Broker review

Fees

ARMO Broker has low stock and ETF fees and charges no inactivity fee. On the other hand, the fees for trading options and futures are high.

Pros Cons
Low stock and ETF fees High options and futures fees
No inactivity fee
ARMO Broker fees snapshot
AssetsFee levelFee terms
US stockLow$0.01 per share with a minimum of $3, but capped at 1.20% of trade value
EURUSDAverage0.4 pips * trade value; minimum $4
Mutual fundAverage$14.95 per transaction or 3% of trade value, whichever is lower
Inactivity feeLowNo inactivity fee

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.

ARMO Broker stock and ETF commission of a $2,000 trade
 ARMO BrokerCapTraderBrokerpoint
US stock $3.0 $2.0 $2.0
UK stock $8.9 $9.0 $2.3
German stock $3.9 $4.0 $2.3

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

ARMO Broker stock and ETF fees
MarketCommissionMinimum fee / maximum
Europe
Germany – Frankfurt
Germany – Tradegate
0.12% of trade value€4.90
Germany – Stuttgart0.12% of trade value€5.90
Germany – Xetra0.12% of trade value€3.90
Austria, France, Belgium, Netherlands, Italy0.12% of trade value€4
Switzerland0.12% of trade valueCHF 12
United Kingdom0.12% of trade value£7.90
Russia0.14% of trade valueRUB 500
Estonia, Latvia, Lithuania0.12% of trade value€11.90
Poland0.12% of trade valuePLN 20
Israel0.14% of trade valueILS 20
Norway0.12% of trade valueNOK 40
Sweden0.12% of trade valueSEK 40
North America
United States$0.01 per share$3 minimum; the maximum is 1.20% of trade value
CanadaCAD 0.01 per shareCAD 3 minimum; the maximum is 1% of trade value
Mexico0.30% of trade valueMXN 80
Asia and Pacific
Australia0.12% of trade valueAUD 10
Hong Kong0.12% of trade valueHKD 40
India0.02% of trade valueINR 20
Japan0.12% of trade valueJPY 400
Singapore0.14% of trade valueSGD 5

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.

ARMO Broker annual margin rates
 ARMO BrokerCapTraderBrokerpoint
USD margin rate 5.3% 6.3% 5.3%
GBP margin rate 4.5% 5.5% 4.5%
EUR margin rate 2.8% 3.8% 2.8%

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.

ARMO Broker forex benchmark fee of a $20,000 30:1 long position held for one week
ARMO Broker CapTrader Brokerpoint
EURUSD benchmark fee $11.8 $18.2 $13.9
GBPUSD benchmark fee $8.7 $14.2 $9.9
AUDUSD benchmark fee $28.8 $11.9 $7.6
EURCHF benchmark fee $17.7 $8.4 $4.1
EURGBP benchmark fee $12.5 $16.1 $11.8

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.

ARMO Broker forex minimum fees
Base currencyMinimum fee
AUDAUD 4
CADCAD 4
CZKCZK 80
CHFCHF 4
DKKDKK 25
EUR€4
GBP£4
HKDHKD 30
HUFHUF 990
INRINR 250
ILSILS 15
JPYJPY 400
MXNMXN 70
NOKNOK 30
NZDNZD 4.90
RUBRUB 260
SEKSEK 40
SGDSGD 4.90
USD$4

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.

ARMO Broker commission for a $2,000 fund purchase
 ARMO BrokerCapTraderBrokerpoint
Mutual fund $15.0 $15.0 $15.0

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:

ARMO Broker fund fees
Fund typeFeeMinMax
US funds3% of trade value or $14.95, whichever is lower$3$14.95
US funds with no transaction fees0%$0$0
European funds0.1% of trade value€4€29
Global funds3% of trade value or $14.95, whichever is lower

Bond fees

ARMO Broker has generally low bond fees.

ARMO Broker commission of a $10,000 government bond trade
 ARMO BrokerCapTraderBrokerpoint
US Treasury bond $10.0 $5.0 $5.0
EU government bond $10.0 $10.0 $10.0

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

ARMO Broker bond fees
BondsVolumeCommission (% of trade value)Min
US Corporate & CDs
US municipal
US Treasuries
Face value ≤ $10,000
Face value > $10,000
0.10%
0.05%
$5
$5
EuropeTrade value ≤ €50,000
Trade value between €50,000 and €5 million
Trade value > €5 million
0.15%
0.10%
0.05%
€5
€5
€5
Hong Kong Government– 0.15%HKD 25

Options fees

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

ARMO Broker stock index options commission of 10 contracts
 ARMO BrokerCapTraderBrokerpoint
US stock index options $33.0 $35.0 $20.0
UK stock index options $37.3 $39.6 $33.9
German stock index options $18.8 $19.8 $18.7

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

ARMO Broker options fees
MarketFee per contractMinimum fee
Europe
Germany, Austria, France, Italy, Belgium, Netherlands, Spain€1.90€1.90
SwitzerlandCHF 3.80CHF 3.80
United Kingdom£3.30£3.30
NorwayNOK 19NOK 19
North America
United States$3.30$3.30
CanadaCAD 3.30CAD 3.30
MexicoMXN 65MXN 65
Asia-Pacific
AustraliaAUD 4.50AUD 4.50
Hong KongHKD 40HKD 40
India0.02% of trade value0.10% of trade value
JapanJPY 500JPY 500
SingaporeSGD 7SGD 7
South Korea0.35% of trade valueKRW 3,000

Futures fees

ARMO Broker futures fees are high.

ARMO Broker stock index futures commission of 10 contracts
 ARMO BrokerCapTraderBrokerpoint
US micro e-mini stock index futures $12.5 $35.0 $20.0
UK stock index futures $37.3 $39.6 $33.9
German e-mini stock index futures $18.8 $19.8 $18.7

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.

ARMO Broker CFD benchmark fees for a $2,000 long position held for one week
 ARMO BrokerCapTraderBrokerpoint
S&P 500 index CFD fee $4.2 $5.3 $5.3
Europe 50 index CFD fee $5.1 $6.1 $6.1
Apple CFD fee $5.1 $6.3 $8.3
Vodafone CFD fee $10.7 $11.6 $11.6

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.

ARMO Broker stock CFD fees
MarketCommissionMinimum fee
Australia0.10% of order volumeAUD 4
Europe, except for European countries below0.10% of order volume€4
Denmark0.10% of order volumeDKK 60
United Kingom0.10% of order volume£4
Japan0.10% of order volumeJPY 500
Norway0.10% of order volumeNOK 50
Sweden0.10% of order volumeSEK 40
Switzerland0.10% of order volumeCHF 4
Czech Republic0.25% of order volumeCZK 100
United States$0.01 per CFD$2
Brazil0.25% of order volumeBRL 25
South Africa0.25% of order volumeZAR 75
Hong Kong0.10% of order volumeHKD 50
Singapore0.25% of order volumeSGD 7.50

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

ARMO Broker stock index CFD fees
Stock indexCommissionMinimum fee
Germany 300.01% of trade value€2
US 500, US 300.01% of trade value$2
US Tech 1000.02% of trade value$2
UK 1000.01% of trade value£2
Euro 50, France 40, Spain 35, Netherlands 250.02% of trade value€2
Switzerland 200.02% of trade valueCHF 2
Japan 2250.02% of trade valueJPY 60
Hong Kong 500.02% of trade valueHKD 15
Australia 2000.02% of trade valueAUD 2.50

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. 

ARMO Broker non-trading fees
 ARMO BrokerCapTraderBrokerpoint
Account feeNoNoNo
Inactivity feeNoYesYes
Deposit fee$0$0$0
Withdrawal fee$0$0$0
ARMO Broker review

Account opening

ARMO Broker’s account opening process is fully digital. However, there is a high minimum deposit and the account opening process is a bit complicated.

Pros Cons
Fully digital Minimum deposit is higher than $500
Not user-friendly

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:

ARMO Broker account types
Account typesShort description
IndividualAccount is owned and used by a single individual
JointAccount is owned and used by two individuals
Friends and Family Account for a client group of up to 15 members
Small BusinessAccount for small corporations

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

ARMO Broker review – Account opening

Our best alternatives to ARMO Broker are:

The highest ranking competitors are:

  • CapTrader full review
  • Brokerpoint full review
  • TradeStation full review
ARMO Broker review

Deposit and withdrawal

ARMO Broker offers one free withdrawal per month and has a decent selection of account base currencies. However, it doesn’t accept credit/debit cards or electronic wallets.

Pros Cons
Several account base currencies Credit/Debit card not available
User-friendly

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.

Base currencies at ARMO Broker vs similar brokers
 ARMO BrokerCapTraderBrokerpoint
Number of base currencies 20 9 3

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.

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.

ARMO Broker non-trading fees
 ARMO BrokerCapTraderBrokerpoint
Bank transferYesYesYes
Credit/debit cardNoNoNo
Electronic walletsNoNoNo

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 review – Deposit and withdrawal – Deposit

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.

ARMO Broker withdrawal fees and options
 ARMO BrokerCapTraderBrokerpoint
Bank transferYesYeYes
Credit/debit cardNoNoNo
Electronic walletsNoNoNo
Withdrawal fee$0$0$0

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

ARMO Broker withdrawal fee
Withdrawal currency Wire BACS/GIRO/ACH/EFT/SEPA
USD* 10 1
EUR 8 1
GBP 7 1
CAD 12 2
CNH 60 7
HKD 95 8
NZD, SGD 15 1
AUD 15 N/A
CHF 11 N/A
CZK 300 N/A
DKK 30 N/A
HUF 6,000 N/A
ILS 30 N/A
JPY 1,600 N/A
NOK, SEK 50 N/A
MXN 100 N/A
PLN 40 N/A
RUB 330 N/A
ZAR 200 N/A

*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’. 
ARMO Broker review

Web trading platform

ARMO Broker’s web trading platform is user-friendly, has a clear fee report and is accessible via a safe two-step login process.

Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report
Two-step (safer) login
ARMO Broker platforms to choose from
Trading platformScoreAvailable
Web
4.5
stars
Yes
Mobile
3.5
stars
Yes
Desktop
3.0
stars
Yes

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:

ARMO Broker available languages
DutchEnglishFrenchGerman
ItalianJapaneseRussianSimplified Chinese
SlovakianSpanishTraditional Chinese

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.

ARMO Broker review – Web trading platform

ARMO Broker review – Web trading platform

 

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. 

ARMO Broker review – Web trading platform – Search

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
ARMO Broker review - Web trading platform - Order panel

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.

ARMO Broker review

Mobile trading platform

ARMO Broker’s mobile trading platform has a safe two-step login, and comes with a good search function and multiple order types. However, beginners may find it too complex.

Pros Cons
User-friendly User interface is a bit complex
Two-step (safer) login
Good search function

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:

ARMO Broker available languages
DutchEnglishFrenchGerman
ItalianJapaneseRussianSimplified Chinese
SpanishTraditional ChineseTurkish

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.

ARMO Broker review – Mobile trading platform

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.

ARMO Broker review – Mobile trading platform – Search

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.

ARMO Broker review – Mobile trading platform – Order panel

Alerts and notifications

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

ARMO Broker review

Desktop trading platform

ARMO Broker’s desktop platform offers great customizability and advanced order execution, but is not user-friendly and caters more to advanced traders.
Pros Cons
Clear fee report Not user-friendly
Good customizability (for charts, workspace) Poor search function
Good variety of order types

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:

ARMO Broker available languages
English German French
Spanish Italian Russian
Simplified Chinese Traditional Chinese Japanese

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.

ARMO Broker review – Desktop trading platform

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.

 

 

ARMO Broker review – Desktop trading platform – Search

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)

ARMO Broker review – Desktop trading platform – Order panel

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.

ARMO Broker review

Markets and products

Through ARMO Broker, you can access a wide range of markets, and all product types are available to trade.

ARMO Broker asset classes
 ARMO BrokerCapTraderBrokerpoint
StocksYesYesYes
ETFsYesYesYes
ForexYesYesYes
FundsYesYesYes
BondsYesYesYes
OptionsYesYesYes
FuturesYesYesYes
CFDsYesYesYes
CryptoYesYesYes

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. 

ARMO Broker stock and ETF selection
 ARMO BrokerCapTraderBrokerpoint
Stock markets (#) 83 78 78
ETFs (#) 13,000 13,000 13,000

Forex

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

ARMO Broker forex selection
 ARMO BrokerCapTraderBrokerpoint
Currency pairs (#) 105 105 105


Funds

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

ARMO Broker mutual fund selection
ARMO Broker CapTrader Brokerpoint
Fund providers (#) 400 260 260

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. 

ARMO Broker bond selection
 ARMO BrokerCapTraderBrokerpoint
Bonds (#) 1,065,000 60,000 60,000

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).

ARMO Broker options selection
 ARMO BrokerCapTraderBrokerpoint
Options markets (#) 34 33 33

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.

ARMO Broker futures selection
 ARMO BrokerCapTraderBrokerpoint
Futures markets (#) 32 32 32

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.

ARMO Broker CFD selection
 ARMO BrokerCapTraderBrokerpoint
Stock index CFDs (#) 13 13 13
Stock CFDs (#) 7,100 7,100 7,100
ETF CFDs (#)
Commodity CFDs (#) 2
Bond CFDs (#)
Futures 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.

ARMO Broker review

Research

The quality of research available at ARMO Broker is good, with a wide range of available tools.

Pros Cons
Good interactive chart None
Trading ideas
Data on asset fundamentals

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. 

ARMO Broker review – Research – Fundamental data

Charting

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

ARMO Broker review – Research – Charting

ARMO Broker review – Research – Charting

 

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.

ARMO Broker review

Customer service

ARMO Broker’s customer service is good, providing useful answers by phone and meaningful responses via email. However, there is no live chat option or 24/7 support.

Pros Cons
Phone support No live chat
Relevant answers No 24/7 support

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.

ARMO Broker review – Customer Service

ARMO Broker review

Education

ARMO Broker offers some educational materials and tools on its website, but only in German. You can also open a demo account. However, the materials are not well-structured and there are no educational articles.

Pros Cons
Demo account Not well-structured
Trading platform tutorial No educational articles
Educational videos

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. 

 

 

ARMO Broker review – Education

ARMO Broker review

Safety

As an introducing broker of IB, ARMO Broker is covered by top-tier regulators, granting most clients strong protection. However, IB and ARMO lack a banking background and ARMO is not publicly listed, meaning less transparency.
Pros Cons
Majority of clients belong to a top-tier financial authority Does not hold a banking license
Negative balance protection Not listed on stock exchange
Financial information is not publicly available

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 investor protection
Country of clientsProtection amountRegulatorLegal entity
All clients€20,000Central Bank of IrelandInteractive Brokers Ireland Limited (IBIE), ARMO Broker LTD 

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.

ARMO Broker review

Bottom line

We recommend ARMO Broker for advanced investors and traders from Europe who are interested in trading on global markets.

On the plus side, ARMO Broker has low stock and ETF fees, a vast range of available markets and products, and diverse research tools.

There are some drawbacks, though. It charges high forex, futures and options fees. The account opening process is complicated and the desktop platform is complex.

If you have experience navigating complex platforms and would like to enjoy low-cost stock/ETF trading, ARMO Broker could be a great fit for you.

ARMO Broker review

FAQ

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.

Investors’ Marketplace 

Another new addition available from June 2020 is the Investors’ Marketplace. This is an overall networking tool, helping investors, brokers and hedge fund account holders, as well as others, to connect. The purpose of the connection can range from education to career development, advisory, administration and technology. 

Tax Optimizer, Shortable Instruments and alternative news sources

US residents can take advantage of IB’s Tax Optimizer, which lets clients choose their best tax method based on IRS reporting rules after trading. This includes maximizing long-term gains or minimizing long-term losses. 

The Shortable Instruments (SLB) Search tool lists the available shortable securities within the web platform and the borrowing volume that is provided for these securities. (SLB stands for Securities Lending/Borrowing.) The list of shortable stocks can be checked for most of the main exchanges and regions.

Interactive Brokers review – Research – Mutual Fund Search

Mutual Fund Search Tool

As of June 2020, Interactive Brokers has launched the Mutual Fund Search Tool on their website. This tool enables clients to browse and select international mutual funds by country, fund family and whether the fund charges extra commissions. With the ‘Fund Type’ filter, you can also search for funds based on their structure (e.g. only bond, only equity, or mixed investments).

Interactive Brokers review – Research – Economic calendar

The Economic Calendar informs you about upcoming events that will have an economic impact. This feature can be accessed separately any time from the menu, though the design could be better. If you are looking for an all-around economic calendar that includes upcoming national holidays, you can find it here on IB’s page.

Compare brokers

Compare broker tool

Compare selected brokers by their fees, minimum deposit, withdrawal, account opening and other areas. Filter according to broker or product type, including stocks, futures, CFDs or crypto.

Best Brokers
Broker Reviews

Compare broker tool

Compare selected brokers by their fees, minimum deposit, withdrawal, account opening and other areas. Filter according to broker or product type, including stocks, futures, CFDs or crypto.

Education