Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighThe contracting entity holds no financial licence and a regulator has named the exact domain, mitigated by a genuine Mauritius Investment Dealer licence confirmed on the register in a near identical company name.
Identity & transparency
6/10 · HighEntity, registration number, registered and operating addresses and the founder are all disclosed, but the firm gives two different accounts of its legal standing and the licensed company differs from the contracting one without explanation.
Withdrawals & conduct
7/10 · HighA fund integrity pattern meeting three of four tests, with the firm itself confirming it adjusts completed trades, set against credible paid withdrawals and public engagement on every dispute, and no advance fee demand anywhere.
Reputation
6/10 · HighNet positive at 4.3 across 296 reviews, but a 16 per cent one star tail concentrated on money not coming back, and a regulator warning dated days before publication.
Website claims
7/10 · HighAnswers a direct licensing question with an unnamed international license, and tells one platform it is registered by an authority that does not license forex while telling its own visitors it is a Marshall Islands company.
Operational history
6/10 · HighAround three and a half years on the governing company leg and six on the domain, one continuous brand with no rebrand found, and the advertised 2020 start is genuinely supported by the domain record.
Who they are
A quick desk file on the company behind the brand.
- Brand: Aron Groups, also trading as Aron Markets and Aron Groups Broker.
- Legal entity: Aron Markets LTD, Marshall Islands registration number 118046.
- Registered: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands.
- Operating office: Agios Athanasios Avenue, D. Vrachimis Building, 4102 Agios Athanasios, Limassol, Cyprus.
- Website: arongroups.co, with client portals at my.arongroups.co, client.arongroups.co, exchange.arongroups.co and wallet.arongroups.co.
- Only licence: none held by the contracting entity. A Mauritius Investment Dealer licence dated 4 June 2024 stands on the regulator register in the name Aron Brokers Ltd, a separate company.
- Offers: forex, spot metals, indices, commodities, cryptocurrencies and share CFDs on MetaTrader 5, leverage to 1:1000, minimum deposit 1 US dollar, deposits including Bitcoin, Ethereum and USDT.
- Not accepted: residents of Saint Vincent and the Grenadines, Turkey, the United States, Canada, the United Kingdom, Cyprus, Japan, China, Hong Kong, the United Arab Emirates, North Korea, Mauritius, Russia and Myanmar.
- Age claim: founded 2020, which the domain record supports. The Marshall Islands contracting company is younger, dating to 2023.
- Founder: publicly identified as Farzad Vajihi, who presents himself as chief executive and founder.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Republic of the Marshall Islands Registrar of Corporations
Unnamed international licence claimed on the broker's own website
Financial Services Authority (Saint Vincent and the Grenadines)
Found by our investigation (1) — the broker does not list these on its own site
Financial Services Commission (Mauritius)
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
Four findings drive this, and the first one is the heavy one.
- CySEC named the website, five days before we published. Its notice of 2 October 2026 on unregulated entities lists arongroups.co alongside growellcapitals.com, fanorenki.de, nevald-ki.io, xyvotrades.com and ambrosiafx.com, and says these sites do not belong to an entity authorised to provide investment services or carry out investment activities under Cyprus law, or to provide crypto-asset services under European Union rules. Be clear about what that is and is not: it is a statement that the site is not authorised in Cyprus, not a finding of fraud. What makes it serious here is that Aron Groups publishes a physical office address in Limassol on its own website while holding no Cyprus authorisation, and bars Cypriot residents from its service.
- The company that takes the money is not regulated by anyone. Every legal page on the site names one entity, Aron Markets LTD, and one number, Marshall Islands registration 118046. That is an incorporation record. The Marshall Islands registrar does not supervise brokerage business, does not hold client money to account and runs no compensation scheme. If this firm fails or refuses to pay, there is no authority with the power to make it.
- It claims a licence it will not identify. The About page puts the question directly, is Aron Groups regulated and legally licensed, and answers that yes, Aron Groups has an international license. No authority is named. No number is given. No register is linked. A separate account appears on the company profile Aron Groups maintains on Trustpilot, which states that the company is registered by the Financial Service Authority of Saint Vincent and the Grenadines. Those two accounts cannot both describe the same legal standing, and the Saint Vincent authority has said repeatedly that it does not license or regulate forex business. A broker that actually holds a licence prints the number and links the register.
- Clients report gains being reversed, and the firm confirms the mechanism. One trader states a profit of 10,635 US dollars was removed from MT5 account 107521 in late December 2025. Another posts a withdrawal record in full: ticket 1747933, Islamic account 881653, 24 May 2025, 6,495 US dollars by USDT on TRC20, marked pending and unpaid. Matching accounts appear on a long-running forex review forum, where traders describe profits wiped immediately after a withdrawal attempt and one case of an attempt to deduct 90 per cent of a balance. The firm answers these in public, and its answer is the most telling evidence of all: it says the trading was subject to a detailed post-trade review, that transactions were identified as non-compliant with execution standards, and that the related trades were subsequently corrected and adjusted. Those complaints describe the same mechanism, come from different users on more than one platform, and carry checkable detail, which is three of the four tests we apply before treating a complaint set as strong.
On the numbers, the six scored dimensions give 66 per cent. A regulator warning naming the exact domain is the heaviest single item our method recognises, and it carries the published figure to 70 per cent. We have held it there rather than higher because of the genuine licence and the working-withdrawal evidence set out below. One limit on confidence is worth stating plainly: the Marshall Islands keeps no public searchable register for companies of this type, so the age of the contracting company rests on a secondary record rather than a registry filing.
Evidence ledger
Every finding, with its source and how strongly it points.
E1CySEC published a notice on unregulated entities dated 02 Oct. 2026. Its warnings list carries that notice as the most recent entry, and the document names six websites of which arongroups.co is the first. A regulator warning naming the exact domain under investigation is the heaviest single item in this review.
E2The CySEC notice of 2 October 2026 itself, as published by the regulator. The six sites named are arongroups.co, growellcapitals.com, fanorenki.de, nevald-ki.io, xyvotrades.com and ambrosiafx.com, and CySEC states they do not belong to an entity authorised to provide investment services under Cyprus law or crypto-asset services under European Union rules.
Hard proofCySEC warning document, 2 October 2026E3Independent press confirmation of the contents of the CySEC notice, naming arongroups.co first among the six websites and dating the warning to 2 October 2026.
E4Second independent press confirmation of the same notice and the same list of six websites, dated 2 October 2026.
E5Asked on its own About page whether Aron Groups is regulated and legally licensed, the broker answers that yes, Aron Groups has an international license, naming no authority, giving no number and linking no register. The same page's Legal Information discloses only that Aron Markets LTD operates under the laws of the Marshall Islands with registered number 118046, which is a company registration and not financial regulation.
E6On the company profile that Aron Groups maintains and has claimed on Trustpilot, the firm states that the company is registered by the Financial Service Authority of Saint Vincent and the Grenadines. Its own website instead says the company operates under Marshall Islands law, and bars residents of Saint Vincent and the Grenadines from its service. The two statements describe different legal standings for the same company, and the Saint Vincent authority does not license forex business.
E7A pattern of fund integrity complaints with checkable detail. One trader states a profit of 10,635 US dollars was removed from MT5 account 107521 around 30 December 2025. Another posts a withdrawal record in full: ticket 1747933, Islamic account 881653, 24 May 2025, 6,495 US dollars by USDT on TRC20, marked pending with no payment. Different users in different countries describe the same mechanism, which is three of the four tests we apply before treating a complaint set as strong.
E8The broker's own public reply confirms the mechanism the complaints describe. It states that the trading activity was subject to a detailed post-trade review with its liquidity provider, that certain transactions were identified as non-compliant with execution standards, and that the related trades were subsequently corrected and adjusted. An admission that completed trades are reversed after the fact.
E9A genuine Mauritius licence exists, but not in the broker's name. The FSC Online Public Register records Aron Brokers Ltd holding an SEC-2.1B Investment Dealer licence, full service dealer excluding underwriting, dated 04/06/2024, status COMPANY IS INCORPORATED, management company Loita Management Services Limited, address 6 St Denis Street, 1st Floor, River Court, Port Louis. The register's website field is empty, and the name is not the entity that contracts with clients.
E10A substantial and long-running public review record: 296 reviews at 4.3 out of 5, 77 per cent five star and 16 per cent one star, profile claimed by the company since September 2023, 25 reviews in the last twelve months, and replies to 100 per cent of negative reviews. Some clients report withdrawals paid, including 100 USDT received in under two hours.
E11The domain arongroups.co was registered on 15 July 2020, updated 10 September 2026 and runs to 15 July 2027 through Domainbox Limited on Cloudflare nameservers. This supports the stated founding year of 2020 rather than contradicting it, so the age claim is not a misrepresentation.
ModerateWHOIS record for arongroups.coE12Certificate transparency records show a real operating stack under the broker's own domain, with separate exchange, wallet, secure and websdk hosts holding current certificates. This is a working platform rather than a single marketing page.
E13The IOSCO cross-regulator alert network holds no entry for this operation. Searching Aron returns four unrelated firms: Berger Aron Macey and Tate, Aron, and Madden LLP flagged by the United States SEC, Aronex Corporation Ltd flagged in Brazil, and Aron Asset Management flagged in Switzerland. None matches this broker's domain or entity, and we did not attribute any of them to it.
ModerateIOSCO I-SCAN alert networkE14The Mauritius FSC list of surrendered licences contains no Aron entry, so the Investment Dealer licence recorded in June 2024 has not been given up.
E15The broker's FAQ names no regulator and no licence number anywhere. It states withdrawal times of 1 to 24 hours for USDT and 1 to 3 business days for other methods, and says cancellation is only possible while a withdrawal sits in Pending Check status. It sets out no policy on segregation of client money.
ModerateAron Groups FAQE16The contact page publishes only an email address, aronsupport@arongroups.co, plus Telegram, Instagram, X and YouTube accounts. No telephone number is given, which is unusual for a firm advertising a staffed office in Limassol.
E17The homepage and legal information confirm the identity under review: Aron Markets LTD, Marshall Islands registered number 118046, registered at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, with a physical address at Agios Athanasios Avenue, D. Vrachimis Building, 4102 Agios Athanasios, Limassol, Cyprus, offering forex, metals, indices, commodities, cryptocurrencies and shares on MetaTrader 5.
ModerateAron Groups homepage
The other side
The strongest case in this broker’s favour.
The case against a harsher verdict is real, and some of it is strong. We weighed all of it.
- A genuine licence does exist. The Mauritius Financial Services Commission public register carries an SEC-2.1B Investment Dealer licence, full service dealer excluding underwriting, dated 4 June 2024, in the name Aron Brokers Ltd of 6 St Denis Street, River Court, Port Louis, administered by Loita Management Services Limited. That is a real dealing licence from a real supervisor, not a decorative registration, and trade press has reported Aron Groups becoming authorised in Mauritius. The problem is the name on it. It is not Aron Markets LTD, and nothing we could find ties the licensee to arongroups.co. The broker itself never mentions Mauritius or the FSC anywhere on its website, which is a strange omission for a firm that had just earned its best credential.
- Many clients are paid, and say so. Trustpilot carries 296 reviews at 4.3 out of 5, with 77 per cent at five stars. Some are specific about money arriving, including a 100 USDT withdrawal reported as paid in under two hours. A broker that never pays does not accumulate that record.
- It answers its critics in public. The company replies to 100 per cent of its negative reviews, often at length and on the substance of the dispute. That is the opposite of the vanishing act a boiler room performs.
- It is not a clone and not a front. Nobody else's brand, licence number or corporate identity is being worn. The operating stack is real, with separate exchange, wallet and secure portals under its own domain, and the brand has run continuously on arongroups.co since July 2020, which supports the stated founding year rather than contradicting it.
- No warning anywhere else, and no advance-fee pattern. There is no entry for this operation on IOSCO's cross-regulator alert network, and we found no FCA, ASIC or CFTC warning. In none of the complaints did anyone describe being asked to pay a tax, fee or unlock charge before funds would be released, which is the single most incriminating pattern in this field and is absent here.
- Some of the complaints are not about missing money. Grievances about commission levels, spreads, bonus arithmetic and revoked loyalty points are product and terms disputes. We counted them separately and did not let them drive the verdict.
Taken together this reads as an aggressive offshore operation with a payout-integrity problem, not as a theft ring. That is why the verdict is likely rather than confirmed, and why the risk figure sits at the bottom of its band.
What would change this
What we would need to see to revise the verdict.
Specific, checkable things that would move this verdict in either direction.
- Toward safer: Aron Groups publishing the Mauritius licence on its own site, naming Aron Brokers Ltd, and moving client contracts to that licensed entity so the money sits inside the supervised perimeter.
- Toward safer: documentary proof that Aron Brokers Ltd and Aron Markets LTD share ownership, which would turn a licence we could not attribute into a licence we could.
- Toward safer: CySEC withdrawing or amending the 2 October 2026 notice, or the broker closing the Limassol presence that places it inside that regulator's reach.
- Toward safer: the published terms setting out exactly when a completed trade may be reviewed and reversed, with the threshold, the time limit and an appeal route, so clients can tell in advance whether a profit is theirs to keep.
- Toward safer: the specific cases resolved on the record, starting with MT5 account 107521 and withdrawal ticket 1747933, with confirmation that the funds were released.
- Toward worse: a warning from a second regulator naming the domain, or any enforcement action against either Aron entity.
- Toward worse: the Mauritius licence being surrendered, suspended or cancelled.
- Toward worse: complaints clustering into a single window, which would indicate a withdrawal freeze rather than a standing policy, or any credible report of a payment demanded before funds are released.
- Toward worse: a documented regulator action against any predecessor business carried into this operation, which a rebrand would not clear.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Mauritius FSC Online Public Register
Type Aron in the Name box and submit to see the Investment Dealer licence and the company name it is held in.
CySEC warnings on unregulated entities
The notice dated 02 Oct. 2026 is the one that names arongroups.co.
CySEC warning document, 2 October 2026
The regulator's own notice listing the six websites.
IOSCO cross-regulator alert network
Searching Aron returns four unrelated firms and no entry for this broker.
Trustpilot one-star reviews for arongroups.co
Where the account numbers, ticket numbers and amounts are posted, with the company's replies.
Aron Groups legal information and licensing answer
The broker's own statement of its entity, registration number and claimed international license.
Mauritius FSC surrendered licences
Checked for any Aron entry. There is none.
Frequently asked questions
Quick answers about this broker’s safety.
Is Aron Groups a scam?
We rate it high risk and classify it as a likely scam, but not a confirmed one. It is a real brokerage with real clients and many people are paid. What drives our rating is that the company holding client money has no financial licence, a European regulator named the website in a warning on 2 October 2026, and several traders report profits being reversed after they asked to withdraw.
Is Aron Groups a fraud?
No court or regulator has found fraud against Aron Groups, and we do not assert it. What we can say is that we assess the risk of fraud as high, on the basis of an unregulated contracting entity, a licence claim the firm will not identify, and a pattern of gains being cancelled after the fact. CySEC's notice is a statement that the website is not authorised in Cyprus, not a finding of criminal conduct.
Is Aron Groups regulated?
The company you actually contract with, Aron Markets LTD, is not regulated by anyone. It is a Marshall Islands company, registration 118046, and incorporation is not financial regulation. A genuine Mauritius Investment Dealer licence dated 4 June 2024 exists on the regulator register, but it is held by Aron Brokers Ltd, a different company, and the broker's own website never mentions it.
What did CySEC actually say about arongroups.co?
In a notice dated 2 October 2026, CySEC listed arongroups.co among six websites that it says do not belong to an entity authorised to provide investment services or carry out investment activities under Cyprus law, or to provide crypto-asset services under European Union rules. It advised investors to be particularly careful before dealing with companies operating through those websites.
Can I withdraw my money from Aron Groups?
Many clients do, and some report USDT withdrawals paid within hours. But a number report the opposite: withdrawals cancelled or held under what the firm calls internal security review, and in several cases the profit removed from the account after the request was made. If you hold a balance, withdraw it in stages and keep the ticket numbers, amounts and timestamps.
Is my money safe with Aron Groups?
Not in the sense that matters. The entity holding client funds has no financial licence, so no regulator supervises how those funds are held, there is no requirement you can enforce to keep them separate from company money, and no compensation scheme pays you if the firm fails or refuses.
Who owns Aron Groups?
The operating company is Aron Markets LTD, registered in the Marshall Islands with a working office in Limassol, Cyprus. The founder and chief executive is publicly identified as Farzad Vajihi. A Mauritius company called Aron Brokers Ltd holds a licence in a very similar name, but we could not document a corporate link between the two.
How old is Aron Groups?
The brand has run on arongroups.co since the domain was registered on 15 July 2020, which supports its stated founding year. The Marshall Islands company that contracts with clients is younger, dating to 2023, and the Mauritius licence only to June 2024. We treat the operation as around three to four years old, because a business is only as established as the company behind it.
What is a Marshall Islands registration worth?
As financial protection, nothing. The Marshall Islands registrar incorporates companies. It does not authorise brokers, does not inspect how client money is held and runs no compensation scheme. Any broker that offers a company number in answer to a question about regulation has not answered the question.
Is the Mauritius licence real, and does it protect me?
The licence is real. The Mauritius FSC register shows an Investment Dealer licence, full service dealer excluding underwriting, granted on 4 June 2024. It does not protect you, because it stands in the name of Aron Brokers Ltd, and the company that takes your deposit and signs your client agreement is Aron Markets LTD in the Marshall Islands. A licence only covers the entity named on it.
Is Aron Groups a clone of another broker?
No. We found no sign that it uses another company's brand, licence number, registration number or address. Its problems are its own: an unlicensed contracting entity, a licence claim it will not identify, and disputed reversals of client profits.
Why do the reviews look good if the risk is high?
Because both things are true at once. There are 296 Trustpilot reviews at 4.3 out of 5, and the company replies to every negative one. But 16 per cent are one star, and those cluster on a single theme, money that did not come back. A good average does not help the trader whose profit was deleted.
What should I check before depositing with any broker?
Find the licence number on the broker's own site, then type it into the regulator's public register yourself and read the company name that comes back. It must match the company in your client agreement. Then check the regulator's warning list for the exact website address. On both tests Aron Groups fails: no number is published, and CySEC has named the domain.
I think I have lost money with Aron Groups. What do I do?
Put the complaint in writing through the broker's ticket system and keep every reply. Report it to CySEC, which has an open notice naming this website, and to the Mauritius FSC regarding the licensed entity. If you paid by card or bank transfer, contact your provider about a chargeback or recall immediately, because the time limits are short. Never pay an upfront fee to anyone promising to recover your funds.
What we recommend
The practical takeaway from everything above.
Our advice to anyone holding or considering an account.
- Do not send new money. The entity that would hold it answers to no financial regulator, and a European supervisor named this website days ago.
- If you have a balance, withdraw it in stages and keep records. Save the ticket number, the amount, the wallet address and the timestamp for every request, and screenshot your trade history before you ask. Clients whose gains were reversed say the reversal followed the withdrawal request.
- Be careful with bonuses, loyalty schemes and promotions. Several of the worst disputes began with promotional terms being reinterpreted after the gains had been earned.
- Check the register yourself before believing any licence claim. Search the Mauritius FSC public register for Aron and read which company name the licence is in. It is not the company named in the client agreement.
- If money is already withheld: complain in writing through the broker's own ticket system first, then report it to CySEC, which has an open notice on this website, and to the Mauritius FSC in respect of the licensed entity. If you paid by card or bank transfer, ask your provider about a chargeback or recall straight away, because those windows close.
- Ignore anyone offering to recover your funds for an upfront fee. Recovery operations target people who have just lost money, and the fee is the scam.
- For our own records: treat the broker status as provisional pending the group-structure question, and re-check in 30 days.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 7, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
What traders say about Aron Groups
The latest from the 1 comment on the Aron Groups profile
Withdrawal Approval Takes Too Long
AronGroups takes a very long time to approve withdrawal requests. The withdrawal confirmation process is very slow and often delayed.
Comments and replies are posted there and reviewed by Wikilix first.
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