ARMO Broker review 2026
How good is ARMO Broker really?
48/100 points
kosten.org editorial team
Last updated: 2026-09-10
48/100
Points
ARMO Broker operates from Dublin and Düsseldorf and is registered as an introducing broker of Interactive Brokers Ireland. Contrary to what the name suggests, it is not a CFD or forex provider: through its link to Interactive Brokers, genuine securities are traded – shares, ETFs, bonds, futures and options on more than 160 exchanges. We therefore rate ARMO under our depot methodology rather than the methodology for contracts for difference.
Highlights of our ARMO Broker review
- ARMO Broker scores 48/100 points in our rating.
- Depot management for shares and ETFs is free, and a current account with the provider is not needed.
- Through the Interactive Brokers link, more than 1.2 million instruments are tradable on over 160 exchanges.
- There is no savings plan offer – the broker is not suited to automated ETF wealth building.
Table of contents
1 Depot fee
20/20
Points
Depot management is free for shares and ETFs. According to the price list, fees only apply in special cases, such as the custody of ADRs and GDRs and of Xetra-Gold. There are therefore no running costs for simply holding a securities depot.
A current account with the provider is not required. Deposits and withdrawals run through a freely chosen reference account at the customer's own bank, which spares customers from having to link an additional account.
Scoring (20/20): Free depot management earns the full 15 points, and the unneeded current account a further 5 points.
2 Trading costs
5/25
Points
A Xetra order costs 0.12 percent of the order volume, with a minimum of €3.90. For an order of €500, the minimum of €3.90 therefore applies. On US exchanges, fees start at US$3.00. For active traders with large order volumes the percentage scale is attractive; for small savings amounts it is not.
ARMO does not offer savings plans, so there are no execution costs for an ETF savings plan to assess. Trading via Xetra is possible – this matters because Xetra usually offers the best prices for liquid ETFs.
Scoring (5/25): Because there is no savings plan offer, the 12 points for the execution costs of a €400 ETF savings plan are dropped entirely. The €500 one-off investment costs €3.90, which is more than €3 and less than €7, giving 2 out of 10 points. The possible Xetra order earns the full 3 points.
3 Savings plan offer
0/20
Points
ARMO Broker has no savings plan offer. For neither ETFs nor shares can automated, recurring execution be set up. The broker is aimed at investors who place individual orders themselves, not at savings plan customers.
Anyone who wants to invest a fixed amount in a world ETF every month must therefore place each instalment as a manual order and pay the minimum fee each time. With a savings rate of €400, the minimum order fee of €3.90 amounts to almost one percent of the instalment – a level of cost that noticeably slows long-term wealth building.
Scoring (0/20): With no savings plan offer, there are no points for the number of ETF savings plans, nor for free savings plans or a low minimum savings rate. The chapter stays at 0 out of 20 points.
4 Product range
14/15
Points
In the product range, the link to Interactive Brokers shows its strength: more than 1.2 million instruments on over 160 exchanges worldwide are accessible. For ETFs and shares, ARMO is far above the thresholds at which we award the full score – even small caps on smaller foreign exchanges can be reached.
Bonds and derivatives such as options and futures are also part of the offer. We could not verify that cryptocurrencies are tradable, so we apply only the middle level for that criterion.
Scoring (14/15): There are 6 points for the number of tradable ETFs and likewise 6 points for the number of tradable shares. Because only two of the categories crypto, derivatives and bonds can be verified, we award 2 out of 3 points.
5 Interest & extras
0/8
Points
ARMO Broker makes no public statements on interest paid on uninvested balances in the settlement account. Because we only rate what can be verified, we apply the lowest level here – customers should clarify this directly with the provider before opening an account.
There is also no new-customer bonus of the kind direct banks and neobrokers regularly offer. ARMO instead advertises access to the Interactive Brokers infrastructure and personal support.
Scoring (0/8): With no verifiable interest on the settlement account there are 0 out of 5 points, and with no new-customer bonus 0 out of 3 points.
6 Usability
5/8
Points
Trading runs through the Interactive Brokers platforms. The IBKR Mobile app is available for iOS and Android and is well rated: on the Google Play Store it stands at 4.6 stars from around 67,000 reviews, and at 4.5 stars on the App Store. The interface is functional but considerably more complex than that of neobrokers.
Real-time prices are not included free of charge. They must be subscribed to as a paid market data package for each exchange – a model that is usual with Interactive Brokers links, but which means an additional ongoing cost for occasional investors.
Scoring (5/8): The app is available for iOS and Android and is rated above 4.5 stars, which earns the full 5 points. Because real-time prices are paid, there are 0 out of 3 points.
7 Customer service & security
4/4
Points
ARMO Broker offers a German-language hotline on +49 211 97635941, available Monday to Friday from 9 am to 7 pm. For a provider based in Dublin, a German phone number with German-speaking support is a clear plus compared with online forms alone.
Depot management is carried out through Interactive Brokers Ireland and thus through an EU-supervised institution. ARMO has no BaFin permit of its own; the provider is registered as an introducing broker (CRO 648125) and arranges the accounts.
Scoring (4/4): Free German-language phone support earns the full 4 points.
Pros & cons at a glance
Pros
- Free depot management for shares and ETFs, no current account with the provider needed
- Access to over 1.2 million instruments on more than 160 exchanges worldwide
- Bonds, options and futures tradable
- German-language hotline Monday to Friday from 9 am to 7 pm
- Well-rated IBKR Mobile app for iOS and Android
Cons
- No savings plan offer – automated ETF wealth building not possible
- Minimum order fee of €3.90 makes small orders expensive
- Real-time prices only as a paid market data package per exchange
- No public information on interest on the settlement account
- No BaFin permit of its own, operates as an introducing broker of Interactive Brokers Ireland
Conclusion: ARMO Broker review
48/100
Satisfactory (3.6)
ARMO Broker is aimed at self-directed investors who want access to a very broad range of international exchanges and place their orders themselves. The broker is unsuitable for savings plan investors because a savings plan offer is missing entirely – which costs 20 points in our depot methodology. Anyone who instead targets individual stocks on foreign exchanges gets free depot management and powerful trading infrastructure.
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