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Alpha Beta FX (ABFX) Review - is it scam or safe?

Alpha Beta FX (ABFX) Review - is alphabetafx.com scam or good forex broker?

RATING: 1.1 / 4 REVIEWS ForexBrokerz Alpha Beta FX (ABFX)
Alpha Beta FX (ABFX) is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads (& Commission)
Micro $5 0.01 lots 1:1000 From 2.5 pips
Active $100 0.1 lots 1:500 From 2.0 pips
Standard $1 000 0.1 lots 1:300 From 2.0 pips
Zero Spread $1 000 0.1 lots 1:300 0 pips + $10 /lot
Fixed $500 0.1 lots 1:400 1.5 pips + $5 /lot
ECN $1 000 1 lot 1:100 From 1.0 pips+ $10 /lot
Pro $25 000   1:100 From 0.5 pips+ $5 /lot

 

Alpha Beta FX (ABFX) offers wide range of trading accounts available on three trading platforms. Its clients can choose between variable or fixed spreads, high or average leverage levels, trading with micro or mini lots, etc.

 

In addition, ABFX also offers an Islamic account to its clients of Islamic belief, as well as MAM (Multi Account Manager) accounts.

While having a lot of options to choose from is always a good thing, if we take a closer look at the spreads specified by this broker, its offering does not seem so good. On all commission-free account types, as well as the Fixed one, trading costs are exceeding 2 pips on EUR/USD per standard lot traded.

 

>>Compare the spreads of top-tear brokers<<

 

As regards the rest of the accounts, they require initial investment that is pretty high, especially taking into account that ABFX is an offshore broker and as such, is not very reliable. You’d better invest in globally regulated brokerages whose names are well known in the world of finance, such as IG Group . All the more so, IG has set no minimum investment requirement, charges no commissions on forex, and the average spread on EUR/USD is just 0.6 pips.

 

Another fact worth mentioning is that when we tried out the broker`s demo MT4, the spread on EUR/USD pair was floating around 1.3 pips and no commission applies, which does not seem to fit into any of the account types listed in the table above.

 

The Company. Security of Funds

 

Company Country Regulation
Alpha Beta FX Ltd. St. Vincent & the Grenadines None

 

AlphaBeta FX (ABFX) offers trading in forex pairs, CFDs on commodities, stocks indices, and precious metals. It claims it was founded in India in 2009 and allegedly now it has offices in London, Dubai, Hong Kong, Malaysia, India, and St. Vincent & the Grenadines (SVG). The company behind the brand is registered as an International business company (IBC) in SVG.

 

As we inspected the various sections of ABFX`s website, we also came across some allegations of regulation by ASIC and FCA, and the Terms and Conditions mention the Marshall Islands as jurisdiction of the Governing Law. Of course, the company is not regulated by ASIC, nor by FCA, although we found out it is registered in the UK.

 

>> Trade safely with a forex broker licensed in the UK <<

 

Offshore companies with flimsy regulation often make such claims in an attempt to attract clients. In many cases, such offshore brokers are just looking to make a quick buck and disappear with their clients’ money. So, you’d better stay away from ABFX and the thousands of other brokers registered in SVG, the Marshall Islands, or another island with low taxes and beautiful beaches.

 

Trading platforms

 

As it already became clear, ABFX offers several trading platforms: the popular MetaTrader 4, cTrader, as well as AlphaTrader.

 

cTrader is a popular forex platform with nice design, developed by Spotware. As it was intended for ECN execution, some of its key features is the depth of the market, which it provides, as well as cAlgo - its automated trading environment, and cMirror – the social/copy-trading system. Furthermore, cTrader has mobile and web-based versions to allow ease of access in all possible circumstances.

 

Here is an overview of ABFX`s web cTrader platform:

 

 

Click on the image to zoom in.

 

The broker also supports the renown MT4 - a stable and reliable multiasset platform that offers numerous features and options, charting and analysis tools and supports Expert Advisors (EAs).

 

>> Top MetaTrader 4 forex brokers <<

 

In addtion, ABFX offers AlphaTrader platform, which we could not log into for some reason. FCA-regulated WorldWideMarkets offers a trading platform called AlphaTrader, but we are not sure it is the same.


Methods of payment

 

ABFX provides a neat selection of payment options that, in addition to the more or less standard bank transfers and credit/debit cards, includes online payment platforms WebMoney, Perfect Money, Skrill, Neteller, FasaPay and Payeer.

 

Conclusion

 

At first sight ABFX appears to be a broker with significant experience, offering a whole lot of everything – trading instruments, accounts, platforms, payment methods. However, the spreads on most account types are high, and the other ones require high initial investment. What is worse, ABFX makes some false claims of regulation by UK’s FCA or the ASIC, while in fact it does not hold a proper forex broker license, and there are even regulatory warnings against it.

 

Pros Cons
MT4, cTrader and AlphaTrader platforms Unregulated offshore broker
Multiple accounts, products and payment options High spreads on most accounts
  High initial deposit on the rest of the accounts

 

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Traders` reviews for Alpha Beta FX (ABFX)

Spread

Pros

Cons

 

 

Slippage

Pros

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Requotes

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Price feed

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Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

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Summary

Pros

Cons

 

 

dont trust - ur money is not safe

Until to get your money they will call, after that no responce, even they will change the number, to make other person fool. some once help me get my money back

chandru 10/29/2019

Please Don't Choose AB FX . It's a Fraudulent Company

Hi. Every One. I Had a Worst Experience With AB FX. Previously I Trade With AB FX - Bengaluru. I Know Its Directors Hameed and Syed Rafi. First They Had Given Withdrawal on Same Day , After Few Days They Started Delay in Withdrawal. I Use To Fight To Get My Withdrawal. Also Their Trade Execution is Very Poor.
They Have Office in Dubai. But The Office is For Name Sake. No One Working There. I Went To Dubai Office and Met Syed Rafi Regarding Withdrawal. After Long Fight I Got Back My Withdrawal.
Traders Please Be Aware of AB FX. They Are Not Regulated Broker. Kindly Withdraw All Your Money . At Present AB FX is in Out of Control. They Don't Have Money To Pay Back.
I Think AB FX Office in Bengaluru and Coimbatore going to be Shut Down Very Soon.
So Please Be Aware of AB FX.

NISHANTH 10/25/2019

Scammer

Hi this is Ravi Kant, invested 2lacs as an initial amount in this Firm ABFX, and didn't got any I'd passwords not even any doc's regarding my investment. And the company ppls says that a client who asked me to invest has got that amount in his account. How can my money be transferred to some ones else account without my knowledge. Total scam and not even willing to support me.

Ravi Kant Sharma 07/12/2019

Don't choose this broker

I am totally disappointed with this broker. They are scam.
I applied for the withdrawal 1 month and half ago, but still pending.... I am struggling with live chat staff to negotiate with quick procedure. They say just it will be done ASAP. Nothing happens. Where can I claim this issue? I am planning to close the account, but at first, I need to receive my profit.
To be honest, I'm exhausted...

I don't recommend this broker at all.

Kyoko Okuwa 03/21/2019

Informations sur ABFX

On vient de me proposer ABFX pour un investissement. c'est un trader en inde du nom de anil menon qui me propose d'ouvrir un compte sur ABFX avec un taux mensuel de 20% et j'aimerai savoir si le broker en question est serieux vu vos commentaires sur le broker j'hésite a ouvrir le xompte. QUELS CONSEILS VOUS ME DONNEREZ POUR SECURISE MON INVESTISSEMENT?

Translated by Google:

I have just been offered ABFX for an investment. it is a trader in India named anil menon who offers me to open an account on ABFX with a monthly rate of 20% and I would like to know if the broker in question is serious given your comments on the broker I hesitate to open the account. WHAT TIPS WILL YOU GIVE YOU FOR SECURING MY INVESTMENT?

Ousmane 05/18/2018

Scam broker

Hi....

Please avoid alpha beta fx, very bad, scam broker.

I have an trading account with ab fx, bengaluru,
Very bad order execution. Poor technical team.
If withdrawal request submitted, they will give amount after 15 days that too you have to fight with them... This happens all the time....

Please avoid ab fx, this is my personal experience......

Sanjay 04/11/2018
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