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AlainFx Review - Is it scam or safe?

AlainFx Review - is alainfx.com scam or good forex broker?

RATING: 1.4 / 1 REVIEWS ForexBrokerz AlainFx
AlainFx is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type  Minimum deposit  Minimum trade size Maximum leverage Average Spreads
Standard $100 0.01 1:200 2.4 pips
Premium $1 000 0.01 1:200 1.9 pips
Institutional $5 000 0.01 1:100 1.4 pips

 

AlainFx offers its clients a choice of 3 account types, based on the initial deposit. All of them are commission-free, offer variable spreads with no commission fees, and micro tradeable lots on the MetaTrader 4 platform. 

 

While both the minimum initial deposit required and the maximum leverage provided by this broker appear typical for the forex market, AlainFx’s spreads are far from competitive. The average spreads on EUR/USD amount to around 2.4 pips on EUR/USD, while most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair. It looks like in order to get decent spreads with this broker, one has to invest at least $5 000, but we would not advise you to do that, as AlainFx doesn't have a proper license or regulation for running up a forex brokerage.

 

By comparison, CySEC-licensed broker FIBO group offers spreads averaged 0.8 pips on its commission-free NDD accounts on the MT4, and requires a minimum investment of $300.

 

The Company. Security of Funds

 

Company

Country

Regulation

 Alains Market Solutions Ltd.

UK

N/A

 

AlainFx is a UK-based broker that offers trading in around 60 forex pairs and contracts for difference (CFDs) on indices and precious metals on the popular MetaTrader 4 platform. However, the company behind the brand, Alains Market Solutions Ltd., is not licensed by the Financial Conduct Authority (FCA), nor by any other authority. It looks like most of its clients are from India and we also suspect that AlainFx is an a-book (Market Maker) broker.

 

Considering the above said and taking into account all the risks associated with trading with an offshore and/or unregulated broker, we do not recommend doing business with AlainFx. You’d better choose a broker with decent regulation, such as those licensed by the UK’s FCA, other EU regulator, or Australia’s ASIC.

 

Trading Platforms

 

Like most brokerages, AlainFx supports the MetaTrader 4 (MT4), desktop download and mobile versions available.

 

Easy to use and full of useful features, MetaTrader 4 is the world's most popular trading platform. With MT4, you will have a wide selection of charting tools and technical analysis indicators at your disposal, as well as the ability to completely customize your trades.  You can even add additional tools to the platform (including trading strategies, scripts and indicators) using the built-in programming language. There is also a built-in Signals service.

 

Methods of Payment

 

AlainFx offers its clients the following deposit/withdrawal methods: via credit/debit card, wire transfer, Skrill, Neteller, and WebMoney.

 

Conclusion

 

AlainFx is a London-based forex and CFD broker that supports the popular MetaTrader 4 platform. It is not licensed by any authority and besides, its spreads are above the average. To sum up the above:

                                                                                 

Pros Cons
MT4 available    Not regulated
Commission-free trading  High spreads
   

 

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Traders` reviews for AlainFx

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Price feed

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