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ALB Review - is it scam or safe?

ALB Review - is alb.com scam or good forex broker?

RATING: 2.9 / 0 REVIEWS ALB
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Trading Accounts and Conditions

 

Trading account Minimum deposit Min. trade size Maximum leverage* Spread
Silver Not specified 0.01 1:100  from 1.5 pips
Gold  Not specified 0.01 1:100  from 1.2 pips
VIP  Not specified 0.01 1:100  from 0.6 pips

 

* For professional traders only.

 

ALB is a Maltese brokerage company offering trading in forex and various CFDs on both MetaQuotes’ platforms. It offers the above account types, al o which offer variable spreads, leverage up to 1:100 (for professional traders), and the option to trade in micro lots.

 

 

ALB Advantages

 

Regulated in the EU (Malta)

As the most important thing to look for in a forex broker is regulation, we are starting here. ALB is owned and operated by ALB LIMITED, a company authorized and regulated by the Malta Financial Services Authority (MFSA).

 

 

It holds a Category 3 license, allowing the broker to provide any investment service, to hold and control clients’ money, and to deal for their own account or underwrite. Like most other EU regulators, the MFSA has a number of requirements regarding company capital, staff competence and activities that have to be carried out in Malta. Apart from the minimum capital requirement of €730,000, which should be met on an ongoing basis, license holders are expected to have local presence, to put in place adequate internal controls for their day-to-day operations, to maintain a risk management system, regularly report to MFSA, among other requirements.

 

Doing our due diligence check on ALB, we found out that there is a Turkish brokerage brand ALB Forex with a very similar logo that has been operating since 2015, while the Maltese company was licensed in 2017. That is why we suppose that ALB is the EU branch of the Turkish broker ALB Forex operating via the albforex.com.tr website. After the introduction of extremely strict requirements for the brokers operating in Turkey by the local financial markets regulator many brokers shut down or moved their business elsewhere. 

 

Claims to provide negative balance protection

The best possible way to secure trade safely is to choose a well-regulated broker that also offers negative balance protection. According to the information on ALB’s website, this broker provides such, which means that its clients cannot lose more than they have initially deposited.

 

Both MT4 and MT5 available

When it comes to software for forex trading, ALB also does not disappoint. It offers both MetaQuotes’ platforms, which are some of the most widely-used forex trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both platforms offer great charting package, fast speed of execution and convenient programming environment. The latter allows users to trade with custom indicators and automated trading systems, simply known as Expert Advisors.

 

 

>> More MT5 brokers <<

 

 

Tight spreads on demo

When we tested ALB’s MT4 demo account, we found the spreads floating around 0.8 pips on EUR/USD with no commission fees.

 

 

Such trading costs appear really low, however, we presume that these are the quotes for VIP live accounts.

 

Many financial instruments

ALB offers a plethora of tradeable instruments. Its clients can trade in more than 100 FX pairs, CFDs on indices, commodities, stocks, and cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash.

 

 

ALB Disadvantages

 

Limited payment methods

It seems that the only payment methods this broker supports are Credit cards and Bank transfer. Its clients are not able to use popular e-payment systems such as Skrill or PayPal, nor deposit directly in Bitcoin – an option already provided by a number of forex brokers.

 

 

>> Forex brokers accepting Bitcoin <<

 

 

Nonetheless, ALB promises same day and free of charge withdrawals.

 

Spreads on basic accounts slightly high

Spreads on ALB’s Silver accounts start at 1.5 pips on EUR/USD, which is slightly above the industry’s average. Most broker offer spreads in the range of 1.0 – 1.5 pips for this pair. You can always take a look at the real-time spreads of some top forex brokers here:

 

 

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

 

 

Conclusion

 

ALB is supposedly the Maltese brand of Turkish brokerage ALB Forex. ALB is duly regulated by the Malta Financial Services Authority and also claims to offer negative balance protection, which are its strongest selling points. On top of that, ALB offers attractive trading conditions, and a good variety of tradeable instruments on two platforms: MT4 and MT5.

 

The Company is also a member of the Investor Compensation Scheme (ICS) set up for the benefit of clients of Maltese investment firms. The maximum amount of compensation is the lesser of 90% of all claims or up to €20,000.

 

Let’s sum up the advantages and disadvantages regarding ALB in a few words:

 

Pros Cons
Regulated in the EU (Malta) Limited payment methods
Claims to offer negative balance protection Spreads on basic accounts slightly high
Both MT4 and MT5 available  
Tight spreads on demo  
Many financial instruments  

 

Latest news about ALB
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Traders` reviews for ALB

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