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AllegraMarkets Review - is it scam or safe?

AllegraMarkets Review - is allegramarkets.com scam orgood forex broker?

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

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Trading Accounts & Conditions

 

Account type  Minimum deposit Maximum leverage Minimum lot size Spread
Stabdard Not specified 1:500 0.01 Fixed, 2.9 pips

 

AllegraMarkets  belongs to a category of brokers offering both forex and binary options trading. Most of them are regulated offshore and do not present clearly their trading conditions. AllegraMarkets is no exception to that.

 

In this review, we will focus on the spot trading aspect of this company.

 

 

AllegraMarkets Advantages

 

Many financial instruments (including cryptos)

One of the few possible benefits of trading with this broker is the fact that its product portfolio is rather rich and diversified. It covers more than 120 financial instruments, including forex pairs, binary options, and various CFDs – on indices, commodities, shares, and a number of cryptocurrencies.

 

However, we would advise those of you who are crypto enthusiasts, to select a forex broker that offers CFDs on Bitcoin and other coins from the list below. Many companies have jumped the cryptocurrency wagon lately, but only a few of them are reliable and licensed.

 

>> Tightly regulated Bitcoin forex brokers <<

 

High leverage levels

The leverage ratios provided by AllegraMarkets are rather high, reaching 1:500. Having the option to use such is nice, but keep in mind it is not suitable for all traders, and certainly not for beginners. Higher leverage involves higher risk, not only the possibility of multiplied profits earned on a relatively small deposit.

 

 

>> Find a better broker offering high leverage <<

 

 

AllegraMarkets Disadvantages

 

Vanuatu license

As we mentioned in the beginning, AllegraMarkets is registered offshore, and more specifically, in Vanuatu – an island that has lately become one a hotspot for shady brokers. The company behind the brand, International Web Brokers Limited has obtained a “Dealer in Securities” license from the Vanuatu Financial Services Commission (VFSC). However, this license is just a shiny piece of paper, as this commission does not impose much requirements for registered companies, nor exercises strict supervision. This means that clients of such brokers have no guarantee that their money is safe and secure and that their interests are protected.

 

Odd platform, MT4 not supported

The web-based trading solution, provided by AllegraMarkets is one which we have seen at other dubious “hybrid” (forex and binary) brokers. Its Charting is rather poor and even the overall layout of this trading interface does not feel very intuitive, with the watch list is at the bottom. 

 

This platform cannot be compared to the industry leading MetaTrader 4 with its ease of use, top-notch charting and support of automated strategies (Expert Advisors).

 

 

>> Choose a MT4 broker <<

 

 

Trading conditions not specified, no demo accounts

The website of AllegraMarkets does not specify any of the trading conditions, except the maximum leverage of 1:500. This is yet another red flag with regards to this company. What is worse, it does not offer free demo accounts, nor specifies the minimum initial deposit required for real accounts.

 

High fixed spreads

The costs of trading aren’t fully revealed by AllegraMarkets (at their website), but when testing their platform, we saw a 2.9 pips fixed spread on the most liquid pair, EUR/USD. This level is not competitive in the current state of the forex industry, where most brokers offer spread of 1 -2 pips for this pair. If you are keen on trading with fixed spreads, easyMarkets has a much better offer: you get a 1 pips spread on EUR/USD, if you deposit more than $250.

 

 

Conclusion

 

Another brand of Global Financial Broker (GFBroker), which appears to target Russian-speaking clients, AllegraMarkets is an offshore forex and binary broker, which doesn’t present its offer very well. No demo accounts are available, nor trading conditions are specified on its website, but the actual costs of trading are way too high, when compared to what you can find elsewhere. 

 

Nonetheless, the biggest issue we have with AllegraMarkets is the fact they are not properly regulated. This basically means every single buck you deposit with them is at risk – the broker is not obliged to pay you back anything. 

 

That is why we always encourage our readers to select among tightly regulated brokers, that are obliged to comply with certain client protection rules. For example, one of the most reliable brokers worldwide are those authorized to provide financial services by the UK’s Financial Conduct Authority (FCA).

  

 

>>FCA regulated brokers<<

 

 

Here is a recap of the positive and negative sides of this broker:

 

Pros Cons
Many financial instruments (including cryptos) Offshore regulation
High leverage  High fixed spreads
  Odd platform, MT4 not supported
  Trading conditions not specified
  No demo accounts

 

Latest news about AllegraMarkets
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Traders` reviews for AllegraMarkets

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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