de | cn | ru

Alpha Forex Review - is it scam or safe?

Alpha Forex Review - Is alphaforexfx.com scam or good forex broker?

RATING: 1.8 / 2 REVIEWS ForexBrokerz Alpha Forex
Alpha Forex is not regulated. We cannot guarantee your money is safe.

Alpha Forex is a registered in St. Vincent & the Grenadines forex and CFD broker, offering four, advertised as ECN trading accounts, on the MetaTrader4 platform. If you consider opening an account with them be sure to read this review beforehand.

 
 
Account type Min. deposit Max. leverage Spreads
Silver Account $5 1:500 3 pips, flexible
Gold Account n/a 1:500 2,9 pips, flexible
Platinum Account n/a 1:500 1,8 pips, flexible
Diamond Account n/a 1:500 1,2 pips, flexible
 
 

Alpha Forex Advantages:

  

Good variety of trading instruments

  

Alpha Forex offers trade with 46 forex pairs, including exotic currencies such as Polish Zloti, Turkish Lira, Mexican Peso, South African Rand, Swedish Krone, Norwegian Krone, Danish Krone and the Singapore Dollar. The broker also offers CFDs on indices, spot metals and commodities.

  

Generous leverage

 

The maximum leverage offered by Alpha Forex on all account types is 1:500, which should provide enough room for any trading style. And while keeping in mind that higher leverage means higher risk, you may review our list of brokers offering leverage of 1:500 or more:

 

>> Brokers offering at least 1:500 in leverage <<

 

Various account types

 

With Alpha Forex you have a choice between four different account types – Silver, Gold, Platinum and Diamond - all of which are advertised as ECN/STP accounts with a minimum order volume of 0,01 lots or 1000 base currency units. 

 

MetaTrader4 offered

 

The presence of the MetaTrader4 is always welcome. The platform provides a perfect balance between lightness and functionality. With its intuitive trading environment, in-debt analytical tools and excellent charting capabilities it ranks among the most popular among traders. In addition the MT4 provides the option for automated trading through the Expert Adviser application, where you can create and modify your own trade indicators. If you find MT4 useful you may check our list of brokers offering the platform: 

 

>>Find other MT4 brokers here<<

 

 Just 5 USD for opening an account

 

With Alpha Forex you can open an account with just 5 USD, which seem like a very good deal. We assume that the offer is for the Silver Account as the minimum deposit requirements for the rest of the accounts are not mentioned specifically on the Alpha Forex website.

 

Various payment methods

 

You can deposit or withdraw funds with Alpha Forex via Visa and Mastercard,  Neteller, WebMoney, Skrill, FasaPay and a bank wire transfer.

 

 

Alpha Forex Disadvantages:

 

 

Lack of regulation

 

Alpha Forex Fx Ltd has been incorporated in St. Vincent & the Grenadines in January 2018. The broker says it is regulated by the Financial and Service Authority of St Vincent & the Grenadines (FSA), but in a statement, published on its website, the FSA says it does not issue any licenses for forex trading or brokerage or binary options trading nor “does it regulate, monitor, supervise or license international companies, which engage in such activities“. 

 

Furthermore FSA warns that “there are financial institutions that falsely claim they are registered or licensed by the institution and that their purpose for doing this is more than likely for illicit reasons“.

 

All that said we should conclude Alpha Forex is an unregulated broker and that highly increases the risk of any investment with them.

 

Brokers, regulated by respected financial authorities are obliged to follow strict financial and ethical discipline and to keep a transparent account of all transactions involving clients funds.

 

While excessive fiscal requirements chased most players out of the US and Japan, in recent years forex and CFD brokers flocked to UK, Cyprus and Australia, where the regulatory regimes are strict and yet balanced enough to ensure both credibility and operational flexibility of the companies. 

 

Brokers regulated by CySEC in Cyprus, the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investment Commission (ASIC)  have to secure their clients money in a segregated account and to keep at all times a minimum amount of operational capital.

 

Additionally CySEC and FCA brokers have to participate in client money protection schemes. Under the CySEC backed scheme, in case the broker goes insolvent, clients can receive back up to 20 000 EUR of their trading capital., while with the FCA brokers the compensation is up to 20 000 EUR. Here you can check our list of  FCA regulated brokers:

 

>>Find FCA regulated Brokers here<<

 

High spreads

 

Although no commission is taken for the trade, spreads offered by Alpha Forex are unreasonably high. With a Silver Account you get spreads starting as high as 3 pips, with the Gold Account spreads start form 2,9 pips, with a Platinum Account – form 1,8 pips, while with the Diamond Account the spreads are advertised to start form 1,2 pips.

 

When tested with a demo account the EURUSD spread was between 3,1 and 3,2 pips, which is even higher than what the broker says on its website. You should just keep in mind that for a standard account spreads usually start in the 1 – 1,5 pips range, while with some of the well established brokers they are even lower. Here you can check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

 

Alpha Forex is not only an unregulated, based in a offshore territory broker that lacks credibility whatsoever, but also the spreads it is offering are unreasonably high even for its premium accounts. On the positive side we should mention that you can open an account with them with just 5 USD and that after all is not that much if you are into gambling.

Latest news about Alpha Forex
No news about Alpha Forex. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
UK FCA MT4, Web,
ForexTrader,
Tradable
$50 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for Alpha Forex

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Scamm

It is a scam. The FBI needs to look into this.

GODWIN 11/13/2019
de | cn | ru