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Alpha Trade FN Review - is it scam or safe?

Alpha Trade FN review - Is alphatradefn.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz Alpha Trade FN
Alpha Trade FN is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Alpha Trade FN claims to be a forex and CFD broker regulated by the Securities and Exchange Commission (CySEC) in Cyprus. That however turns out not to be true. The fact that Alpha Trade FN tries to mislead its clients is disturbing and greatly diminishes the broker's credibility. For more details about Alpha Trade FN offer and regulatory status please check the following review.

 

Account type Min. deposit Max. leverage Spreads
Silver Account $500 n/a n/a
Gold Account $5000 n/a n/a
Diamond Account $10 000 n/a n/a
Platinum Account $50 000 n/a n/a

 

Alpha Trade FN Advantages:

 

A good variety of trading instruments

 

Presumably Alpha Trade FN is offering over 250  instruments including including forex, stocks, commodities and indices. And they also say to be offering CFDs on Bitcoin, Bitcoin cash, Bitcoin gold, Litecoin, Ethereum and Ripple. Unfortunately we were not able to confirm that as there is no demo account available. Still, if you like the idea of trading crypto assets here you may check our list of brokers, offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Alpha Trade FN Disadvantages:

 

Alpha Trade FN falsely claims to be regulated by CySEC

 

As we noted Alpha Trade FN falsely claims to be authorized by  the Securities and Exchange Commission (CySEC) in Cyprus. And they even use the registration number of another company. See for your self:

 

On top of that we are not even sure which is the company behind the broker. Going through their Terms and Conditions we came across the name of LeadCapital Market Ltd, but there was no further information, like for example where it is based.

 

In any case you should keep in mind that trading with unregulated brokers is extremely risky, because such web sites are completely unaccountable for the way they handle your money. In the case of Alpha Trade FN things are even more disturbing, because thеy plainly try to deceive their clients.

 

Our general advise in such cases has always been to trade only with brokers that do hold legit licenses by respectable financial watchdogs such as the Financial Conduct Authrity in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC). 

 

Besides, with a  CySEC  broker your funds will be insured for up to 20 000 EUR, while with a FCA broker your insurance will cover up to 50 000 GBP. That is why you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Unacceptable withdraw fees

 

From Alpha Trade FN Terms and Conditions we learn that they charge a 15% withdrawal fee, a 6% compulsory fee for accounts under closure, a 2% account maintenance fees, as well as a deposit-account upgrade payment fee. On top of that the broker charges a 15% fee/commission in order for a requested withdrawal to be approved. See fro your self:

 

 

Excessive minimum deposit requirement 

 

You need to deposit at least 500 USD in order to open a trading account with Alpha Trade FN and that is two time higher than the minimum deposit most brokers require for a standard account. And besides, some big names like FBS and IG do not have a minimum deposit requirement at all.

 

No information about payment methods

 

This is another minus for Alpha Trade FN. They do not bother to tell us in their presentation what payment methods do they accept. Just have in mind that most brokers accept payments with credit cards like VISA and MasterCard, e-wallets including Neteller and Skrill and bank wire. Some even accept payments with bitcoins so here you may also check our list of brokers accepting bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

No demo account

 

As we noted Alpha Trade FN dose not offer a demo account and that is the reason we were not able to check their trading conditions. Just have in mind that with a standard account spreads are considered attractive, if they start below 1,5 pips. And here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 not supported

 

Alpha Trade FN offers a web based trading platform, which we were not able to check because no demo account was readily available. And although some big brokers like IG do offer proprietary web based trading solutions, which are top notch, most web based platforms on the market are overly simplified and lack many features that are standard with the MetaTrader4. For example, with most web based platforms you lack the option to run automated trading sessions, so here you may check as well our list of brokers supporting the MetaTrader4:

 

>>MT4 Brokers<<

 

Conclusion:

 

We have strong suspicions that Alpha Trade FN is involved in scam. Not only that they are not regulated, but also they intentionally try to deceive their clients with a false CySEC license. As we already noted, your money will only be safe with brokers that are truly regulated by institutions such as the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

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Traders` reviews for Alpha Trade FN

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I have been defrauded thousands by AlphaTrade FN

ALPHATRADEFN IS COMPLETE FRAUD!!! HUGE SCAM
Dear Friends and hobby investors,

Please do not deposit any money on this platform. They are fake investments and advisers, and a complete fraud. You will never see your money again. The "investment coaches" will convince you that you are trading, but you are on a mirror account and they control the signals. BE AWARE.

Do your due diligence and you will see...
Check Financial Conduct Authority UK
Check Interpol Fraud Investments Schemes listing
Look up BBC and Bloomberg coverage.

If this message can protect one consume I am happy! When you ask for thier legal, or media representation, they hang up phone.

When you ask for your money to be withdrawn, they will ask large fee to close account. Then your account will show pending for months. Then they will close your account unlawfully, the moment you question their practices.

One last thing, their lawyers in the United Kingdom are fake as well, and act as front for the scheme. They will not even speak to your real lawyer (which you will need). They will not respond to any media requests for comments either.

They will threaten and harass you, claiming that if you complain they will report you for money laundering, or worse that you have violated some trading rule. ALL LIES, ALL SCHEMES, THEY WILL TAKE YOUR MONEY!!!! Be careful

Walter Jones 03/29/2019
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