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Alpha Tradex Review - is it scam or safe?

Alpha Tradex review - Is alphatradex.com scam or good forex broker?

RATING: 1.4 / 0 REVIEWS Alpha Tradex
Alpha Tradex is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Alpha Tradex is an offshore broker offering over 50 forex pairs with a leverage of up to 1:500 and the MetaTrader4 platform. Unfortunately the broker does not have a license to operate on regulated markets like the European Union, the US, Canada or Australia, so if you are thinking about depositing your funds with them better read this review first.

 

Trading account  Min. deposit Max. leverage Spread

Standard Account

$50 1:500 1,5 pips
ECN Account n/a 1:500 raw spread + commission

 

Alpha Tradex Advantages:

 

Over 50 forex pairs and lots of CFDs

 

We start our reviews with all the positive sides about the broker we can come up with. And with Alpha Tradex one possible advantage is the great variety of trading instruments, including 53 currency pairs, many of which crosses, minor or exotic like USDRUB, USDNOK, USDMXN, USDILS, USDHUF, USDDKK, USDZAR, USDTRY, USDSGD, USDSEK, USDPLN, USDCNH and USDHKD. In addition, when we tested their trading platform with a demo account we came across a selection of CFDs on 23 major indices as well as silver, gold, copper, oil, natural gas, soybean, cotton, corn, wheat, coffee and  cocoa. But as there are no crypto assets in the list, here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Maximum leverage of up to 1:500

 

We rarely see leverage as high as 1:500, especially after the regulatory authorities in Europe, Canada, the US and Japan restricted higher margin trading for retail clients in a coordinated effort to lower the investment risks. Still higher leverage is available with offshore brokers like Alpha Tradex and brokers regulated in Australia, which you may find here:

 

>>Brokers regulated in Australia<<

 

A variety of payment methods

 

Alpha Tradex accepts payments with e-wallets like Neteller and Skrill, bank wire and major cards like VISA and MasterCard. The broker does not accept payments with crypto coins however, so here you may check our list of brokers, where you can pay with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

You can start trading with 50 USD

 

The fact that you can open a trading account at Alpha Tradex with just 50 USD is also a good news. Still, have in mind that with some big well established companies like FBS and IG you can trade with just 5 USD or even less.

 

Acceptable spreads

 

As tested with a demo account the benchmark EURUSD spread floated about 1,5 pips and that is in the range traders would usually consider acceptable with a standard account. Still, here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 available

 

MetaTrader4 is the trading platform that is used by more then 80% of all traders. It has been around for almost 15 years now and is still the platform of choice for both professional and beginner traders alike. MT4 features numerous market indicators, an excellent set of charting tools and even customizabel trading robots, with the help of which one can easily run automated trading sessions. Besides here you may also check our list of brokers, which support MetaTrader4 as well:

 

>>MT4 Brokers<<

 

Alpha Tradex Disadvantages:

 

No license

 

Alpha Tradex is owned and operated by Alpha Tradex Limited  - a company registered offshore on  St. Vincent and the Grenadines. The local regulatory authorities however does not offer licenses to forex and CFD brokers and Alpha Tradex has not applied for a license with any of the well known regulatory watchdogs in the industry such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

 

And that is unfortunate and significantly lowers the reputation of the broker.

 

The main problem with all unregulated brokers is the plane fact that they are totally unaccountable for the way they handle your money and on top of that in most cases they are simply involved in scam. That is the reason our general advise in such cases is to trade only with brokers holding a legit license let say from the FCA, which is valid in all EU countries and in addition insures your trading account for up to 85 000 GBP. Here is our list of brokers regulated by the FCA:

 

>>FCA Regulated Forex Brokers<<

 

Market maker 

 

Alpha Tradex is a market maker, which means that they are a counter party to all of your trades:

 

 

That also means Alpha Tradex are making money when you lose. And besides they are offering a service called “copy trade”, where supposedly you follow the trades of experienced  traders. That however, we were not able to verify and if it turns our that in practice Alpha Tradex manages your account, this will qualify as a conflict of interest.

 

Trading bonuses with unusual withdraw conditions

 

Bear in mind that if you accept a trading bonus by Alpha Tradex, you will not be able to withdraw any of your funds until you reach a certain minimum trade volume – in this case for every 50 USD bonus you will have to trade at least 10 standard lots or 1 million USD and that might prove quite challenging. 

 

On top of that Alpha Tradex say that they are not committed to any time frame regarding withdraws. See for your self:

 

 

Conclusion:

 

Alpha Tradex is not a broker we can recommend. As we noted they do not have a license to operate on regulated markets like the European Union, they act as market makers and are offering trading bonuses with unusual withdraw conditions. So if you want to trade the forex markets better choose a legit broker regulated by FCA in the UK, CySEC in Cyprus or ASIC in Australia.

Latest news about Alpha Tradex
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Traders` reviews for Alpha Tradex

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