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AlphaBetFX Review - is it scam or safe?

AlphaBetFX Review - Is alphabetfx.com scam or good forex broker?

RATING: 1.2 / 3 REVIEWS ForexBrokerz AlphaBetFX
AlphaBetFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


AlphaBetFX is forex and CFD broker, offering four account types on the MethaTrader4 platform. If you are about to open an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Basic Account $250 1:500 1,2 pips, floating
Silver Account $2500 1:500 1 pip, floating
Gold Account $5000 1:500 0,8 pips, floating
VIP Account n/a 1:500 n/a

 

AlphaBetFX Advantages:

 

Maximum leverage up to 1:500

 

Leverage up to 1:500, as offered by AlphaBetFX, allows traders with relatively small deposits to score fairly good profits. We should note however, that professional traders rarely use leverage over 1:100, as such an aggressive trading style comes with the tangible risk of loosing your money much faster.

 

Competitive spreads

 

As advertised on AlphaBetFX website, spreads with the Basic Account start at 1,2 pips and with the Silver Account at 1 pip. We should note that such spreads are in line with what traders usually expect with beginner accounts. With the Gold Account spreads get even better – fixed and starting from 0,8 pips, while with the VIP Account the broker says clients will be offered special trading conditions. Still here you may check our list of brokers offering even tighter spreads:

 

>> Lowest spread forex brokers<<

 

Credit cards and e-wallets accepted

 

AlphaBetFX accepts payments with all major credit cards like VISA and MasterCard, e-wallets including Paypal and Paysafe and bank wire. As Bitcoin payments are getting increasingly popular, here you may check our list of brokers, accepting the crypto currency:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader4 supported

 

Used by more than 80% of all traders, for the past decade the MetaTrader4 has become an industry standard. The platform features state of the art charting tools, more than 50 in-build customizable market indicators and the option to run algorithmic trading sessions, with the help of Expert Advisor bots, which can be easily modified with a specially designed scripting language – the MQL4. Here you may check our list of brokers, also offering the MetaTrader4:

 

>>Find other MT4 brokers here<<

 

AlphaBetFX Disadvantages:

 

Lack of regulation

 

AlphaBetFX is operated by TRIPLE15 Ltd - a company with a contact address in Bulgaria. We should note here that under the Bulgarian Law all forex and CFD brokers operating in the country should be licensed by the Bulgarian Financial Supervision Commission (FSC) or a similar financial regulator in another EU country. 

 

We have checked the FSC registers and neither AlphaBetFX nor TRIPLE15 Ltd are listed there, which means the broker is unregulated and that significantly decreases its reputation. We should also note that investing with unregulated brokers involves an implicit risk, as very often such companies are basically  scam.

 

Properly regulated brokers on the other hand had to abide by strict fiscal and ethical rules and do guarantee the safety of the investors money.

 

Well respected financial regulators such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) or even the Bulgarian FSC require all licensed brokers to maintain certain level of operational capital, as well as to keep all clients funds in a segregated, protected form creditors account.  In some cases brokers are even obliged to insure traders money.

 

FCA and CySEC brokers for example have to participate in client compensation schemes. Under the FCA backed Financial Services Compensation Scheme traders can receive back up to 50 000 GBP of their capital in case their broker goes insolvent, while under a similar insurance mechanism, traders with CySEC brokers can receive back up to 20 000 EUR. Here you can check our list of brokers licensed by the FCA:

 

>>FCA Regulated Forex Brokers<<

 

Unreasonably high minimum deposit requirement

 

You can open a Basic Account with AlphaBetFX with 250 USD, a Silver Account with 2500 USD, a Gold Account with 5000 USD and a VIP Account with an undisclosed amount – the broker says you should call them and they will make you a special offer. 

 

Have in mind that with most brokers you can open a trading account with about 100 USD, while with some well established names, like XMFXTM and IG the minimum deposit requirement is just 5 USD or less.

 

Few forex pairs

 

AlphaBetFX offers just 23 basic forex pairs and no exotic currencies at all. The rest of the trading instruments include CFDs on gold, some indices and a few stocks. What we miss here are commodities and the increasingly popular crypto CFDs, so here you may check our list of brokers offering Bitcoin CFD:

 

>>Bitcoin Forex Brokers<<

 

Conclusion:

 

AlphaBetFX is an unregulated broker and that by definition means low credibility. As we have already discussed, traders can feel secure about their investment only when dealing with companies, licensed by respectable financial authorities such as FCA, CySEC or ASIC. 

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Traders` reviews for AlphaBetFX

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Alphabetfx - no reply

I invested £250 with them and as a trial for a month to see how they performed. At the end of the month they called and said that they had traded on my behalf and that the account was about £1200. I would need to invest a
£5000 for them to continue. I hadn’t the funds so r quested the account be closed and th money put into my bank account.

Since then I haven’t been able to log onto my account or have any emails returned. A great sales pitch and as they had been recommended by Toolstrades (a market signals company) I trusted.

After numerous emails to the company I still haven’t had a reply.

Paul Randell 01/14/2019

Return my money

at the beginning of this year A person whose name Gabriela Alves called me several times to open An account with his forex broker to alphabetfx were several deposits until when I went to make the withdrawal of there no more anyone of the brokerage to return my money.preciso of help to get my money back.

Valdemir Amais 12/31/2018

Withdrawal

Need help to recover my money from Alphabetfx.co.

Joale 08/20/2018

AlphaBetFX - No withdrawals

I made some deposits in AlphabetFX and when I tried to make some withdrawals they ask me to deposit 30% of the total amount that i intend to withdraw. Till to date, I am still waiting for my money, please help...

JP 08/20/2018

No withdrawals

For the past two months, I have tried to make some withdrawals from Alphabetfx i also tried to contact them but they just ignore my calls and emails. They scam many people, please be warned about alphabet. good luck......

Joale 08/14/2018

alphabetfx is scam

alphabetfx is scam, see several complaints that she has here in Brazil, I do not indicate this fraudulent broker to anyone https://www.reclameaqui.com.br/empresa/alphabet-fx/

Carlos Fernando 07/27/2018

AlphaBetFX seems a big scam

It is just a big scam I suspect. I am a regular costumer from Alphabet. A month ago I asked for a withdrawal. After this for the first 2 weeks they protelate my formal request. And in the last 2 weeks they are just ignoring me, and they did not contact me by e-mail or cell phone. They seem just to disapear. Take care with this enterprise. I hope I have my money back, I am searching for a way to complain to the authorities.

Nicolas 07/19/2018
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