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Alpha Trade Review - is it scam or safe?

Alpha Trade review - is alpha.trade.com scam or safe forex broker?

RATING: 2.5 / 1 REVIEWS Alpha Trade
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 Alpha Trade is a forex broker owned and operated by AGM Markets LTD with a registered address at 189 Balaclava Road, Claufield North Victoria, Australia. The brokerage claims to be licensed by the ASIC authorities. Read the whole review to find out the benefits and disadvantages in dealing with this brokerage! 

 

Account type Minimum deposit  Maximum leverage Spread
Bronze $2500 1:300 0.1 pips
Silver $10 000 1:300 0.1 pips

 

Advantages 

 

Trust-worthy regulation 

 

As was mentioned above, Alpha Trade states on its website that it falls under the regulatory oversight of the Australian Securities and Investments Commission and gives an ABN number 87 158 706 766. ASIC is among the most prestigious regulatory organs and being licensed by it is much valued and appreciated in the forex trading world. After checking with the online registry we can confirm that the brokerage is in fact regulated and that the ABN number checks out. This is a huge plus for the brokerage and cements its credibility. Here is a screenshot: 

 


Click to zoom.

 

Brokerages licensed by ASIC have a number strict rules with which they have to comply in order to continue functioning in the regulatory framework of the authorities. On such rule is the segregation of accounts. Compliance with it forces the brokerage to handle the clients funds separately from their own – in a way significantly preventing any possible attempts at fraud. This gives huge assurance for potential clients of Alpha Trade, mainly for the safety of their funds. Furthermore, compliance with ASIC also requires the broker to have a starting capital of 1 million Australian dollars which significantly lowers the risk of them being frauds, since not many scammers can pull through with such an amount. Having in mind all that was outlined, we may safely conclude that potential clients should not have worries regarding the brokerage, at least when it comes to security and regulation. Interested traders should be sure to check out our list of recommended Forex Australian brokers: 

 

>>List of Australian Forex brokers<<

 

 

MT4 trading platform 

 

The brokerage provides clients with the MT4 trading platform which we see as a big advantage. It can be accessed through almost any web browser, as well as mobile devices and has much valued by traders options in it The MT4 is the preferred choice for more than 80 per cent of traders, mainly because of its unique features.One such is the MQL programming language which enables traders to design their own advisor-bots and back-test trading strategies. Traders can also alter market indicator to suit their needs. The brokerage does not, however, offer traders the new MetaTrader 5 version which is provided by the same company as the previous version and has a more simplified and accessible programming language. For interested traders – here is a list of our recommended MT5 forex brokers:

 

>>List of MT5 forex brokers<<

 

Low spread 

 

We were unable to register for a demo account, but could read on the brokerages website that it offers a spread as low as 0.1 on EUR/USD which is significantly low, especially compared to the industry average of 1.5 pips. However, there is a certain caveat, without access to the trading platform, we cannot be sure if this does in fact correspond to the real spread. We may say in favor of the brokerage that its top-notch regulatory status could be reason enough to trust Alpha Trade group. Nevertheless, interested traders should be sure to check out our list of recommended low-spread forex brokers who also comply with the highest regulatory standards.

 

>>List of low-spread forex brokers<< 

 

Generous leverage 

 

Leverage is a two-sided issue and is always problematic deciding whether a brokerage’s leverage should be seen as an advantage or a negative. On the one hand, it allows traders the possibility of significantly higher profits than would be if they traded with no leverage whatsoever, but in contrast to that – if the market trend leads to losses, leverage will increase the losses. Alpha trade provides the clients with a leverage of 1:300 which is a bit high  and such a high leverage will soon be found only in Australia where Authorities do not yet have plans on limiting the maximum possible leverage a brokerage may offer. 

 

Disadvantages 

 

High minimum deposit 

 

Alpha Trade has only two types of accounts and requires a minimum deposit of the staggering $2500 for traders to get a taste of real money trading. Such a minimum deposit is significantly high – it comes to about ten times the industry average – and is usually seen as a sign for concern. However, having in mind the regulatory status of the brokerage, clients may feel assured, but still, such a sum is truly high and we are inclined to view it as a disadvantages. Most of all, it scares away newbie traders who do not wish to risk such a high sum. For comparison, there are credible and well-regulated brokers, such as IG, who do no even require a minimum deposit from their potential clients.

 

No information on payment methods 

 

We could not find anywhere on the brokerages website information regarding the payment methods for potential clients. We view this as a disadvantage because traders may not be sure how they may handle their funds with the brokerage. 


Withdrawal conditions 

 

Let me first state that credible brokers should not have any such conditions – the clients money is his to dispose with and must be able to withdraw it at any time. Alpha Trade, however, will charge any client wishing to withdraw $50 fee. This is especially nerve-wracking, since the brokers is licensed by a credible regulatory agency and, as such, should not have such problematic things hiding in its terms and conditions. Here is a screenshot for traders to see for themselves: 
 


Click to zoom.

No access to the crypto-market


The website states that the brokerage offers a wide variety of trading products. Potential clients of Xmarkets may trade CFDs on currency pairs, indices, stocks, futures, commodities and crude oil. We could not find, however, cryptos listed among those on the website. The cryptomarkets is among the most excited possibilities in the forex trading world and we highly recommend it to interested traders. Here is a list of our top Bitcoin forex brokers: 

 

>>List of Bitcoin forex brokers<<

 

Conclusion 

 

Alpha Trade is certainly an interesting brokerage, because trading with it carries both benefits and disadvantages for potential traders. On the one hand – it has an air-tight regulatory status with ASIC, but it requires an absurdly high minimum deposit, does not disclose the payment methods, and has withdrawal fees. However, the spread is especially low and the leverage is generous enough. Potential clients may feel safe trading with this brokerage, but we do suggest they have in mind the huge minimum deposit and decide whether they want to risk such a substantial sum. 

 

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Traders` reviews for Alpha Trade

Spread

Pros

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

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Summary

Pros

Cons

 

 

Alpha Trade Group Hong Kong

I am not sure but did do trading with Alpha Trade Group situated in Hong Kong. Very problematic. Difficult to withdraw funds. Are these two companies the same?

Johann van Deventer 04/11/2019
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