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Alph Prime Review - is it scam or safe?

Alph Prime Review - is alphprime.com scam or good forex broker?

RATING: 1 / 1 REVIEWS
Alph Prime is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts

Standard

Account type Minimum deposit Maximum levrage Minimum positions size Spread
Standard $200 1:500 0.01 Fixed, from 3 pips
Gold $5,000 1:200 0.01 Fixed, from 2 pips
Platinum $25,000 1:100 0.10 Fixed from 0.9 pips + $8 commision per lot


 
Alph Prime is a forex broker, which offers multiple account types, as illustrated in the table above. The deposit requirements for the different levels are set with a fairly large gap, which can be seen as a negative by most clients. Islamic (swap-free) accounts are also offered.


 
The Company. Security of Funds
 

Company Country Regulation
AlphPrime Ltd. Vanuatu VFSC


 
AlphPrime Ltd. Is registered in Vanuatu. The broker is regulated by the local Vanuatu Financial Services Commission or VFSC. This may be better than having no regulation whatsoever, but this particular off-shore zone is one we especially do not recommend dealing with.


To be clear, not all brokers, who are registered on far-away islands are scammers. That being said Vanuatu is notoriously known for its light regulations, when it comes to forex brokers. The initial capital requirement on the islands is only $2,000. If you compare this with the AUD 1 million, which the Australian Securities and Investments Commission (ASIC) demands, you will realize why we are so skeptical. Furthermore, ASIC mandates brokers, how are registered with it have to implement segregated accounts. This rule forces companies to keep their clients’ funds in accounts they can’t freely access. In essence, this prevents the most direct fraud – a firm claiming to be a forex broker, but simply not allowing clients to withdraw any money, because it was already stolen and the client has been trading with “monopoly money” all along.


Again, we are not saying AlphPrime is a scam, but as we illustrated a Vanuatu registration does not give a broker much credibility.


 
Trading Conditions


 
Minimum Initial Deposit
Alph Prime has set the entry bar at $200. This is a fairly high level, given the current state of the industry. Most brokers require $100, with FXCM even going for $50.
 
We must note, this is not really that major of a criteria. Only newbies, who are willing to see what trading is all about should be looking at the initial minimum deposit. That being said Alph Prime has set very big gaps to the better account types at $5,000 and $25,000, respectively.
 
Average spreads & Commissions
Spreads at Alph Prime are fixed and start from 3 pips for the first account type. Although they get slightly better with the better accounts, we would not recommend depositing such sums with an off-shore broker. If, for some reason, you want to trade with fixed spreads, you should take a look at easyMarkets, who offer a 1 pip spread on EUR/USD to clients, who deposit more than $250.

 

One of the strangest things about Alph Prime's offering is the fact one of their fixed spread accounts has an added commission. This may be a trick aimed towards new traders. The Platinum account type spread amounts to 1.7 pips, when you add the commission. This appears to be an attempt to mask how close it is to the Gold account spread.
 
Leverage
Leverage ratios at Alph Prime vary for the different account types, between 1:100 and 1:500. This is reasonable from a risk management point of view. That being said, you can trade with even higher leverage with XM, who offer a 1:888 level.
 
Do beware, as high leverage can prove to be catastrophic for your investment, especially if you do not understand how it works. A higher ratio allows traders to take bigger risks, which is why US regulators have set the maximum a broker can offer to retail clients at 1:50.


 
Trading Platforms


Alph Prime offers two trading platforms: the very popular MetaTrader 4 (MT4) as well as Vertex.

MT4 has proven itself over the years, with its solid charts, the speed at which it operates (on decent hardware, of course) and its programing environment. You can find literally thousands of custom made technical indicators and automated trading systems, or Expert Advisors, as they are called. MetaTrader also has a pretty decent mobile app, available for both Android and iOS, and a web-based version.


 On the other hand Vertex feels very similar to MT4, almost like a clone at times. One of the key advantages it has is the ability to partially close positions, which the previously mentioned platform does not have by default (although some brokers offer this functionality via add-ons). That being said Vertex has some issues of its own – for instance the web version does not have any charting capabilities. This may seem like a small issue, but having to look at another piece of software or website, when you do not have the platform installed can be rather frustrating.


Overall both options are solid, although we would prefer the one which has stood the test of time, if we had to choose.



Methods of Payment


 
Alph Prime offers several payment solutions. They are: Bank Transfer, Credit/Debit Card and online payment systems such as Neteller, Skrill and OKPay. This is a fairly reasonable pool of traditional and relatively new options.


 


Conclusion


Alph Prime is an off-shore forex broker. The company is registered in Vanuatu and its activities are overseen by the local VFSC. This does not give them a lot of credibility, in our eyes. Furthermore, trading conditions aren’t impressive, with really high fixed spreads for the account types, requiring a smaller deposit. There are two trading platforms available, which although a positive, is not enough to compensate for the negatives. Here is the list of this broker’s pros and cons:
 

Pros Cons
Choice of trading platfomrs (including MT4) Off-shore regulation
  High fixed spreads
  Big deposit requirments for better account types

 

Latest news about Alph Prime
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
Cyprus CySec, FCA MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
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UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
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Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$200 Review Website
Seychelles FinaCom MT4, Web $10 Review Website

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

Pros

Cons

 

 

Traders` reviews for Alph Prime

Alph Prime Fraud

FRAUD Company they took $500k from me and now not giving my money back

Rachit 05/16/2018
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