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Altinvest Review - Is it scam or safe?

Altinvest Review - is alt-in.com scam or good forex broker?

RATING: 1.5 / 0 REVIEWS
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Trading Accounts

Account Type Minimum Deposit Maximum Leverage Minimum Lot Size
Spread
Standard $300 1:100 1.00 Fixed from 2 pips
Standard Plus $300 1:100 0.10 Fixed from 2 pips

 

Altinvest is a forex and binary options broker. This review will focus on the forex trading conditions, while leaving the binary options aside. Two account types are being offered, with with fairly similar trading conditions. The only major difference is a very key one - the minimum lot size (which is high for both offerings in our opinion).

 

 

The Company. Security of Funds

 

Company Country Regulation
ALTINVEST FINANCE LTD. Vanuatu VFSC

 

Altinvest (alt-in.com) is owned and operated by ALTINVESTMENT FINANCE LTD. The company is registered in Vauatu and is regulated by the local Vanuatu Financial Services Commission (VFSC). We generally do not recommend trading with off-shore brokerages.

 

Vanuatu recently became a hot-spot for shady forex brokers, who are looking for some sort of regulation. This is due to the very loose regulatory standards, applied by VFSC. One of the requirements for opening a forex broker in this island nation is having $2,000 in capital. Compare that with the €730,000, required by the Cyprus Securities and Exchange Commission (CySEC) and  you will understand why we don't recommend off-sore companies. Since we mentioned it, lets clarify a bit more on Cyprus. This island has also attracted a lot of forex brokers, mainly due to its EU membership and established financial infrastructure. The rules applied by the local watchdog are much more severe, than those in Vanuatu. For instance, brokers are forced to keep client funds in segregated accounts i.e. accounts which they can't access at will, but only when the client sends them an order. This limits the possibility of the company "borrowing" a portion of your trading account. Additionally, a compensation scheme is in place. This is a system, which guarantees client accounts against their broker becoming insolvent.  If you happen to trade with a CySEC regulated broker, which goes bankrupt, your funds will be covered up to €20,0o0,

 
Altinvest appears to be targeting non-EU customers, with a particular focus on Russians. The company is planing to launch trading via MetaTrader4 soon.

 

Trading Conditions

 

Minimum Initial Deposit

This broker requires a minimum of $300 as the initial deposit. This is above the current industry averages, with brokers going lower and lower, in attempt to gain new clients. For instance FXCM has set its entry level at $50.

 

Keep in mind, this should be a consideration, only if you are new to trading. Trading veterans know, a reasonable trading system should be funded with reasonable capital.

 

Average spreads & Commissions

Spreads at Altinvest are not that competiive, with a fixed offering, starting from 2 pips. That being the case, our test with the platform showed floating spread, averaging around 1.4 pips on EUR/USD. This is a rather bizarre situation, given what is announced on the website. While the first offer is not very good, the variable spread conditions are tolerable. We can not be sure exactly what you would be receiving with a real account.


On the other hand, we do know exactly where you can find a real-time comparison of the spreads offered by some of the world;s leading forex brokers - here.
 

Leverage

Altinvest offers a maximum leverage of 1:100. This is a sufficient level, although it is considered low at this point in the industry's development. Other brokerages offer levels as high as 1:500 or more.

 

It is crucial to understand exactly how margin trading works. Using you entire trading account as collateral, with a high leverage ratio can be devastating. As an example, if you are trading with a 1:100 ration and you fully "gear up", all it takes for your account to be whipped-out is a 1% move against you.

 

Trading Platforms

 
Altinvest offers the Utip trading platform. It is a good choice for this broker, as it provides access to spot trading and binary options from the same chart. In our opinion a few optimizations can be made - for instance when viewing a particular pair and clicking on the "buy option" field, you should be redirected to a window showing option for this pair in particular and not the generic one which is set to the first one, in alphabetical order.

Although the platform has a plethora of technical indicators available, some rather popular ones are still missing. The most notable of which are William Gann's studies. In general, the platform is visually appealing. Here is a screenshot:

 

A preview of the platform (click to zoom-in)

 

The company states it will also be offering MetaTrader4(MT4) soon. It is a far superior option in our opinion, which most traders are familiar with.

 

Methods of Payment

 

Altinvest offers quite a few methods of payment. They include Bank Transfer, Credit/Debit Card and online solutions, such as Webmoney,  Yandex, Qiwi and Dengi Online.

 

Conclusion

 

Altinvest is an off-shore forex broker, regulated by VFSC. This is better than a totally unregulated company, but we would advice looking for a more stringent watchdog to regulate your broker. The company also provides binary options. Trading conditions are rather unclear, with a conflict between what the platform is indicating and what is provided as information on the website. Judging by the methods of payments this company is attempting to target the Russian market.  Here are this broker's strengths and weaknesses:

 

Pros Cons
  Off-shore regulation
  Lack of clarity on trading conditions
  Unusual trading platform

 

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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

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Traders` reviews for Altinvest

Forex
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