Losing your hard-earned money to scammers can feel like someone is pulling a rug from under your feet. All those years of hard work suddenly amount to nothing. Few experiences are worse than that.
Some forex brokers put on a façade to look legit, but their primary aim is to drain every cent from investors. Have you lost money with Alfa Trade or any other scam forex broker? Contact us now for a free consultation. Our trusted experts will help you recover your money.
Let’s reveal Alfa Trade for what it is.
An Honest Alfa Trade Review
Alfa Trade was established in 2010 as an online forex brokerage company. It was initially registered under the company name Alfa Trade (UK) Ltd, located in the United Kingdom.
However, it is now registered under Nemesis Company Limited and Nemesis Capital Bg Limited, located in Bulgaria.
Should the change of address be a cause for alarm? Or is Alfa Trade simply expanding its operations? Let’s dive into what this trading company is all about.
What is Alfa Trade?
Over the years, the platform obtained a global reach of over 150 countries around the world. The available assets for investors to trade in include over 200 forex and currency pairs, commodities like gold, silver, and oil.
It also offers major and minor indices, including Sweden30, Spain35, Amsterdam25, FTSE Italy, MICEX, STOXX50, and others, plus shares. The current minimum deposit for a new account is $500.
What are the Trading Platforms for Alfa Trade?
The forex company offers its investors these four platforms:
MetaTrader 4 (Desktop Version)
The popular MetaTrader 4 platform is ahead of the game in regards to cross-asset trading. It also provides several beneficial features that might seem complicated to navigate at first, especially for a novice trader.
Alfa Trade provides easy-to-use tutorials to help with exhausting the possibilities of the multiple features, trading functions, and analytical tools on this platform.
MetaTrader4 Mobile (MT4 Mobile)
This mobile trading platform provides identical features to those of its desktop counterpart. Investors have unlimited access to global markets with their smartphones, tabs, and other mobile devices.
This platform features a user-friendly trading interface. It offers access to global markets 24 hours a day, 5 days a week. As far as compatibility is concerned, it benefits users of Android, Apple, and HTML5 devices.
This platform allows traders to ‘mirror’ the trading strategies of other experienced traders. This quality is what differentiates it from other conventional platforms on the market.
First, a trader will select a strategy. Then the mirror trader will automatically apply the trades with an automated mirroring process. The account owner doesn’t need to intervene at this point. The mirror trader also allows the account owner to ‘mirror’ more than one trading strategy simultaneously.
The Webtrader platform is now a preferred alternative to the MetaTrader4 platform. Some of the aspects that make it popular are easy navigation, advanced features and tools, unlimited access to global markets, and intuitive controls.
With different trading platforms to choose from, a trader’s environment expands, and they have more responsibility and accountability.
Alfa Trade provides investors with 3 types of trading accounts; Standard, Premium, and VIP accounts. All these accounts have access to all the trading assets on the platform. Each type of account appeals to a different kind of investor, whether they are beginners or experts, low-risk, or high-risk.
Seemingly, all these features should give traders the assurance and confidence they need to invest, right? Let’s dig a little deeper. After all, this is an honest Alfa Trade review.
Is Alfa Trade Regulated?
Alfa Trade was authorized and regulated by the FCA (Financial Conduct Authority) since its inception in 2010. However, in 2015, its license was suspended, and it has since been running without regulation.
Alfa Trade continues business under the pretense that it is well established and licensed. Unfortunately, some investors were unaware of this and continued business with the company. This has the word ‘scam’ written all over it, but let’s keep digging.
Is Alfa Trade Regulated in other countries?
In October 2016, the Ontario Securities Commission put out an alert to investors stating that Alfa Trade was not registered in Canada to engage in forex trading.
The British Columbia Securities Commission (BCSC) also blacklisted Alfa Trade and Nemesis Capital Limited, urging traders to exercise caution.
The National Commission for Companies and the Stock Exchange in Italy followed suit in November 2016. It stated that Nemesis Capital Limited and Nemesis Capital Bg Limited is not authorized to provide investment services or carry out activities in Italy in any way, not even through its website (alfatrade.com).
Is Alfa Trade a Scam? What are the Signs?
The first sign of a scam forex broker is having no license or regulation. Alfa Trade may have started well-established and properly licensed. However, along the way, they changed the way they work and continued to run without a license while taking investors’ money.
Huge Minimum Deposit
The minimum deposit for the Standard account is $500. For novice traders that are testing the waters, this is high. The other two accounts have higher minimum deposits of $5000 and $50,000.
Several bad reviews
Bad reviews on various review sites are a sure sign that the services the platform provides are wanting.
The Alfa Trade website has been non-functional lately. The company claims to be upgrading its services and adding new features. However, it invites investors to contact them via phone or email and encourages them to trade directly on their MT4 platform. This is a hint of suspicious activity.
Is Alfa Trade a Scam? Alfa Trade Review Take Away
Choosing a trading company to invest can be difficult with all the options on the market. However, your first red flag should be an unlicensed company. Without a doubt, Alfa Trade is a scam.
If you’ve lost your money to Alfa Trade, you can get it back. Simply book a free consultation with us immediately, and our experts will help you with the process.