AlfaMarkets claims that it should be your first choice. However, the broker invites not only newcomers to cooperate. It claims that it will support all customers on their way and help them grow. It sounds too good to be true. Looking through dozens of scams every day, we don’t believe in such statements just like that. Therefore, we will check how safe it will be to trade on this platform and what reviews traders leave about this broker.
- AlfaMarkets General Information
- Registration and Client Portal Review
- AlfaMarkets Trading Conditions
- Account Types Review
- Trading Platform
- AlfaMarkets — Deposit and Withdrawal of Funds
- Additional Options
- Is AlfaMarkets a Scam?
- Legal Information and License
- AlfaMarkets Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
AlfaMarkets General Information
Registration and Client Portal Review
The official AlfaMarkets website is definitely not the reason you should choose this broker. Without exaggeration, it’s just disgusting. Look at this ugly gray color. And why are all these images of constellations against the background? The only useful thing on the main page is a description of trading accounts. All other content is literally meant to praise AlfaMarkets. We also paid attention to the widget of the economic calendar. Otherwise, the site made a bad impression. Was the broker unable to spend enough money to create a really good platform?
Registration does not present any surprises. To get access to the Client Portal, you need to fill out a small form with personal data and contacts. Actually, you don’t even have to confirm your email or phone number. AlfaMarkets will immediately give you access to your personal account.
The Client Portal looks neat and minimalistic. You will be immediately redirected to the deposit page. In addition to financial actions, you can edit personal information, upload documents, and submit a withdrawal request.
AlfaMarkets Trading Conditions
AlfaMarkets offers CFD and Forex trading. Let’s see why the broker is so insistent on its advantages.
Account Types Review
Customers can choose from four types of accounts. They differ in some specifications and a minimum deposit, of course. The Standard account should be deposited with only $250. At the same time, the broker will charge a 30% bonus. Leverage is up to 1:200, which is quite a lot. However, on the next account, it is even higher, up to 1:300. Silver account needs to be funded with $2,500. And the bonus is 50%. Also, the client will receive analytics from Trading Central.
The next type of account is called Gold. It needs to be funded with at least 10 thousand dollars. Of the additional services, the trader will receive a monthly session with an analyst and a bonus of up to 70%. Finally, a VIP account with a minimum deposit of 50 thousand. By choosing it, traders will receive the development of an individual investment plan. The bonus is 100%, and the leverage is 1:500. At the same time, the more money you deposit, the smaller the spreads will be.
AlfaMarkets provides the trading terminal with limited functionality. First, the broker only offers a web version. It does not provide downloadable apps. Second, there is no access to the demo account in the Client Portal, as well as to the real account. On the site, there is a demo version of the terminal. However, it presents only one trading pair and a limited number of timeframes. It is possible that the trader will get access to the full version after the deposit. It all looks too suspicious.
AlfaMarkets — Deposit and Withdrawal of Funds
In the client portal, we found only one way to deposit. You can transfer money to the AlfaMarkets platform using a credit card. Obviously, withdrawal of funds is also available using cards. Commissions are not specified.
AlfaMarkets requires customers to pass verification. Documents can be uploaded to the Client Portal. The broker asks you to confirm your identity and residential address. To do this, you will need a copy of your passport or an ID card, a utility bill, or a bank statement. Credit card verification will also be required.
Additional broker services are briefly presented in the description of trading accounts. These are mainly near-market services such as analytics or a personal manager. They do not carry much value for traders. Also, it is completely unclear what qualifications the employees of this company actually have.
Is AlfaMarkets a Scam?
Poor trading conditions and an official website that hardly spent a few dollars on do not inspire us with confidence. AlfaMarkets is unlikely to be a reliable broker. However, let’s take a closer look.
Legal Information and License
AlfaMarkets claims to be a global broker that operates worldwide. However, there are only two addresses listed in the contacts section. The first is from Singapore and the other is from Australia. Here’s the thing. We are sure in advance that AlfaMarkets does not have a work permit in any of these countries. Why do we think that? Because of the leverage and bonuses, of course. Regulators in Australia and Singapore are quite strict. However, let’s see if there are any traces of AlfaMarkets in the registries of these countries.
As you can see, the broker is not legally registered in Singapore. In the ASIC register, there is no mention of such a company either. If the company doesn’t exist, then it could not get a license for work.
AlfaMarkets Domain Info
Let’s take a closer look at the company’s working lifespan. Although we doubt that this fake broker has been working for a long time. There are practically no reviews about it on the web. The domain check showed that we were completely right. The official website of AlfaMarkets was created on December 13, 2022.
There are full contact details on the site. You can call support by phone or send an email. As for the offices, since the company does not legally exist, it is hardly worth counting on a meeting with managers. Most likely, these are just nominal addresses and there are no AlfaMarkets offices at these addresses.
In general, it sometimes amazes us how negligently scammers approach their projects. For example, even at the registration stage, we noticed that there is no usual link to the Terms and Conditions in the form. By the way, AlfaMarkets simply does not have this document. However, this agreement would still have no legal basis.
Pros and Cons
- A small minimum deposit.
- The leverage is too high.
- Short lifespan.
- No official registration.
- No license.
- Useless additional options.
Frequently Asked Questions (FAQ)
It offers to trade CFD and currency pairs.
According to the description of accounts, you should deposit at least $250.
No, it’s not safe. AlfaMarkets is an unregulated scam broker.