Sometimes brokers over-praise themselves so much that it immediately becomes clear that something is wrong here. FxAlta calls itself the world’s number-one CFD broker. However, the reviews about this project are rather negative. What is the reason for such a bad opinion of clients? Is the company being unfairly criticized? Or maybe it’s a real scam?
- FxAlta General Information
- Registration and Client Portal Review
- FxAlta Trading Conditions
- Account Types Review
- Trading Platform
- FxAlta — Deposit and Withdrawal of Funds
- Verification
- Additional Options
- Is FxAlta a Scam?
- Legal Information and License
- Fxalta.biz Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
FxAlta General Information
| Website | https://www.fxalta.com/, https://fxalta.biz/, https://fx-alta.biz/ |
| Phone Number | — |
| support@fxalta.com | |
| Address | Lot 2 (a), Level 4, Wisma Lazenda Jalan Kemajuan, 87000, Labuan, Malasya. |
| License | IFSC |
| Minimum Deposit | $250 |
| Assets | CFDs |
| Leverage | — |
| Trading Platform | WebTrader |
Registration and Client Portal Review
Like many brokers, FxAlta did not take too much care of its official website. A typical background and charts with quotes greet customers. The advantages of the broker play the main role in the content. The main page is just full of them. The “About us” section is also full of pros. For clients, there are several languages on the site. By the way, the most useful section here is the FAQ. There is even more information in it than in the description of the accounts.
In fact, the whole registration process consists of filling out one small form. Of course, this is not the form that licensed brokers use. Usually, you have to fill out several questionnaires, indicating personal income, trading experience, etc. FxAlta claims that it has a license. Meanwhile, for some reason, it does not follow the requirements of regulators. You don’t even need to confirm your phone and email here. It is enough just to specify contacts, first and last name, country of residence, account type, and come up with a password.
The Client Portal will not impress you with anything. It is standard, even rather minimalistic. Here you can edit your personal data or withdraw money. You can also edit account settings, or contact the managers.
FxAlta Trading Conditions
So, it is a typical CFD broker. Nothing is interesting or original among its offers.
Account Types Review
The broker has only 4 types of accounts, which differ slightly in the minimum deposit and related services. At the same time, you can trade comfortably only if you choose the Platinum account. This account at least has some kind of VIP active access. God knows what this is.
Leverages and spreads were ignored. There is also no information about commissions and swaps. Only in the FAQ section, it is indicated that the minimum amount for trading is $250. In general, this broker was extremely negligent in describing the trading conditions. Meanwhile, FxAlta offers bonuses. However, reputable regulators prohibit such ‘gifts’. Therefore, we conclude that something is wrong with this broker. It may turn out to be an ordinary Dealing Desk.
Trading Platform
Managers offer you to download the platform or trade in a WebTrader. We don’t know why the broker decided that this terminal is competitive and technologically advanced. In fact, it is nothing special. There are a minimum required number of indicators and a more or less pleasant interface. Otherwise, it is seriously inferior to such popular solutions as MT4, MT5, TradingView, etc. Oh, yes, one more thing. Of course, it is not the broker’s development. This software is purchased and generally not very expensive.
FxAlta — Deposit and Withdrawal of Funds
Among the methods of depositing and withdrawals, wire transfers and credit cards are indicated. You can deposit in your Client Area. The money will be credited to the account within 1-5 business days, depending on the payment system. Meanwhile, withdrawals occur according to slightly different rules. The broker claims that withdrawal requests are processed within 7-10 days. And after that, you will still need to wait until the money is credited to your account.
Verification
To pass verification, you’ll need to send a couple of documents. Among them are valid identity documents (front and back photo), and proof of address. You can send an identity card, passport or driver’s license, and utility bill. Unfortunately, the broker does not tell us how long it will take to check documents.
Additional Options
FxAlta has an affiliate program. Its description can be found only in the FAQ section. It states that for each referral with a deposit of up to 2 thousand, you will receive a $200 reward. If the deposit of your invitee is more than two thousand, then you will be credited $300.
The broker also has a bonus system. However, only those will receive rewards, who have a certain amount of effective trades and comply with the investor’s profile.
Is FxAlta a Scam?
The history of the company is not shared with visitors. As we have already noticed, the ‘About us’ section does not contain any practical value.Therefore, we will research the data about this broker.
Legal Information and License
Unfortunately, we were disappointed when we found out where the company was registered. FxAlta claims that it works in the jurisdiction of Labuan. It is a small island and at the same time, an international offshore center. Besides, here is another oddity. This company is listed in the register under the name Mortiz Ltd. Then why does it use such a strange trading name? Another problem is that the concept of a security license is very broad. It includes brokers, financial advisors, and other near-financial fields of activity.
Moreover, Labuan FSA imposed restrictions on doing business against Mortiz Ltd, for non-compliance with regulatory requirements. This organization is not allowed to carry out its activities until the problems of non-compliance with the requirements are resolved.
Fxalta.biz Domain Info
Checking the domain really shows that it is owned by Mortiz Ltd. By the way, please note that the broker works for a fairly short period. The official website was created on October 15, 2021. It is hard to understand why FxAlta calls itself the number one broker. It is very difficult to build a large client base in such a short time.
The article has been updated. Well, we have an example of a surprisingly long-lived broker. It stays in the sea of online trading like a float on the water, haha! The thing is, we found the domain fxalta.biz and its mirror fx-alta.biz. Both will expire on July 14, 2024 unless renewed. We’ll be back here then.
Contacts Review
The broker’s contact details are very poor. You can contact support only by email. Well, you can also visit Labuan and check if there really is an office at the specified address.
More Details
In fact, this broker now has no right to provide services, but still takes clients. Therefore, you should not expect FxAlta to fulfill its obligations. Don’t count on transparent trading and a good attitude. The User Agreement mentions the waiver of any losses of traders.
Pros and Cons
- Low minimum deposit.
- Affiliate program.
- Offshore registration.
- A short period of work.
- Negative reviews.
- No detailed description of trading conditions.
- No demo account.
- A warning from the supervisory authority.
It looks more like a fraudster than a reliable broker. The situation when the supervisory authority prohibits the work of the company is not very good. Moreover, offshore companies' regulators have very soft requirements. However, owners could not even fulfill them. Therefore, we would not recommend considering this project to enter the financial markets.
Frequently Asked Questions (FAQ)
There is nothing unusual in the offers of this company. You will be able to trade CFDs on the platform.
The minimum amount that the broker accepts according to the Terms and Conditions is $250.
No, we can’t say that this broker is safe. It is an offshore company. Besides, the supervisory authorities prohibit its activities until the firm fulfills the necessary requirements.
I also fell into the hands of these scammers
That’s exactly how it is. FxAlta hasn’t allowed me to withdraw money for two months.
No withdrawal of funds
You can just read reviews about them on the Internet. And then you will understand whether it is worth working with this company or not. Only negative comments from traders prevailed. At the same time, you can see several positive articles on some anonymous sites. They are definitely purchased. People complain that they have terrible problems with the trading process. But this is not the most important thing. No one could withdraw the money.
My experience with FxAlta is very bad.
Of course, I have heard that brokers manipulate quotes. In practice, I have not encountered this yet. FxAlta was the first. At first, you are really doing well. The broker just gives you a taste of victory. But if you transfer more money, the lucky streak will end abruptly. You will lose your entire deposit. And then they will call you and persuade you to top up your account again. But if you check the quotes from another broker, you will understand that you have been deceived.
Unfair trade practices
These scammers do not pay any money! Trading seems to be going well. It even seems to you that your profit is growing. But as soon as you want to withdraw money, you will face a big disappointment. No matter what you do, you will not be able to take the money. They’re shameless crooks!
bad bad bad
Is there anyway to sue them??