AlphaFX Markets Review: An Unregulated Forex Broker

AlphaFX Markets is a company that promises to offer the best forex brokerage services in the market. The company claims to have over ten years of experience in the market. However, we can assure you that this company has less than three months in the market.

According to Whois.com, Alphaforexmarkets.com launched on the 7th of December 2020. As you can see, these people are willing to lie to attract customers. This is always a recipe for disaster. This alone should tell you that this is an untrustworthy company. But, there are so many other worrying details about this company and the people behind it.

There are so many companies like AlphaFX Markets in the forex space. They always boast of being the best in the industry. However, most of them end up being scammers, only looking to steal people’s money.

For your peace of mind, you better stick with the top legitimate forex brokers in the market. Such companies have been in the market longer and operate with full transparency. Moreover, they have the trust of thousands of seasoned traders.

In the meantime, here is our review of Alphaforexmarkets.com.

Alphaforexmarkets.com Review

Alphaforexmarkets.com is one of the poorest designed websites out there. Most of the links at the bottom of the home page do not work. When you click them, they just send you to the top of the page. No professional would ever put out such a platform.

Additionally, you can see some horrible grammatical errors on the website. This is always a sign of people who do not care about what they put out. All they want is to steal people’s funds. As long as people send them funds, the company does not care about other things.

On a good note, though, the company does provide one of the best platforms in the market. They provide clients with an MT5 platform which is very powerful. Additionally, the company allows traders to trade a variety of assets. This includes forex, CFDs, futures, metals, indices, and cryptocurrencies.

This means that users can spread their risk across various assets. While this may be good, it does not mean much if you invest in a scam operation.

Moreover, this company’s customer support is horrible. The live chat option requires you to enter some personal details before you can start a chat. There are two more contact channels that are equally unreliable. You can email the team at support@alphafxmarkets.com. You can also fill out a contact form on the contact page. Sadly, we know that these channels can go unanswered for days.

AlphaFX Markets Account Types

Interestingly, there are ten account types to choose from on Alphaforexmarkets.com. While this may be good, most of these accounts are almost the same. It seems that the company went through a lot of unnecessary trouble. They could have just bundled some of these accounts into fewer groupings.

The minimum deposit on this platform is $10. This gives you access to the DeCent account. From there, the smallest account accepts a minimum deposit of $100. The minimum deposit goes all the way up to $5,000 for the biggest ECN account.

Interestingly, the company promises the lowest spreads possible. However, the information on the account types speaks a different story. The spreads for this company start from 5 and go all the way up to 30.

Additionally, there are not many perks in terms of leverage as you go up the accounts. The company only offers leverage between 1:200 and 1:300. These are not the most pleasing trading conditions in the market. In fact, they are some of the worst.

Deposit and Withdrawal

AlphaFX Markets claims to support most payment options to accommodate their customers. The company supports credit card payments, bank wire transfers, Ewallet payments, and cryptocurrency deposits.

Most of these payment options are very safe to use. However, we highly advise against using cryptocurrency deposits. Fraudulent operations push this payment option for a reason. It is very easy for you to lose your money.

This is because cryptocurrency payments are permanent. Hence, it is impossible to make a chargeback after you send out your funds. Additionally, cryptocurrency payments are between two abstract addresses. Therefore, it is hard to trace your funds.

As such, you should never use cryptocurrency payments when dealing with shady operations. That is a recipe for disaster. You may end up losing all your money to unknown people on the Internet.

Founder and Physical Address

One of the worst things you can do in financial markets is sending your money to unknown people on the Internet. There are a lot of risks involved. Always make sure you are investing in companies operated by identifiable individuals.

Unsurprisingly, we cannot say that this is the case with AlphaFX Markets. Alphaforexmarkets.com does not introduce us to any of the founders or team members. There are no names or faces on the website. This is common in fraudulent operations. Only people running illegitimate operations see the need to conceal their identities. Avoid this company like the plague.

Additionally, we can confirm that this company operates from one of the shadiest jurisdictions in the world. The company is a registered entity in St Vincent and the Grenadines. This is a hotbed for fraudulent companies.

This is because St Vincent and the Grenadines have very lax laws that allow scam operations to thrive. Anyone can register and run a company without ever stepping foot in the country. The company also gives a United Kingdom address. The only question is whether they are a legal operation in the UK. Let’s look at that in our next section.

Regulation and Fund Safety

As mentioned, this company is a registered entity in St Vincent and the Grenadines. The only problem with that is that this country does not have a reliable forex broker to keep companies in check. Therefore, we can assure you that they are operating from here without a regulatory license.

Additionally, the company claims to have offices in the UK. The regulatory body overseeing forex brokers in the UK is the FCA. Luckily, the FCA has a registry that you can query online. As expected, we searched for this company on the FCA registry and found no results matching AlphaFX Markets.

Therefore, AlphaFX Markets is operating in the United Kingdom illegally. These people know that they are running a criminal operation, but they do not care. You should run while you still can. You do not want to be a customer when the law finally shuts them down.

Final Verdict

To put it simply, no unregulated company can assure you of your funds’ safety. This is a criminal operation pretending to be a forex broker. There are just too many ways to lose your money here. If the founders do not steal your funds, then hackers might. This is because the company does not have any systems’ protection in place.

Even worse, it is impossible to track these people. We simply have no idea who is running AlphaFX Markets. There are better companies that will offer you better services.

You better stick with the top legitimate forex brokers in the market. Such companies have been in the market longer and have the trust of thousands of seasoned traders.

 

Tags: Alphaforexmarkets.com Review, AlphaFX Markets Scam Review