A risky forex investment platform, AlphaForex (alphaforex.eu), is already blacklisted by CONSOB. The Italian regulator found the platform wanting after blocking withdrawals. Most members have no access to their funds as the platform deleted their accounts. That’s what you will expect when you sign up with the platform. We need to stop such platforms from taking root in the industry. Please find out more in our detailed ALPHAFOREX REVIEW.
AlphaForex claims to be an international trading broker on the about us page. The platform claims to give members access to global assets. Alpha Forex claims to have over 200 trading instruments under six classes.
Regarding its history, the platform claims to be around since 1985. There’s no mention of the parent company. We have a platform that wants us to take their word for it. The actual background and history are missing.
And this opens up the space of why the platform would act in such a manner. Of course, you would expect a platform to be completely transparent. But sadly, the platform is already in the crosshairs of one of Europe’s leading regulators.
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Alpha Forex is a platform that will chew you out once you decide to invest with them. The platform lacks transparency and avoids interaction after deposits are made. There are plenty of reasons you need to stay away from the platform.
Despite having an alluring web design, the platform remains a hoax. What remains clear is that the creators have some experience in forex trading. That’s why the platform looks enticing to the naked eye.
Before you invest in any platform, experts recommend doing due diligence. Try and find out what makes a platform tick. That means having to check with other members about their experiences. It’s the only way to remain safe in the forex world.
AlphaForex presents members with four different accounts. Each of these accounts offers a different set of features. These accounts include Micro, Standard, Premium, and VIP. We will take a closer look at each of these accounts.
Micro
It’s the account the platform sets for beginners or newbies. You have to make a minimum deposit of €$250 to start trading. The account comes with a maximum leverage of 1:500. Unfortunately, commissions and telephone trading are not available.
Standard
For the standard account holder, there’s a minimum deposit of €$2,500. Spreads start from 1 pip as members enjoy maximum leverage of 1:300Unfortunately, you don’t get any fund management services as the account offers three trading assets.
Premium
You have to make a minimum deposit of €$25,000 to get started with the account. There are four classes of trading instruments available on this tier. Spreads start from 0.6 pips, with investors enjoying maximum leverage of 1:100.
VIP
It’s the most exclusive account with the platform also targeting institutional investors. There’s a minimum allowed deposit of $100,000, and spreads start from 0.2 pips. The minimum trade size on all accounts is 0.01, with commissions and fund management available.
We have to highlight the risks that come with high leverage. And this is especially so for accounts whose members don’t have many trading skills. Only skilled traders can take advantage of high leverage.
The platform greatly benefits as your trading position is at risk. You are bound to lose more, and the platform gains from it. The platform offers commissions says a lot about their commitment to following rules.
Regulators are against platforms that offer bonuses and commissions. These platforms will later use the commissions to ransom your account. You won’t get to withdraw funds unless you fully pay the commission amount.
Regulators have set maximum leverage of 1:100 as the acceptable point for leverage. In the United States, retail traders enjoy maximum leverage of 1:50. Regulators do so to protect investors from losing a large trading volume.
There’s an affiliate and partner program available on the platform. However, before you become their partner, you need to understand the risks. Those who you direct to the platform end up failing to withdraw funds.
You face the blame as victims won’t get in touch with the platform. The platform also fails to release commissions to affiliates. As an affiliate, you lose your credibility as a source of legit investing.
Despite claiming to have six trading classes, the platform only offers four trading instruments. These fall under commodities, forex, indices, and stocks. You only get to spread your risks using these four assets.
Some commodities to trade with include crude oil, natural gas, sugar, wheat, etc. The platform pairs major and minor currencies. You won’t gain much as the platform puts your position at risk with the spreads.
Indices help day traders to make a profit thanks to trading on the international market. Some of the trading markets to find include DAX, Dow Jones, NIKKEI, etc. In addition, you get to see how prices get affected by day traders.
Stocks happen to be one of the most traded assets in the industry. So you get to trade stocks of major brands, including those from the manufacturing and tech industries. These include the FANG group of shares.
There’s little information to suggest who owns or runs the platform. And this makes AlphaForex an anonymous investment platform. Transparency is out of the question as the platform hides the names of staff members.
And this makes it difficult to recover funds from such a platform. Hiring recovery agents won’t help much as the platform doesn’t have a legal address. You will lose more funds as these agents are part of the scam.
Expect no contact or support from the platform. There’s no live chat or phone number you can use to make a call directly. The contact page only leaves members with a message board. Members leave a message and only hope for a quick response.
There’s no need for a demo account with the platform. The demo account only offers a buy/sell option and doesn’t integrate the MT4 trading platform. And that means you don’t have the full viewing of what to expect with the platform.
Accuracy of the demo results is also wanting. We see a demo account that gives members a 98 percent success rate. That’s impossible in the real world, and we believe the demo account gets rigged.
Your funds are far from safe with a platform that fails to segregate accounts. We also see a platform failing to provide insurance cover for deposits made by clients. Avoid such platforms that don’t have your interest at heart.
AlphaForex is not a regulated platform and doesn’t hold any license to operate. With the platform already on the blacklist of CONSOB, it makes sense to stay away from it. Without a regulatory framework, the platform is free to operate.
Please avoid and ignore investing with alphaforex.eu, it’s not a legit trading platform.
PS: You can invest with proven strategies that provide safe investment options.
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