Alpha Fx Review – Are Their Services As They Seem To Be?
Primarily, we will focus on the Alpha FX broker. Even though they recently changed the name to the Alpha Group. This company is registered and licensed in the UK. However, certain limitations are coming directly from the FCA.
What are the reasons that might keep you away from this broker, you can find them in this Alpha Fx review. But if you want to expand your knowledge about brokers you will spare some time for our Astrocapitaltrade and Liquidspro reviews.
|Company||Alpha FX Limited|
Alpha Fx Regulation and Security of Funds
As the company operates from the UK, it’s logical that they have an FCA license. Many of those don’t, but Alpha FX broker indeed does have it. However, there are slight limitations to their activities. In general, the company shouldn’t provide services where they hold or control clients’ money. Practically, that’s Forex trading. But the company seems like avoiding that.
Another regulator comes from Malta. It is MFSA and belongs to the Tier 2 group of regulators. Their requirements are not as strict as with the FCA. But also, what could make you worried is their Canadian regulation. Instead of the most known IIROC and CSA, the company opted for FINTRAC and Revenu Quebec licenses.
In general, the FCA license is more than enough. But what’s the purpose of other licenses is yet to be determined. But it’s not rare that it is obtained to avoid certain rules.
Supported Trading Platform
A huge downside of this broker is its trading platform. Considering the availability of many trusted software this is not acceptable. The company provides traders with a proprietary platform. However, without access to the demo account, nobody can check its features. According to the company, it’s a perfect solution for Forex trading. Which is not allowed according to their FCA regulations.
On top of that, the company is missing one very important feature. Which is a mobile app. On the contrary, there are numerous Tier 1 licensed brokers with trusted software like Meta Trader. Moreover, they can test the platform through a demo account. Unlike with Alpha Fx broker.
Account Types Offered
What makes this broker even more suspicious is the lack of transparency. As the FCA-regulated broker, but also regulated in Canada, they fail to deliver crucial information. Starting with the minimum deposit requirement.
But also, traders are left without information about account types. There is practically nothing to motivate them to deposit here. Except for fancy quotes on the website. But let’s be honest, everyone is investing because of profits, not because of motivation. If the company can’t deliver information about financial benefits, what to expect there then?
Deposit and Withdrawal Options
Besides non-transparent information about commission and fees, the broker misses out on funding methods as well. The company website looks more like a modern art, rather than an investment company.
Without a transparent deposit and withdrawal policy, traders are left with a mystery. But why would anyone invest any kind of money in such a mysterious company? With so many irregularities there is not much that would attract experienced traders.
How Does Alpha Fx Operate?
Alpha Fx broker is obviously trying to build up credibility with their regulations. However, those regulations have their own limitations. That trader should be aware of. On top of that, the company seems to provide account managers running the whole trading for traders. But if you remember the FCA quote that this broker can’t control traders’ money you will find reasons why traders are suspicious.
Even if you take a look at some Alpha Fx reviews, you can find some discrepancies. Actually, some traders reported even issues with withdrawal procedures. Which is quite suspicious for an FCA-licensed broker. But to avoid paranoia, you can be patient and do your own research before investing.
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Alpha Fx Summary
Alpha Fx is a multi-entity brokerage operating worldwide. With numerous regulations, someone would expect a fully transparent broker. But on the contrary, they are playing on that card. That everyone should trust them because of regulations.
But without transparent trading conditions, trusted third-party software and transparent funding methods, there are no reasons for that. On top of that, some traders claim to experience withdrawal issues with this broker. Which is a big deal for a licensed company. Everything is up to you now.
FAQs About Alpha Fx Broker
What Methods Can I Use to Deposit Funds?
Unfortunately, the information about deposit options is missing from the company’s website.
Does Alpha Fx Broker Offer a Demo Account?
No. In general, the company doesn’t even have transparent regular account types for traders.
What Trading Instruments are Available at Alpha Fx?
According to the company, traders can only trade Forex pairs – spots, options and forwards.