FxAlta Review – What Makes Them So Bad
FxAlta broker is not regulated as they might look. Once you dig below the surface, you can find many irregularities. But the first of those in the line is that they are offshore brokers. Also, the company doesn’t offer anything competitive. Unlike many other licensed companies around the globe.
|Company||FXAlta Ltd, Moritz Ltd|
|Platforms||Proprietary web-based software|
FxAlta Funds Safety and Regulation
Generally speaking, if the broker claims that it’s regulated there shouldn’t be doubts. Thus, we learned that scam brokers are ready for everything. In fact, FxAlta claims to be registered and licensed by MISA. However, checking their register didn’t bring any results. Also, the company doesn’t have any other Tier 1 ranked license.
We were checking some of the regulators like FCA, CONSOB, BaFin, and CFTC. As expected, none of those had any connections with FxAlta licensing. On the contrary, the FxAlta scam broker earned a warning from one of those. Italian CONSOB didn’t waste time and issued already a warning against this company. Check it out.
What’s even more suspicious is that they discovered another ownership company, Moritz Ltd.
FxAlta Trading Platform
Trading software with FxAlta broker scam is nothing but a proprietary web trader. Therefore, your future with this broker solely depends on them. Such platforms are often unreliable and don’t provide much security. Especially if the broker is not regulated like FxAlta.
In this case, you have even more confirmations of fraudulent activities. The company advertises apps suitable for all devices. Also, they promote it as suitable for iOS and Android devices. But once you want to open it in a PlayStore or AppStore you are provided with a mystic QR code. If it’s really listed on those stores it would get you straight there.
What’s even more disappointing is that this software doesn’t support any advanced features. Starting with expert advisors, social or copy trading. So, if you were looking to automate your trading process it is impossible here.
FxAlta Account Types Available
Another poorly presented thing is their account type offer. The company has 4 account types without any considerable benefits. Those are:
Important to realize is that nowhere is to be seen what is the minimum deposit requirement. Traders are getting spread reduction, but not clarified how big. What caught our eyes is that the broker offers a welcome bonus. If they have any regulation that would be forbidden. Mostly because those bonuses come together with malicious policies.
Luckily, the FAQ section reveals that this investment scam will accept a $250 minimum deposit.
Withdrawal and Deposit at FxAlta
As for funding methods, the company accepts the following:
- Credit cards
- Bank transfers
A fact that frustrates the most is credit card withdrawal processing time. In fact, it takes up to 10 business days. It’s insanely slow, especially knowing that licensed brokers have that time lowered to 24 hours.
Also, the company has the right to decline any withdrawal request. Which is suspicious at best. Also, they claim that traders can’t withdraw on credit cards any amount higher than one deposited. Practically, all profits that you made you can’t get back on the card.
This is a cheesy tactic to get you into opening a crypto wallet or providing them with banking details. Thus, with a broker that already has a warning from the regulator, that’s not a good idea.
Unauthorized Brokerage Scam Methods
As you can see from any FxAlta broker reviews, they are luring traders through social media. Most of the time, marketing campaigns. Once traders start depositing, everything becomes a game for this broker. They are using different tactics to get traders into more deposits. For instance, they can manipulate market data. Whether it’s enormous profit or a market crash, they can pitch you for more money.
But have in mind that it might all be fictive. Also, once you start the withdrawal process they can make up reasons not to allow it. Most of the time, you will first have to pay non-existent fees or taxes. That’s their last attempt to extract your last penny. Before your account gets frozen and locked.
All in all, not a good place to start your trading career. FxAlta broker is not licensed and doesn’t provide any kind of security. Moreover, their proprietary trading software can’t be reliable as Meta Trader. Also, the broker offers widely banned welcome bonuses. Lastly, but most importantly, this broker has a warning from Italian CONSOB.
FAQs About FxAlta Broker
How Trustworthy is FxAlta Broker?
Warning from Italian CONSOB makes a clear picture of FxAlta scam broker trustworthiness.
Is FxAlta a Legitimate Company?
No. They operate in highly regulated countries without adequate licensing and fund protection measures.
Are There Any Hidden Fees for Withdrawals at FxAlta?
The company claims not to have any withdrawal fees. FxAlta reviews say otherwise.