Beware Aleforex is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: –
- Registration/license: None
- Registration/license requirement: –
Aleforex is a Forex broker. The company doesn’t provide any information about its location or the entity behind this brand name as well as contact details. The website states that Aleforex is regulated by the Financial Conduct Authority in the UK. However, we didn’t find any records about this broker in the FCA’s register. Also, they provide the list of the affiliate brokerages: Valutrade, MEXGroup, XTB. All three brokers are regulated and have a good reputation, although they don’t have any connections with Aleforex. All these facts should be enough to understand that the broker is not reliable, not regulated and better be avoided.
In addition, Spain’s regulator CNMV has issued a warning against Aleforex:
“Aleforex/forextrading.cat is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, which includes investment advice, or to provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, for those purposes, foreign currency transactions.”
As a general rule dealing with unregulated brokers is risky and we recommend that clients choose properly licensed and supervised brokers like the charges of UK’s FCA or the Australian Securities and Investment Commission (ASIC). These regulators guarantee the safety of client’s funds, segregation of the accounts and compensation schemes.
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