Aleforex Review

Is Aleforex Scam or Legit Broker?

It is not safe to trade with Aleforex. The broker is suspected of being a scam. The broker mentions its FCA license, yet when we investigated further, we do not come up with any evidence as proof. So,  it leaves us with an assumption that Aleforex only pretends to be a regulated broker. 

• This means that Aleforex is not regulated by any world authority and investing with it will put your funds at risk. 

What is Aleforex?

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."

Aleforex Review Conclusion

As a general rule dealing with unregulated brokers is risky and we recommend that clients choose properly licensed and supervised brokers. It is safe to trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as HFM and TMGM.

Aleforex Update

Our research revealed that the Aleforex website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.