Archives: Brokers

Is AlphaCapital Scam or Legit Broker?

AlphaCapital has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. AlphaCapital is owned by Alpha Capital Securities Ltd which is an offshore company registered in the Marshall Islands. The Marshall Islands is notorious for its practically absent requirements and regulations. The setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex, and more.

What is AlphaCapital?

AlphaCapital claims its leading global brokerage positions while providing smart, secure trading solutions for investors at every level (Explore Top Forex Brokers' List). In addition, setting the bar higher with cutting edge, through tool-rich trading platforms, low latency, and superior liquidity provided by the leading institutions to trade Forex and Equity markets. AlphaCapital offers a wide range of trading options, including currency pairs, such as the EUR/USD; commodities, like oil or gold, and indices like the Dow Jones and the Nasdaq. 

• The broker is a trading name of the Alpha Capital Securities Ltd located in Tallin, Estonia while is regulated or authorized by none of the reputable organizations alike FCA (UK), BaFIN (Germany) (Also read about BaFin Regulated LegacyFX) or even the local regulator in Estonia. Moreover, the payment provider of the AlphaCapital is mentioned a Nostro Technology OÜ, based in Tallinn (Estonia), however, 'Nostro Technology OÜ is a subsidiary of FGM Technology Ltd', with offices in the Marshall Islands. However, the fact is that the Marshall Islands is an offshore zone, which does register the financial investment firm, but provides very poor if no requirements for the company's operation.

• While all establishments of the business and trading delivery seem to be highly suspicious, the reputable authority CONSOB and others issued a warning to the public due to their concerns about AlphaCapital too. 

• In addition to the official statement, the negative reviews from the traders confirm a suspicious questioning of the broker. Since the clients faced “sudden disappear” of replies or any concerns while the funds were requested to be withdrawn. Overall, we do not recommend trading with AlphaCapital and advice to choose among reputable firms to trust.

AlphaCapital in India

AlphaCapital allows Indian traders to open accounts and trade. However, AlphaCapital has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading in India is actually prohibited. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

AlphaCapital in the USA

The United States is one of the countries that is not accepted by AlphaCapital. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for AlphaCapital, you are only permitted to trade with the U.S regulated platforms.

Deposits and Withdrawals

Each account type (Also find another broker MEX Exchange's account types here) has its own minimum deposit requirements. However, the broker does not disclose the amounts that need to be deposited. 

Alpha Capital accepts a wide range of deposit methods, including bank transfers, and a variety of credit cards.

Alpha Capital provides payment options based on the deposit methods through which the account was funded. In the case of payment services such as Western Union or CashU, for which accounts do not exist, Alpha Capital will transfer your withdrawal amount directly to your bank account.

Apps

AlphaCapital's user-friendly mobile platform is compatible with both Android and Apple devices. The platform offers hundreds of available assets, live streaming quotes, and complete account management capability, enabling you to choose from multiple order types, and view your trading history and account status at a click Trade from any location, at any time, benefiting from a rich basket of tools and features, including professional interactive charts, advanced technical indicators and a selection of effective risk-management tools. 

Demo Account

AlphaCapital offers its traders a demo account that allows them to hone their trading skills on a free demo account. Traders can gain experience and familiarize themselves with all the valuable tools and features offered on the ALPHA CAPITAL platform, before opening a live account and investing for real in the global financial markets. Read about FBS Broker which also offers a Demo account here.

AlphaCapital Review Conclusion

In fact, we never advise trading with a non-licensed broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. 

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities such as UK brokers, Forex Brokers Australia or ASIC-regulated brokers in Australia, and reliable brokers such as FP Markets and TMGM.

AlphaCapital Update

Based on our findings, the AlphaCapital 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. 

Is AAFX Trading Scam or Legit Broker?

AAFX Trading is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Thus, the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is AAFX?

AAFX Trading is an investment company specializing in stocks, commodities, CFDs, and currency trading through its incorporated and registered office in St. Vincent and the Grenadines (SVG). However, SVG is a known area for its very liberal zone with a slight regulation of the financial companies compared to other reputable authorities that requires a way more strict compliance that ensures a higher level of clients’ protection.

• Moreover, the broker claims its incorporation and registration in Malaysia under the business solutions company SDN BHD and operation of the office in Hong Kong. Yet, there is no any other regulation that the company does comply with, therefore the company chooses the easiest and cheapest way to perform and deliver its financial services to international clients. Being unregulated in Hong Kong, the company appears in the SFC warning list that prevents clients from an investment with the AAFX Trading company (check warning here).
• Also, there are numerous negative reviews about the company's services, along with the guilty verdicts about the scam operation. The AAFX Trading clients faced typical fraud issues while trying to withdraw profits, the company gave numerous excuses why the request can not be performed. As well as the problems with trading manipulations, faking the facts of the requests, etc. All in all, problems like this prove that the company is not reliable, and clients may face capital losses, putting their investments at risk.

Overall AAFX Ranking 

Due to the regulation and safety issues, we revealed during our research of AAFX, we do not rank positively AAFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• AAFX Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

AAFX Alternative Brokers

We found that AAFX has a lot of issues, mainly in respect of its safety and customer care. For this reason, we have come up with much better Alternatives to AAFX with tight regulations and great trading conditions. We select Good Brokers and trustworthy options for your comparison below: 

• HFM – Good for Currency trading
• Dukascopy – Excellent for Shares, Futures Trading
• FXTM – Good for Beginners

AAFX Deposit & Withdrawal

AAFX offers fast and straightforward deposits. The minimum deposit is 100 EUR/USD. The broker offers a wide range of funding methods, so the clients can choose one that is more suitable for them or available in their location. Deposit methods include Credit/Debit Cards, and a range of e-wallets such as Skrill, Neteller, WebMoney, Fasapay, STICPAY, MoneyGram, etc. 

• For customers wanting to fund using a debit or credit card, we require a photocopy or scan of the front and back of the card, blacking out all but the last 4 digits of the card number when sending.

The withdrawal procedure is also quick and easy. For frequent withdraws some of the merchants like Neteller keep funds on hold for 7 days so this kind of withdrawal will process in 8 to 15 business days.

AAFX Deposit & Withdrawal

AAFX offers the popular trading platforms - MT4 and MT5.  Clients can trade on MT4 with no requotes, with flexible leverage ranging from 1:1 – to 2000:1. MT4 platform gives access to over 100 Instruments Including Forex, CFDs, and Futures, spreads as low as 0 pips, full EA (Expert Advisor) functionality, technical Analysis Tools with 50 indicators and charting tools.

The AAFX MT5 platform offers all the pioneering features that the AAFX MT4 has, enabling trading with over 1000 Instruments, including Stock CFDs, Stock Indices CFDs, Forex, CFDs on Precious Metals, and CFDs on Energies. Offered spreads are as low as 0.6 pips, over 80 Technical Analysis objects, and many other features. 

AAFX Review Conclusion

Based on our research results, we advise avoiding trading with AAFX. Instead, we recommend investing only with regulated brokers that are located among reputable jurisdictions and offer respective overseen investment services. Therefore, we advise trading with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and XM.

• Overall ranking and experience for AAFX is Negative

Is iForex Scam or Legit broker?

iFOREX is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. In fact, the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is iForex?

iFOREX is a brand name of the group of companies that offers a wide range of solutions to trade CFDs and Forex, as well as Binary Options to international clients through an advanced proposal including narrowed specifications like Swap-free accounts forex and other instruments.

iFOREX provides round-the-clock, real-time trading services, allowing clients to invest in various CFD instruments (assets) such as shares, commodities, currencies, indices, ETFs and cryptocurrencies. In addition, iFOREX offers online trading education, 1-on-1 training and video tutorials, as well as technical and customer support in multiple languages.

• The Formula Investment House Ltd. company was founded back in 1996, while serving offices in British Virgin Islands and operates with the regulation from the BVI FSC.  The iFOREX Group’s European subsidiary is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license # 143/11.
• However, the company previously was imposed due to several violations. The broker operated through the company ICFD Ltd received a 138,000€ fine that referred to the providing of unlicensed services which included investment advice, as well as the company did not act in the best interest of its clients and failed to define the high-risk investments.  

• In addition , the internet sources are quite full of the complaints and negative reviews from the traders that engaged in the trading with iFOREX. The reviews mainly refer issues during the trading that behaved against the traders’ interests, as well as issues of the advisory service to trade accordingly that eventually led to losses.

Overall iFOREX Ranking 

With our finds and issues on iFOREX regulations and safety, we do not rank positively iFOREX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• iFOREX Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

iFOREX Alternative Brokers

Based on our research results and iForex safety issues we revealed,  here are much better Alternatives to iFOREX with good regulations and excellent conditions. We select Good Brokers and trustworty options for your comparison below: 

• FP Markets – Good for CopyTrading
• FXTM – Good for Beginners
• Plus500 – Good for Futures Trading

iForex in India

It has an exclusive website for Indian traders iForex.in iForex India claims to comply with BVI FSC for its global operation. However, iForex has no mention of complying with any Indian regulators on its website. 

iForex in the USA

iForex does not accept traders from the United States. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for IQ Option, you are only permitted to trade with the U.S regulated platforms.

• Here is the full list of the countries that are not allowed to trade with iForex: Afghanistan, American Samoa, Argentina, Australia, Belgium, Brazil, British Indian Ocean Territory, Canada, Christmas Island, Cocos (Keeling) Islands, Congo, Cyprus, French Southern Territories, Guam, Guernsey, Guinea, Haiti, Vatican State, Iran, Israel, Jersey, Korea, Lebanon, Libya, Netherlands, New Zealand, Puerto Rico, Rwanda, Samoa, Sudan, Singapore, Somalia, Syria, Turkey, United States.

Deposit & Withdrawal

The minimum deposit for opening an account with iForex is 100 USD/GBP/EUR. iFOREX facilitates deposits made both online and offline for your convenience. The options include: Bank Wire, Credit Card, Debit Card and e-wallet payment systems Skrill, Neteller, Diners and Western Union. iForex notes that no internal costs apply except a fee of $20 for bank wires, while third-party charges will depend on the payment processor. 

As to the withdrawals, a charge up to $20 may be applied, depending on the payment method and withdrawal size. To make a withdrawal, users must fill out a withdrawal request form. Withdrawals can take up to 28 working days to be processed, depending on the clearing solution trader funded his account with. Such a long period for the withdrawals obviously causes a lot of complaints from the clients. (Also read about Alpari Broker's Deposit & Withdrawals by the link.

Apps

iFOREX offers an advanced mobile platform compatible with most smartphones and tablets. For the ultimate mobile trading experience, you're invited to download the innovative, free mobile trading apps. Look for iFOREX Trading on the App Store  or on Google Play.

Demo Account 

A demo account is available to users but only once a real trading account has been activated. There are also time restrictions on how long the demo account can be used. Demo account is a great opportunity to practice strategies and become familiar with the platform with their demo account option.

iFOREX Review Conclusion

Overall, there are many questions in regards to the trust of the iFOREX company services and the manner they do operate the online trading itself. We strongly advise opening a trading account only with the brokers that are regulated by respected world authorities and comply with the required set of rules. We advise Traders to select well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BDSwiss since money safety and trust goes first.

• Overall ranking and experience for iFOREX is Negative