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AlfaTrade (alfatrade.pro) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! Alfa Trade scam works by getting you to believe you can become rich by trading with them.
You have probably been looking at different online brokers for opening a trading account if you have come to this AlfaTrade review. It is a big decision after all, and not one that should be made without careful consideration.
You will use their services for trading in the financial markets for the long-term and they will provide you with the platform to use, the conditions and the support you require. Plus, they will also safeguard your information and your money, so you cannot just trust a random company to fulfill all these obligations.
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Every market has its share of good and bad companies, which means you have to sort through them. In addition, your needs and priorities can vary from other traders, so you need to choose a brokerage according to your requirements.
All of this means that you have to do your homework. It is also essential to do so because there are scam and fraudulent brokers that also operate in the market and you do not want to fall for their tricks. They know just how to draw your attention and fool you into opting for them, which means you have to be very careful.
The only way you will be able to avoid such disastrous consequences is when you do your homework and ensure that you are choosing a brokerage that does not have any issues. If it does, it is better to be safe than sorry and look for a different company altogether.
The good news is that you do not have to have any special skills to accomplish this goal. The only thing that needs to be done is verify that everything the broker is telling you is true and not fabricated. The same applies in the case of AlfaTrade that advertises itself as a forex and CFD broker with offices all over Europe, from Switzerland to UK and all the way to Spain.
Trading of forex pairs, bonds, precious metals, energy and soft commodities, futures, stocks, indices and cryptocurrencies is supported at AlfaTrade and it also promises access to the MT5 trading platform. But, does it deliver on any of these promises? When you do your homework and try to verify these claims, you will find the following issues with AlfaTrade.
You need to get to know an online broker before choosing them as your partner in your trading journey. This is because you have to depend on them for protecting your data and funds and you cannot expect just any company to do that.
You need to know exactly who you are dealing with, which means you have to ensure they have a license to provide their services and look into their corporate background and other details. You should take this approach with AlfaTrade as well, which claims to be operating across Europe.
These claims have to be verified because nothing can be taken for granted and this is where you will come to know that AlfaTrade is an unregulated broker. You can check the online registers of regulatory bodies of the UK i.e. the Financial Conduct Authority (FCA), the Swiss Financial Market Supervisory Authority (FINMA), or the financial authorities of Spain and Poland. None of these will have AlfaTrade listed, which shows that its claims of having offices in these regions are false.
Since it does not have any credibility, it means that you cannot take the AlfaTrade’s word for anything it is saying. It means that you are likely dealing with an anonymous broker because you will not find any corporate background, or other details on the AlfaTrade website. No legitimate company will offer trading services in Europe without a license because they know it is illegal and if AlfaTrade is doing so, then you cannot trust it at all. If they can break one law, they can break others too.
When you go through the offerings on the AlfaTrade website, you will come across what seem to be benign icons that are labeled TeamViewer and AnyDesk.
These may appear harmless, but you should be aware that these are actually remote desktop applications. Their purpose is to help users in accessing their PC environment from anywhere, as long as they have access to the internet.
This is extremely convenient and can be extremely helpful for people, but why is AlfaTrade offering them to you? Scam brokers usually do so because they want you to share installation details of these apps with them.
Upon doing so, they will be granted access to your PC and all the information stored on it. This includes your passwords and banking information, which AlfaTrade can then use to steal money directly from your account. Thus, these apps make it apparent that it has malicious intentions.
No trading software
One of the most attractive claims that AlfaTrade makes for drawing your attention is the availability of the MT5 trading platform. As it is the top trading platform in the market, it is a given that you would want to use it for your trading journey. Moreover, only leading brokers offer this platform to their clients and this makes AlfaTrade seem more attractive.
But, when you try to access the MT5 platform on the AlfaTrade website, you will find that they are offering you an unbranded, generic and trial version that has absolutely nothing to do with the broker. It is available for free on the website of the developer, MetaQuotes that you can access even without signing up with AlfaTrade. What does this tell you?
It indicates that AlfaTrade is not offering any trading platform at all. Since it is the key software that you need for trading, the fact that it is unavailable means you cannot do any trading. Does that sound like something a genuine broker would do?
The leverage ratio advertised in the presentation of AlfaTrade is 1:500, which is excessive. It is also proof that the broker is not based in Europe because such ratios are not allowed in the region.
These issues that you uncover about AlfaTrade make it clear that you are not dealing with a genuine broker and should drop it right away.