Min Deposit
USD 500
Regulators
Not Regulated
Trading Platform
MT4, Mirror Trader, WebTrader
Crypto
No
Total Pairs
200+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Some sources suggest that it is located in London, UK, and is Financial Conduct Authority (FCA) authorized and regulated.
A Quick Overview of our AlfaTrade Review:
- ✔️Who is Alfatrade
- ✔️Safe or Scam
- ✔️Pros and Cons
- Leverage
- Accounts
- Market Instruments
- Fees
- Deposit and Withdrawal
- Trading platforms
- How to open an account
- Customer Support
- Education
Others give the address as Bulgaria and St. Vincent and the Grenadines. The official telephone number is however UK-based.
Who is Alfatrade?
According to research in South Africa ALFATRADE is an online brokerage company founded in 2010 and owned by Alfa Trade (UK) Ltd.
The official website claims to be under maintenance. More research also showed that the company was previously registered with FCA (UK), but that the license was suspended in 2015.
While the company offers over 200 forex currency pairs, CFDs, commodities such as oil, gold silver, and major and minor indices to trade, it seems that it may perform a fishy business while pretending to be well-established and reliable.
Safe or Scam
One of the best benchmarks to measure the safety of a broker like ALFATRADE is to establish which regulating authorities are watchdogs over its actions.
ALFATRADE claims to be authorized and regulated by the Financial Conduct Authority (FCA) of the United Kingdom, but some sources suggest that the licence had been suspended a few years ago.
Min Deposit
USD 500
Regulators
Not Regulated
Trading Platform
MT4, Mirror Trader, WebTrader
Crypto
No
Total Pairs
200+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Pros and Cons
| PROS | CONS |
| 1. Demo account | 1. No bonuses or promotions |
| 2. Choice of trading accounts | 2. Regulation suspended |
Leverage
Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.
Leverage amount is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate to 500:1.
Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have funds in your trading account to ensure sufficient margin.
For example, on a 1% margin, a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal or more than 100% to be able to open new trades, otherwise, your trading account will be fully hedged.
ALFATRADE offers a maximum leverage ratio of 1:200
Accounts
A forex account at ALFATRADE is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.
Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against the Islamic faith.
Often, the number and type of accounts that a trader can open with a broker company differ depending on the country in which it operates and the regulatory authorities under whose jurisdiction it falls.
ALFATRADE offers the following types of accounts:
Standard Account:
Minimum deposit: $500
Minimum lot size: 1k (0.01 lot)
Minimum spread: 2.5 pips
Maximum leverage: 1:200
The Standard Account is also free from any commissions.
Premium Account:
Minimum deposit: $5 000
Minimum lot size: 1k (0.01 lot)
Minimum spread: 2.1 pips
Maximum leverage: 1:200
VIP Account:
Minimum deposit: $50 000
Minimum lot size: 1k (0.01 lot)
Minimum spread: 1.5 pips
Maximum leverage: 1:200
This is the best account type available and can be unlocked once you have at least 10 000 USD of the deposited funds.
All three accounts have access to Forex, CFD’s in Indices and metals and can be used with the MT4, MT4 mobile, and Mirror Trader platforms. A demo account is available for traders to practice Forex trading without putting their own money at risk.
Market Instruments
The most popular market instruments available from most brokers for trading include:
Forex:
Forex trading describes the currency exchange market which refers to the global, decentralized marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.
Commodities:
Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and play a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.
Indices:
Equity, or stock indices, are actual stock market indexes that measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.
Precious metals:
The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.
Energy:
The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.
ALFATRADE offers the following of the above:
CFDs, Commodities, Metals, Stocks, Oil, Gold and Indices.
Fees
Cost depends on different factors, like spread and margins, and ALFATRADE clients may also experience different fee structures according to their country or place of residence.
The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move.
Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.
ALFATRADE uses an STP (NDD) dealing model and raw spread from 0.1 pips + $2 per lot commission or variable spread from 1.5 pips with no commission.
Micro lots are available in the Premium account which can be opened with a minimum deposit of $5 000. The minimum spread for the Premium account is 2.3 pips and investors with $50 000 and more can open a VIP account with a spread reduced to 1.7 pips.
Deposit and Withdrawal
Accounts usually require a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done in the same ways, but sometimes differ.
In the case of ALFATRADE the following methods can be used to fund accounts:
All major credit cards, wire transfers and online payment programs such as Skrill, Neteller, WebMoney, CashU, and others. Most deposit methods are almost instantaneous, but bank transfers require up to 5 days of waiting.
ALFATRADE uses an efficient automated system to withdraw money but funds must be re-deposited in the same accounts from where they came. The deposit amount can be withdrawn anywhere but profits will have to be withdrawn via bank transfer to prevent money laundering.
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Trading platforms
The forex trading platform provided by ALFATRADE to its clients is in essence the software to carry out their trades. Some brokers provide only one, others quite a few platforms.
A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.
ALFATRADE provides clients with the following trading platforms:
MetaTrader 4
MT4 provides all the features you in cross-asset trading and the broker provides tutorials to aid in getting the most out of the features, analytical tools, and trading functions provided by the platform.
MT4 Mobile
The MetaTrader 4 Mobile trading platform offers traders all the features on the desktop version so that they have constant access to the global markets via their smartphones and other mobile devices. The mobile platform is compatible with Apple, Android and HTML5 devices.
Mirror Trader
Mirror Trading allows traders the ability to ‘mirror’ other experienced traders’ trading strategies. Choosing a strategy to ‘mirror’ depends on each trader’s personal preference and once a strategy is chosen, the trading platform automatically applies all trades using according to an automated mirroring process.
Webtrader
Traders at ALFATRADE can also use the Webtrader platform as an alternative to the MetaTrader4 platform. It offers simple navigation, advanced tools and features, intuitive controls, and round the clock access to the global markets.
How to open an account
Similar to a bank, to register a forex trading account with ALFATRADE for the first time, you will be required to go through a basic “know your customer” process, which will allow ALFATRADE to ascertain that your submitted details and ensure the safety of your funds and account details.
With ALFATRADE the process can be initiated and completed from the company homepage.
Customer Support
Potential traders need to make sure the broker company they chose will offer sufficient support whenever they need it.
In the case of ALFATRADE customers can reach the support team via email and by telephone in England, Germany and Italy. An online form is also provided, and a chat option is available during trading hours.
The ALFATRADE website supports English, Russian, Japanese, Portuguese, German, Spanish, French and Italian.
Education
Before starting to trade, potential clients of ALFATRADE should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.
ALFATRADE offers free access to useful tools and additional educational tools such as market analysis is provided on a continuous basis. An updated economic calendar gives information about all the events and conferences being held throughout the world.
Viewers also can watch a series of interesting and instructional videos with useful information on different subjects. The videos are divided into sections such as Trading Tools, ECN, Social Trading, Trading Strategies and more.
Beginners can learn more about terminology on a unit titled ‘Terms’ and they can participate in informative webinars given by an expert team of speakers.
An online ebook is available without having to register and chapters include subjects like Trader’s Psychology and Behavior, Essential Concepts and Terms, Tips for Successful Trading, Trading Tools and more.
Research
To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they don’t lose money unnecessarily and trade as profitable as possible.
With ALFATRADE they have access to market tools such as the Guardian Angel which is accessible directly from within MT4. The ALFATRADE Guardian Angel provides real-time feedback on a trader’s trading progress, including feedback on his/her strategy’s success and how they can improve it for future trading.
This personalized feedback and advice on past activity give traders confidence to trade more effectively.
Traders can sign up to receive trading signals on mobile devices or via email and have access to Autochartist, a market-scanning tool that identifies chart and Fibonacci patterns throughout the trading day and automatically places trades.
Awards
Being an awarded company instills extra confidence by traders. Although ALFATRADE is acclaimed by customers, there is no indication of awards won on its homepage.
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You might also like: ALFATRADE Demo Account
You might also like: ALFATRADE Fees and Spreads
You might also like: ALFATRADE Islamic Account Overview
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Conclusion
ALFATRADE offers a range of trading tools and educational resources, industry-standard software and various account types, so both beginner and more experienced traders can get an edge in the foreign exchange market.
The fact that this broker is supposedly regulated by a reputable regulatory authority adds to the trader’s feeling of confidence, but the company’s suspicious operations are confirmed by a number of complaints.
Min Deposit
USD 500
Regulators
Not Regulated
Trading Platform
MT4, Mirror Trader, WebTrader
Crypto
No
Total Pairs
200+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Disclaimer
ALFATRADE warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.
Before deciding to trade with ALFATRADE, potential traders are advised to carefully consider their investment objectives, financial situation, needs, and level of experience before investing money they cannot afford to lose.
ALFATRADE warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable, hence ALFATRADE cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
FAQs
TRADING ENVIRONMENT
- How many instruments can I trade with ALFATRADE?
You can trade several different instruments with ALFATRADE, which include the following:
- CFDs
- Commodities
- Metals
- Stocks
- Oil
- Gold
- Indices
- Which platforms are supported by ALFATRADE?
ALFATRADE provides the following popular trading platforms:
- MetaTrader 4
- MT4 Mobile
- Mirror Trader
- Does ALFATRADE offer leverage?
Yes, ALFATRADE offers maximum leverage of 1:200
- What spreads can I expect with ALFATRADE?
ALFATRADE offers Spreads: from 1.7 pips
If details on the website is not comprehensive, more information can be obtained from the customer support service.
- Does ALFATRADE charge commission?
No, more information on commissions can be obtained from the customer support service.
- Is ALFATRADE regulated?
ALFATRADE seems not to be regulated as claimed.
- Is ALFATRADE a recommended forex trading broker for experts and beginners?
ALFATRADE offers a fair-trading environment for all types of traders.
- What is the overall rating out of 10 for ALFATRADE?
5/10
ACCOUNTS
- What is the difference between a demo and a live trading account?
A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.
Does ALFATRADE offer a demo account?
Yes
- How long is the demo account valid?
The demo account can be used for the standard period.
- Which live trading accounts does ALFATRADE offer?
- Standard Account
- Premium Account
- VIP Account
- What are the available deposit currencies for a live trading account?
USD, and more.
DEPOSITS AND WITHDRAWALS
- What is the minimum deposit for ALFATRADE?
$ 500
- How do you make a deposit and withdrawal with ALFATRADE?
ALFATRADE offers the following deposit and withdrawal methods:
- Credit cards,
- Wire transfers
- Skrill,
- Neteller,
- WebMoney,
- CashU and others.
Withdrawals can be done via:
- Credit cards,
- Wire transfers
- Skrill,
- Neteller,
- WebMoney,
- CashU and others.
- Does ALFATRADE charge withdrawal fees?
The information can be found on the company homepage.
- How long does it take to make a withdrawal?
Depending on bank services it may take several days for the money to be available.
ALFATRADE AT A GLANCE |
|
| Broker’s Name | ALFATRADE |
| Headquartered | CITY, United Kingdom/ Bulgaria |
| Year Founded | 2010 |
| Regulating Authorities | FCA? Not regulate |
| Countries not accepted for trade | United States |
| Islamic Account (Swap Free) | No |
| Demo Account | Yes |
| Institutional Accounts | Yes |
| Managed Accounts | Yes |
| Maximum Leverage | 1:200 |
| Minimum Deposit | $500 |
| Deposit Options | Visa, MasterCard, Skrill, Neteller, CashU, WebMoney, iDeal |
| Withdrawal Options | Visa, MasterCard, Skrill, Neteller, CashU, WebMoney, iDeal |
| Platform Types | MT4 |
| OS Compatibility | Mobile, Web, iPhone |
| Tradable Assets | CFDs, Commodities, Metals, Stocks, Oil, Gold, Indices |
| Languages supported on Website | English, Spanish, Arabic, Italian, French, German, Chinese, Russian, Portuguese |
| Customer Support Languages | English, Spanish, Arabic, Italian, French, German, Chinese, Russian, Portuguese |
| Customer Service Hours | 24/6 |
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