ALPFOREX Review: 5 shocking facts about this forex broker
ALPFOREX is a shady, unprofessional, and unreliable forex broker. The company uses false advertisement tricks and empty promises to lure in unsuspecting victims. Do not waste your time and money with ALPFOREX for it could be potentially dangerous and harmful to your finances.To get more news about alpforex review, you can visit wikifx.com official website.
ALPFOREX has no license and is not regulated by any financial authority. It is not recommended to deal with this dubious broker since there are plenty of other FX brokers available on the market that provide the security you deserve.
See, ALPFOREX claims to be a brokerage company based in Hong Kong. Hong Kong, a major financial hub, is home to a number of brokers. The Securities and Futures Commission (SFC) is the local regulatory authority responsible to regulate the securities and futures markets and protect investors.
Hong Kong’s securities, futures, and leveraged foreign exchange intermediaries are listed in the SFC’s register. You can easily check whether a certain broker is regulated by the Hong Kong Commission by simply searching its name on its registry. This is exactly what we did with ALPFOREX and it came as no surprise that it does not appear to be a regulated entity.
Another funny thing we noticed on their website is that most of the information is in Thai. Even more, they have a disclaimer specifically asking for a Thai bank account to be able to trade with ALPFOREX.
It’s obvious that ALPFOREX is an out-and-out scam, you better save your money and time for a broker who deserves it and will have your back. Similarly to the UK, Hong Kong offers significant assurances about the security of clients’ funds and has excellent legal requirements for forex brokers.Regardless of their claim to be offering the MetaTrader4 platform, ALPFOREX allows registration to only Thailand-based traders, therefore, we were unable to sign up and verify this claim.
Anyway, we recommend you save your time and money by looking for a reliable forex broker offering the MetaTrader platform. Traders benefit from the high performance and reliability of the MetaTrader platforms. MetaTrader4 and MetaTrader5 are two of the best and most efficient trading platforms available today.
ALPFOREX offers two account options including Standard and ECN accounts. The minimum deposit they require is quite affordable – USD 10 for both account types. Keep in mind that most legit forex brokers require a deposit of up to USD 200 to sign up and open an account with them. Therefore, ALPFOREX’s requirement falls within the range of a standard deposit requirement in the industry.
As for the spread, ALPFOREX promises an ultra-tight spread as low as 0.0 pips for ECN and 1.0 for a Standard account. Keep in mind that a standard spread is anything up to 1.5 pips. We understand that a low spread may be appealing to traders, but it’s not a solid reason to disregard all the red flags regarding the legitimacy of this shady forex broker.
There’s no need to compromise. The market is flooded with trustworthy brokers, offering both fixed and low spreads. You better check them out before investing your hard-earned money.
Additionally, ALPFOREX provides a bombastic leverage of up to 1:1000 on a Standard and 1:500 on their ECN account. Bear in mind that the Hong Kong-based legit brokers are required to restrict their offered leverage to up to 1:20. Now, we’ve seen countless fake forex brokers advertising their monkey business by promising high-leveraged trading. This is usually just another one of their dirty tricks to lure you into signing up with them. Such claims should be always taken with a grain of salt.
Unfortunately, the majority of novice investors don’t have the knowledge or experience to properly use high-leveraged trading. If you want to try high-leveraged trading, we suggest you choose a reputable forex broker that offers negative balance protection to back your account up if the market moves against your positions and your losses exceed the amount in your account. Prepare for the worst, and hope for the best, right!?