October 8, 2019
Alpha Forex broker review, details about licensing, spreads, commissions and reviews

The distinctive feature of Alpha Forex is its banking specialization, all transactions of brokers are carried out through their bank accounts. This broker enjoys trust and demand, as all unforeseen situations are insured by Alpha Bank.

Briefly about Alpha Forex

Established and registered Alpha Forex in the Virgin Islands in 2003. The broker Alpha Forex is part of the consortium of Alpha Group, one of the largest financially — investment organizations on the market. 

In the first ten years in the market the broker did not take any active actions, and only in 2013 began activity to promote brokerage services for speculators and traders. 

In 2018, Alpha Forex stopped servicing customers from Russia due to the reluctance of management to obtain a license from the Central Bank of Russia. At the moment the broker has a Cypriot license.

License and legal regulation

The regulator of alpha forex is a large consortium of Alpha Groups founded back in 1989. The consortium includes one of the largest CIS banks, Alpha Bank. 

The broker also has a Cyprus license from the Cyprus Securities and Exchange Commission (CySEC) which must guarantee financial protection of users in disputed situations. The license for the British-controlled Virgin Islands has the code SIBA/L/13/1058.

Complaints and claims

At this point the broker alpha forex has not been seen in major scandals related to the deception of users, nor has there been a formal litigation involving him. 

The reputation of Alpha Forex can be safely regarded as positive and it is not surprising, because Alpha forex is part of a large banking network.

User reviews

Users of Alpha forex note the security of transactions, they note that all risks are covered by Alpha Bank, which makes trading with this broker quite safe. 

Also, users distinguish the convenience of the trading system itself, fast and adequate technical support. There is also a developed and well-thought-out system of PAMMs, users consider it the strongest among similar brokers.

From the negative reviews can be identified those that are associated with the bug system and strong discrepancies with the schedules of other banks. A small percentage of users believe that this is not a bug, but a targeted deception of investors by a broker. 

However, in most cases, the call to the support solves these controversial points and the funds are returned to users.

Trading conditions

You can invest through Alpha Forex 40 trading pairs, as well as valuable metals, forwards, CFDs and Eurobonds.

Spreads and commission

The wide variety of trading platforms from Alpha Forex allows users to choose the right conditions for their currency transactions. 

Leverage at this broker up to 1:200, on average 1:40, spreads on popular currency pairs such as EUR/USD fluctuate within 1.6. For other currency pairs, the minimum spreads are:

  • GBP/USD – 2.2.
  • USD/JPY – 2.0.
  • USD/CHF – 1.7.
  • AUD/USD – 2.8.
  • EUR/GBP – 1.7.
  • EUR/JPY – 2.0.

It is also possible to open counter positions on one financial instrument.

  Account types

On the platform, users can use a classic and demo account for training.

Trading with the “broker name”

The broker Alpha Forex is good because it offers instant execution of orders, high-quality technical support, training in trading, as well as replenishment and withdrawal of money without paying commission.

Trading platforms

The broker has three platforms, for each of them there are separate conditions for making deals. MetaTrader 4 or MT4:

  • – the leverage is up to 1:200;
  • RUR/USD/PLN/EUR foreign exchange accounts;
  • – instruments in the form of currency pairs, metals, CFDs;
  • Lack of commission;
  • Minimum spread 0.7 p.;
  • Execution with Market Execution
  • The minimum transaction size is 0.01;
  • – allowed trading advisers, scalping.

MetaTrader 5 or MT5:

  • A leverage of up to 1:200;
  • Execution with Instant Execution
  • Is a very powerful analyst.
  • Spread from 0.7 p.;
  • – trading instrements in the form of forty currency pairs, precious metals and CFDs;
  • The lack of a committy is a consequence.
  • – the size of the minimum trade 0.01 (1,000 base currency), step 0.01.

Zulutrade

  • – the leverage is up to 1:100;
  • A deposit of $300;
  • The possibility of a demo mode
  • Minimum spread of 2.2 p.;
  • Instruments of 40 currency pairs, valuable metals;
  • – a performance of Market Execution.

It is also worth noting the latest platform of zuluTrade, with which you can copy strategies and keep transparent statistics.

Training

Alpha Forex is engaged in training on the YouTube channel and using a demo account. The first option is a digest of current economic events of the market. On the broker’s official website you can see the analytics, as well as webinars on the body of trades.

Support

The broker has quite high-quality technical support. Most users note the work of specialists as adequate and customer-oriented. Tech support monitors not only requests on the broker’s official website, but also on large platforms.

Is it worth investing in trading with Alpha Forex?

Given all of the above, it can be argued that Alpha Forex has established itself as quite reliable. 

Whether to trade with the help of Alpha Forex, each investor must decide for himself. One thing is for sure, in most controversial cases the company pays users their money.

However, there are incidents when the system failed and users were not able to convey to the technical support the essence of the claim, and therefore did not return their money. There is also a case when in a similar situation people still returned their investments, before that not least nervous.

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