Alain Fx Forex Broker

Alain Fx Review SummaryFounded2015Registered Country/RegionUnited Arab EmiratesRegulationUnregulatedMarket InstrumentsForex pairs, indices, shares, options, commodities and CFDsDemo Account✅Leverage1:1-1:400SpreadFrom 2.5 pips (Basic account)Trading PlatformMetaTrader 5Min Deposit$100Customer SupportTel: +971 528002611Email: support@alainfx.comTwitter: https://twitter.com/Alain_fxFacebook: https://www.facebook.com/alainforexPhysical Address: Unit 1207, 1 Lake Plaza, Plot NO PH2-T2, Jumeirah Lake Towers, DubaiRegional RestrictionsUSA, Mauritius, Japan, Canada, Haiti, Iran, Suriname, the Democratic People's Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus, Quebec, Iraq, Syria and Cuba Alain FX is a British broker founded in 2015, offering forex pairs, indices, shares and options commodities and CFDs on the popular MetaTrader 5 platform.The company provides three types of accounts, with a minimum deposit set at $100 and leverage up to 1:400. However, Alain FX has not obtained authorization from any financial regulatory authorities. In addition, Alain FX does not provide services to residents of the USA, Mauritius, Japan, Canada, Haiti, Iran, Suriname, the Democratic People's Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus, Quebec, Iraq, Syria and Cuba.Pros and ConsPros Cons Multiple trading choicesLack of regulationVersatile trading accountsHigh spreadsDemo accountsRegional restrictionsFlexible leverage ratiosCommission-freeMT5 supportMultiple payment optionsNo fees for deposits and withdrawalsIs AlainFx Legit? The company behind AlainFx, Alains Market Solutions Ltd., has not obtained authorization from the Financial Conduct Authority (FCA) of the United Kingdom or any other regulatory body, lacking legitimate oversight.What Can I Trade on AlainFx? AlainFx offers forex pairs, shares and options, commodities and contracts for difference (CFDs) on indices and precious metals. However, it is not advisable to trade any instruments through such an unregulated broker. Forex pairs: USD / JPY, USD/CHF, USD / CAD, USD/ILS, USD/PLN, USD/CZK, USD/HKD, USD/SGD, USD/MXN and USD/SEK... Shares and options: US Dollar / Japanese Yen, Australian Dollar / US Dollar, US Dollar / Swiss Franc, US Dollar / Canadian Dollar, WTI Crude Oil/US Dollar... Commodities: WTI Crude Oil, Gasoil, Brent Crude, Heating Oil, Natural Gas, Wheat, Corn, Cotton... Indices: US 500 (SPI), US 30 (DOW), US Tech (NDQ), UK 100 (FTS), Germany 30 (DAX), EU Stocks 50 (ESX)...Tradable Instruments Supported Forex ✔CFDs✔Commodities✔Indices✔Shares✔Options✔Cryptocurrencies❌Bonds❌ETFs❌Account Type Apart from demo accounts, AlainFx also offers three types of live trading accounts: Basic Account, Economic Account, and Classic Account. The minimum deposit requirements for these accounts are $100, $500, and $10,000, respectively.Account TypeMin DepositBasic$100Economic$500Classic$10,000Leverage The maximum leverage for the Basic Account is set at 1:400, while for the Economic Account, it is relatively lower at 1:200, and for the Classic Account, it is 1:100.Account TypeLeverageBasic1:1-1:400Economic1:1-1:200Classic1:1-1:100 However, it is common knowledge that high leverage entails high risk, especially when trading with a broker lacking regulation.Spread and Commission Currency pairs spreads listed on the AlainFX seem a little bit wide, the spread on EUR/USD pair around 1.8 pips, EUR/GBP pair around 3 pips, all higher than sector standard. Spreads also vary depending on various trading accounts, as follows:Account TypeSpreadCommissionBasicFrom 2.5 pips❌EconomicFrom 1.7 pips❌ClassicFrom 0.9 pips❌ All account types are commission-free.Trading Platform AlainFx claims to provide the world-leading trading platform MT5, with desktop and mobile versions available. However, we still recommend choosing a regulated broker with legal trading permission from professional platforms like MT4/5 or cTrader.Trading PlatformSupported Available Devices Suitable forMT4❌/BeginnersMT5✔Desktop, mobileExperienced tradersDeposit and withdrawal AlainFx supports the following deposit/withdrawal methods: credit/debit card, wire transfer, Skrill, Neteller, and WebMoney. It does not charge any commission for deposits & withdrawal, and it takes 3 to 7 days to withdraw funds.