ALANFX Forex Broker

Note: ALANFX's official website: http://www.alanbinks.net/en/ is currently inaccessible normally.ALANFX Information ALANFX, short for Alan Global Binks Limited, was founded in 2009 and headquartered in London, UK. Its network covers multiple places including Australia, the United Kingdom, Japan, New Zealand etc. Its business focus on forex, and extend to spot gold, spot silver, crude oil and CFDs. It offers 3 tiered account types: Standard, Pro, and Premium accounts, all are free to open without any initial deposits requirements. Moreover, the broker offers leverage up to 1:100 and spread ranging from 0.9 pips for EURUSD to 20 pips for USCHN. But both leverage and spread changes according to market conditions, traders should keep close eyes on the latest information. In addition, ALANFX offers traders the MT5 trading platform with advanced charting analysis, the ability to trade with one click, and a mobile stop-loss feature for PC and mobile versions. Deposit/withdrawal are free without additional charges and can be processed through UnionPay debit cards. Withdrawals are in CNY and take 1 to 2 business days to arrive. You can contact the company at email: service@alanbinks.com and telephone +0044 (20) 80897166. Notably, ALANFX currently holds three licenses from different authorities: a revoked license from the Financial Conduct Authority (No. 932239), a revoked licensefrom the Australian Securities and Investment Commission (No. 001284918), and an unauthorized license from the National Futures Association of the United States (No. 0529684). The status of the licenses raises significant concerns about the broker's legitimacy and credibility.Is ALANFX Legit？Financial Conduct Authority (FCA)Current StatusRevokedRegulated by United KingdomLicense TypeAppointed Representative (AR)License No.932239Licensed InstitutionALAN GLOBAL LIMITEDAustralia Securities & Investment Commission (ASIC)Current StatusRevokedRegulated by AustraliaLicense TypeAppointed Representative (AR)License No.001284918Licensed InstitutionALAN BUSINESS CONSULTING PTY LTDNational Futures Association (NFA)Current StatusUnauthorizedRegulated by United StatesLicense TypeCommon Financial Service LicenseLicense No.0529684Licensed InstitutionALAN GLOBAL BINKS LIMITEDALANFX is regulated by three different authorities: National Futures Association (NFA) with license no. 0529684, Australia Securities & Investment Commission (ASIC) with license no. 001284918 and Financial Conduct Authority (FCA) with license no. 932239. But the status of all the licenses are either revoked or unauthorized.Downsides of ALANFX Unavailable website: ALANFX's website cannot be opened currently, which makes traders without valid access to its services. Regulatory concerns: The revoked FCA, ASIC and unauthorized NFA regulatory status of the ALANFX casting serious doubts on the broker's commitment to adhere to financial regulations. Numerous reports of withdrawal issues on WikiFX: There are 34 exposures on WikiFX for this broker, most of them are withdrawal issues. This suggests that the broker might be deliberately obstructing traders to withdraw their profits and funds, indicating potential frauds.Negative ALANFX Reviews on WikiFX On WikiFX, “Exposure” is posted as a word of mouth received from users. Traders are encouraged to review information and assess risks before trading on unregulated platforms. Please consult our platform for related details. Report fraudulent brokers in our Exposure section and our team will work to resolve any issues you encounter. As of now, there are 34 pieces of ALANFX exposure in total. I will introduce 2 of them.ClassificationWithdrawal issuesDate2021-10-16Post CountryHong Kong An investor from Hong Kong reported that her withdrawal requests are not approved since Sep 10 and she never receive reply from the platform either.ClassificationWithdrawal issuesDate2021-10-02Post CountryMalaysia A Malaysian trader said customer service of ALANFX did not allow her to withdraw her money even though she completed the required volume of transactions. They asked her to retrade after clicking the customer service button and disappeared.Conclusion In conclusion, though the company offers a wide range of financial instruments, tiered accounts for varying experience levels, zero fees for account opening/ deposit/ withdrawal, and the reputable MT5 trading platfrom, the downsides overwhelm pros, making it a less preferable choice for traders. Its revoked FCA, ASIC and unauthorized NFA regulatory status, inaccessible website and a large number of exposures to withdrawal difficulties raise questions about its legality, reliability and credibility. All these factors imply that ALANFX might be a scam broker that you will lose all your funds trading with them since you cannot withdraw. Therefore, choosing well-regulated alternatives with reputable track records is our heartfelt suggestion to you.