Alfa Forex Forex broker specializes in providing foreign exchange trading services, the company's official website https://alfaforex.ru/open-account, the company's legitimate regulatory information RussiaCBRRetail Forex License, to enhance the security of the company's address г. Москва, ул. Маши Порываевой, д. 7, стр 1, эт. 1.
Alfa Forex Forex Broker
Basic information
Russia
5-10 years Suspicious Regulatory License Global Business High potential riskCompany profile
Alfa Forex Information
Alfa Forex is a Russian brokerage company mainly focuses on forex trading. Spread is tight for the major EUR/USD from 1.4 pips, and can go very wide to 3200 pips for the exotic EUR/TRY.
Trades are executed on the world-recognized MetaTrader 5 platform to enhance customer experience. The broker also offers a series of analytical tools such as an economic calendar, calculator for traders to catch market trends efficiently. What's more, educational resources such as glossaries enable traders to develop fundamental knowledge about investment.
However, it's worth noting that the company's license by CBR is suspected to be fake clone, degrading its legitimacy and credibility significantly.
Pros and Cons
| Pros | Cons |
| Demo accounts available | Suspicious CBR clone |
| No withdrawal fees | Limited tradable asset classes |
| No account opening/maintenance fees | |
| MetaTrader 5 platform | |
| Popular payment options | |
| Live chat support |
Is Alfa Forex Legit?
BP Prime is currently regulated by CBR (Central Bank of Russia) in Russia, with a license numbering at 045-14070-020000.
However, the license is suspected to be a fake clone, indicating that the broker might be pretending to be another reputable financial firm to conduct possible scam activities. You should be extremely wary about this.
| Regulated Country | Regulator | Current Status | Regulated Entity | License Type | License No. |
| CBR | Suspicious clone | Общество с ограниченной ответственностью «Альфа-Форекс» | Retail Forex License | 045-14070-020000 |
What Can I Trade on Alfa Forex?
Alfa Forex claims to offer trading in 41 currency pairs, from the major EUR/USD, GBP/USD, to exotic pairs like USD/TRY, EUR/TRY, etc.
| Tradable Instruments | Supported |
| Forex | ✔ |
| Commodities | ❌ |
| Indices | ❌ |
| Stocks | ❌ |
| Cryptocurrencies | ❌ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
Account Type/Fees
Alfa Forex offers a demo account for traders to practice their trading strategies and get familiar with the company's platform before real trading. Nevertheless, there's limited information about live accounts. We can only get information about trading conditions such as minimum deposit, leverage from nowhere.
Live trading is transacted in CNY, USD, EUR and RUB.
The broker offers tight spread for the major currencies. For example, spread is from 1.4 pips for EUR/USD and 2.1 pips FOR GBP/USD. But be careful about the exotic pairs, spreads can be extremely wide and surge to 3000 pips for USD/TRY and 3200 pips for EUR/TRY.
One favourable condition is that the broker does not charge commissions for opening or maintanence of accounts.
Trading Platform
Alfa Forex only offers a the industry-leading MetaTrader 5 platform for clients to execute trades and catch up with market trends. The platform is renowned for its user-friendly interface, automatic execution and analytical charting tools.
You can access the platform through web, or download an app from Windows, iOS and Android devices.
| Trading Platform | Supported | Available Devices | Suitable for |
| MT5 | ✔ | Web, Windows, iOS, Android | Experienced traders |
| MT4 | ❌ | / | Beginners |
Deposit and Withdrawal
Alfa Forex accepts payments in several methods, each with different deposit/withdrawal currencies, fees and processing time.
- Deposit:
| Method | Currencies | Fees | Processing Time |
| Alfa Mobile Banking App | RUB, USD, EUR, CNY | ❌ | RUB: ~10 minutes; USD, EUR, CNY: ~1 hour |
| Alfa Online Banking | |||
| Bank Branch | Check with branch | 1-2 business days | |
| Other Bank | RUB, USD, EUR | Banks' commission | |
| Bank Cards (MasterCard, Visa, World) | 1% |
- Withdrawal
| Method | Currencies | Fees | Processing Time |
| To Alfa-Bank | RUB, USD, EUR, CNY | ❌ | 1-2 business days |
| To other banks | RUB | Banks' commission |
Rating Index
Alfa Forex Similarly Rated Brokers
Latest Reviews
Николай Фомин
Russia
As a beginner in trading, I can recommend Alpha Forex as a broker for people like me. I started this whole journey when I came across this broker and went to the education section. I reviewed all the archived webinars on their website and then moved on to their demo version, just to try it out at first. But then it turned out that I have had a real account with Alpha Forex for six months now, and it is currently my additional income. As for the platform, I can say that everything is intuitively understandable, with fast registration and a user-friendly interface. Of course, I had to reach out to customer support, but they are always in touch with me and even help me gradually develop my trading strategy. I also started following their daily market reviews on the Telegram channel.
Positive
2024-04-24
Саша Штерн
Germany
I trade with the mobile version of AF, everything works without problems. I always carry my phone with me, it’s very convenient. The broker offers the already familiar MT5 terminal; in the mobile version it is no less convenient to use than in the desktop version. On the plus side - 40 currency pairs, fast execution of orders, no problems with withdrawal of funds and the ability to open transactions with micro lots. On the downside, I would like to see even more exotic currency pairs, I am interested in this topic. But in general everything is cool.
Positive
2023-12-25
SasunSosan
Germany
A decent forex dealer, with a wide range of currency pairs, including ruble pairs, and with our license. Everything is legal, they also calculate taxes themselves, the client doesn't need to worry about it. As for the trading conditions, personally, they suit me: normal spreads, floating leverage, can reach up to 1:40, you can open a trade with 0.1 lot. There is a lot of different types of analysis for beginners here. The quotes are from banks.
Positive
2024-05-28