AlfaTrade foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://alfatraders.pro/open-account/, about the company's legal and temporary regulatory information, the company's address First Floor, First St Vincent Bank Ltd Building James Street, Kingstown, 1574, St. Vincent and the Grenadines.
AlfaTrade Forex Broker
Basic information
Saint Vincent and the Grenadines
1-2 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Note: AlfaTrade's official website: https://alfaspanaders.pro/ is currently inaccessible normal.
Founded in 2023, AlfaTrade is an unregulated broker registered in Saint Vincent and the Grenadines, claiming to offer trading on Currency, Stocks, Indices, Cryptos, and Commodities with leverage up to 1:1000 via a web-based trading platform. However, the minimum deposit requirement is as high as $5 000.
Pros and Cons
| Pros | Cons |
| Provide demo accounts | Unregulated |
| Diverse market instruments | Blacklisted by the CNMV |
| No reliable trading software | |
| Risky leverage ratios | |
| High minimum deposit requirements |
Is AlfaTrade Legit?
AlfaTrade is completely unregulated. The brand of AlfaTrade differs from the domain it uses.
What Can I Trade on AlfaTrade?
AlfaTrade offers a variety of trading products including foreign exchange, stocks, indices, cryptocurrencies, and commodities.
| Tradable Instruments | Supported |
| Currency | ✔ |
| Stocks | ✔ |
| Indices | ✔ |
| Crypto | ✔ |
| Commodities | ✔ |
Account Type
AlfaTrade offers three different types of accounts and supports demo accounts.
| Account Type | Minimum Deposit | Leverage | Withdrawal |
|---|---|---|---|
| Basic | $5 000 | 1:50 | 4 business days |
| Silver | $10 000 | 1:100 | 3 business days |
| Gold | $25 000 | 1:200 | 2 business days |
| Platinum | $10 0000 | 1:400 | 1 business day |
| Diamond | $1 000 000 | 1:1000 | Within 12 hours |
Leverage
AlfaTrade offers a maximum leverage of 1000:1 for Forex trading, which is significantly higher than the industry average. For stocks and indices, the leverage ratio is also set at 100:1, while cryptocurrencies have a lower leverage limit of 10:1. Gold trading with AlfaTrade allows for a leverage of up to 100:1. It's important to note that these high leverage ratios can amplify both profits and losses, making trading riskier.
AlfaTrade Spreads
AlfaTrade's spreads for major currency pairs are relatively high. Traders can expect a spread of 1.5 pips for EURUSD, 3.5 pips for GBPUSD, and 3.0 pips for USDJPY.
| Broker | EURUSD Spread | GBPUSD Spread | USDJPY Spread |
| AlfaTrade | 1.5 | 3.5 | 3.0 |
| FXTM | 0.4 | 0.7 | 0.7 |
| FP Markets | 1.0 | 1.2 | 1.2 |
| XM | 1.1 | 1.3 | 1.3 |
Trading Platform
AlfaTrade promotes its trading platform as an advanced web-based software, but in reality, it is quite generic. Many similar platforms offer only limited functionalities.
Deposit and Withdrawal
AlfaTrade does not explicitly state whether it charges fees for withdrawals and deposits. Its minimum deposit amount is 5,000 USD.
| Payment Method | Deposit Time | Withdrawal Time | Fee |
|---|---|---|---|
| Bank Wire | 2-5 business days | 2-5 business days | $25+ |
| Crypto | 24 hours | 24 hours | Vary |
Rating Index
AlfaTrade Similarly Rated Brokers
Danorez10
Mexico
They scammed me on falabella, I had to complete tasks to earn a commission and they ended up freezing my earnings so I can't withdraw my money.
Exposure
2024-03-02