Alphachain Forex Broker provides real users with 2 positive reviews, * neutral reviews and * exposure review!
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License
Excellent experience, communication and cooperation! Great customer service answering all ur questions in just a Minute! And everything was clear and understood!
I’ve learned a lot from its training courses. Many successful traders shared their successful trading strategies. A good platform for learn trading. Come on guys.
Alphachain, a relatively new player in the forex trading landscape, has garnered mixed reviews from users and industry experts alike. Established in 2017, this unregulated broker offers a wide range of trading instruments and educational programs. However, concerns about its legitimacy and regulatory status have led to warnings from various financial authorities. Notably, users have reported issues regarding withdrawal processes and overall trustworthiness.
Note: It's essential to recognize that Alphachain operates across different regions under various entities, which could impact user experiences and regulatory oversight. This review aims to provide a balanced perspective based on the available information to ensure fairness and accuracy.
| Criteria | Score (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 6 |
| Customer Service and Support | 5 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 2 |
| User Experience | 4 |
How We Rate Brokers: Our ratings are based on a comprehensive analysis of user feedback, expert opinions, and factual data regarding services, fees, and regulatory compliance.
Founded in 2017, Alphachain operates from the United Kingdom, offering access to various trading instruments, including forex, indices, commodities, and cryptocurrencies. The broker primarily utilizes the MetaTrader 4 (MT4) platform, which is widely recognized for its user-friendly interface and robust analytical tools. However, the lack of regulatory oversight raises significant concerns about investor protection and overall trustworthiness.
Alphachain is currently unregulated, posing a high risk to traders. The absence of oversight means that there are no guarantees regarding the safety of funds or compliance with industry standards. According to WikiFX, the broker has received a low score of 1.46 out of 10, indicating significant risks associated with its operations. Users have reported concerns regarding potential scams and fraudulent activities linked to the platform.
Alphachain accepts various currencies for deposits and withdrawals, but specific details regarding available cryptocurrencies remain vague. The minimum deposit required to open an account is approximately £795, which is considered high compared to other brokers. Users have expressed dissatisfaction with the lengthy withdrawal processes, often taking up to seven business days, as noted in several reviews, including those from Intelligence Commissioner.
Alphachain offers several account types, including a $15,000 funded trading account and a $20,000 funded trading account, both requiring one-time setup fees. The profit-sharing model allows traders to retain 50% of their earnings, which is relatively low compared to industry standards. Users have criticized the high fees associated with the educational programs, which are mandatory for accessing funded accounts.
Traders at Alphachain can access a diverse range of trading instruments, including over 100 forex pairs, commodities like gold and silver, and various cryptocurrencies. The platform offers leverage of up to 1:100, which can amplify both profits and losses. However, the lack of transparency regarding trading conditions and potential risks has raised red flags for many users.
Alphachain provides customer support through email and phone, but users have reported slow response times and limited availability. The lack of a dedicated live chat feature has further frustrated traders seeking immediate assistance. According to reviews on Trustpilot, some users have had positive experiences with customer service, while others have faced significant challenges.
In summary, the Alphachain review highlights a broker that offers a variety of trading opportunities but operates in a high-risk environment due to its unregulated status. While the platform provides access to several trading instruments and educational programs, the associated costs and withdrawal issues raise significant concerns. Prospective traders should exercise caution and conduct thorough research before engaging with Alphachain, considering the mixed feedback and potential risks involved.
For those considering trading with Alphachain, it may be prudent to explore alternative brokers that offer stronger regulatory protections and more favorable trading conditions.
