AlphaBet BTC

AlphaBet BTC falls into the category of alleged brokers, that we are able to sniff out in mere seconds. Read on to find out more about this suspicious broker.

After going through the website multiple times and scouting through the Terms and Conditions, AlphaBet BTC presented us with one name of a country: Bulgaria. There was no sign of a regulation.

The entity that regulates the financial market in Bulgaria is the Financial Supervision Commission (FSC). This agency’s mission is to maintain the stability of the market industry through legal and administrative means. There is a compensation scheme that covers 90% of the clients funds in the event the brokers becomes insolvent. The reimbursed sum cannot surpass €20 450.
After not being able to find any hint at such a license, we are bound to conclude that AlphaBet BTC is UNREGULATED.

We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.

After registering in a heartbeat, we were not given the option to choose our leverage. In fact there is no leverage value anywhere on the website.

The spread for the EUR/USD pair is 3 pips, a ridiculous cost of trade that is definitely not in favor of traders.

AlphaBet BTC claims to be a crypto-only broker. It’s asset menu on the website says so, and on multiple occasions in proclaims to be an innovative crypto-based broker. However, on the trading platform we are immediately greeted by a plethora of other instruments including: Forex Pairs, Commodities, Indices, Futures, Stocks, and Crypto.

The languages in which the website can be translated in are English, German, Spanish, and French.

ALPHABET BTC LOGIN

The seemingly proprietary platform is just what we expected from a broker such as this one. The platform isn’t really a trader but a “borrowed” chart from a third party provider. The only actual part that can be considered as a platform for selling/buying Forex and CFDs is the left section of the terminal where all the assets are listed. The rest of it is pretty much useless.

As you can see the spread for the EUR/USD pair is 3 pips, which does no one any good, while a leverage value is not given.

The “trader” is strictly browser based.

ALPHABET BTC MINIMUM DEPOSIT

The minimum deposit is $200. That is the sum that was required of us in order to continue with the payment procedure.

The methods used to fund an account are via Debit/Credit Cards, Wire Transfer and Boleto. This info was taken straight from the Cashier section of the website, which is accessed after a successful registration.

Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so. And even if TitanPro500 does briefly warns to cover the CVV code, we are still prone to advice you to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

ALPHABET BTC WITHDRAWAL TIME AN FEES

The following info was taken for the Terms and Conditions, fore we had no way to access the Withdrawal section of the Cashier area. Each time we tried to enter it the broker kept saying that the function is not available in demo mode. Yet we are not in demo mode because we were able to proceed with deposit almost effortlessly.

Anyway, the minimum withdrawal amount is £50 for Credit Card and £300 for Wire Transfer. There is no mention of the minimum requirement for other payment methods.

Processing of requests are said to start within 5-7 days.

The above snap is confusing, and can be interpreted in different ways. For example we can deduce that the request starts to get processed 5 to 7 days after the user has made it.

The broker somewhat confirms our theory in the following snap, stating that a withdrawal completion may take up to 14 days:

Whatever the case may be, this is yet another classic reminder of the illicit ways this broker does business.

The withdrawal fees applied to users using a Credit/Debit Card is £20. Bank Transfer withdrawals are charged with 1% of the sum plus £20.

ADDITIONAL FEES AND TAXES

There is a shockingly arrogant clause that states that all withdrawals can be completed before any bonus conditions are satisfied. However, the broker charges the whooping 25% from the “real funds” (assuming the withdrawal amount)

With such a huge penalty to the client's funds it should be ovious that this broker will probably never allow you to withdraw. Any effort to do so will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advice you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

We have our doubts that this broker will not return any funds you deposit with it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a charge back with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

AlphaBet BTC’s lack of regulation is just one of the countless signs that should keep you away from ever investing in it. Don’t risk it.