Warning! AlphaForex.eu is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
As objectively as possible , we always aim to be, and the truth her is that AlphaForex.eu has what it take to scam users, and this is unfortunate. This broker has put effort into its schemes, and this makes it very dangerous. All the more reason to read the review.
One thing that unlicensed brokers tend to do is to paly around with the words “law” and “jurisdiction”. They do it in such a way as to confuse clients into making them believe the broker is regulated. However, this only works with novice clients and first-time investors. You cannot trick a pro so easily. Typically such brokers are very shady, and are most of the time anonymous.
And wouldn’t you know it, it turns out that AlphaForex.eu is completely anonymous for there is no regulatory or registration information on the site. Anonymity comes at a very cheap prize for scammer brokers; it just means that they are lazy enough to not even bother trying to deceive users.
Moreover, anonymity also translates to untraceable payments, which is perhaps the biggest reason why such brokers tend to not include an address.
It’s without a tinge of doubt that we conclude that AlphaForex.eu is unregulated and a risk to all.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
It was a surprise that the user was as good as it was. This is of course considering the shadiness of the firm. We accessed a fully functioning MT4 without any problems. The EUR/USD spread that we read on the web trader was 1.5 pips on average which is quite decent. The available trading instruments are forex currency pairs, commodities, cryptocurrencies, shares, futures, and indices. The leverage cap of 1:500 not only means risk, but also indicates that the broker is not regulated anywhere where the leverage is capped, which are the most preferable locations for brokers to thrive in.
AlphaForex.eu offers the MT4, which is arguably the best part about the broker. Wae accessed the MT4’s web trader version because at times MT4 install links offered by unregulated broekrs may contain hidden malware; this is also a warning to our users to be careful!
But we digress. What is there to say about the MT4 that has not been said before? It has the most powerful tools and trading options around, even though the MT5 has surpassed it in both popularity and features. However, what matter here is that the MT4 is not a redemption device for AlphaForex.eu’s scammer attitude.
ALPHAFOREX.EU MINIMUM DEPOSIT
In the user area, we find two separate payment methods used for depositing. These are CardPayz and GWS, both of which center around credit card investments. Both gateways seem to us extremely shady. The minimum deposit is said to be $250.
These seem like decent deposit conditions, and we cannot blame users for thinking this way. On paper it seems excellent, but in execution it’s a completely different story.
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.
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, oftentimes 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.
ALPHAFOREX.EU WITHDRAW TIME AND FEES
The typical withdrawal processing times is between 2 to 5 days, while in typical shady broker style, AlphaForex.eu has mentioned the presence of fees, but never allows itself to disclose when and how these fees apply. Perhaps they apply to withdrawals? Or towards account maintenance? Our maybe they do not exist at all.
The options for withdrawing are what you may call typical of scammer brokers. Moreover, what we disclosed may not be the truth; the reason for this is that the withdrawal area was not really informative, leaving us with the website, And websites owned by unlicensed brokers, as you might know, are not trustworthy.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback 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!
As a finalizing note, we would just like to remind users that AlphaForex.eu is unlicensed and a risk to all!