AlphaTrade Plus

It took a second withing opening the site of AlphaTrade Plus for us to know for a fact that this review will be about a fraudulent broker. Judging by looks alone, AlphaTrade Plus is a mess and does not seem to know what it is doing, nor that its website is slowly deteriorating. It feels like deja-vu, as we browse through the familiar subsections of AlphaTrade Plus and interact with its interface.  And then is came to us- AlphaTrade Plus uses recycled material to build and maintain its website material that circulates the shady broker community. We have the broker in sight and are ready to deliver the last verdict.

As a start, we would like to make one thing clear. There is a massive difference between being registered and being regulated. Any company, no matter how deceiving it is, can register as a business in most offshore locations. However, to be regulated is a different story. A license allows a broker to operate within the confines of the law. AlphaTrade Plus is said to be registered in the UK, but not licensed there. This would mean that the firm is operating illegally in the UK, and it probably is.

Has anyone heard of Lebrn.com prior to the review? Not us. It is through this questionable firm that AlphaTrade Plus claim legitimacy, and being us, we had to check it out. And yes, Lebrn.com has information on the firm, but how can we trust it? You can't. Lebrn.com is part of a new trend, a very worrying one, that sees the rise of fake regulators, often owned by the same people operating FX scams, and others working independently probably charging a small fee to scammers to have their names included in their misleading registers.

We also find that France's AMF has issued an official warning against AlphaTrade Plus, claiming the site to be a risk. The AMF is a respectable authority on FX trading, and its word is the law. This red flag is a clear sign that AlphaTrade Plus is not regulated 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).

Everything about the broker thus far has been a letdown. Keen observers, such as us, also notice that the client area is a template. This template is used by hundreds of unlicensed brokers, making their job that much easier. Without having to design a user area, scammers such as AlphaTrade Plus can focus on their schemes.

The dashboard had a functioning albeit simple web trader. Here is what we found out. Users can trade with forex currency pairs, commodities, indices, cryptocurrencies, and stocks. The spread for the EUR/USD pair is 0.2 pips, and there is no commission; usually low spreads – those that seem too good to be true- are commissioned. This one isn't, leading us to believe that the cost of trade has been tampered with. This is usually done to attract users with false spreads. The leverage was capped at 1:200.

ALPHATRADE PLUS LOGIN

The broker has not put much effort into offering a good software. This one is a common web trader offered by many a scammer broker.

The main issue with these types of platforms has always been that they never focus on the experience but on the idea of the experience, which results in a very limited terminal with good looks and nothing more.

ALPHATRADE PLUS MINIMUM DEPOSIT

The payment area in the client dashboard was blocked to us because we did not provide any Id documents, not that we recommend to anyone doing this.

The minimum deposit is sadi to be €250.

Users can open an account in either USD or EUR.

The payment methods are credit cards, debit cards, bank transfer, and a bunch of undisclosed e-wallets.

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, 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.

ALPHATRADE PLUS WITHDRAW METHODS AND FEES

The minimum withdrawal is said to be $250 for wire and $100 for the rest of the payment methods.

Withdrawals are processed within 5 to 7 days.

There are a bunch of important withdrawal conditions revealed in the legal documents. There are fees, that for sure: a $35 charge for all credit card withdrawals, a $50 fee for wire transfers, $25 for all e-payment methods. Moreover, there exists a 10% commission on all withdrawals made before a user has completed a 200x trading turnover.

ACCOUNT VERIFICATION

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!

BOTTOM LINE

AlphaTrade is nothing more than a common investment scam! All deposited capital will be lost, and your personal details are also at a risk!