AlphaLive review – 5 things you should know about

AlphaLive review – 5 things you should know about

Beware! AlphaLive is an offshore broker! Your investment may be at risk.



Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


AlphaLive seems like an interesting brokerage firm, one that promises a humble yet solid experience; and isn’t that all that we look for in forex brokers? In theory yes, but in practice everything changes, as users come to understand that there are way too may intricacies, and so a brokerage should have some depth. Is AlphaLive deep enough, or is this broker filled with broken promises? Read the review to find out.

The registration process was criminally easy and fast to complete, taking us less than ten seconds to do so. This is never a good sign, for it means that the broker does not take the time to know its clients.  However, AlphaLive does require some ID documents, and has blocked some of its dashboard features because of this.

Yet, we were able to access a trading software, which gave us a EUR/USD spread of 1.5 on average, which is the most common cost of trade, and is not actually the most profitable ones. The Terms and Conditions state that the default leverage is 1:30, however the trading platform itself revealed a leverage cap of 1:400, which seems more likely. The trading assets are forex pairs, commodities, cryptocurrencies, stocks, and indices.

The languages are English and German.


As per the Terms and Conditions, the broker reveals that the company abides by the laws of the Commonwealth of Dominica. This nation has a banking overseer, but does not posses a forex market regulator, and so does not issue FX licensed to all its brokers. Many might be confused by this, and it is exactly why many illicit broker are choosing the Commonwealth of Dominica as their base of operation.

Aside form the address in Dominica, Alphalive has not mentioned any other potential regulation, or otherwise. Thus, we have no choice but to conclude that this brokerage is UNLICENSED, and therefore a risk to all invested capital.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.


The trading software is a very decent looking yet limited in options, that we have nevertheless encountered before, all with illegal brokers.

The biggest issue here is that the charts are provided by TradignView, and so we cannot know for sure if the spreads are based on these third party charts or on AlphaLive’s own liquidity pool… Seeing that the broker is unlicensed, we assume the former.

Aside from pending orders and price alerts, this trading office has really nothing else on offer. How could any user be able to trade with this is better left untried, because said user will probably get bored within it in the first ten minutes. We recommend, as always, to stick with the MT4 or the MT5.

Be aware that for certain CFDs and other assets, the broker will issue a commission.

However, what these commission are, and whether they are round turn or per side, has not been mentioned at all. We will include another clause that confirms the presence of these commission, or taxes. The provisions reveals that commissions attached to the investing in assets depends on the jurisdiction in which the client is currently in. However, this still leaves thing very ambiguous.

Furthermore, the company may terminate the user’s involvement with the broker’s trading facility without warning and reason. Even when that happens, the client will still have to pay all the fees owned to the firm.


The minimum deposit according to the payment area in the user dashboard is $200. The only methods for depositing are Credit and Debit cards.

The minimum withdrawal amount for Credit cards is $100. For wire transfers the minimum withdrawal amount is $250. The withdrawal request is said to be processed within 10 days.

There are payment fees are revealed by the following clause in the Client Agreement. Furthermore, if a user who has been inactive for an undisclosed amount of time enters into a deposit or withdraw will be issued fees for either deposits or withdrawals.

There are other mentions of fees throughout the legal documents, however none of them reveals their value. In fact most of them are vague.

AlphaLive charges an interest rate that is provided by Bloomberg, the news outlet. What ever this weird clause means, one thing is for sure. Users will have to pay a fee.

The one-off inactive fee of $200 is activated after a user has been inactive in his or her account for more than 60 days. However, this one-off fee is followed by a monthly $20 or 5% fee (if there is more than $250 in the account of the user.

The Terms and Conditions and the Client Agreement both have a ton of individual indemnification clauses, that basically act as a shield to all legal claims that a user undertakes against AlphaLive. Above we have attached a few of the clauses:

Even if these clauses are not as severe as others in previous reviews, we cannot at all recommend AlphaLive. What matters most, and only, is that the firm does not posses a regulation and as such cannot be entrusted with any type of investment.

How does the scam work?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Cashless PayGroup where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Btcoinpro – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. 

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

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