Alphafx Market Review – 5 things you should know about

Alphafx Market Review – 5 things you should know about

Beware! Alphafx Market 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.


Alphafx Market is a forex trade company offering a wide range of products to trade with – forex and crypto currencies, futures, CFDs, shares, precious metals and indices.

But we bet, the first think you want to know about this company is whether it is safe to trade with. We can help you decide. So, let’s start.

Overall, what we found out is that the account section of this company’s website is a complete mess – full of contradicting information, broken links and discrepancies. On the surface, the company offers 4 accounts that appear to have cute names – Bernie, Chris, Jordon and Jessi.

Registration is super easy. It is done in seconds and almost immediately you get an email for verification. However, what made us suspicious is the fact that the registration form which happens to have a broken link to the Privacy Policy reminds us of two other scam brokerages using identical registration form with identical broken link – Liquidity Soft Fx and Kodin Markets.

When we clicked on the link provided for opening an account, something weird happened! Bernie disappeared and we were left only with DeCent, Jordon and Jessi . Now we have to ask some tough questions – first of all, why such discrepancies on this company website and second – why the account with the lowest initial deposit disappeared and we were left with accounts with much higher initial deposits.

So far, our first impressions of this company have not been positive. We don’t think that you can trust such company with your hard-earned money. We can’t help ourselves but think that we are dealing here with a bogus company.


Alphafx Market Regulation and safety of funds

In our effort to find out whether we are dealing with a legit company or a scam, we looked at the company’s address which happens to be in London, UK. Immediately we checked the company’s registration in UK but came with a negative result (screenshot below):



You should know that the first thing you need to check when deciding on a brokerage, is its registration and how it is regulated. If a company is not regulated, you should avoid it at all cost if you do not want to lose your money. Why is registration so important? Because, this is one of your safeguards. Genuine and legitimate forex companies that are registered and regulated, must meet rigid requirements to ensure safety of trade and clients funds. For example, forex companies registered in UK and regulated by FCA, must provide an initial capital of no less than 730,000 EUR to prove their good financial standing and keep the clients funds in segregated accounts. In addition to that, the brokers must contribute funds to the compensation scheme where in case of bankruptcy the clients can receive up to 85,000 GBP of their trading capital. Brokerages registered in EU and regulated by CySec are subjected to similar rules but the compensation per client is up to 20,000 EUR.

You’ll be well advised to seek and choose forex brokerages from these jurisdictions if you want to have some sort of guarantee that you won’t be scammed of your money and won’t lose your funds.

Alphafx Market Trading software

As per the information on the company’s website, you have a choice between MetaTrader 4 and MetaTrader 5 trading platforms. We must say that both platforms are excellent in what they offer to the traders and it is not by chance that they are so popular and well-reputed among forex brokers. Their advantages compared to other trading software is that they offer a  an array of trading tools and instruments – VPS and code base with customs scripts, a financial calendar, an app market, and of course a demo account, to name a few. We always advise our readers to consider a company that offers these platforms.

Let’s take a look at platform offered by Alphafx (screenshot below). What you see is the MetaTrader 4 terminal and on the left hand side menu, you see the forex pairs with their bid and ask price and below that the navigator for trading tools and instruments. In the center, you see displayed the charts of 4 pairs of forex pairs, as well as the fluctuation in their price in a given time frame. If you look at the firs pair EUR/USD, you will see that the spread is 2 pips, which is in the normal range.



What we worry, though, is the high leverage that appears in the account information on the company’s website and which is 1:400 – 1:500. If you are a newbie in the forex trade jungle, you should avoid trading with such high leverage at all cost! Sure it looks tempting to think that you can make a big win using such leverage, but the chances of you winning are slimmer than the chances of losing. We ask you to be realistic in your expectations. Why do you think some well-established jurisdictions have a cap on leverage as low as 1:30 in Europe and 1:50  in US? The answer is very simple – to protect traders from taking huge risks with their funds and facing big loss.

Alphafx Market Deposit/Withdrawal methods and fees

We scavenge for information on deposit and withdrawal methods and fees, and this is the only thing we found:

The minimum deposit is $100 for Bernie account, the other accounts start at $500 and $1,000 respectively. You can fund your account via bank transfer. Other options for feeding your account are missing. However, on the ribbon flashing across the website, we see ‘We accept Maestro, VISA, MasterCard, WebMoney, Skrill, Neteller’, etc. Sure, it looks flashy, attractive and reassuring at first sight, until you really try to fund an account, only to realize that in practice these options are not available.

If you go to the Policy and Regulation section on the company’s website, you will see that none of the links to the different documents mentioned there works. We must say that how company’s policies are set is as important as the registration and the regulation of the company itself. The fact that this company does not provide working links to the documents is proof enough that this is scam brokerage.

How does scam work?

A lot of people get scammed everyday, not because they are naive or stupid, but because scammers are inventive and they are masters of manipulation. Often, as you scroll up and down on the Internet or social media, you come across ads for a quick and easy profit which sometimes sound too tempting not to fall into their traps. So you deposit some money into the account and what happens next is the incessant calls of the scammers. First, they congratulate you for taking the first steps towards becoming rich and next, they try to convince you to invest even more money into their ‘profitable’ business. What you probably don’t know is that your money has just gone as a commission to some scammers. And so, you wait and build the sandcastles of your dreams for a better and ‘richer’ future. And you wait, and you wait, for the money to come. But where is it? Now is your turn to call the scammers and to ask what’s going on. They try to placate you and ask you to be more patient. But have had enough and all you want is to get your money back. The scammers kind of promise, but now they are asking you to provide this document or fill out that form, etc., etc., all done in an attempt to delay you from filing for chargeback.

What to do if scammed?

If this happens to you, our advice is to act immediately and if you have paid your deposit via credit/debit card, to file for chargeback which is retroactive cancellation and refund of your previous transaction. Visa and MasterCard give you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.

However, if you have used Bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.

Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.

Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.

Rich Snippet Data
Review Date
Reviewed Broker
Alphafx Market
Broker Rating

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UK, Australia 4.85/5 $50 Click for a special offerWebsite
Cyprus, SVG 4.8/5 $100 Click for a special offerWebsite

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