Beware! AlfaCapital24 is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We are reviewing AlfaCapital24, a broker that traders should never trust and deposit money with. It’s so bad that they do not even allow traders to register by themselves, so they apparently get their customers unconventionally, which is typical for scammers. In fact, it is a scam, and we are going to illustrate why in the full AlfaCapital24 review.
AlfaCapital24 REGULATION AND SAFETY OF FUNDS
AlfaCapital24 is a dirty clone and a pure scam. They claim to be CySEC regulated in Cyprus, but that’s not true. The license number presented on the website belongs to a company bearing a similar name, but it has nothing to do with the fraudulent AlfaCapital24. However, the scammers probably operate primarily in Austria and Germany because the Austrian financially authority FMA detected their activity and issued a warning against the broker. Your funds would be in danger if you deposit with AlfaCapital24 because it’s a clone firm and an exposed scam.
Firm cloning is a common type of fraud and a very simple one indeed. Scammers just pretend to work for genuine businesses by abusing the names, addresses and license numbers of authentic companies. Firm cloning is a non-complex strategy, but it’s surprisingly efficient given the number of people who fell prey to a scam. In this case, AlfaCapital24 uses an almost identical name, almost identical website and downright exploit the license number of a CySEC financial firm.
Avoid this scam and check the high-rated EU brokers and British brokers on both lists, which are well-regulated and safe to deal with. The clients of those companies benefit from extensive customer protection, including deposit insurance funds laid down to cover losses caused by insolvency or fraud. Each EU member is bound to operate such funds and if you trade with CySEC regulated brokers, you can claim up to 20 000 EUR in compensation. The British guarantees are even greater- up to 85 000 GBP per person. Consider this when searching for a broker.
AlfaCapital24 TRADING SOFTWARE
AlfaCapital24 doesn’t allow potential clients to sign-up by themselves, and there are no platform download links on the website. Hence, we couldn’t access any trading software whatsoever. As there is no information about trading conditions on the website, we can’t talk through real-time spreads or leverage levels. Well, AlfaCapital24 is a confirmed scam, so you need to avoid this broker anyways.
Instead, consider the MetaTrader4 brokers and MetaTrader5 brokers topping both lists. The MT platforms feature advanced trading tools such as Expert Advisors, complex indicators, and first-class charting tools, which are also very easy to use. MetaTrader also comes with a Marketplace where traders and investors can find more than 10 000 trading apps and third-party developed solutions.
While we can’t discuss the leverage levels provided by AlfaCapital24, we need to mention a few words in general because it’s a high-risk feature. In fact, leverage is so dangerous that many financial authorities resolved to keep its usage under control by inflicting regulations and restrictions. Consequently, EU, British and Australian brokers are bound to limit clients to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t offer more than 1:50. Most of the high-leverage FX companies are poorly regulated and very likely a scam, so be cautious.
AlfaCapital24 DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with AlfaCapital24 and the funding methods are unknown. Nevertheless, it’s always safer to deposit via bank cards because it’s possible to dispute transactions and get your money back if you are unlucky to bite the dust.
While discussing deposits, see the high-rated Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The companies topping the lists are adequately regulated, and you won’t face scammers if you choose a high-rated company.
AlfaCapital24 presents many legal documents, but none of those determines provisions about withdrawals, fees, inactivity policy or anything else valuable. In fact, as a clone, the broker straightforward duplicates the legal documentation of other legit companies, so the information within is useless anyway.
Overall, AlfaCapital24 is an exposed scam, so you should avoid it.
HOW DOES THE SCAM WORK
Scammers are working online today. Social media and the Internet, in general, is plagued by scammers and their fraudulent offers. If you fancied an opportunity, clicked on and submitted your e-mail and contact numbers, scammers would ring you at once. They are seasoned manipulators who would promise the moon and the stars to lure people into their crooked schemes. During the phone call, you’d be offered bonuses, promotions, risk-free offers, bitcoin deals, and anything else you could possibly imagine. Scammers would claim to work with reputable firms, banks, governments, and so on while pushing you to invest with them. Those thieves lie big time and would promise you anything to gain your confidence and steal your money thereafter.
But the first deposit is just the beginning. Steadily scammers would carry on asking for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do whatever it takes to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d push you to transfer more money over and over again for no obvious reason. Urgency is a treacherous sign, so if someone forces you to invest ASAP, that’s a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because fraudulent chargeback and fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Last but not least, share online your experience; it’s important to inform the public about scams. Be responsible!