Alphaplusint.com Review – 5 things you should know about AlphaPlusInt

Alphaplusint.com Review – 5 things you should know about AlphaPlusInt

Rating: 1

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

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Alphaplusint.com offers a decent-looking website – however, you would not find a lot of information about the company behind this shady enterprise. We were told that we would be dealing with a UK-regulated broker – which was simply not true. Moreover, the website malfunctioned the moment we tried to open an account – as a result, we cannot be sure that the broker really offers the conditions it supposedly offers.

All the signs point to a scam – better avoid Alphaplusint.com at all costs.

Alphaplusint.com REGULATION AND SAFETY OF FUNDS

Alphaplusint.com states that it is a regulated UK broker and has even provided some sort of license number. However, when we clicked on the link attached to that license number, we were redirected to lebrn.com – a website we have encountered multiple times before and only in relation to scam brokers. This website aims to provide cover for scammers and fool you into thinking that it regulates them and monitors their activities. However, this is no actual regulator.

When we checked the database of the FCA, the financial authority actually responsible for supervising forex brokers in the UK, we got zero hits. This means that Alphaplusint.com is not actually licensed to operate in the UK.

If you become a client of a broker who is actually licensed in the UK or the EU, you would be entitled to countless protections. There is a reason why such forex brokers are considered to be among the best, most reliable options you have – they have to answer to merciless authorities and meet countless requirements in order to be able to call themselves a “broker”. Such companies are never anonymous and would always provide you with contact details, and comprehensive legal documentation. They are obligated to report client transactions to authorities on a regular basis to ensure transparency. minimum operational capital requirements exist to ensure that the broker is financially stable – companies should hold at least €730 000 as operational capital. Client account segregation is a must – you can be sure that the broker would not be able to use your money for their own business. Negative balance protection is provided to all retail clients – you could never lose more money than you have in your account. Additionally, UK and EU brokers have to participate in compensation funds so if a broker goes bankrupt, each of their clients could receive a compensation of up to €20 000 in the EU and £85 000 in the UK.

Alphaplusint.com TRADING SOFTWARE

When we tried to open an account with the broker, their website malfunctioned. As a result, we were unable to see what sort of trading software and conditions the broker actually offers. Without access to an account, we cannot even be sure that the broker offers any kind of functional platform at all.

Trade with a broker that offers the industry-staple MetaTrader 5 instead. This software is still quite user-friendly and in no way intimidating but offers some superb tools and features beginners and professionals alike will find useful. On top of 38 technical indicators, 21 timeframes, and 4 order execution types, you will get access to preprogrammed trading bots as well as the opportunity to develop your own trading bots and indicators, a multi-threaded Strategy Tester, customizable signals, a community chat, hedging and netting options, a built-in economic calendar, and much more. Don’t wait and try this great software with a licensed broker.

Alphaplusint.com TRADING CONDITIONS

Alphaplusint.com promises to open an account for you for €250. This is an okay price for a basic account – but we would still consider it to be slightly too high. Many legitimate brokers would open an account for much less – usually for $100 or less.

Without access to a platform, we could not actually establish what sort of spreads or leverage this broker offers. The broker only mentioned that it offers leverage of up to 1:600 on some account types. Considering the fact that they are trying to pass as a UK broker, they would probably offer leverage of up to 1:30 on forex majors – this is the UK leverage cap. Since the broker tries to offer higher rates, beware – this would once again prove that they are running a scam. Always be careful with your leverage settings – trading with higher leverage could lead to bigger profits and bigger losses alike.

Alphaplusint.com DEPOSIT AND WITHDRAWAL METHODS AND FEES

We were unable to deposit with Alphaplusint.com since we were unable to open an account. We cannot know for sure which payment methods this broker offers but if you trust their Terms and Conditions, you would be able to deposit via wire transfer, with a credit/debit card, or via the electronic payment solution ePayments. The broker supposedly charges huge withdrawal fees – $50 for wire transfers, $25 plus an additional $10 for card payments, and $25 for ePayments:

Most legitimate brokers only charge a few dollars for withdrawals – if they do not cover withdrawal fees altogether. The only exception is bank transfers which can indeed be quite pricy. Moreover, the broker charges an additional 10% fee for accounts that have not been verified or reached a certain turnover – which means that they are essentially blackmailing you and trying to keep your deposits away from you.

Additionally, you will be charged a huge inactivity fee after 6 months of no trading activity – as much as 10% of the money in your account. That could be a huge amount of money – especially considering the fact that most legitimate brokers would rarely charge you more than a few dollars.

Finally, this broker offers bonuses – that is actually banned in the UK where it is supposedly based. The problem is that the moment you accept a bonus, all profits that were gained because of that bonus will be considered non-deposited funds.

That money cannot be withdrawn unless you reach a crazy turnover – 25 times your deposit plus the bonus. However, such brokers tend to change their conditions often and might even raise those turnover requirements. The aim is to prevent you from withdrawing your money too soon – so that the broker could disappear with it and have more time to cover its tracks.

HOW DOES THE SCAM WORK?

You might think that not many people fall for such scams but you would be dead wrong – some scams are quite elaborate and have managed to fool a lot of people. That is why it is important to know what to expect and look for in order to spot a scam broker from a mile away.

The scam starts with an ad on the Internet promising you an easy gateway to forex trading or investing – the only thing you would have to do is open an account with the broker. You know that there are people who trade for a job and that even regular Joes manage to earn a nice side income through trading and wonder why not the same, there is no harm in trying. So you give in and provide the scammers with your contact details.

This is the moment when you will start getting constant calls and emails asking you to deposit – even if you have only opened a demo account. At some point, since everything seems legitimate, you do deposit and in the beginning, things might be looking great. The profits you were promised come soon but you should remember that it is easy for scammers to manipulate platforms to make it look like you are turning a profit. But you will be asked to keep on investing – and you would have no problem doing that because you will be smooth-talked into it by people who scam others for a living.

But when you try to withdraw, you will start running into different obstacles – obscure clauses in the Terms and Conditions preventing you from withdrawing, additional fees and taxes, and weird procedures. At some point, you would not be able to deny the fact you have been scammed – but it will be too late. The scammers will disappear and stop answering your calls and emails and leave you wondering what to do.

WHAT TO DO WHEN SCAMMED?

So what can be done in case you have already deposited?

Be prepared that there is a rather high chance that you would never see your money again. There is, however, still hope to retrieve it especially if you have deposited with a credit or debit card – both Visa and MasterCard allow chargebacks within 540 days of the transaction. Moreover, there are some things you absolutely have to do in order to avoid further losses of money.

Change all passwords and banking details you have provided the scammers with and remove all sorts of remote access software if you have installed such. Some scammers would promise to help you trade, or resolve different problems if you only install such software – their actual agenda is to get access to your computer and all your passwords and information.

Don’t trust any so-called “recovery agents” who offer to retrieve your money for a fee – this is just another type of scam targeting desperate scam victims, often conducted by the same people that are behind your “broker”.

Make sure to notify authorities and try to share your story online, or with your acquaintances – the more people know about such scams and how they function, the lower the success rate they will have.

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