AlpeMarket Review – 5 things you should know about alpemarket.com

AlpeMarket Review – 5 things you should know about alpemarket.com

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

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AlpeMarket stands out in the sea of unremarkable scam brokers. The company provides a nice-looking, comprehensive website and an alright trading platform. However, those are the only good things about this broker. AlpeMarket is clearly a scam – they claim to be regulated by multiple respected authorities when they are, in fact, not regulated at all. If you start trading with this broker, you will surely end up losing all your deposits. Avoid AlpeMarket for your own good.

AlpeMarket REGULATION AND SAFETY OF FUNDS

AlpeMarket claims to be based in Cyprus – a county that prides itself on its strict forex regulator,  CySEC. However, the broker does not explicitly state that it is licensed by CySEC. Instead, they claim that they are regulated by other strict authorities such as the FCA (the UK), and IFSC (Belize). Later on, the broker points out that it “is controlled by many (other) strict regulators of international trade” including ASIC (Australia), FSCA (South Africa), DFSA (Dubai), and finally, CySEC. However, a quick check in the registers of these authorities proved that the broker is, in fact, completely unregulated.

No legitimate broker would lie about being regulated in this manner – this would be a reputational suicide. Regulation is one of the most important elements of a broker’s offer since solid licenses by strict authorities like the ones listed above prove that you would be trading with a safe, reliable company.

We would advise you to not rely on brokers who readily lie about being regulated and turn to a company regulated by a strict authority like the FCA (the UK), CySEC (Cyprus), or ASIC (Australia). Such brokers have to do everything legally, treat clients fairly, meet many licensing requirements, and keep thorough records of transactions to ensure transparency. All legitimate, regulated companies are obligated to prove their financial stability by maintaining a minimum capital – of €730 000 in the UK and the EU, and A$1 million in Australia. This sum can be bigger for brokers who have to tend to more clients. Negative balance protection is ensured – you could never suffer losses exceeding the amount of money you have in your account at the time. Client deposits must be kept in segregated accounts – so you can be sure your broker has limited access to your funds and is not using your money for their own financial transactions.

AlpeMarket TRADING SOFTWARE

AlpeMarket offers a standard web-based trading platform:

Such platforms are decent enough for beginners but hardly offer any particularly high level of functionality. Moreover, an okay platform is definitely no reason to trade with a scam broker. The most established brokers in the industry offer amazing trading software – such as the well-known MetaTrader 4 and MetaTrader 5. Trading with a broker that offers one (or both) of these amazing platforms is a much better option.

MT4 and MT5 have made a name for themselves over the almost two decades since MT4’s first introduction. With MT4, you would get a relatively beginner-friendly platform that still features an abundance of charting and analysis tools, Expert Advisors that track markets and trade automatically, VPSs you could purchase to keep your EAs operating even when your computer is off, trading signals, a market for additional trading apps, and much more. MT5 comes with even more indicators and analysis tools. a community chat where you can exchange strategies with others, a built-in economic calendar, and a netting option.

AlpeMarket TRADING CONDITIONS

AlpeMarket offers access to various markets – forex, metals, stocks, commodities, indices, and cryptocurrencies. However, if you choose to open the broker’s Beginner account – which only costs $150 – you would not be allowed to trade metals and currencies. Some of the most established companies in the industry offer a full range of trading instruments even on their cheapest accounts. Starting to trade with as little as $10 is more than possible.

AlpeMarket offers maximum leverage of 1:100 on forex majors. That proves that they cannot be regulated in a few of the counties where they claim to hold licenses. Since trading with higher leverage could result in bigger losses (especially if you are a beginner), leverage caps exist in many jurisdictions. If you are a retail client to a UK, EU, or Australia broker, you would not be able to trade with leverage higher than 1:30. A broker that offers rates as high as 1:100 could not be regulated in either of these jurisdictions. AlpeMarket is basically breaking regulations – which is another reason to avoid them because they definitely do not have your best intentions in mind.

The spreads we got on the broker’s platform were quite impressive – 0.1 pips on EURUSD. This is especially surprising since the broker does not seem to charge additional commissions. If this is true, it would mean that the broker is not profiting in any way from having you as a client since brokers generally profit either through their spreads or through commissions. AlpeMarket is not profiting in either way – which means that having you as a client would be pointless since you would pay very little money to them. However, we would like to point out that many scammers manipulate platforms in order to manufacture great results – this is probably the case here. When the time comes and you try to withdraw your profits, you might be surprised to find out that such do not exist.

AlpeMarket DEPOSIT AND WITHDRAWAL METHODS AND FEES

AlpeMarket only accepts cryptocurrency deposits – either in Bitcoin or in Tether. Many scammers urge their clients to deposit in crypto specifically and offer no alternatives. The reason for that is such transactions are anonymous and irreversible. This means that they can easily be traced to a wallet but not to a specific person or organization. Once you have made the payment, you would not be able to ask for a chargeback either since such transfers are completely final.

If a shady broker asks you to deposit in crypto, beware – they surely have bad intentions.

HOW DOES THE SCAM WORK?

In recent years, such scams have become more frequent than you can imagine. That is why it is very important to learn how they usually work and how to tell scam brokers apart from legitimate ones.

Always make sure to check the registers of regulatory bodies to make sure that a broker is licensed and reliable. Stay away from shady-looking websites that promise enormous profits in no time with zero effort. Do your own research – never blindly trust what a certain broker is telling you.

All scams start in a fairly similar way. You see an ad on the Internet promising immense fortune in no time – the only thing you have to do is open an account with a particular forex broker. You give in to curiosity and provide the scammers with your phone number and e-mail – at this point, you might still be reluctant to deposit. But once the scammers have your contact information, you will start getting calls and messages from them. They will ask you to deposit to unlock the full potential of their platforms and turn a profit. Keep in mind that such people are well-versed in the art of sweet-talking – they can promise amazing things and make effortless profits seem possible.

After you make an initial deposit, they would not leave you alone and keep asking for more money. You might even be happy to deposit since, at this point, it might seem like you are turning a profit. Scammers tend to manipulate platforms and results to make it look like you are doing great when you are actually just pouring money into their schemes.

The moment you try to withdraw, you will find out that something is not quite right. Reasons why withdrawals are impossible will show up – additional taxes, new clauses in the broker’s Terms and Conditions, etc. At some point, you will figure out that you are being scammed – but it would already be too late. The scammers will stop answering your calls and e-mails – and they will simply disappear with all your deposits.

WHAT TO DO WHEN SCAMMED?

The first thing you should do is contact your bank and inform them about what has happened. Change your banking passwords to ensure that the scammers would have no way of stealing more money.

If you have installed remote access software – such as TeamViewer or AnyTesk – make sure to remove it. Some scam brokers will try to convince you that such software is necessary for a better trading experience – in order for them to help you with platform issues, or even with trading. Their true goal is to get access to your computer and banking systems – so they can start draining your accounts.

If you have deposited with a credit or debit card, make sure to contact your card issuer as soon as possible. Both Visa and MasterCard try to combat scams by allowing chargebacks within 540 days of the transactions. Retrieving your money might still be possible. If you have deposited in crypto, on the other hand, there would, unfortunately, be no way for you to get your money back.

Make sure to inform the authorities in your country about the broker and share your story – online and with acquaintances. This will prevent people from getting scammed in the same way.

One final important note – never trust anyone that calls themselves a “recovery agent”. Such “agents” promise to track down the scammers and retrieve your money – for a fee, of course. This is nothing more but another type of scam directed at desperate people.

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