AlfieFxLtd review – 5 things you should know about alfiefxlt.com

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

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The AlfieFxLtd website greets us with the flamboyant claims that this is one of the best, most beneficial, brilliantly successful companies in the industry of forex trading and investing. We of course put these statements to the test and found that AlfieFxLtd is the exact opposite. This website is solely designed to scam inexperienced people out of their money. Let’s see why this is the case.

AlfieFxLtd Regulation and safety of funds

Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. The availability of such information does not guarantee that it is not false or misleading.

AlfieFxLtd provides two contact addresses in the UK and the USA.

But at the same time, on the homepage of the website we see images of alleged licences for the Alfie Fx Ltd company from the Philippines, Indonesia and the Czech Republic.

A check of the records of the relevant regulators shows that there is no licensed forex broker by that name. The UK’s Financial Conduct Authority (FCA) has even blacklisted AlfieFxLtd. There is no doubt that this website is a scam.

If you have decided to invest in financial instruments you have a choice of much more trustworthy options. Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or FCA in the UK.

As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

AlfieFxLtd Trading software

The AlfieFxLtd website does not mention the most important tool for forex trading, the software. Registering an account requires verification of an ID, which is why we were not able to determine if AlfieFxLtdhas any trading platform.

It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

AlfieFxLtd Trading instruments

AlfieFxLtd claims that it offers forex trading but does not provide any specific information. There is no Client Agreement or other documentation required by a legitimate financial services provider on the website.

In the registration form there is an option to choose a binary options trading account. This type of trading is prohibited by most financial regulators, including those in the United Kingdom.

AlfieFxLtd Spreads and cost of trading

Genuine forex brokers provide detailed information about the trading conditions. Legitimate companies also offer different account types to suit clients with different experience, capital and investment intentions.

As stated, AlfieFxLtd provides absolutely no information on trading parameters.

AlfieFxLtd Maximum leverage

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.

Higher levels of leverage are only offered to professional clients who trade entirely at their own risk. If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

AlfieFxLtd Deposit and withdrawal methods

Due to our inability to register an account, we were unable to ascertain what payment methods AlfieFxLtd  uses. Experience has shown that fraudsters direct their potential victims to cryptocurrency transactions that do not allow refunds to be requested.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.

AlfieFxLtd Minimum deposit

The website states a minimum deposit of 200 USD. For a similar amount you could open a trading account with almost any licensed broker. Leading global brands offer beginner investors Micro and Cent accounts with a much lower entry threshold.

AlfieFxLtd Withdrawal requirements

The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet  withdrawal terms.