Alpha Finex Broker Scam Review. Binary Scam Watch Monitor is issuing a red alert scam warning for the Forex broker, Alpha Finex. We have received numerous complaints against them. When making the decision to trade Forex, you deserve to have the best broker working for you. Unfortunately the Forex industry is fraught with dangerous broker scams. Please take the time to research every broker before investing your money. In the following review, we will outline Alpha Finex and then expose them for the dishonest and faithless broker they are.
DESCRIPTION: Alpha Finex is a broker for the Forex market. They do not trade CDF or binary options. They are NOT regulated and have a very short history…
Alpha Finex Broker Scam
Official Website: http://www.alphafinex.com/
What is Forex?
Forex trading is a superior alternative to binary options trading. Forex trading however, is limited to currency trading. This means that you don’t have the wide selection of assets to trade. The basis of Forex trading is trading one currency against another, with the goal of making a profit as one currency value drops or rises against the value of another.
The benefits to Forex trading are that you aren’t tied to an expiration time as you are with binary options. You can choose to keep a trade running for as long as you want! It’s completely up to you when the trade will end. Forex regulated brokers often provide a new trader with a great chance of copying another, more experienced trader.
This means you can choose to copy a trader who then places trades for you, which can be done on auto pilot. If this isn’t for you, you can also place your own trades, practicing on a demo account first with various strategies. Or you can copy a trader at the same time as practicing your own strategy in a demo account.
Because Forex provides so many unique opportunities, it’s a real shame when some Forex brokers have chosen to exploit their traders rather than help them on their journey. It is vastly important to always choose a Forex broker with an honest track record. Tradeo is our personal favorite regulated and legitimate Forex broker.
Address and Phone Number:
20-22 WENLOCK ROAD LONDON UNITED KINGDOM N1 7GU
+44 20 3808 9411
Email Customer Support:
Alpha Finex is a broker for the Forex market. They do not trade CDF or binary options. They are NOT regulated and have a very short history. They have only been in operation for less than a year and so far have racked up quite a negative reputation among traders.
– Alpha Finex is based in the UK. They have other office locations, but they list an address in the UK as their main address.
– They are NOT regulated. No regulating body keeps them in check and they don’t have to answer to anyone. When you choose to invest with Alpha Finex, you do so at your own risk.
– The MT4 platform is used for trading. This is the standard platform for reading charts and is used by every major broker.
– Funding/Withdrawal options include wire transfer, credit cards, and debit cards.
– A free demo account is available upon first investment. This is always a positive sign! Demo accounts should absolutely be used before trading on the real market. Many new traders skip over this part at their own demise.
– Fake Logos/Affiliations. Alpha Finex claims they are working with some of the biggest names in the financial sector, including, Nasdaq, Bank of America, Dow Jones, and Merrill Lynch. This is false. Alpha Finex is not working with any of these well known companies and are guilty of false advertising.
– Deposit bonus offered. Like every other major broker, Alpha Finex does offer a sign up bonus which matches your initial investment up to 50%. Taking a bonus offer is the kiss of death for any new trader and broker’s capitalize on this. Bonus offers come with a long set of terms and conditions that most people fail to read or understand. These conditions make it nearly impossible to withdraw the money from your account.
Proof of Forex Broker Scam
The number one complaint against Alpha Finex is that they refuse to pay withdrawals. However, we believe much of this is the trap they have weaved for their traders, by tricking them into the sign up bonus. Most complaints we received were traders who had accepted bonus offers and then were unable to take their profits.
However, the main issue here goes much deeper than sign up bonuses. Alpha Finex has a very short history of being a broker. In that time, they have done their best to avoid paying out withdrawals. We do not advise signing up with this Forex broker.
There are much better options for trading Forex! Our best regulated and honest broker is Tradeo. They provide a unique trading platform that involves copying other traders as well as chatting on a forum with other traders. You can read our full review of Tradeo HERE. Please email us with any questions you might have. For our readers who sign up under our link, we provide one on one mentorship, including giving the best traders to copy and the perfect settings for your account!
In the meantime, stay away from Alpha Finex! Email us with your personal experiences with this broker or any other broker you’ve dealt with. We are always looking for user feedback because it helps us craft our reviews!