Note: Alpha FXs official site - http://alphaforexmarkets.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
Alpha FX, a trading name of AlphaFx Markets limited, is allegedly a suspicious regulated forex and shares broker incorporated in Hong Kong that claims to provide its clients with a wide variety of tradable financial instruments with flexible leverage up to 1:300 and variable spreads from 0.0 pips on the industry-standard MetaTrader5 trading platform, a choice of four different account types, as well as copy trade service and 24/7 customer support service.
As for regulation, it has been verified that Alpha FX currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.66/10. Please be aware of the risk.
Note: The screenshot date is February 10, 2023. WikiFX gives dynamic scores, which will update in real-time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.
Market Instruments
Alpha FX advertises that it offers a wide range of trading instruments in financial markets, including over 60 currency pairs, CFDs, spot metals and indices, and over 180 share CFDs.
Account Types
Apart from demo accounts, there are four live trading accounts offered by Alpha FX, namely Jessie ECN, Chris STP, Jordan ECN and Bernie STP, with the minimum initial deposit amount of $1,000, $500, $200 and $100 respectively.
Leverage
Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Jessie ECN and Jordan ECN accounts can experience leverage of 1:200, while the Chris STP and Bernie STP accounts can enjoy the maximum leverage of 1:300. Inexperienced traders are advised not to use too much leverage since leverage magnifies gains and losses.
Spreads & Commissions
Alpha FX claims that clients on different account types can enjoy different spreads and commissions. The Jessie ECN and Jordan ECN accounts can enjoy raw spreads, while the Chris STP account and Bernie STP accounts can experience spreads of 10 and 20 separately.
As for commissions, the broker will charge the Jessie ECN and Jordan ECN accounts a commission of $8 and $15 respectively, while the Chris STP and Bernie STP accounts with no commission.
Whats more, different trading assets are equipped with different spreads and commissions. For example, the spread for forex is as low as 0.2 pips, while the CFD spread is from 0.4 pips. The stock commission is from $3, while the commission for commodities is as low as $1.25.
Trading Platform
Platforms available for trading at Alpha FX are MT5 Windows, MT5 IOS – Mobile, MT5 Android – Mobile, MT5 Machintosh and Web Trade (see the below screenshot).
In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
Alpha FX says to work with numerous means of deposit and withdrawal choices, consisting of Skrill, PayPal, TransferWise, Visa, MasterCard and Bank Transfer. The minimum deposit to open an account is $250, however, the minimum initial capital to open an account is $100. There is no maximum limit.
Bonuses
Alpha FX claims to offer a 100% bonus and its clients can get a bonus for 90 days, yet we cannot be sure if the bonus is available without any condition.
Customer Support
Alpha FXs customer support can be reached by telephone: +16503050125, email: support@alphaforexmarkets.com or send messages online to get in touch. Besides, you can also follow this broker on some social media platforms such as Twitter, Facebook, Instagram, YouTube, Skype, Telegram and LinkedIn. Corporate Office: Office 2204,22/F 299QRC, 287-299 Queens Road Central, Hong Kong.
Pros & Cons
Frequently Asked Questions (FAQs)
2024-03-27 16:54
2023-02-20 18:53
