AlfaTrade Review: Scam or Legit?

alfatrade review

Discover the truth about AlfaTrade in this AlfaTrade review. Find out about its regulation status, trading software, fees, and warnings from regulators.

AlfaTrade raises several concerns, primarily regarding the disparity between its brand and the associated domain.

Despite the website’s claims of transparency and assurances about safeguarding client funds, it’s crucial to note that this offshore broker operates without any regulatory oversight.

In this AlfaTrade review, we will explain why it is not advisable to entrust your funds to AlfaTrade.

What is AlfaTrade?

AlfaTrade, established in 2010 and owned by Alfa Trade (UK) Ltd, is an online brokerage company.

This comprehensive AlfaTrade review will help you make an informed decision before engaging with the AlfaTrade platform or opening an account.

Operating as a forex broker, AlfaTrade is active in Bulgaria and/or St. Vincent and the Grenadines. Forex brokers like AlfaTrade provide traders with platforms enabling the buying and selling of foreign currencies.

They are commonly referred to as retail forex brokers or currency trading brokers, facilitating access to the 24-hour currency market for speculative purposes. Institutional clients and large companies, such as investment banks, also utilize the services of forex brokers.

However, the exact location of AlfaTrade is unclear. Some sources suggest it is in Europe, while others claim its headquarters are in Bulgaria. The official telephone number is UK-based, and another source lists the company address as registered in St. Vincent and the Grenadines, a lenient location for maintaining a brokerage company.

Research indicates that the company was previously registered with the FCA (UK), but its license has been suspended since 2015. This raises concerns about the company’s credibility, suggesting potential dubious practices despite portraying itself as well-established and reliable.

what is alfatrade

Trading Software

AlfaTrade uses a standard web-based trading software, but it falls short when compared to MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

alfatrade trading software

These two platforms are industry leaders due to their extensive features, such as customization options, the ability to use multiple accounts, and the capability to design and implement custom scripts for automated trading and backtesting trade strategies.

It’s important to highlight that the mere presence of a trading platform on a website doesn’t necessarily make it a legitimate broker, nor does it guarantee authentic trading opportunities.

Unfortunately, some scammers employ manipulated trading software to deceive individuals into thinking that their funds are being invested legitimately.

Is AlfaTrade Regulated?

AlfaTrade lacks proper regulation, making it an unreliable platform. To understand the reasons behind this, we’ve gathered information from various AlfaTrade reviews.

Allegedly operated by Nemesis Capital Limited, a company based in Saint Vincent and the Grenadines (SVG), this platform operates in a controversial offshore domain known for housing numerous scammers. The issue lies in SVG’s Financial Services Authority (FSA) not regulating Forex trading.

It’s crucial to note that any Forex service provider based in SVG is unregulated, posing a risk to the security of your funds. In the case of Nemesis Capital Ltd, the company isn’t even registered with the FSA.

While some reviews suggest that AlfaTrade cc was once regulated by the reputable UK Financial Conduct Authority (FCA), we found information on Pia Markets Ltd in the regulator’s register.

This broker, previously regulated by the FCA and operating under the name Alfa Trade, lost its license in 2016. Hence, claims of FCA approval for AlfaTrade are false.

It’s advisable to steer clear of unregulated brokers like AlfaTrade to safeguard your financial interests.

Cost and Fees, Commissions and Spreads

Trading costs are influenced by various factors, such as commissions, spreads, and margins. The spread of a currency pair refers to the gap between the bid and ask rates. A pip represents the smallest price movement, and its value is 0.01 for JPY-based pairs and 0.0001 for others.

The margin, the amount needed to open a position, is determined by the current price of the base currency against USD, the position size, and the leverage. Commissions are fees charged by brokers for executing trades on behalf of traders, and their amount depends on the traded asset and the broker’s service type.

Brokers providing execution-only services, where no personal advice is given, usually have lower commissions. In the case of Contract for Differences (CFDs), trading on shares incurs commissions, while other markets involve no commission but include a spread around the market price.

AlfaTrade adopts an STP (NDD) dealing model, offering a raw spread from 0.1 pips + $2 per lot commission or a variable spread starting from 1.5 pips with no commission.

The Premium account allows micro lots with a minimum spread of 2.3 pips, while the VIP account, available for investors with $50,000 or more, offers a reduced spread of 1.7 pips.


AlfaTrade offers significant leverage of up to 1:1000, something that is rare among regulated brokers.

While trading with high leverage can lead to higher profits, it also comes with an increased risk of sudden and substantial losses. It’s important to note that leading financial regulators impose limits on leverage for retail traders to protect them.

In addition, AlfaTrade promotes bonuses, a practice frowned upon by most financial regulators due to the associated risks. Scammers often exploit promises of generous bonuses to subject victims to unfavorable conditions.

Unfortunately, AlfaTrade does not provide clear information about the terms and conditions tied to their bonuses.

If you’re still interested in engaging in high-leverage trading and taking advantage of bonuses, promotions, and prize games, it may be advisable to consider offshore brokers with a reputable track record and established brand.

These brokers may offer similar services while operating under more transparent and regulated conditions.

alfatrade leverage


Forex brokers usually attract new traders by offering deposit bonuses. While these bonuses can be beneficial, it’s crucial to understand the terms and conditions to truly make the most of them.

Typically, the bonus serves as compensation for selecting a specific broker. However, you only realize the real benefits once you prove yourself as an active trader.

Although no deposit bonuses are a good way to start trading, the associated terms may require such a high trading volume before withdrawing profits that it might not be worthwhile.

Recently, the European Securities and Markets Authority (ESMA) has implemented measures to protect investors in the marketing, distribution, or sale of CFDs.

These measures prohibit brokers from providing retail clients with various benefits related to CFDs, including bonuses.

As of now, there is no information available regarding any bonuses offered by AlfaTrade.

Withdrawal Methods

The claims about various reliable payment options displayed on the website are misleading. The credit card option in the deposit menu leads to a dubious platform called Kryptova for buying cryptocurrencies, and there’s also an option for wire transfers to a personal bank account.

It’s important to note that using cryptocurrencies and bank transfers does not provide the option for refunds or chargebacks. Legitimate brokers typically offer transparent payment methods, such as well-known e-wallets like PayPal, Skrill, or Neteller.

Warnings About AlfaTrade

Several regulatory warnings have been issued against the AlfaTrade. These warnings date back to 2016 when the offshore scam initially started deceiving traders.

The Ontario Securities Commission (OSC) was the first financial market watchdog to flag AlfaTrade as an unauthorized provider, issuing a warning on October 6, 2016.

Italy’s CONSOB followed suit on November 21 of the same year, declaring that “Nemesis Capital Limited and Nemesis Capital Bg Limited are not authorized to provide investment services or carry out activities in Italy through the website”

The AlfaTrade scam resurfaced in January 2023, and it took a couple of months for regulators to take notice. On June 19, the Spanish CNMV and Portuguese CMVM issued warnings against the platform, leading to the takedown of the scammer’s website.

Unfortunately, during this period, AlfaTrade successfully scammed several traders, depriving them of their hard-earned funds. We have documented some of the reviews and complaints in the trader reviews section.

Conclusion: Is It Safe or a Scam?

A crucial factor in assessing the reliability of a broker, such as AlfaTrade, is identifying the regulatory authorities overseeing its operations.

AlfaTrade asserts its authorization and regulation by the Financial Conduct Authority (FCA) in the United Kingdom. However, there are indications from certain sources that its license may have been suspended a few years ago.

It is highly recommended to consider opening a trading account exclusively with brokers regulated by reputable global authorities. These brokers should adhere to the necessary rules and maintain a positive reputation throughout their operational history.

If you have any information about AlfaTrade, its administrators, or its facilitators, please reach out to us.


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