Alfa-Forex reviews

Cyprus, CySEC

Site: https://alfaforex.com/en

One of the largest Forex brokers in Europe is Alfa-Forex. The affinity of the company with the famous Alfa-Bank has certainly made it easier to break through on the foreign exchange market. Alfa-Forex is part of Alfa-Bank, and both are part of the investment conglomerate Alfa Group, which has stakes in banking, investment, insurance, waterworks, and even supermarket chains. Alfa-Forex has been operating since 2003.

Who is Alfa-Forex regulated by?

In late 2015, Alfa-Forex completed its client transfer process into Alfa Capital Holdings (Cyprus), meaning from that moment and on it was regulated by CySEC – Cyprus Securities and Exchange Commission. CySEC is a regulator of financial markets operating on the foreign exchange and stock market (in Cyprus and EU countries) and enforces subsequent control, audits subordinate companies, detects offenses by the company and transfers materials for subsequent proceedings in government agencies, imposes penalties in case of violations (disciplinary and administrative). CySec regulates the business of HYCM (Europe) Ltd (license number 259/14).

Where and how does it operate?

While most of the client base is European based, Alfa-Forex accepts and welcomes clients from across the globe. When the decision to trade via Alfa-Forex is made, traders are given a choice from the following trading terminals:

  • Metatrader 4
  • Metatrader 5
  • Zulutrade trading platform (ability to copy other successful traders’ deals)

All of the above platforms have dedicated mobile applications. With Zulutrade, the TradeWall option is available, with which you can see real-time transactions made by traders from the top of the ratings. Additionally, users are provided the opportunity to invest into PAMM. The minimum deposit for a Zulutrade account is $300.

The following trading tools are available to traders:

  • Currency pairs
  • CFDs (over 100 instruments)
  • Precious metals
  • Forwards and bonds on USD / RUR

What are the account types?

The account type is determined by the platform you will be using. A demo account is also available in the event that you want to test how everything works and get a feel for the market first. Everything you need to know about these platforms:

  • MT4
    Minimum deposit: $0
    Leverage: up to 1:200
    Spread: from 0.7 points
    Minimum lot: 0.01

  • MT5
    Minimum deposit: $0
    Leverage: up to 1:200
    Spread: from 0.7 points
    Minimum lot: 0.01

  • Zulutrade
    Minimum deposit: $300
    Leverage: up to 1:100
    Spread: from 2.2 points
    Minimum lot: 0.1

Are there any bonuses or promotions?

There are currently no bonuses or promotions in effect for Alfa-Forex

How do I deposit and withdraw?

You can open an account on the broker’s site and register within a few minutes. The broker does not impose any requirements on the minimum deposit amount for customers, which will no doubt please some of the new traders who only a small amount of start-up capital to spare. The three currencies you can use with your account are the Russian ruble, euro and dollar. The account can be replenished using:

  • Bank transfers (transfers through Alfa-Bank are carried out without commission)
  • Credit/debit cards
  • Using the built-in web interface Alpha-click

The withdrawal of the profits is possible via bank transfers. All transfers via Alfa Bank cards are made without a fee, while the rest have a commission applied to them. The waiting period is usually 2-5 business days long. If you are looking for a way to withdraw to your e-wallets here, you came to the wrong place.

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Comments

4 If you have alfa bank card, then this best option if you want quick withdrawals. Spreads are ok, nothing special. I like the interface and how the site and application look.
4 Trading was good the first week somewhere. I've been trying to withdraw funds for a couple days now. Sending a bunch of emails and trying to call them has led to nothing. Either they are ignoring me purposely or my emails don’t even make it to their destination. This is disrespectful.
5 When making the deposit all is good, but try to withdraw something you earned and all of a sudden a bunch of problems arise. If you don't have alfa-bank card, don't even bother. The support team looks like they're trying to help, but I think they don't want me to get my money back. Very low of them. If you want the same experience, try it out yourself.
5 Pretty decent conditions for trading, and think I know enough to tell in 1 year of trading. Not as successful as id like, but getting better all the time. Start out small and work yourselves up.
5 At first I thought I wouldn’t like this broker, but it grew on me over time. I started with small transactions and now make about $60 a week steadily. Make sure to learn as much as possible, it’s very important in this market. Also the ZuluTrade account is pretty cool, try it out.
5 Didn't seem to have so many problems with my withdrawals as other people, and I have no alfa bank card. The platforms and user interfaces are nice and better than my previous brokers. Made all my profit on metals so far, maybe try them as well.
5 Almost 4 months since I started trading with Alfa. It’s good that there is no minimum deposit, so you can try some small sums at first to get a feel for the process. Nice user interface.
4 If you want to lose money, this broker is for you. I didn’t touch my account for a few days yet the money I had suddenly went missing. And when I ask no one can even explain what happened, so they avoid me now. Great experience so far with trading for me.
4 It’s my 4th week with Alfa-forex today. It is also the first time I decided it’s time to make a withdrawal, so we will see how that goes. Nervous because of some of the comments about delays. So far everything is good. I learn everything with the site's lessons, which helped me a lot.
4 Ok broker. Some good things and some bad things I have experienced. There is only one account available, so maybe that limits some of the flexibility you may expect these days. Withdrawals can take forever though, especially if you are not an owner of an Alfa bank card, which I am not.

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