Note: Since ALPHATRADE-FXs official site (https://www.alphatrade-fx.com/) is not accessible while writing this introduction, only a cursory understanding can be obtained from the Internet.
General Information & Regulation
ALPHATRADE-FX, a trading name of BUSINESOFT LIMITED, is allegedly a suspicious regulated forex and CFD provider registered in Saint Vincent and the Grenadines that claims to provide its clients with a wide variety of tradable financial instruments with leverage up to 1:200 and variable spreads from 0.8 pips on the web-based trading platform, as well as a choice of four different account types.
Market Instruments
ALPHATRADE-FX advertises that it offers a wide range of trading instruments in financial markets, including forex currency pairs, stocks, indices, and commodities, as well as cryptocurrency buying and selling.
Account Types
There are four live trading accounts offered by ALPHATRADE-FX, namely Beginner, Trader, Expert and VIP. Opening a Beginner account requires the minimum initial deposit amount of $1,000, while the other three account types have much higher minimum initial capital requirements of $5,000, $25,000 and $100,000+ respectively.
Leverage
A leverage ratio of up to 1:200 is offered by ALPHATRADE-FX, which is much higher than that provided by most brokers. Inexperienced traders are advised not to use too much leverage since leverage magnifies gains and losses.
Spreads
ALPHATRADE-FX claims that different account types can enjoy quite different spreads. In particular, the clients on the Beginner account can experience spreads from 1.2 pips, while the Trader account with spreads from 1 pip and the Expert can enjoy the lowest spreads from 0.8 pips.
Trading Platform Available
The platform available for trading at ALPHATRADE-FX is a web-based trading platform. The WebTrader is equipped with a variety of charting options and technical indicators. However, compared with the industry-standard MetaTrader4 and MetaTrader5, it still lacks some advanced features.
In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most trusted and 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
ALPHATRADE-FX says to work with wire transfers, credit cards, some unspecified e-payments and BTC. The minimum initial deposit requirement is said to be $250, and the minimum withdrawal amount is €100, while €500 for bank transfers. The clients will also be charged 10% if they request withdrawals before turning over their funds 200 times. Furthermore, separate fees apply to withdrawals from different gateways: €50 for bank transfers, €25 withdrawal fee and €10 processing fee for credit cards, $/€/£25 minimum withdrawal amount for e-wallets, and BTC withdrawal fees can be up to 5% of the requested amount. All withdrawals may take up to 3 days to process.
Bonuses & Fees
ALPHATRADE-FX claims to offer some bonuses. However, at least a deposit of $/€/£250 is required to withdraw any bonus earnings. It is required for each bonus credit to have a total value of at least or greater than 90 times the bonus amount credited.
In addition, after 30 days of inactivity, there is a 5% dormant account fee.
Customer Support
ALPHATRADE-FX‘s customer support can be reached by email: support@alphatrade-fx.com. Company address: BEACHMONT BUSINESS CENTRE, 190 KINGSTOWN, SAINT VINCENT AND THE GRENADINES. However, this broker doesn’t disclose other more direct contact information like telephone numbers that most brokers offer.
