Alphaprotraders.com poses as a top broker, established by leading industry professionals. What we have here, on the contrary, is an offshore, clone broker website. Ensure you read this AlphoPro broker review before you trade with this broker.
In our bid to keep forex traders from scam brokers, we have made it our duty to review forex broker websites. That way, we can help you tell which one is legit and which one’s not. This review tells you all you need to know about AlphoPro Traders brokers.
About AlphoProTraders Broker
Alphopro Traders is a forex brokerage company that claims to be owned and operated by GoldTech Media Services OÜ; an Estonia-based company. However, AlphoproTraders claim to be located in the United States while still operating under the laws of Estonia. The trading assets they offer include; Forex, Commodities, Indices, Currencies and Shares
Alphoprotraders.com puts in a lot of effort to establish a great website. Sadly, it takes more than just a pretty face to be a great broker.
Alpoprotraders.com: Reasons To Avoid This Broker
We found a bunch of inconsistencies and disturbing facts on Alphoprotraders.com. You just might want to avoid this broker.
AlphoPro Traders Withdrawal and Deposit
The minimum deposit amount for AlphoPro Traders is $250, as opposed to their account types page which says $300. The payment methods available are debit/credit cards, bank wire method, Skrill, Bitcoin and NeTeller. On the other hand, the minimum withdrawal amount isn’t specified and every withdrawal is charged a $25 fee. The processing time could be up to 21 days; an extensive period compared to the 24 hours required by legit brokers.
The account dormancy policy might not be the worst thing about this broker, but it’s definitely up there with the rest. Study the photo below;
The clause above basically gives the broker permission to take whatever funds that you have left if you’re inactive for up to 12 months. This is wrong, and no legit broker would ever do it. If the price inconsistencies didn’t convince you, this at least, should do so.
Alphoprotraders.com Trading Platform
AlphoPro Traders broker claims to offer the Metatrader 4 trading platform. However, when we attempt to download it, we were unable to find an executable file. The only thing that’s available is a demo trader that won’t do you much good since you will never get to have an actual live account to trade with.
The maximum leverage offered by alphoprotraders.com is 1:200, while the average EURUSD spread is about 2.4. Let’s ignore the fact that the spread is outrageous and talk about how 1:200 is illegal for a company who claims to bend to the laws of Estonia. Brokers within the EU are only allowed a maximum leverage of 1:30
AlphoPro Traders Licensing and Regulation
AlphoPro Traders broker claims to be located in the United States, which would make them subject to the CTFC. However, under their Terms and Conditions, they claim to be obedient to the laws of Estonia; meaning they should be regulated by the FI, Estonia’s financial regulator.
Furthermore, this broker claims they’re operated by GoldTech Media Services OÜ, an Estonian company. This company is already associated with another illicit broker (s2trade.com) that has already been warned by the FCA. Upon visiting the website, it is seen to be an exact replica of AlphoPro Traders.
The point we’re driving at is, not only is AlphoPro Traders UNREGULATED, they’re also a clone broker. These are all the makings of an illicit broker.
Conclusion: Is Alphoprotraders.com a Legit Broker?
No! AlphoProTraders is an unregulated broker; they operate outside of forex laws and thus, are offshore brokers. Any funds you deposit with them is at maximum risk, hence advise against trading with this broker. We recommend that you deal with a transparent broker, licensed by a reputable agency.
If however, you wish to add something else about this broker, feel free to use the comments section.
Our Recommendation For You
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FORTRADE- One of the Top rated brokers and a good choice for new traders. This broker is Licensed in UK(FCA), Australia(ASIC) and Belarus(NBRB). Guess what? you can trade from any part of the world as it accepts Traders Worldwide. Interested in trading with one of the best Forex brokers? Head Over to Fortrade and start trading!