Alpho Review(2020): Is this Broker a Scam?
Alpho.com is a forex broker who claims to be registered by the Financial Service Authority of Seychelles. This does not seem to stop them though, from adopting various absurd terms and conditions. We urge you to read this review before making any investment whatsoever with Alpho brokers.
Whether you’re an experienced forex trader or not, your first intention is to make real profit. To do this, you have to trade with the right forex brokers. Our job here is to review various websites that claim to be forex brokers, then help you tell which is real and which is not. This review tells you all you need to know about Alpho Brokers.
About Alpho Brokers
According to alpho.com, Alpho is an online portal designed to deposit funds, request a withdrawal, check balance and positions, request opening or closing a position, request placing a new order or cancel an old one and much more. They claim to be registered and regulated by the Financial Services Authority, Seychelles.
Alpho brokers trade commodities, forex, indices and shares across multiple countries. They also claim to be one of the top 5 online brokers. However, you might want to exercise caution with this broker. They seem to have as many negative sides as they have positive.
Why You Should Be Cautious with alpho.com
At first glance, Alpho brokers looks like it might actually be on to something really good. However, a couple of things we found (or didn’t find) on the website gave us a sense of hesitation.
Alpho Brokers Withdrawal and Deposit Information
Alpho.com seems to have completely forgotten the need for deposit amounts when they were creating their website. There’s not a single mention of the minimum deposit amount. Other things not mentioned include; the withdrawal processing time, the deposit platform, etc.
Besides the forgotten points, even a lot of the withdrawal terms available are what we would call laughable, or outrageous. One of them is that if you file for a chargeback (reverse transaction), you will be charged $200 for processing it. Chargebacks are usually filed when a trader feels they’re being scammed. Even worse is that if the chargeback is unsuccessful, you’ll be charged another $200 (Total $400). This is outrageous!!
As though that is not enough, the terms of service also state that the company reserves the right to close the account and seize the trader’s profits if they file for a chargeback. This one’s laughable. It’s akmost like they are trying to make people keep quiet.
Alpho Brokers Trading Platform
The trading platform provided by alpho.com is the MetaTrader 5. This is one positive thing about the website as we always advise our readers to trade with brokers who use the MetaTrader 4 or MetaTrader 5. The MT5 is currently the best trading platform on the market, and if what they say is true, this is a big plus for them.
Alpho.com also offers a leverage value of 1:500. This rate is incredibly high, one of the highest on the market. As a matter of fact, we mostly see rates like this only when we review scam forex broker accounts.
Alpho Brokers Licensing and Regulation
Gulf Brokers Ltd., the parent company of Alpho brokers, says it is registered in Seychelles. After checking with the FSA, Seychelles, we confirmed this as true. However, this makes us wonder what kind of regulatory agency they are. Especially considering the sort of terms and conditions found on alpho.com
Alpho Brokers Review Conclusion: Is alpho.com Legit?
Alpho brokers are a regulated company, given. However, some of the terms presented by the makes us doubt the credibility if their regulatory body. Due to this fact, we cannot recommend them to you, and we advise you deal with a transparent broker who’s licensed by a reputable agency.
Our Recommendation For You
You can make money online by trading with reputable, reliable and trustworthy brokers. We’ve been trading with the Fortrade broker below for sometime now and we have no regrets!
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!
