Alpha Tradex (Alphatradex.com) is a CFDs, Crypto Currency and Forex broker scam waiting to pounce on unsuspecting online investors. AlphaTradex is purporting to offer Forex, Indices, metals, Crypto and CFDs. They claim that users who sign up with ALPHA TRADEX are guaranteed ultra-low spreads. With these claims on their bags, we simply had to conduct an investigation on this broker. Here’s the shocking revelation of our Alpha Tradex detailed review.
What these scammers have done right is create a website that looks professional and in touch with modern technology. Homepage has an image of a man reading a newspaper which means he’s probably a businessman. That’s what these scammers are after, to grab your attention at all cost. Make sure not to sign up with Alpha Tradex until you read this entire review. Here, we will show you all their dirty little secrets.
Claims and promises are what set scammers apart from real brokers. Scammers make sure that they offer huge promises of making investors get money quick and fast. Have you read that AlphaTradex brokers want you to succeed? That’s what it says when you scroll down their homepage. Make no mistake, this broker is enticing you to sign up and deposit money with them. MAKE SURE TO STAY AWAY FROM ALPHA TRADEX.
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According to the disclaimer at the footer of their homepage, Alpha Tradex Limited owns this brokerage firm. Disclaimer also reads that this firm is registered in St. Vincent and the Grenadines. What this means is that we are dealing with an offshore brokerage firm. Offshore brokers are notorious for flaunting set industry regulations and rules. That’s why investors should stay away from AlphaTradex.
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That’s not all; this broker does not give us the names of the founding members. Who is the CEO or CFO of Alpha Tradex Limited? Lack of this vital information is proof enough we are dealing with a rogue broker. Why would they hide names of people who will be handling your money? It’s clear that Alpha Tradex wants to remain anonymous. Anonymity is a dangerous trait to associate with in any online investment platform.
As far as we can tell, this broker is using fake credentials to try and fool investors. Disclaimer at the bottom of their homepage has a registration number on it. 24950 IBC 2018 is the supposed registration number they use to fool investors. What this registration number fails to disclose is the regulatory body that issued this number. As far as we can tell, this is purely fictional and meant to lure users into believing their legitimacy.
If Alpha Tradex was indeed licensed to carry out Forex transactions, where are their legal documents? A real broker will post their registration certificates and documents for all to see. This creates a trusting relationship and is proof of transparency with the broker and regulatory bodies. Lack of these documents is concrete proof that we are dealing with a professional Scam outfit. Steer clear of this ruthless broker.
Alpha Tradex uses MT4 Trading platform when conducting trades. For a platform to be considered effective and efficient, it has to be compatible with all devices. This means that their platform should easily sync with Desktops, Mobiles, and Tablets. In order to test compatibility, we had to download their platform and see what happens. That’s where we encountered another disturbing detail with AlphaTradex.
Their platform could not fully download which means that we are dealing with an unstable platform. Download stalled at 52% which is bad news for any trader using this platform. An unstable platform leaves traders open to malware and phishing attacks. Hackers find unstable platforms easy breeding grounds for credit card information. Worse still, hackers may impersonate you when committing fraud in the future.
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Alpha Tradex has three accounts to choose from on their accounts page. These account types include Standard, ECN, and Swap Free accounts. After doing a little digging, we found that this broker actually has seven account types. Once you talk with Alice, their live agent, you will realize other hidden accounts. Hidden accounts with AlphaTradex include Pro, VIP, Islamic, and Premium accounts.
Why would a broker hide information regarding some of the account types on offer? It means that they want to get people to sign up blindly. Newbies are mostly targeted because they don’t know what to go for. They will be asked to make a deposit depending on the amount of money they have. This is simply not acceptable and hopefully this broker will be shut down. These accounts are all meant to try and legitimize this broker.
Money is never safe with a broker who uses fake registration details and is offshore. That’s not all, security of funds is never guaranteed with an unauthorized Forex broker. This broker fails to disclose vital information regarding how well your money is secured. Which bank do they use to deposit money sent by users? And, did you know that users maybe depositing money straight to the owner’s personal bank account?
Alpha Tradex does not participate in a compensatory scheme. This means that users will never be compensated in case the broker faces bankruptcy or insolvency. Segregation of funds is also not happening at AlphaTradex. It means that this broker is pooling funds in one account which is very risky. As we earlier said, offshore brokers are notorious for flaunting set rules and regulations. Above is a good example how rules have been broken.
When it comes to depositing money with this broker, they have this area well covered. Users can choose from a wide array of options available to them. MasterCard, Visa, Skrill, Bank Transfer, PayTrust, just to mention but a few. Crypto Currency is also used as a means of depositing money with Alpha Tradex. Ripple, Litecoin, Bitcoin, Dash, BitcoinCash, Ethereum and others. This broker wants users to have no excuses as to why they can’t deposit.
Problem comes when it’s time to make withdrawals. Withdrawals are the major setback with this broker. No member had been able to withdraw money using AlphaTradex.
Alpha Tradex is indeed a scam that is stealing from anyone who signs up and deposits. Even if you don’t deposit, they will still have your email and phone number. Make sure to mark all their emails as Spam and never click on any links sent by them. Warn your friends and relatives from signing up with this broker. Once you sign up, you will be on your own.
Option that we are left with is to add this broker to our scam blacklist. This will greatly help to protect newbie traders from falling into this trap. Make sure not to speak to any of their agents as they will entice you into signing up with them.
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Finally, we wish you all the best in your Forex trading experience.
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