Al Trade Review Scam Complaint
Al Trade Review – An Introduction
Al Trade is owned by a London based company AL Trade Inc since 2003. Al Trade offers round the clock trading in various currency pairs, silver, gold and CFDs. The broker also offers Binary Options but on a separate web based portal. Instead of operation for these many years the company still is not registered with any financial authority and is still unregulated.
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About the Al Trade:
Al Trade is a forex and CFD broker that offers three types of trading accounts to its clients, Micro, Mini and Standard. These are the basic account types and are commission free provided on MT4 platform. In both Micro and Mini accounts micro tradable lots are offered for those clients who are unwilling to trade in large lots. Where cost of trading is concerned, Al Trades claims that it offers variable spreads starting from 0.8 for Mini account traders. It has been reported from the users who tried its demo account that the spreads have turned out to be fixed at 2 pips for the EUR/USD, which is way too much different from its claim. The leverage ratio provided by the broker is also very high, 1:500, that means much risk.
Al Trade just like every other broker provides the popular MetaTrader 4 (MT4) platform for trading which is available for both, desktop download and mobile trading app. MT4 trading platform is the most preferred software for trading among most traders and that is why it is offered by brokers, even by the dishonest brokers too, to pretend their reliability. Traders know that this platform has all the necessary tools and resources that would be needed by them to analyze price dynamics of the financial instruments, in executing transactions and creating and using automated strategies. Mode of payment offered by Al Trade includes Bank Wire, Debit/Credit cards and WebMoney.
Is Al Trade legit or scam?
Al Trade is an offshore, London based trader that is not regulated from any authority. It is operating for more than 10 years but it is not licensed from any financial authority, not even by FCA. If you want or are planning to invest your money, we would suggest you to select from regulated, authorized and more reliable brokerage firm and not this one. Many complaints from traders have been registered against Al Trade regarding manipulation in the trading account so this firm is seen as a scam broker.