AlfaTrade Review Scam Complaint

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Overview:

AlfaTrade is an unlicensed forex and CFD broker. It is located in Bulgaria and owned and operated by Nemesis Capital BG Limited. It is hard to understand the exact location of the company as its owner company Nemesis is located in St Vincent and the Grenadines, whereas the online brokerage AlfaTrade mentioned its registered office in Bulgaria with the contact number based in UK. It is suggested to go through the detailed review to figure out about the AlfaTrade broker.

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About the AlfaTrade:

AlfaTrade is an unregulated offshore broker who provides its Traders platforms like MetaTrader 4 (MT4) platform, Mirror Trader, Web Trader and for the mobile traders it provides the MT4 Mobile. The platform Mirror Trader is nice trading software for the trades who seek automated forex trading by mirroring the trades of other traders. It is cautioned that using automated trading software is extremely dangerous, and can result in the loss of your entire trading amount. Considering its official website, it has been seen that many a times it claims that its under maintenance and will be back soon, while the trading and all operations are available through its MetaTrader4 platform. Important point to be noted is that the company once was previously registered with Financial Conduct Authority (FCA), UK.  But, in 2015 its license has been suspended to till now. Concluding all these things it seems that the company is in some fishy business while pretending to be a well established and reliable broker that offers forex, CFDs, commodities, and indices to trade.

A number of complaints have confirmed the suspicious operations by the company. The broker, AlfaTrade, is targeting and attracting traders of international market from various jurisdictions. However, international financial authorities that regulate the Forex industry act as the watch dog and have confirmed that they have received various complaints from the clients of AlfaTrade. Therefore, they have added the AlfaTrade on the list of scam alerts and warnings for soliciting traders without a license.

Is AlfaTrade legit or scam?

AlfaTrade is an unlicensed company whose proper location is also not known. Considering all the facts about the company and specially the fact of the suspension of its license it could be said that it is a scam broker and we recommend avoiding any investment with the AlfaTrade.  The broker has been attracting the traders with the intention to con them and flee away with their money.

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