Alpha Financial Group Review- Scam Broker Complaint
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Alpha Financial Group Scam broker Review by Fraud Brokers
ALPHA FINANCIAL GROUP REVIEW
ALPHA FINANCIAL GROUP : SMART OR SCAM ?
ABOUT ALPHA FINANCIAL GROUP:
Not to be confused with many other financial groups and trading companies of the same name, Alpha Financial Group is a robot trading side which generally works well trading via and with robots. It is an unregistered, unlicensed anonymous trading company founded in 2015 and is a forex and CFD broker. It has already been flagged and deemed a scam in many countries and regulators, such as, the CNMV of Spain and the Australian Securities and Investments Commission (ASIC), where it has been blacklisted. Up until recently, the company’s website was up running but did not publicise any information regarding its founder or any address or contact, obviously, no license holding information either.
Notoriously, Alpha group had not viewed any spreads on its websites. Hence, many regulators had to open live accounts (without investing), to understand its legitimacy. Which is where it began to show how scammy it was, running at 3 pips, which is at least 2 folds higher, especially considering it being a robot run trading site. That could not be the only factor that seemed shady, since its maximum ratio reached as high as 1:400.
They offer a variety of trading instruments and account options (of upto 7 accounts) on their website, with minimal variability in trading outcomes. These include CFD on indices, heavy precious metals, exotic and minor pairs USDCNH, USDHKD, USDPLN to name a few, many commodities, cryptocurrencies (including Bitcoin, Bitcoin, Ethereum, USD Tether, Ripple, Dash, Monero, NEM)
Using social media and running rerunning advertisements for its training websites, Alpha Group had successfully trapped a good lot for its initial scams. Despicably, it used the most old school scam technique of requesting account holders to invest an initial amount of at least upto 300 USD. The AI was then designated to entrap users with further investments, now into an offshore account with the help of a very few initial trade wins and escalations. Upon requesting a money withdrawal from your plausible wins, the system simply shows error in ways of asking for a new deposit to withdraw cash or and now a poor decoy, awarding a bonus in the future.
To conclude, we advise only to trade with verified companies, making sure that they are both licensed and registered. At least forex and CFD brokers operating from an EU country like the UK or Germany should be licensed by an official EU regulator like the UK’s Financial Conduct Authority (FCA), BaFin in Germany, or say the Cyprus Securities and Exchange Commission (CySEC).