AlphaPrime is an old scheme under a new domain. This trading firm was known under alphafxprime.com until the Maltese regulator banned it.
Then, we’ve got alphaprimefx.co, same scam in the new suit. Read this detailed AlphaPrime review and gather all the information.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||MFSA|
|Headquarters Country:||Cyprus (allegedly)|
|Minimum Deposit:||250 USD|
|Types of Assets:||Forex, commodities, indices, shares|
|Free Demo Account:||No|
|Accepts US clients:||No|
Does AlphaPrime Have a License From the Regulatory Authority?
AlphaPrime is said to be a brand of Alpha FX Europe Limited, licensed by the UK FCA, Maltese MFSA, and Italian CONSOB.
However, here’s the issue. The legitimate firm has only one domain, that being alphafx.co.uk. All other resembling websites are false. That was confirmed by the MFSA warning.
Allegedly, AlphaPrime is registered in Cyprus, while their support phone number has a Dutch country code. If this bedevil is not enough, the Terms and Conditions don’t specify anything in regards to legal jurisdiction or the actual owner.
In addition, we strongly advise you not to invest inAdar Capital,PrimespotWayandCrypto Portfoliofraudulent brokers. So don’t fall for these dishonest scam brokers!
Reasons Not to Trust an Unlicensed Broker
Unlicensed brokers tend to imitate regulated trading firms to attract potential investors. However, they do not provide the level of security you’d get with a legit brokerage. There’s no fund safety, compensations, or negative balance protection.
If an unregulated firm vanishes, tracking perpetrators can be tricky since most of these firms are anonymous, such as AlphaPrime.
Is AlphaPrime a Legit Broker or a Scam?
AlphaPrime presents itself as a legitimate broker regulated by the FCA, MSFA, and CONSOB. In fact, the domain alphaprimefx.co is just a clone of a legit brokerage. The consumer index is low, indicating withdrawal issues.
AlphaPrime Awards – Company Achievements
Trying to confirm its legitimacy, AlphaPrime listed its alleged awards:
- Best Trading Experience 2019 – World Finance Awards
- Most Innovative Broker 2018 – FXEmpire
- Best Customer Service Global 2017 – World Finance
Since the website was registered in 2021, there’s a slim chance they could win any awards before registration.
Warnings From Financial Regulators
The Maltese regulator, MFSA, issued an official warning stating that AlphaPrime is a clone firm. While the domain is different, all other information, from address to phone number, matches our AlphaPrime here.
We suspect this shady firm changed its domain after the warning, but it cannot hide it. A scam remains a scam, however, you name it.
What Do Traders Think Of AlphaPrime?
Most traders tried filing a dispute with regulators and asking for their funds back. Of course, since AlphaPrime is not actually licensed, this was impossible.
Then, they realized that they had been scammed and started looking for alternative money-back solutions. Numerous negative reviews are warning future investors not to make the same mistake.
What Platform Does AlphaPrime Provide?
AlphaPrime allegedly gives access to WebTrader. It also says it offers proprietary apps for mobile phones, both Android and iOS. However, our research has shown differently.
Broker’s WebTrader terminal is quite dull, without any special features. There are pending orders, the ability to open and close trades, and several technical indicators.
If you’re looking for a more advanced tool, you can always check out MT4 or MT5. Both offer a wide range of TAs, EA, access to social trading, and much more.
AlphaPrime’s mobile trader is allegedly available on both platforms. However, once we tried downloading it, we got the file “unconfirmed.crdownload.”
Since we’re unwilling to open any files being unconfirmed, we cannot verify if there’s really a mobile app. If you find a MetaTrader broker, you’ll get an app, no questions asked.
AlphaPrime Accounts Overview
This brokerage offers four account types, those being:
- Micro – $250
- Standard – $2,500
- Premium – $25,000
- Gold – $100,000
Allegedly, each gives access to MT4, which we have already confirmed is untrue. Further, the leverage and spread decrease with account upgrades while the margin level increases.
So, you should avoid BSTrade forex broker and similar brokers such asAFX Trade LLC,GeneticryptoandFibofix.
AlphaPrime Range of Trading Markets
Customers can trade in the following markets:
- Forex – EUR/USD, GBP/CAD, AUD/NOK
- Indices – NASDAQ, FTSE100, IBEX35
- Shares – Google, Facebook, Microsoft
- Commodities – gold, platinum, corn
It’s unclear whether crypto trading is enabled since BTC is listed under currency pairs.
What Is Known About AlphaPrime’s Trading Conditions?
The easiest way for the broker to attract investors is by offering favorable trading conditions. However, you should be worried when those go against the regulatory regime.
Leverage can significantly increase your trading power but can also lead to heavy monetary losses. Let’s see what AlphaPrime offers.
Leverage and Spreads
While the European regulatory cap for leverage is 1:30, AlphaPrime offers a range of 1:100-1:500. This is an official confirmation of its illegal operations.
The spread ranges from 0.2-1 pips, which is quite solid. Yet irrelevant when the broker is unlicensed.
AlphaPrime Minimum Deposit and Withdrawal Terms
AlphaPrime requires its customers to deposit a minimum of 250 USD or EUR. However, the payment methods are not specified.
The Withdrawal Policy is also obscure, not to mention withdrawal terms and costs. All in all, it seems that getting a payout is not an option. According to reviews, customers who submit withdrawal requests can no longer access their trading accounts.
Scammed by AlphaPrime Broker? – Let Us Hear Your Story
If you were scammed by AlphaPrime or a similar phony website, let us know. Our chargeback experts will evaluate your case. We may be able to assist with fund recovery. Let’s get in touch!
But What Is A Chargeback?
This is a way for your bank to reverse a fraudulent transaction and recover stolen funds. For more information, book a free consultation with our experts.
We’re here to help!