Alfa-Forex Review

Avarage rating: 3.78 / 5
3.7777777777777777
Reviews counted: 9
22/10/2018

As a broker, Alfa-Forex began its journey way back in 2003 as a structural division of Alfa-Bank, registered in the British Virgin Islands.

The broker bases its accounts and operates via ECN technology, granting their clients direct access to the market and liquidity suppliers without any unwanted intervention in the execution of the trading orders.

One of the largest brokers in the world, Alfa-Forex’s target audience are from Russia, CIS countries, and the European Union.

Visit: https://alfaforex.com

Type: Broker

Regulation: Regulated by CySEC


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Advantages

Great Entry Point

Something Alfa-Forex can boast about is its incredibly low minimal deposit, which is equivalent to zero pretty much. Whatever you choose to deposit into your account, that is what you will be able to work with. The Zulutrade platform, however, requires a minimum deposit of $300, which is a pretty high bar for a lot of people.

Alfa Forex img2

Demo Accounts for Training

Something any trader wants to see their broker offer is the ability to use a trading account before having to risk actual personal finances. Alfa-Forex happens to understand that, and allows its clients to get a feel for the platform before committing their own money.

Benefits for Alfa Bank Clients

In the event that you are a client of Alfa Bank as well, then you will find that depositing and withdrawing funds from your account will be easier and faster than most alternative options out there. For others, the wait isn’t that long to complain about it, but the difference in client priority is noticeable.

More Than a Decade of Experience and Reliability

Alfa-Forex manages to sustain a high level of professionalism and reliability across the board without any significant and apparent drawbacks to their formula. Regulated by CySEC, you shouldn’t be worried about being scammed out of your money. In addition, the customer support team are friendly and generally know what they are talking about, giving legitimate answers when in need.

Disadvantages

No Cryptocurrency Trading

While traders don't find brokers to trade cryptocurrencies specifically, as it is the least traded asset compared to others, having the option to do so is still something a modern broker should be providing, considering the changes cryptocurrencies have already made, and will make in the near future.

Limited Account Choice

There is essentially one account type across the MT4 and MT5 platforms and it has the same trading conditions across all aspects. A major difference is seen when choosing to go with the Zulutrade platform, where the spreads are significantly higher, and the minimum lot is 10 times the size at 10,000 base currency units.

No Bonuses and Promotions

Bonuses and promotions are always welcome, especially by newcomers, who will gladly accept a bonus on their first deposit. Alfa-Forex is past that stage, however. Considering it is a well-established broker with more than a decade of experience and publicity, there is no more need to give out freebies such as bonuses at its own expense.

The Verdict

Satisfactory

Alfa-Forex does most things you want a broker to do without sacrificing on the overall quality of the trading experience.

The fees and commissions are relatively low and competitive to the industry standards, averaging at around 1 pip. Being part of the Alfa Consortium Group, the broker holds its clients' funds in secure tier 1 bank accounts, undergoing periodic audits for the insurance of transparency and legitimacy at all times. The 24/5 support does their job at the level you expect them to, offering extensive support when the need arises.

While you cannot trade crypto, and there are essentially only two account types, the general experience of trading with Alfa-Forex can be described as fair, secure, and reliable.

User Reviews
Write Review
Avarage rating: (75.56%)
Reviews counted: 9
01/08/2019, 16:37
2 5
Tried using the demo to train at first. Things were going good and I decided to invest $150, thinking I would double it fairly easily based on my emo experience. It felt like it was two different platforms in the end, with the demo platform behaving differently. Unsurprisingly, I lost all the money quite quickly. On purpose or not, I feel like I was cheated. I want to continue trying, but with another broker this time.
01/08/2019, 15:29
3 5
Widening spreads is a common situation I face when trading with Alfa-Forex. You should find another company if you care about saving your money. I place a trade order at a certain spread, a few moments later it is completely different and no longer beneficial for me, leading to some unexpected and unwarranted losses. Someone doesn't want me making money?
01/04/2019, 20:15
4 5
I decided to go with a bigger risk and deposit $300 I saved for my PC upgrade and try out Zulutrade, since I wasn't really feeling confident enough to make all the trades on my own. Sometimes I got very lucky on trades, sometimes not. 1 month later I finally doubled my original deposit and yesterday withdrew it after 2 nervous days of waiting. I had lots of losses too, so I don't feel like getting any deeper than I already am, so thanks Alfa for the money I earned.
12/21/2018, 12:58
4 5
I chose Alfa-Forex because there was no minimum deposit. Most brokers require at least $200, which I didn't have to spare, so finding one that lets you trade with only $50 is very welcome. That being said, all other aspects didn’t seem like anything special. Average and a lot like all the other ones. Website is nice though.
12/08/2018, 14:57
5 5
Finally, I was able to find a broker I can absolutely trust. In the 3 weeks I've traded so far, I noticed high levels of service, and no slippage at all! The support team is very accommodating, always ready to provide professional support. Thinking of making my first withdrawal in about a week, but I'm sure things will go smoothly like everything else.
12/05/2018, 18:45
4 5
The only reason you want to go with this broker over others is if you have an Alfa bank card in addition, which you will use for deposits and withdrawals. Otherwise, it’s an average broker, nothing special. Without a card, expect your withdrawals to come in late, that all they have been doing for me, every time.
11/23/2018, 11:25
5 5
One of the more modern websites among forex brokers that I have seen so far. The good looks actually reflect the good service quality and trading conditions. Withdrawals usually take about 24 hours, which is a lot faster than my last broker did, but I am a member of Alfa Bank. Spreads are much lower also, along with fast execution speeds. Friendly service as well. Definitely recommend this brokers to others.
11/17/2018, 23:44
3 5
Zulutrade failed me, and I lost all 300 dollars in just a few deals. Then I decided to deposit 100 dollars into a regular account, and now, 3 weeks later, I have only 180. Maybe with bigger money it would be worth it, but I don't feel like trading anymore. Will try to withdraw in a few days and think what’s next from there. Also, trading on the demo account and winning fake money is a lot easier for some reason. I guess it’s to convince you that all will be good.
11/08/2018, 20:15
4 5
After almost a whole year of trading with Alfa-Forex, here is what you should know: Fast and friendly customer support, Fast and easy account opening, CySEC regulated broker, Fast executions, barely any slippages, Fast withdrawals, fast deposits (Alfa Bank user as well). Overall, the company's services are not perfect, but close to it. Unfortunately, I lost some big money in the last two weeks, and I think the spreads changed without my acknowledgment.
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