In continuing my series of Forex broker reviews, today I’m analyzing a newer service that believes trust is earned, AlphabetFX. They are currently using the MetaTrader4 platform which is my favorite, and promise a secured trading environment where traders don’t have to be concerned about losing their private information. The developers also claim to provide an application, for traders that are looking to trade on the go, but there aren’t any links to it on the website.
Owned and operated by Triple 15 LTD. this broker is located at 6th of September St. 1, office 1 2nd Ebene 1000, Sofia, Bulgaria. This sounds more like a date, than it does an address but that’s neither here nor there. Traders can get in touch with support via email at email@example.com or phone at +442080620564. This part of the world is usually my first choice for brokerages, but I’ll do my best to give it a fair shake.
The creators of this brokerage want us to “experience premium trading with AlphabetFX.” They believe that their services ahead of the competitors because of their cutting edge technology and up-to-the-minute financial analysis. The broker comes with platform assistance and trading guides to help with the process, and ensure that clients are properly using the service.
In order to provide a high level of support, the broker comes with a comprehensive education center. In this area traders get access to a trading Academy, online webinars, like market analysis, video on demand library and one-on-one professional mentoring. In terms of the mentoring, it does look like this is available to all clients, because their account types section does not specify that this one on one trading is only available for certain accounts.
In going through the trade video section, it doesn’t seem very in depth. The webinars section looks even worse, as we are told to “look at our webinars listed below,” but the page is blank. So, while the education center is available, it is not as comprehensive as the brokerage originally claims. This is very common, as we’ve seen similarities with KayaFX, RoboMarkets, and HQ Broker.
- Type: Forex Broker
- Founded: 2012
- Location: Bulgaria
- Minimum Deposit: $200
- Platform: MT4/Application
- Minimum Lot Size: 0.01
To add to the breakdown even further, the AlphabetFX broker offers 1500 assets, a 500:1 leverage, a 0.0 pip spread and a bonus of up to $5000. One aspect of this that I do not appreciate, is the fact that they’ve misspelled the word spread. This may be nitpicking, or a small issue but this is supposed to be a large professional brokerage and no large professional brokerage should be making a spelling mistake near the top of their website.
This type of error not being resolved quickly, leads me to believe that this is a much smaller brokerage than it’s made out to be.
There are currently 4 different account types traders can sign up with in order to access the AlphabetFX platform. You can become a basic member for $250, a silver member for $5000, a gold member for $2500 or a VIP member which requires that you contact an account manager with the brokerage. Again, we have another error on the website, with the deposit for the silver account being larger than that deposit required for the gold account.
I’ve only been on this website for 25 minutes, and I’ve already come across to glaring mistakes. Certainly, this broker had thousands of clients, someone would’ve mentioned these issues, and you’d think that they’d be resolved quickly.
The differences between the accounts, is that some provide free VPS hosting, and free bank wire withdrawals. The majority of the other features of the same, outside of the floating or fixed spreads.
As this is a very new broker, with very few clients, I am unable to do a client feedback section of the AlphabetFX review. With that being said, I believe that the developers of this platform have a ways to go before I sign up with their services. I would like to see them resolve some of the issues on their website, and start to grow larger client base before I get involved. I generally like to see much more user feedback on a brokerage before I give it a shot. I’m never interested in being a guinea pig.
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