Alfa-Forex is a forex and CFDs broker that promises dynamic trading on global markets. Alfa-Forex review showed how this broker offers not only forex trading, and CFDs but also trading of precious metals, online web trading, as well as the forward contracts. Traders could see this as an opportunity to diversify their trading portfolio and manage their trades by using different types of trading.
Alfa-Forex review will help traders make the final decision about this broker and provide them with a much-needed insight in the world of forex with Alfa-Forex broker. Make sure to continue reading the review below.
Alfa-Forex broker decided to take an unexpected turn in the forex industry. They don’t offer any specialized trading accounts. This is not a very common practice. When it comes to forex brokers, most of them offer various account types as this enables traders to find a set of benefits and opportunities that suits them most. In this case, there is no such choice.
Alfa-Forex review, has to state that during writing of this review, all traders were offered the same trading account. It was impossible to find any additional information about Alfa-Forex trading accounts.
Alfa-Forex Registration Process
Alfa-Forex registration is very interesting, and different than with many other brokers. After filling out a form with all the basic information such as name and email, Alfa-Forex broker takes traders to another form where they have to provide more additional data such as ID number. As there is no clear preview of the trading platform available before registration this means that traders have to give their confidential data even before they can take a glance at the trading platform.
Alfa-Forex Leverage Rates
All Alfa-Forex users have to pass a special Appropriateness test. Users who don’t pass the tast are entitled to a leverage of 1:20. Average leverage is 1:50, but traders can ask for more in case they understand all terms of leverage and fit the standards.
Alfa-Forex review showed that this broker has some interesting spreads. Traders can find all details about contracts on the website, and here is the info for most popular forex pairs.
- EURUSD – spread 0.7
- GBPUSD– spread 1.1 (1.4.)
- USDCHF – spread 0.7
- USDJPY – spread 0.8
- USDCAD – spread 0.9
Alfa-Forex spreads can be described as somewhat below the industry average. Also, there are many information that are difficult to find such as minimum deposit terms. Alfa-Forex also supports CFDs trading and forward trading, as well as trading with precious metals which can be interesting for traders who are looking after more exciting and diversified portfolio.
Alfa-Forex Swaps List
Alfa-Forex swaps are all listed in a special table, next to the Alfa-Forex Spreads. It is clearly noted that in case some of these swaps are different than the ones on MetaTrader platforms, the MetaTrader swaps will prevail. Here are some of the Alfa-Forex swaps for most popular forex pairs:
- EURUSD – long swap: -2.6, short swap: -1.2
- GBPUSD – long swap: 7, short swap: 2.7
- USDCHF – long swap: 2.8, short swap: 6.3
- USDJPY – long swap: 3.8, short swap: -7.9
- USDCAD – long swap: – 4.6, short swap:0
Trading Software & Assets
As many other brokers, Alfa-Forex is using the combination of several different platforms at the same time. This allows traders to select the type of platform that suits them best. According to the Alfa-Forex review, it was listed on the website that they offer MetaTrader4, MetaTrader5, ZuluTrade, MetaTrader4 and MetaTrader5 for mobile devices as well as MetaTrader web terminal.
The most popular of these is MetaTrader5, the latest version of the popular MetaTrader platform. MetaTrader mobile trading is available via apps for iOS and Android devices.
Alfa-Forex MetaTrader5 Platform
Alfa-Forex MetaTrader5 platform is no different than other MetaTrader5 platforms. That is the main reason forex traders love this type of platform. It delivers them a familiar interface, even though MetaTrader5 can be a bit confusing at the beginning, especially for traders who are used to simpler platforms.
Alfa-Forex MetaTrader5 brings nothing extremely new. It has familiar white layout that si very similar to old Windows. Traders can find list of assets on the left side, neatly organized in a list. On the right side is a chart that is showing market fluctuations. Below the chart, traders can see past and current trades. According to Alfa-Forex, MetaTrader5 platform gives traders an opportunity not only to trade, but also to use different tools, features, signals and trading robots. Alfa-Forex MetaTrader5 will also deliver you news by Dow Jones, and maximum leverage up to 1:200, as well as the minimum standard lot of 0.01.
Even though support is very important element of forex trading, Alfa-Forex missed an opportunity to improve their service on this part. We hope that they will make some changes in the future. During the writing of Alfa-Forex broker review it was noted how this broker has an online chat that is opened in a separate window. This is not a practical solution, as traders prefer to chat in the same window. There is also an email that traders can use in case they want to communicate in written form. Keep in mind that customer support works 24/5, so be sure to count on that in case you want some urgent answers.
Alfa-Forex delivers some basic answers in form of glossary and FAQ section, but as there is an Education section already prepared on the website, we hope to see more educational content in the future.
Banking & Company Information
Alfa-Forex is a forex broker owned and operated by Alfa Capital Holdings (Cyprus) Limited, regulated by the Cyprus Securities Exchange Commission, (www.cysec.gov.cy), under license number CIF025/04, registered in Cyprus with incorporation number HE 78416 and the registered address is: Themistokli Dervi,5, Elenion Building, 2nd Floor, 1066 Nicosia, Cyprus. We would like to notify traders how there are several documents that make terms and conditions with this broker and we recommend them to read them all.
Even though minimum deposit amount is never mentioned, Alfa-Forex broker is listing all the available options for depositing and withdrawing.
Alfa-Bank clients can withdraw and deposit without any additional fees or charges, just like traders who use Alfa-Click method. There are also Visa and MAstercard listed as available methods. However, there is a commission fee charged: 1% in case the card is issued by Alfa Bank, and 2% in case it has been issued by any other bank. All deposits and withdrawals done with other banks can be charged by commissions and fees that cannot be influenced by the Alfa-Forex broker.