Alfa-Forex Broker Review 2024

Alfa-Forex, founded in 1991, is a well-established Forex broker based in Russia. This broker provides trading services for over 40 currency pairs.

Alfa-Forex is a member of "Association of Forex Dealers" since 2018 and obtained Bank of Russia license. Minimum deposit is only $1 and you are able to trade forex pairs with maximum leverage of 1:40. Review below explores all of the Alfa-Forex features.

Alfa-Forex Broker Company Information & Regulation

Alfa-Forex stands out as part of the Alfa Group Consortium - one of Russia's largest private financial investment powerhouses. With over three decades of successful operations under its belt, Alfa Group's high-reliability rating translates into a robust foundation for Alfa-Forex, offering traders unparalleled access to abundant foreign exchange liquidity and unrestricted trading opportunities.

Alfa-Forex is regulated by the Central Bank of Russia (025/04-02) and operates within the guidelines of this financial authority.

Alfa-Forex Broker Summary of Specifications

Alfa-Forex has carved out a niche for itself in the competitive world of Forex trading world. Let's break down the key specifics that make Alfa-Forex stand out:

Alfa-Forex Broker Account Types

Alfa-Forex offers a streamlined approach to account types, focusing on quality over quantity. The broker provides one main account type. This simplifies the account opening process and eliminates complications.

For those who want to test the waters before diving in, Alfa-Forex provides a free demo account. This risk-free environment allows traders to familiarize themselves with the platforms and features before committing real capital.

In a nod to inclusivity, Alfa-Forex also offers an Islamic/swap-free account option. This account type caters to Muslim traders by eliminating overnight interest charges, ensuring compliance with Islamic financial principles.

Alfa-Forex Broker Registration & Verification

Embarking on your trading journey with Alfa-Forex is a straightforward process. Here's a step-by-step guide to get you started:

1. Visit the official Alfa-Forex website and click on the "registration" button;
2. Enter your personal details, including name, email, and phone number;
3. Verify your email address;
4. Complete the verification process by uploading proof of ID and proof of address verification documents.

Alfa-Forex Trading Platforms Review

Alfa-Forex provides traders with access to the industry-leading MetaTrader 5 (MT5) platform, offering a robust and feature-rich trading environment. Here's what you can expect:

• Advanced charting tools with multiple timeframes
• Over 30 built-in technical indicators
• Support for algorithmic trading and Expert Advisors (EAs)
• Real-time market data and news feeds
• Customizable interface to suit individual preferences
• Available on desktop, web, and mobile devices

Link:

• Android
• iOS

The MT5 platform's intuitive design makes it suitable for both novice and experienced traders.

What are the Spreads and Commissions in Alfa-Forex?

Unfortunately, Alfa-Forex is higher than average when compared to other Forex brokers. This could heavily influence traders’ cost and reduce their profits. Alfa-Forex spreads on major trading pairs start from 1.4 pips and could go over 5 for minor and exotic pairs.

Alfa-Forex also has deposit fees which is another major drawback for the platform and discourages many traders from joining this Russian broker.

Alfa-Forex Deposit & Withdrawal Methods

Alfa-Forex offers a variety of deposit and withdrawal methods to cater to traders' diverse needs. These methods include:

• Bank wire transfer
• Credit/debit cards

Key points to note:

• Card deposits has a 1% commission
• Minimum deposit is $1
• deposit times vary from 10 minutes to 2 days
• Withdrawals are processed within 48 hours

Copy Trading & Investment Options Offered on Alfa-Forex Broker

As of the latest information available, Alfa-Forex does not offer copy trading or social trading features. This absence might be a drawback for traders who prefer to follow and replicate the strategies of successful traders. While copy trading can be beneficial for beginners or those with limited time, it's important to note that it also carries risks.

Alfa-Forex Bonuses and Promotions

Alfa-Forex only offers an affiliate program to reward traders who refer their friends and family to the platform. Alfa-Forex provides online statistics of how much you have earned from referred clients.

Alfa-Forex Broker Support Channels

Alfa-Forex prides itself on offering comprehensive customer support through multiple channels, ensuring that traders can get assistance whenever they need it. The broker's commitment to client satisfaction is evident in its diverse support options:

• Live Chat: Available directly from the website, offering instant responses to queries.
• Phone Support: Call 8 (800) 100-62-02 and +7 (499) 215-79-79
• Telegram robot: https://t.me/alfaforex_user_bot
• WhatsApp: Modern communication channel for quick and easy contact.
• Email: client@alfa.forex

Alfa-Forex Trust Scores & Customer Reviews

Unfortunately, we weren’t able to find customer reviews of Alfa-Forex on online platforms such as Trustpilot or reviews.io. This draws concerns about this Forex trading platform since traders can’t read other people’s experiences using Alfa-Forex services. Traders must take caution when using this platform services.

TF Expert Suggestion

As a broker with over 3 decades of experience providing Forex trading services to traders worldwide, Alfa-Forex doesn’t offer the best trading conditions. The lack of top-tier regulation, high spreads, and no variety in tradable instruments, make this platform unsuitable for many traders.