Anyone who is interested in online trading knows that they need the services of a broker to be able to do so. You can find hundreds, or even thousands of brokers operating on the internet and a quick look at them shows that they all promise exceptional services. But, where the internet is concerned, you have to proceed with caution because not everything is what it appears to be. This Alfa-Prime Markets review will show you just how true this is. Creating a website these days has become very simple, so fraudulent ones have become rampant.
This is also true where brokerages are concerned and you can find hundreds of stories involving shoddy platforms. The problem is that these scammers deliberately add such offerings that make it hard for people to resist their services and by the time they realize they have been trapped, it is already too late. When you check out AlfaPrime-Markets, you will discover that it claims to be a faster, simpler and more flexible way of trading in the financial markets. They also promise fast withdrawals, no extra commissions, a multi-asset and powerful trading platform and no hidden fees.
Moreover, you will come to know that AlfaPrime-Markets also claims to have a strong presence in the European Economic Area (EEA) and promises lucrative trading bonuses. All of these offerings would mean a comprehensive trading solution for everyone. Unfortunately, a closer look makes it apparent that AlfaPrime-Markets is just a scam, which has deliberately added such features to grab the attention of traders and is only trying to fool them. How is it apparent? Read on to find out:
BaFin has issued a warning against the broker
The first thing that should immediately put you on alert about AlfaPrime-Markets is the fact that the German regulatory authority, BaFin, has issued a warning against the brokerage. The platform claims to be owned and operated by a company known as Mia Group LLC, which is based in Saint Vincent and the Grenadines. This is an offshore jurisdiction and a registration there holds absolutely no value because they are not monitored by a regulatory authority.
To make matters worse, the German financial regulators have highlighted that Mia Group LLC is offering financial services in the country without permission. They have issued a warning about dealing with such a fraudulent platform and this should be enough to convince anyone to avoid this broker altogether. You should also note that BaFin has also mentioned AlfaPrime-Markets and not just its parent company and this is all the confirmation you need regarding the fraudulent nature of the broker.
It is promising assured returns
There is no doubt that the financial markets are highly profitable and lucrative and people can and do make high returns. Nonetheless, it is also well-known that the markets are equally risky and can lead to hefty losses as well because of their volatile nature. Hence, anyone who offers guaranteed returns is only trying to mislead you because not even the most professional and experienced traders can guarantee anything here.
When you check out the presentation on the AlfaPrime-Markets’ website, you will notice that they are promising assured returns and no legitimate broker would do that. As a matter of fact, most of them are legally required to warn their clients about the potential losses that ca incur.
It offers trading bonuses with unusual conditions
There was a time when the practice of offering trading bonuses was a rather common one amongst brokers, but most regulated jurisdictions eventually imposed a ban on it. This is because these bonuses had strings attached to them, which were usually exploitative in nature and this was considered against consumer interests. Same is the case with AlfaPrime-Markets, which promises trading bonuses to its clients.
You will find that they do come with strings attached, which are linked to withdrawals. Traders are required to meet minimum volume requirements before they are permitted to make a withdrawal. All your withdrawal requests will be cancelled until you achieve the said requirement, which is deliberately set in a way that it cannot be achieved. Another trick that AlfaPrime-Markets has pulled is their statement of changing their bonus policy whenever they please. This means that if you do somehow manage to get close to their volume requirements, they are probably going to change it, thereby preventing withdrawals altogether.
It has an unproven trading platform
One of the most crucial features that are offered by online brokers is the trading platform. This is the software, which is especially designed for trading purposes and you cannot execute your trades without it. Your trading performance and experience depends on this platform, so it has to be up to the mark. When you check out the AlfaPrime-Markets offerings, you will notice that the brokerage is promising a powerful and multi-asset trading platform.
However, even when you register on the AlfaPrime-Markets website, you will not be able to access the platform, which is a major concern. The platform should be accessible right away, but this is not the case. This means that either the platform doesn’t support a platform at all, or it is not a proper one due to which they do not disclose it.
It should be noted that most legitimate and reliable brokers offer their clients the MT4 or the MT5 trading platforms, which are recognized as the leading trading solutions in the market. These are well-known for their technology and features and the fact that AlfaPrime-Markets does not offer you any one of these solutions is enough to avoid it.
After you have read this review, it is not difficult to conclude that AlfaPrime-Markets is exactly the kind of broker you should be wary about. It may present itself as a professional broker and offer features that may be hard to resist, but a close look reveals just how the platform falls apart. Most importantly, the warning issued by one of the most renowned regulatory authorities in the world is enough to confirm its fraudulent nature.