AllfinaGroup Review – Is it a Good Broker?

AllfinaGroup Review

Have you heard about people losing money to online trading scams? They are a common occurrence and countless people have had to suffer at their hands because they were looking to make high profits. Who says the financial markets cannot offer these opportunities? Of course they can and they do.

Some of the richest people in the world have made their fortunes through trading and you can do the same. But, you have to be careful when choosing an online broker. Not all companies are what they seem, as this AllfinaGroup review will highlight.

Everyone is aware of the existence of online scams, especially those associated with trading. Yet, you will find new stories everyday about people falling for these traps. Why does this happen? This is due to the fact that these scams are so well-designed that even the most careful people can fall for their tricks.

This is the mistake you want to avoid when you decide to delve into the online trading world. You should never take anything for granted when it comes to a brokerage and always verify every single detail you learn about them.

It can help you keep your money safe and select a professional and reliable brokerage for trading in the financial markets. On the surface, you will find that a number of fraudulent and legitimate brokerage look the same, as the former often copy the latter when it comes to designing their website and adding content.

They know just what to advertise to earn people’s trust and the truth is revealed after deposits have been made. You can avoid this scenario by checking out a brokerage properly and this applies to AllfinaGroup as well.

At first glance, you will see that AllfinaGroup appears to be a reliable forex and CFD broker that claims to have a global presence and reputation.

It seems to be offering the full set of trading services with some really good trading conditions. But, is it really a good broker? The story falls apart when you give AllfinaGroup a closer look. Some of the problems you uncover are:

Lack of regulation

If an online brokerage is truly genuine, it would be regulated and licensed. But, you will come to know that AllfinaGroup does not fall in this category and this is because of where the brokerage is operating from.

According to its website, the offices of AllfinaGroup are based in Saint Vincent and the Grenadines. This offshore jurisdiction is known to be the favorite spot for scam operators because they are not answerable to anyone.

The authorities in Saint Vincent and the Grenadines have outright stated that they do not regulate the forex industry, which means that any brokerage can establish its operations on the island and not have to worry about any rules or accountability.

This does not help AllfinaGroup in establishing its credibility and only shows that the broker is not one to be relied on because it does not have a license, does not answer to anyone and can vanish overnight.

A regulatory warning

If the lack of regulation was not enough to show you that AllfinaGroup is not a good broker, the fact that a regulatory body has blacklisted the brokerage can do the job.

The National Securities Markets Commission (CNMV) is the regulatory authority of Spain and it has issued a warning against AllfinaGroup, which states that the brokerage is operating without authorization in the country.

The fact that AllfinaGroup is offering its services in the country without a license from the regulatory body shows that it is not legitimate, or else it would have made the effort of obtaining a license.

No professional trading platform

The trading platform is considered the most important offering of an online broker because it connects you to the financial markets and is used for trade execution.

It also comes equipped with trading tools that can be helpful in the trading process and can help in making good decisions. Therefore, it is understood that you would want to have access to the best platform for making the most of your trading.

When you check out AllfinaGroup, you will find that it claims to offer you the web version of the MetaTrader for trading purposes. However, it does not elaborate if it is the MT4, or the MT5 and this should be worrying because a good broker would be open about it.

But, you will discover that this is probably because there is no MetaTrader platform available at all. Instead, AllfinaGroup is offering an oversimplified web trading platform that does not have anything special to offer.

High spreads

It is guaranteed that every trader would look for a broker that can offer them the most favorable trading conditions because your goal is to maximize your profits and keep costs low.

While AllfinaGroup promises you exactly this, it fails to deliver. This is because when you check out the spreads offered by the broker, you will find that it has 3 pips.

These are excessively high, as most brokers offer spreads below 1 pip, which means that AllfinaGroup is charging spreads that are more than three times higher. This means it is not a competitive broker at all and you will not be able to make a lot of profits.

No refunds

When you take a look at the AllfinaGroup’s website, you will see the logos of VISA and MasterCard, which implies that the broker supports credit card payments that are eligible for chargeback.

But, when you check out the actual payment methods that are supported by the broker, you will come to know that it only allows deposits in crypto coins like Bitcoin and Ethereum.

This is certainly not a coincidence, as AllfinaGroup is supporting crypto payments because they are final and these payments cannot be reversed. There is no chargeback possible and this shows that the broker has no intention of returning your money.

Final Answer

Considering all these issues, it is apparent that AllfinaGroup is not a good broker even though it may seem to be one.