Alpsmarkets is a forex and CFD broker that claims to offer a wide range of trading instruments, competitive spreads, and fast execution. But is this broker trustworthy or just another scam? In this review, we will examine the features, regulations, and reputation of Alpsmarkets to help you decide if it is worth your time and money.
Features
Alpsmarkets offers four types of accounts: Basic, Silver, Gold, and Platinum. The minimum deposit for the Basic account is $250, while the other accounts require higher deposits ranging from $1,000 to $10,000. The broker also offers a demo account for practice trading.
The trading platform used by Alpsmarkets is MetaTrader 4 (MT4), which is one of the most popular and reliable platforms in the industry. MT4 has a user-friendly interface, advanced charting tools, and a wide range of indicators and expert advisors. Alpsmarkets also provides a web-based platform and a mobile app for trading on the go.
The broker claims to offer over 200 trading instruments, including forex, stocks, indices, commodities, and cryptocurrencies. The spreads vary depending on the account type and the market conditions, but they are generally competitive. For example, the spread for EUR/USD is 0.7 pips for the Platinum account and 1.5 pips for the Basic account.
Regulations
One of the most important factors to consider when choosing a broker is its regulatory status. A regulated broker must comply with strict rules and standards that protect the interests and funds of its clients. A regulated broker also has to segregate its clients’ funds from its own and participate in a compensation scheme in case of insolvency.
Unfortunately, Alpsmarkets does not seem to be regulated by any reputable authority. The broker claims to be operated by a company called Yield Enterprise Currency Software OÜ, which is registered in Estonia. However, there is no evidence that this company is licensed or authorized by the Estonian Financial Supervision Authority (EFSA) or any other regulator.
Moreover, Alpsmarkets has been blacklisted by several regulators in Europe, such as the Financial Conduct Authority (FCA) in the UK, the Autorité des Marchés Financiers (AMF) in France, and the Comisión Nacional del Mercado de Valores (CNMV) in Spain. These regulators have warned that Alpsmarkets is operating without authorization and may be involved in fraudulent activities.
Reputation
Another way to assess the credibility of a broker is to check its online reputation and customer feedback. A good broker should have positive reviews from its clients and a high rating on reputable websites. A bad broker, on the other hand, may have negative reviews, complaints, and accusations of scamming.
Unfortunately, Alpsmarkets does not have a good reputation online. The broker has received many negative reviews and complaints from its clients on various websites and forums. Some of the common issues reported by the clients include:
- Difficulty in withdrawing funds
- Aggressive and misleading marketing tactics
- Unprofessional and rude customer service
- Manipulation of prices and trades
- Unauthorized charges and fees
Conclusion
Based on our research and analysis, we conclude that Alpsmarkets is not a legit broker but a scam. The broker is not regulated by any reputable authority and has been blacklisted by several regulators in Europe. The broker also has a bad reputation online and has been accused of scamming its clients.
We advise you to avoid Alpsmarkets at all costs and choose a regulated and reputable broker instead. Trading with an unregulated broker exposes you to a high risk of losing your money and becoming a victim of fraud.
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