ALFA-FOREX REVIEW 2024: SHOULD YOU SIGN UP WITH THE BROKER?

HOW DOES ALFA-FOREX STAND OUT?

Multiple assets: The broker offers more forex pairs than any others in Russia.

Education: The broker offers educational resources for novice traders.

Different platforms: Alfa-Forex offers multiple platforms, as we shall see, to keep the traders up to date with the latest technology.

Easy account opening: You can open the account instantly through the Alfa bank app.

WHAT IS ALFA-FOREX?

Alfa-Forex is a Russian broker, with more than 95 percent of its users from the Federation. It is particularly useful for a wide range of market analytics.

However, it is not the only feature that is worth mentioning. Let’s find out whatever we can about the broker.

Alfa-Forex was established back in 2011. Throughout a little more than a decade, the broker obtained several regulations and only grew its business.

There have been some controversial reviews and unsatisfactory customers since its foundation. But everything has a group of haters nowadays, am I right? I’ll be honest their website is not user-friendly.

I found it extremely hard to navigate and find what I needed. Anyways, Alfa-Forex is a platform offering forex pairs. Yeah, you won’t find any stock or crypto here.

Alfa-Forex homepage

Oh, and the website is in Russian.

But don’t worry. It takes less than a second for Google Translate to automatically transform the entire site into English.

The firm has earned a few awards over the years. These are:

●      The Broker of the Year 2013

●      The Best CFD Broker 2014

●      and the Best Forex Bank Broker 2015

WHAT ARE ALFA-FOREX’S REGULATIONS?

Alfa Forex has a long history, as we learned in the previous section. So, what about its regulations?

Spoiler alert: Alfa-Forex has simple regulations. Let’s see what those are!

Alfa-Forex has only one regulation; CBR – Central Bank of Russia

HOW DOES ALFA FOREX WORK?

We saw the regulations in the previous section. But what about the trading assets? What can you trade on Alfa-Forex? Let’s find out!

Alfa-Forex offers 34 forex pairs, the highest by any Russian broker.

Here are some of them:

Forex

1. EUR/USD
2. GBP/USD
3. AUD/USD
4. USD/JPY
5. USD/CHF etc.

HOW DOES THE ALFA-FOREX PLATFORM WORK?

To trade all these assets, you need a platform. As I mentioned right at the beginning, Alfa-Forex has multiple platforms.

You can choose what suits you. Let’s see what platforms the broker provides.

Alfa-Forex offers the following platforms:

1. MT5
2. Mobile platform

Let’s talk about all of them.

MT5

The MetaTrader 5 is the successor of MT4 and provides more robust features than its predecessor.

Some of the features of MT5 include

●      Greater number of timeframes

●      Greater number of in-built technical indicators

●      Multi-threaded strategy tester

●      Impressive analytic tools

MT5 on Alfa-Forex

MOBILE TRADING PLATFORMS

The great part about these two platforms is that Alfa-Forex has them available on mobile devices. You can download the broker’s app if you own an Android phone or an Apple device.

I have used this myself and can say it is very convenient. Simply use the Google Play Store or the App Store to download the app for free and instantly access financial markets!

Oh, and don’t worry. You have the same features on mobile devices as on the web.

WHAT ARE TRADING INDICATORS AVAILABLE?

As an active trader, technical trading is super important. So, for technical trading, we need technical indicators. Alfa-Forex offers plenty of trading indicators on MT5. Some of the available indicators are:

1. MACD
2. Moving Averages
3. Relative Strength Index
4. Bollinger Bands
5. Relative Volatility Index and so many more.

WHAT ARE ALFA-FOREX TRADING ACCOUNTS?

We got an overview of Alfa Forex’s platforms. So, what accounts can you open? And is there a demo account? Let’s find out what the broker has to offer.

Alfa-Forex provides two account types.

●      With hedging – each position exists independently, and you may open several trades for the same asset.

●      With netting (without hedging) – account for the position as in MT5. Positions for a single instrument are combined into one, making it difficult to open several positions for the same instrument.

DOES ALFA-FOREX OFFER A DEMO ACCOUNT?

Yes, Alfa-Forex does provide a demo account. Be sure to use it fully – it is worth it, trust me!

Brokers like Forex Chief and offer demo trading accounts to practice with.

Alfa-Forex Demo account

HOW SAFE IS ALFA FOREX?

Let’s be honest; safety is a big concern for any trader.How can you open an account if you can’t trust any broker?

So, what about Alfa-Forex? Which security measures does the broker take?

We know Alfa-Forex regulations from the Russian Central Bank. Besides this, Alfa-Forex protects its client’s information through SSL encryption. This is true for both web-based and mobile platforms. For these reasons, I would say Alfa-Forex is reasonably safe to use.

WHERE IS ALFA-FOREX LOCATED?

You may want to know where the broker is. So, in this section, I’ll tell Alfa Forex’s location. Can you take a guess where it is?

If not, then let’s see where the broker is. Alfa-Forex has its headquarters in Moscow, Masha Poryvaeva St., 7.

WHO OWNS ALFA-FOREX?

We got to know the location of the broker. Now, let’s move to ownership.  Does Alfa-Forex work on its own?

Let’s find out! Alfa-Forex is under the group Alfa-Forex LLC.

HOW TO DEPOSIT FUNDS IN THE ALFA-FOREX ACCOUNT?

Depositing funds can be a hassle with some brokers. I thought I would have a problem with this broker too.

Thankfully, I was mistaken. Let’s see how you can deposit.

The deposit methods available at Alfa-Forex are

●      Credit/Debit Cards

●      Bank transfer

●      Alfa click

●      UnionPay

●      Webmoney

Deposits do not require any fees. The time is from a couple of minutes to 2 days, depending on which way you use it.

HOW TO WITHDRAW FUNDS FROM THE ALFA-FOREX ACCOUNT?

Are the withdrawals methods the same on Alfa-Forex as deposit methods? Does the broker take time to withdraw?

I’ll explain these questions here. Let’s find out more.

Alfa-Forex has the same withdrawal methods as deposits. It takes longer than deposits, though. It will take about a day to process your withdrawal. As I mentioned at the start, my friend could not withdraw funds. So be careful, as this might happen.

HOW TO CONTACT ALFA-FOREX?

I contacted Alfa-Forex through online chat. This was surprisingly super responsive. There are some additional ways to contact the broker too. So, let’s find out what those ways are.

There are several ways to contact the broker.

You can:

1. Call

2. Online chat

3. Email

4. Contact their social media

The phone numbers that you can call are:

+7 (499) 215-79-79Mon. – Fri: 7:00 – 23:00 MSC

8 (800) 100-62-02

+7 (495) 215-55-46Mon. – Fri: 7:00 – 23:00 MSC

DOES ALFA FOREX OFFER PROMO CODES?

You can get your hands on promos if you want to make some cool bucks. A lot of brokers offer promo codes.

They are usually available for a limited time. But does Alfa-Forex offer them? Let’s see.

Unfortunately, Alfa-Forex does not offer promo codes.

DOES ALFA-FOREX OFFER BONUSES?

No promo codes. What about bonuses? You will be pleased to know what I am about to tell you. Can you guess?

Although Alfa-Forex does not provide many bonuses, it offers a 50 percent bonus when you sign up with a live account.

DOES ALFA-FOREX CHARGE TAX ON PROFITS?

You make a lot of money; what about taxes? Will Alfa-Forex take a cut of your profits?

Do they give accurate tax information? I’ll address these questions here.

Alfa-Forex is a tax agent. You can find more information on their page. But let me tell you that, yes, it does pay and calculate taxes on behalf of the client.

HOW I MAKE MONEY WITH ALFA-FOREX?

Alfa-Forex has been around since 2011. I heard about the company through my Russian friend. It seemed interesting, as my friend was already using it. So, I asked him to do a review for me.

He said he had a problem withdrawing funds. But overall, the broker seems reasonable. Let’s see what others say:

FAQs

Who can become a client of Alfa-Forex?

Any person who is not an individual entrepreneur and is a Russian Federation citizen can become an Alfa-Forex client.

What documents are needed to open an account with Alfa-Forex?

A Russian passport, TIN, and SNILS data are required to create an account with Alfa-Forex.

What is the leverage of Alfa-Forex?

Alfa-Forex offers leverage of 1:50 on all account types.

Does Alfa-Forex have PAMM accounts?

No, it does not. Due to regulatory constraints, Alfa-Forex clients cannot create or invest in PAMM accounts.

FINAL THOUGHTS

There you have it!

We found everything we could about the broker. Alfa-Forex has great platforms and is good for Russian businesses who want to trade the forex market. So, I would give it a 3/5.

I hope this review was informative and time-saving for you. If you are looking for forex brokers other than Alfa-Forex, you can check the complete list of brokers here. 

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