355
General Information
Broker Name:Alfa-Forex
Broker Type:Forex
Country:Cyprus
Operating since year:2003
Regulation:CySEC (Cyprus), 025/04
Address:5 Themistoklis Dervis, Elenion Building, 2nd Floor, 1066, Nicosia, Cyprus
Broker status:Regulated
Customer Service
Phone:+357 22 470 969
Email:info@alfaforex.com
Languages:Russian, English, Spanish, Armenian
Availability:Monday to Friday: 08:00 - 23:00 (GMT+3)
Trading
Trading Platforms:ZuluTrade, MetaTrader 4 & MetaTrader 5 (Compatible with iOS and Android) and MetaTrader Web Terminal
Trading platform(s) timezone:GMT+3
Demo Account:Yes
Mobile trading:Yes
Web based trading:Yes
Bonuses:$50 no deposit welcome bonus for the year 2018
Other trading instruments:currencies, precious metals, and CFDs.
Account
Minimum deposit ($)$1
Maximal leverage (1:?)1:100
SpreadVariable
Scalping allowedYes

Alfa-Forex Review 2020

Review Contents:

  1. Introduction to Alfa-Forex Review;
  2. Trading Accounts;
  3. Instruments for Trade;
  4. Payment options;
  5. Education material;
  6. Additional information;
  7. Alfa-Forex Review summary.

Introduction: Above Average Russian Broker

Alfa-Forex has been in the forex industry since 2003. The broker is a part of Alfa Group, a Russian consortium with businesses in banking, insurance, investment, a waterworks company and supermarket chains.

The goal of this Alfa-Forex review is to inform you of their advantages and disadvantages, so you can make a clear choice whether you wish to trade with them. Alfa-Forex is based and regulated in Cyprus by CySEC and has had a license from Russia’s Central Bank since 2018. They are compliant with the rules of MiFID of Europe providing a decent level of client protection.

Alfa-Forex Review

Trading Accounts Available at Alfa-Forex

Users’ trading account is determined by the platform of their choice. The options are MT4, MT5 and Zulutrade. Traders also can trade demo to get used to the platform and test how everything works, which is a useful asset for beginner traders. The offers with each of the platforms are:

MT4

You will need to make a minimum deposit of $0 and will receive leverage up to 1:200 from 0.7 points spread. The minimum lot size is 0.01.

MT5

The minimum deposit is $0 as well with leverage of 1:200, with the spread of 0.7 points or higher. The offered minimum lot size is 0.01.

Zulutrade

They require a minimum deposit of $300 on this platform with a leverage of up to 1:100, spread of 2.2 points and a minimum lot size of 0.01.

It is surprising to see a minimum deposit of $0 available on two platforms, and though the leverage and spreads are not too special among brokers, they are still acceptable. Alfa-Forex seems to be a good option for beginners since the initial investment is equal to nothing, depending on the platform. Professional traders have an option to choose their own trading path with how much they deposit from the start.

It is unfortunate that Alfa-Forex offers not bonuses or promotions, but it might be too much to ask for with such minimal requirements. We are hoping to see Alfa-Forex develop their bonus system soon in the future, as many other competitors can easily outrank them with their reward systems.

 

Instruments for Trade

Traders have an option to invest into the basic financial instruments. Most of the major and minor currency pairs are available to all accounts, as well as commodities (mainly precious metals), Russian stocks, British stocks, and Eurobonds.

Thought the list is not very impressive it does include most of the popular trading instruments. If you wish to trade with the Ruble this might be the perfect broker for you. The biggest clientele for Alfa-Forex is based in Russia and Eastern Europe. According to their website they have won “Best Broker in Easter Europe” for three years in a row. This is a very reassuring detail that we can’t not mention in the review. If you are in the appropriate Geographic area, it would be worthwhile to try trading wit Alfa-Forex.

You also have the option to use ACTTrader on Alfa-Forex. It is designed to create and test-run any trading strategies. Very useful for novice and pro traders, since you can never be too sure about your strategy until you practice it. This way you can implement whatever works best after testing it.

competitive potential

Conditions for Trade at Alfa-Forex

Besides from the minimum initial deposit on two of the platforms, Alfa-Forex has other conditions to offer to their clients as well. They offer secure enough servers to the clients, though we do not know if they keep the financial and personal information on cold servers. This might not be an alarming detail, but it would be nice for the users to know if they can fully trust the company with their funds.

The spread and commissions are average for the industry, starting from 0.7 pips for EURUSD. It is still a big plus that there are no additional commissions on trading. The leverage is higher than the number set by CySEC, which might seem a little alarming. But other brokers regulated by the same entity tend to set even higher leverage. Though the conditions are not outstanding, they are above average due to the minimum deposit being zero.

Alfa-Forex made their legal documents public and accessible to every visitor as compliant with the CySEC regulations. It is great that we have a chance to read and learn as much as we can about the company before we sign up with them. The users have a chance to make a decision of their own depending on the privacy policies, risk disclosures, and more.

 

Payment Options

The payment options are quite limited at Alfa-Forex. Registering and opening an account is done within minutes and since there is no required minimum deposit, there is nothing slowing you down. Traders can use three currencies for the account: The Russian Ruble, Euro and the US Dollar. You can an option to pay with:

  • Bank transfers
  • Credit/debit cards
  • Build in interface Alpha-click

Most of the major credit/debit cards are accepted. If you use Alfa-Bank, there are no commission fees for transfers, which leaves a very monopolized impression of the Alfa Group. The waiting period for withdrawal are 2-5 business days. They offer no e-wallet options, which is very disappointing. Alfa-Forex can’t seem to keep up with the digital developments and requirements from the users. Maybe they will implement this very important aspect quite soon. Overall, the options for payment are not too bad and can be used by most of the users worldwide.

 

Educational Material Offered by Alfa-Forex

Alfa-Forex does offer some quite comprehensive education materials to their users. If you are a novice you can take advantage of their e-books and courses for beginner traders. Professionals van also dabble into their educational content as revising is always important. Plus, you never know what you might have forgotten or missed in the market changes. The glossary is easy to navigate and understand both in Russian and English.

It is also quite useful that Alfa-Forex provides a downloadable mobile app to the users. There you can see the market updates, download the educational material, and see the analysis. We see this as a quite nice advantage for the broker.

glossary

 

Additional Information about Alfa-Forex

The website of Alfa-Forex is pretty impressive. They show like market changes for major currency pairs on their homepage. Navigating the menu is relatively easy, though it is unfortunate that the website is only available in Russian and English. Of course, this is due to their main clientele coming from Russia and CIS countries. Still for an EU regulated broker, they should have more than two languages available on their website.

The customer service is available 24/5 via live-chat, phone or email. The live-chat is not as easy to access as on other broker websites. You have to go to a separate window and put in a lot of your credentials before you gain access to the chat. This simply makes it seem like the broker can’t keep up with the current digital developments. The callback button at the right corner on the screen makes you wonder how long it would take to receive a solution to your issues. Overall, the customer service is not too impressive for this day and age. An established broker such as this should make caring for your customers a priority.

The social media account for Alfa-Forex are filled with inspirational quotes and reminders to trade. They are available on Facebook and Instagram, though the last post seems to have been made in 2018. Of course, it is not essential for brokers to be active on social media, but the upkeep of any platform (social media or not) is still important.

forex trading

 

Alfa-Forex Review — Final Thoughts: Great Option for Beginners

Alfa-Forex is definitely not one of the best in the industry, but they still have many specs to offer to their traders. They are regulated by one of the most popular financial institutions, they have the basic list of trading instruments, their platforms are genuinely impressive. The biggest plus about Alfa-Forex is their minimum deposit requirement, which is zero. This might be the best broker for beginners are they will not have to initially deposit a lot of money before they develop their trading skills enough to deposit large amounts of money.

Overall, we are hoping to see a new and improved Alfa-Forex in the near future. It would be great if they implemented e-wallets and created a bonus/rewards system for their users. Alfa-Forex is definitely trustworthy due to their regulations and compliance With some of the largest financial institution. As brokers they are not the best in the industry due to the lack of the tools they offer. If you are planning on trading in the Russian market the most then this is the place for you.

Overall
4
  • Support
    (4.5)
  • Platform
    (3.5)
  • Spread
    (4)
  • Trading Instrument
    (4)


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