AlfaTrade Review (2023)

Is AlfaTrade a scam or a legit broker?

We advise our readers, do not use AlfaTrade as it is an offshore entity. AlfaTrade is owned by Nemesis Capital Ltd., which is an offshore company registered in St. Vincent and the Grenadine. 

St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Brokerz, TraderUR and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

AlfaTrade is an online brokerage company which is hard to understand even where the company is located. The Nemesis Capital Limited is a company with the registered address in St. Vincent and the Grenadines, which is very liberal and easy location to maintain the company. Another additional address of the company claimed to be allegedly located in Europe, Bulgaria while the official telephone number is UK based.

Currently, the official website claims its maintenance and promise to be back soon, while the trading and all operations are available through the AlfaTrade MetaTrader4. In addition, after some research, we found out that the company was previously registered with FCA (UK), but since 2015 its license has been suspended. Overall, it seems the company performs a fishy business while pretending to be a well-established and reliable company that offers forex, CFDs, commodities, and indices to trade.

In addition, the company suspicious operations were confirmed by a vast number of complaints, as AlfaTrade targeting and attracting an audience of international clients from various jurisdictions. However, international authorities that regulate Forex industry do not sleep as well, as the company has received complaints from the clients. Therefore, the AlfaTrade company and its subsidiaries added on the list of scam alerts and warnings for soliciting traders without a license.

“The National Commission for Companies and the Stock exchange reports that the companies Nemesis Capital Limited and Nemesis Capital Bg Limited are not authorized to provide investment services”

CONSOB, 2016

“Nemesis Capital BG Limited, doing business as www.alfatrade.com is not registered in Ontario, Canada to engage in the business of trading in securities.”

Ontario Securities Commission, 2016

Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and FBS.