This page contains an executive summary and detailed review of the ‘AlfaTrade Forex Trading Platform‘.
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Although a newcomer to the Forex market, AlfaTrade has already carved a name for itself. With the main office in London, UK as well as other offices in major trading hubs, the company has grown by leaps and bounds thus making it one of the major Forex platforms available. Beyond the typical currency pairs, they also offer the opportunity to trade commodities and stock indices via CFD’s (Contract for Difference).
Recently, the company has voluntarily renounced its FCA license citing mostly unfriendly policies for its customers. More exactly they mentioned the overly draconian AML (Anti Money Laundering) policy which made it impossible for some users to open an account, the ambiguity regarding the compliance of the trading plugins (Guardian Angel and AutoChartist)they offer for free to its customers, as well as the inability of customers to use MirrorTrader (since it is considered a form of automatic trading by FCA). As of the moment of writing, the company was in the process of obtaining a regulatory license from CySec (the standard among Forex platforms).
AlfaTrade at a Glance:
– Bonus: up to 30%
– Leverage: 200:1
– Type of platform: STP
– Demo account: Yes
Trading with AlfaTrade
As for the trading experience, AlfaTrade is one of the precious few platforms that offers STP (Straight Through Processing) rather than the typical market-making. This ensures the absence of a conflict of interest, because the orders are automatically sent to the global market rather than matched internally or, worse still, matched by the broker itself.
As for the platforms available, Alfatrade uses a customized version of MT4 with a few extra bells and whistles. More exactly customers have access to Guardian Angel, a plugin that analyzes past customer performance and generates insights on how to improve it and it has also partnered with AutoChartist, which delivers automatic technical analysis. MT4 is also available for Android and iOS, thus mobile users are covered as well.
AlfaTrade also offers a web trading interface (webtrader), which is fully functional but lacks the plugin capability inherent to MT4.
Finally, AlfaTrade also offers MirrorTrader, a service that allows users to mirror automatically, semi-automatically or manually the actions of more experienced and/or successful traders.
Types of Accounts on AlfaTrade
There are several tiers of service aimed at customers ranging from the beginner trading enthusiast to corporate players. Generally speaking, the higher the investment, the lower the spread is. All the other features remain virtually the same.
It should also be noted that AlfaTrade also offers commission and no commission accounts for all tiers. In essence, the no commission account is aimed at Muslim users who are forbidden to use financial instruments that use interest rates (such as swap rates for overnight positions). While a bit more expensive than the standard commission account (users are charged a flat fee instead), this is a mechanism that brings a democratization to the Forex markets.
Overall, AlfaTrade excels at making sure that you have complete and free access to the markets and is very good at staying out of your way. The tools they typically offer are of the do-it-yourself variety and never hinder your overall experience.