AlphaBullMarkets review – 5 things you should know about alphabullmarkets.com

Beware! AlphaBullMarkets is an offshore broker! Your investment may be at risk.

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AlphaBullMarkets is yet another offshore broker which is not worth your time or money – it does not even allow trading whatsoever. That is because, though the broker provides access to the Metatrader 5 platform, as we will discuss later, it does not offer a distribution of its own, but a stock version which anyone can download off the MetaQuotes website. With that in mind, let’s take a closer look at AlphaBullMarkets:

AlphaBullMarkets regulation and safety of funds

AlphaBullMarkets is completely unregulated – it hails from the island nation of St. Vincent and the Grenadines – here is the broker stating the same itself:

AlphaBullMarkets is deceptive when it claims to be regulated by the St. Vincent SEC – the latter has stated it does not regulate Forex trade whatsoever. Therefore, although the company can very well be incorporated within the offshore location, there is actually no restriction to what it can do, and it cannot be held accountable by the regulatory body. This is not the case in all jurisdiction – for example, in the EU, brokers are tightly regulated, with the Union mandating all companies registered within member-states have over 730 000 euro in liquid capital, report on a daily basis on open and closed trades and much more. This means that there are quite the serious protections to traders who pick EU brokers – and if you wish to make use of them, here are some legitimate EU brokers.

AlphaBullMarkets trading software

AlphaBullMarkets grants access to the revered Metatrader 5 platform, which you can see below:

Metatrader 5 has earned the distinction of best trading software for its many powerful features like automated trading packed within the most user-friendly interface out there. However, as we stated above, the platform that AlphaBullMarkets provides has nothing to do with the broker – therefore trading on it will have absolutely no effect on your account with AlphaBullMarkets. This means that the trading conditions on it – the tight spreads of under 1 pip for major Forex pairs, are also not something that AlphaBullMarkets provides.

We cannot verify if the broker does have a leverage of 1:500 available – but if it does, know that most jurisdictions have banned the provision of such amounts to retail traders because of the risk associated with it. And still, AlphaBullMarkets offers it – a common tactic among scammers to attract victims. Beware of leverage amounts that are too high.

AlphaBullMarkets deposit and withdrawal methods and fees

AlphaBullMarkets accepts deposits via credit cards, wire transfers and Bitcoin – out of all these methods, only credit card providers are able to grant chargebacks – but they do so quite readily, within 540 days, so if  you have deposited using card you are at an advantage – especially since we cannot know what kind of complications are associated with AlphaBullMarkets’ withdrawal policy – the broker does not have its Terms and Conditions available, which is not only incredibly unprofessional, but also downright screams of a scam.

As for the minimum deposit, AlphaBullMarkets sets it at $1000 – this is an audacious amount when brokers nowadays are able to open a micro account for about $10 – a hundred  times less.

How does the scam work?

After reviewing AlphaBullMarkets, we have sufficient information to think it is running a scam – what’s more, it is running it based on a very tried and true model. The scam begins when a victim stubles upon AlphaBullMarkets’ or a similar website. They are led there by ads which promise incredible returns on deposits. If the person leaves a phone number or another piece of contact information on the website, they will be barraged with calls from the scammers, who demand deposits. These fraudsters are skilled manipulators and will get the victims to deposit more and more, until they realize they are being conned. At this point the scammers will simply cease all contact with the victim and just disappear.

What to do when scammed?

When scammed by one of these brokers, you can take several steps to limit further losses – first off, replace any documents the scammers had access to – any forms of ID, credit cards and so on. Also, you should uninstall any desktop sharing software they had you put on your PC – prgrams like Team Viewer can be used to snoop on there without your permission or knowledge.

Contact your bank and explain you were scammed – you might get some assistance. But, more importantly, do not fall for further scams – if contacted by a recovery agency, which promises you to restore your losses at the cost of an upfront payment, do not trust it – these are also scammers.

Finally, know that there is no shame in falling prey to such a scheme – the people running them are cunning and anyone could be deceived! So, do not hesitate to share your experience, be it online or with your friends and family. The only way to stop such scams is a higher level of awareness of the fraud model.

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-17

Reviewed Broker

AlphaBullMarkets

Broker Rating

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