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Alfamarkets Review: A Suspected Boiler Room to Avoid
If you are looking for a reliable and trustworthy broker to invest your money with, you might want to steer clear of Alfamarkets. This company has been flagged by the Dutch Authority for the Financial Markets (AFM) as a suspected boiler room, which means it is likely to scam you out of your hard-earned cash. In this review, we will explain what a boiler room is, how Alfamarkets operates, and why you should avoid it at all costs.
Alfamarkets is a company that claims to offer online trading and investment services in various financial markets, such as forex, stocks, commodities, and cryptocurrencies. It claims to have offices in London, Amsterdam, and Hong Kong, and to be regulated by the UK Financial Conduct Authority (FCA) and the Hong Kong Securities and Futures Commission (SFC).
However, these claims are false and misleading. Alfamarkets is not authorized or licensed by any of these regulators, nor does it have any physical presence in these locations. In fact, Alfamarkets is a typical boiler room operation that uses cold calling and high-pressure sales tactics to lure unsuspecting investors into buying worthless or non-existent securities.
Regulation and Compliance: AFM Issues Warning
The AFM is the regulator of the financial markets in the Netherlands. It is responsible for ensuring that financial firms comply with the rules and regulations that protect consumers and investors. The AFM also issues warnings to the public about potential frauds and scams that operate in or target the Dutch market.
On 09 Oct 2023, the AFM issued a warning about Alfamarkets on its website: https://www.afm.nl/nl-nl/consumenten/waarschuwingen/bekijk-de-waarschuwingen/boilerroom/alfamarkets
The warning states that Alfamarkets has approached persons without being asked, to offer them investment proposals. The AFM advises consumers not to respond to these offers, as Alfamarkets is a suspected boiler room.
A boiler room is a term used to describe a fraudulent scheme that involves cold-calling potential investors and persuading them to buy shares that promise high returns. The shares are usually overpriced, worthless, or non-existent. The boiler room operators often use fake or stolen identities, fake websites, fake documents, and fake testimonials to create an illusion of legitimacy. They also use aggressive and manipulative sales techniques to pressure investors into making quick decisions without doing proper research or verification. Once the investors buy the shares, they are unable to sell them or get their money back. The boiler room operators then disappear with the money or move on to new victims.
As expected, Alfamarkets has received many negative reviews from customers who have fallen victim to its scam. On various online platforms, such as Trustpilot, Forex Peace Army, and Scamwatcher, customers have shared their experiences and warned others about Alfamarkets.
Some of the common complaints include:
– Being harassed by phone calls and emails from Alfamarkets agents who claim to be experts or managers
– Being pressured into depositing more money or buying more shares
– Being promised unrealistic returns or bonuses
– Being unable to withdraw money or access their accounts
– Being ignored or blocked by Alfamarkets support
– Being threatened or blackmailed by Alfamarkets agents who demand more money or personal information
Products and Services:
Alfamarkets claims to offer a variety of products and services for online trading and investing. These include:
– A web-based trading platform that supports multiple assets and instruments
– A mobile app that allows trading on the go
– A demo account that allows practicing trading with virtual money
– A range of account types that cater to different levels of experience and capital
– A selection of payment methods that include credit cards, bank transfers, e-wallets, and cryptocurrencies
– A team of professional analysts and advisors who provide market insights and guidance
– A customer support team that is available 24/7 via phone, email, chat, or social media
However, these products and services are either fake or substandard. The trading platform is unreliable and prone to glitches and errors. The mobile app is poorly designed and does not work properly. The demo account is rigged and does not reflect real market conditions. The account types are misleading and have hidden fees and charges. The payment methods are unsafe and unregulated. The analysts and advisors are unqualified and give bad advice. The customer support team is unresponsive and unhelpful.
Alfamarkets claims to have offices in three locations: London, Amsterdam, and Hong Kong. However, these addresses are either fake or belong to other businesses. There is no evidence that Alfamarkets has any physical presence or staff in these locations. Alfamarkets is most likely operating from an offshore location that is outside the jurisdiction of any reputable regulator.
Alfamarkets claims to have a customer service team that is available 24/7 via phone, email, chat, or social media. However, this is far from the truth. Many customers have reported that Alfamarkets customer service is either non-existent or very poor. Customers have experienced long delays, rude responses, or no responses at all when trying to contact Alfamarkets support. Some customers have also reported that Alfamarkets agents have been abusive, threatening, or blackmailing them when they tried to complain or withdraw their money.
Alfamarkets is a scam broker that you should avoid at all costs. It is not regulated or licensed by any authority, and it has been warned by the AFM as a suspected boiler room. It uses cold calling and high-pressure sales tactics to trick investors into buying worthless or non-existent shares. It has received many negative reviews and complaints from customers who have lost their money or been mistreated by Alfamarkets agents. It does not offer any real or quality products or services for online trading and investing. It does not have any physical presence or staff in the locations it claims to have. It does not have any customer service or support that can help you with your issues or queries.
If you have been contacted by Alfamarkets or any similar company, do not respond to their offers or give them any personal or financial information. If you have already invested with Alfamarkets or any similar company, do not deposit any more money or buy any more shares. Try to withdraw your money as soon as possible and report the company to the relevant authorities. You can also seek legal advice or assistance from a reputable lawyer or organization that specializes in recovering funds from scam brokers.
Remember, if something sounds too good to be true, it probably is. Always do your research and verification before investing your money with any broker or company online.