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If you are looking for a reliable and trustworthy broker to trade forex, CFDs, stocks, cryptocurrencies and more, you might have come across Alpsmarkets. This is a relatively new broker that claims to offer a variety of trading instruments, platforms, account types and educational resources. But is Alpsmarkets a scam or a legit broker? In this review, we will examine the features, pros and cons of Alpsmarkets and help you decide if it is worth your time and money.
What is Alpsmarkets?
Alpsmarkets is an online broker that was founded in 2020 and is based in St. Vincent and the Grenadines. According to its website, Alpsmarkets is regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines under license number 25369 BC 2019. However, this does not mean that Alpsmarkets is a reputable or safe broker, as the FSA is not a well-known or respected regulator in the industry. In fact, many scam brokers use offshore jurisdictions like St. Vincent and the Grenadines to avoid strict oversight and compliance requirements from reputable regulators like the FCA, CySEC, ASIC or NFA.
What does Alpsmarkets offer?
Alpsmarkets offers over 200 trading instruments across various asset classes, including forex, CFDs, stocks, indices, commodities and cryptocurrencies. The broker claims to provide competitive spreads, fast execution, no commissions, no hidden fees and no requotes. Alpsmarkets also offers four different account types to suit different trading styles and preferences: Basic, Silver, Gold and Platinum. The minimum deposit for the Basic account is $250, while the Platinum account requires a minimum deposit of $50,000. The higher the account type, the more benefits and features you can access, such as lower spreads, higher leverage, personal account manager, trading signals, webinars and more.
Alpsmarkets also provides two trading platforms: MetaTrader 4 (MT4) and a web-based platform. MT4 is a popular and widely used platform that offers advanced charting tools, indicators, expert advisors, automated trading and more. The web-based platform is a simple and user-friendly platform that can be accessed from any browser without downloading or installing anything. Both platforms are compatible with desktop and mobile devices.
Additionally, Alpsmarkets offers some educational resources for its clients, such as an economic calendar, market news, trading glossary and FAQ section. However, these resources are very basic and limited compared to other brokers that offer more comprehensive and in-depth learning materials.
What are the pros and cons of Alpsmarkets?
- A wide range of trading instruments
- Two trading platforms
- Four account types
- Some educational resources
- Offshore regulation
- High minimum deposit
- No demo account
- No customer support phone number
- Negative reviews and complaints from clients
Is Alpsmarkets a scam or a legit broker?
Based on our research and analysis, we do not recommend Alpsmarkets as a reliable or trustworthy broker. There are several red flags that suggest that Alpsmarkets is a scam or at least a very risky broker to deal with. Some of these red flags are:
- Offshore regulation: As mentioned earlier, Alpsmarkets is regulated by the FSA of St. Vincent and the Grenadines, which is not a reputable or respected regulator in the industry. This means that Alpsmarkets does not have to follow strict rules and standards to protect its clients’ funds and interests. Moreover, it means that if you have any issues or disputes with the broker, you will have no legal recourse or protection.
- High minimum deposit: Alpsmarkets requires a minimum deposit of $250 for its Basic account, which is higher than the industry average of $100 or less. This means that you have to risk more money to start trading with this broker. Furthermore, the Platinum account requires a whopping $50,000 minimum deposit, which is very unreasonable and unrealistic for most traders.
- No demo account: Alpsmarkets does not offer a demo account for its clients to test their services and platforms before investing real money. This is a major drawback as it shows that the broker does not care about its clients’ satisfaction and education. A demo account is essential for beginners and experienced traders alike to practice their skills and strategies without risking any money.
- No customer support phone number: Alpsmarkets does not provide a phone number for its customer support team. The only way to contact them is via email or live chat. This is very inconvenient and unprofessional as it means that you cannot reach them quickly or easily if you have any urgent questions or problems.
- Negative reviews and complaints from clients: We found many negative reviews and complaints from clients who have traded with Alpsmarkets on various online forums and websites. Some of the common issues reported by clients are: difficulty in withdrawing funds, poor customer service, false promises, manipulation of prices and spreads, account closure without explanation and more.
In conclusion, we do not recommend Alpsmarkets as a reliable or trustworthy broker. There are too many red flags and risks involved in trading with this broker. We advise you to stay away from Alpsmarkets and look for a better and more reputable broker that is regulated by a well-known and respected authority, offers a demo account, has a low minimum deposit, provides good customer support and has positive feedback from clients.
What to Do If You’ve Lost Money with Alpsmarkets?
If you have been scammed by Alpsmarkets or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.