| Broker | Alpho |
| Country | Seychelles |
| Regulation | No |
| Minimum deposit | $500 |
| Leverage | 1:500 |
| Trading platforms | MT5 |
| Available assets | Forex, precious metals, oil, indices, stocks, crypto coins |
| Website | alpho.com |
Alpho says to be a trusted global broker offering access to over 250 trading instruments, including forex pairs and CFDs on indices, shares and commodities, with leverage as high as 1:500 and the MetaTrader5 platform. And they say to be properly licensed and authorized.
The problem here is that Alpho is not properly licensed and authorized, but is just another offshore broker with questionable license status and virtually zero credibility.
Is Alpho legit?
No. Alpho does not have an adequate forex license so it can not be legit. Check our list of UK regulated brokers instead.
Alpho says to be a brand of Gulf Brokers Ltd – an offshore company based on the Seychelles and registered with the local Financial Services Authority of Seychelles (FSA). Unfortunately, we are not easily impressed by offshore licenses like the ones issued by FSA.
To start with, offshore regulators like the FSA simply lack the capacity to oversee internationally operating brokers like Alpho, so our advice is to avoid offshore brokers altogether.
Also, the FSA requirements are simply not comparable to the ones adopted by the regulators across Europe, the UK, the U.S. or Australia.
For example the only capital requirement with the FSA is for a broker initially to deposit 50 000 USD payed up capital at a bank account on the Seychelles – an amount, which subsequently can be withdrawn and used for day to day operations.
On top of that the broker can use one and the same bank account to store its clients’ funds and its own funds, which means that the money will not be segregated as is required with all broker regulated in the EU, the UK or the USA.
With brokers, holding legit licenses from reputable financial watchdogs like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) the requirements look much different.
All EU and UK regulate brokers, for example, have to maintain minimum operational capital of at least 730 000 EUR, with which to guarantee all outstanding payments towards traders, have to keep their clients’ funds in a segregated from their own, trust account, have to report all client transactions, have to allow external audits, have to provide traders with a negative balance protection and even to participate in client compensation schemes, basically insuring the trading capital of their clients.
Thus, with a broker regulated by the FCA in he UK your funds will be protected for up to 85 000 GBP, payable in case the broker happens to be insolvent.
Can I make money with Alpho?
We are sceptical that you will be able to make any money with Alpho, because it is highly unlikely that you will be allowed to make any withdraws. Check our list of EU regulated brokers instead.
The basic problem with all offshore brokers is that they are not required to follow any rules. Let us take the trading bonuses. You might be offered a trading bonus, with some additional withdraw conditions – a minimum trade volume requirement – which subsequently can be use as a pretext to cancel you withdraw requests. Alpho is not an exception, they offer trading bonuses without bothering to specify under what conditions.
Also, going through their Terms and Conditions we cam across a rather disturbing clause, according which you authorize the broker to make withdraws directly from your bank account. See for yourself. This is simply ridiculous.
Clients can always file for a charge back for the full amount of their deposit, if they have suspicion that they are about to be scammed.
What is the minimum deposit requirement at Alpho?
The minimum deposit requirement at Alpho turned out to be 500 USD, although they do recommend that you deposit at least 1000. Still, the broker allows trading with micro lots, but as they are not legit, we would also suggest that you check our list of brokers, offering micro accounts as well.
What leverage is available at Alpho?
Alpho offers leverage as high as 1:500, but as their credibility borders zero, here we would also suggest that you check our list of brokers, offering leverage as high as 1:500 as well.
And because Alpho says to offer spreads starting as high as 3 pips (that is what is advertised for the benchmark EURUSD spread), we would also suggest that you check our list of brokers, where you can trade with much tighter spreads. Bear in mind that spreads are generally considered attractive only if they start below 1,5 pips with a standard account and no trading commission.
What trading platforms are available at Alpho?
Alpho offers MetaTrader5, but as they are an offshore broker with questionable reputation, here we would also suggest that you check our list of brokers, offering MetaTrader5 as well.
The successor of the legendary MetaTradre4, MetaTrader5 is one on the most versatile platforms on the market. It comes with all the fine features of the good old MetaTradre4 – the numerous market indicators and the option to run automated trading sessions with the help of specially scripted trading bots, called Expert Advisors.
MetaTrader5 however will allow you to execute orders in a number of financial markets and stock exchanges through a single trading account, which is also pretty useful along with the excellent set of advanced charting tools – yet another reason for you to check our list of MT5 brokers.
What are your payment option at Alpho?
Alpho accepts payments with VISA, MasterCard and several e-wallets, but because of their shady credentials and wired charge back policy, here you may check our list of brokers, accepting credit cards as well.
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