Why Alvexo Sucks In 50 Words
Without a doubt, the “suckiest” thing about Alvexo is their minimum deposit, which is a whopping 500 EUR. This is almost double the industry average of $250 (some brokers let you invest as little as $50) and will probably drive a lot of potential customers away. Also, the spreads for the lowest account are way too big, starting at 3.3 pips.
Why Doesn’t Alvexo Suck In 50 Words
Besides being regulated by CySEC and authorized by the British FCA, they offer my favorite trading platform, Meta Trader 4. This is a very complex tool that allows proper technical analysis, has a built-in news feed, and tons of other features, too many for me to list here. So we have a broker with double regulation and a great platform. That definitely doesn’t suck!
Is Alvexo A Scam?
There is no reason to suspect that Alvexo is a scam! They are regulated by the CySEC and EEA Authorized by the British FCA; the company is transparent, with plenty of contact details and on top of that, their CYSEC license was received back in 2014, so they are not exactly new on the scene. The company is also regulated in other European states, like Germany, Portugal, France, and more. However, this doesn’t mean that there is no risk! Trading carries inherent risk to your investment so you should make sure you know what you’re doing.
Should I Open An Account With Alvexo?
Alvexo is a CFD broker owned and operated by VPR Safe Financial Group Limited, which is a Cypriot company, regulated by the Cyprus Securities and Exchange Commission (CYSEC) under license number 236/14. The company is also EEA Authorized by the British Financial Conduct Authority (FCA), meaning that it can offer certain products or services in the United Kingdom. Their reference number is 683301.
The company is regulated by CySEC since 2014 but the exact date when Alvexo as a brokerage was launched is not known. As mentioned before, they are also Authorized by the British FCA to offer certain products and services in the UK, so we can say that we are dealing with a brokerage that’s safe from a regulation perspective (market risk remains though).
The platform of choice is Meta Trader 4 (MT4), which requires download and installation but if you are not keen on doing that, you can simply use their Web Trader, which is a web-based platform, still sporting enough features and functionality (please note this is not the web version of Meta Trader). Alvexo also offers mobile platforms for iOS and Android (proprietary, not MT4).
Accounts start at 500 EUR (Classic Account), which is a hefty and rather restrictive sum, considering that most brokers offer accounts starting at 200 – 250 USD and there are a lot of options even lower than that (some brokers have a minimum deposit of $100 or lower). The next account is named Gold, with a minimum deposit of 5,000 EUR, followed by Prime that requires a deposit of 10,000 EUR, and ECN Gold Account with a minimum deposit of 20,000 EUR. They also offer an ECN VIP account but you will have to contact them directly to find out the required deposit. All this is too steep in my opinion, so Alvexo looks like a brokerage for traders with deep pockets but I am not sure the perks that come with a higher tier account are worth the extra investment.
The education section has enough information to prepare newbies for trading but won’t turn anyone into a professional trader. That takes years of learning and practicing. They have enough articles to cover the basics of Forex, CFDs, economic indicators, strategies, etc. but also a Daily Marker Review, which is actually updated daily, at least when I checked it for this review. A glossary of terms and an FAQ section are also present.
Overall Alvexo seems like a brokerage that’s well put together, covering most of the stuff that traders need, but the high deposit requirements may keep some clients away. Don’t get me wrong, this seems a relatively good brokerage if you compare it with “old” binary options brokers but if you put them against giants of the industry like FxPro for example, they are just mediocre.
Alvexo’s registered address is 1, Agias Fylaxeos Street, KPMG Center, 2nd Floor, CY-3025 Limassol, Cyprus, the contact phone number is +357-250-30482 in Cyprus and +44-2037699390 in UK and the email is [email protected]
While looking at complaints on Alvexo, I realized they are in an interesting situation: on one hand, people are angry because their account managers are losing money trading and then ask for more deposits. On the other hand, people praise the account managers for their professionalism, skills, and overall behavior. To be honest, the “good” reviews seem doctored to me and it’s like, for every complaint, someone pops up immediately, saying how good Alvexo actually is. I cannot vouch for any side, because I cannot know for sure who is speaking the truth. Just use caution and don’t let your account manager trade for you.
Alvexo Regulatory Warnings And Announcements
At the time of writing, we couldn’t find any warnings issued by the CySEC, British FCA, or other regulatory agencies. If this changes in the future, we will update this section as necessary.
The minimum withdrawal amount is $100 and the methods are credit cards and wire transfers. According to their Terms And Conditions, “the Company will make all reasonable efforts to ensure any transfers are made effective in a timely manner, the Company cannot guarantee how long this process may take”. In another section, they say that withdrawals take between 4 and 7 business days but the quote above is a bit worrying because basically, they say they don’t know when the money will reach you.
They provide free trading signals, generated twice a day, with 82% accuracy. We cannot confirm if this accuracy is real and/or consistent. They also have a section for cryptocurrencies, which contains 15 pairs (not 15 different digital assets). It’s not the most we’ve seen but it’s a nice addition to an already big asset basket.
User Friendliness 16/20
The website is translated into 7 languages (English, Arabic, French, Spanish, Portuguese, German, and Italian) and the content is relatively well organized and easy to access. The Meta Trader platform is complicated at first, at least for newbies, but things get easier pretty fast and besides, their proprietary web trading platform is very simplistic, which makes it newbie-friendly. US clients are not allowed, Demo accounts and mobile platforms are available.
Range Of Markets, Spreads, And Leverage 16/20
Alvexo offers CFD trading on stocks, commodities, indices, currency pairs, and cryptocurrencies. The choice is pretty big, with a focus on currencies but to trade CFDs on stocks and bonds you will need to open an ECN Gold account (min deposit 20,000 EUR). The spreads for the Classic account start at 3.3 pips, which is too high in my opinion and probably meant to make you open a higher account like Gold, where spreads start from 2.2 pips (which, by the way, is too high also). The leverage goes up to 1:300, which is high.
Deposits And Withdrawals 15/20
The information about deposits and withdrawals is scarce, which is never a good thing. The minimum deposit is 500 EUR, the minimum withdrawal is $100 and the processing time is 4 – 7 business days. The methods are credit cards and wire transfers. They offer cryptocurrency trading but it is not clear if this means that you are able to deposit/withdraw using crypto wallets.
Fees And Support 15/20
There are no fees to open an account (this is the case with all brokers) but withdrawal fees will be paid by the customer. For a full list, please refer to their Terms and Conditions or contact a representative. I couldn’t locate a Live Chat button so the only known options are email and phone.
Alvexo Extras 15/20
Regulation by two solid agencies (CySEC and FCA), a great trading platform (Meta Trader 4), free signals twice a day (82% accuracy according to them but we cannot confirm), and cryptocurrency trading.
Alvexo Overall Ratings (78) + Regulated (+3) = 81/100