There are numerous questions that you as a Forex trader should ask before you finally decide to make your first deposit money into your new FX account. Such things like whether the broker is licensed or the minimum amount of initial deposit should be clear to you from the start. In our Alvexo review, we are going to look into these things and which will then help you determine whether it is safe to trust your money into their hands.
Alvexo forex broker was established in 2014 and is based in Cyprus. Like many credible FX brokers based in Cyprus, Alvexo is licensed and regulated by CySEC. The firm is also licensed by FCA of the UK. In addition to this, the firm complies with the Markets in Financial Instruments Directive (MiFID). Being under CySEC and FCA also means that customers’ funds are kept in segregated accounts. Even though Alvexo is registered with some of the best regulatory bodies in the EU, it is good to note that it is not among the popular firms especially considering that it has been around for quite some time. But below are some Alvexo features which should help you know whether invest with them or steer clear.
The type of accounts offered
At Alvexo you will find four different types of accounts. But before you embark into trading using real money, the broker has afforded you a demo account whereby, you get $50,000 virtual practicing money. The demo account according to many Alvexo reviews from real traders is helpful in many different ways. All you need in order to have a demo account is filling a form where you will provide your full name, email address and phone number.
If you are a beginner, it is advisable to get a Classic account. The initial minimum deposit is $500 which makes Alvexo one of the few brokers which are not easily accessible by a majority of retail traders. There are credible brokers out there that only ask $50 as initial deposit. The high initial deposit makes Alvexo a not very attractive firm for traders. There is the Prime, ECN and Gold account which require a minimum deposit of $10,000, $5,000, and $2,500 respectively. All the accounts come with free Alvexo trading signals.
The trading platform
Alvexo broker is a firm whose platform is easy to understand and navigate safe for some features like the FAQ section. The trading platform allows you to use MT4, WebTrader and Mobile App. A Classic account holder gets to enjoy spreads of 3.3 pips while a Prime account holder gets 1.8 pips. The broker offers currency pairs, CFDs, cryptocurrencies, commodities and stocks.
The support team
The firm has seven different locations where it has its support team. The latest addition into the firm’s support offices list is South Africa. Even though the firm has well-placed support offices around the world, it is worth noting that some traders do complain about the quality of service it provides. Some real traders Alvexo reviews reveal that despite the firm promising 100% support upon opening an account, they don’t get the promised help and they end up losing their money. In addition to that, the support team often pressures traders to keep on depositing money into their accounts which makes Alvexo scam allegations online more believable and widespread.