AlfaBTC Review – Is the Broker a Scam or Legit?

As of May 2023, Alfabtc.com has ceased operations. But you can read the article to avoid falling for similar scammers.

Is AlfaBTC a Forex & Crypto Trading Scam

The broker at AlfaBTC Forex is anonymous. The Terms and Conditions do not give the name of the owner. Also, the governing law isn’t specified. We have nothing but a flat lie about their UK headquarters. If true, that would mean that AlfaBTC’s regulation falls under the UK FCA.

We have confirmed that this firm is a fake website after checking various Tier 1 databases such as the ASIC, FCA, BaFin and IIROC. It is obvious that the address is false, and there is no information about the official owner or physical office.

If the brokerage were based in the UK, they would need to follow ESMA rules, limit leverage to 1:30, and comply with ESMA rules. The fraudster did not provide any details regarding leverage, spread or any other trading term.

This scam company should be avoided. We have learned so much from our customers about how they dealt with fraudulent companies. It is possible to share your experience with it if you have it.

AlfaBTC is a fraudulent online trading platform. Falsely claiming to hold a license from an inexistent regulatory body, AlfaBTC is an unregulated online trading fraud. Low trust is evident in the many negative reviews.

Fake Address Used by Broker

This fake investment company provided us with an address in London, specifically at 10 Newfoundland Place.

Google will return M Canary Wharf if you search for the address. This is an area that has cafes and restaurants, and not business offices. We have confirmed that the address is fraudulent and that the company is likely offshore. This is to prey on inexperienced retail investors.

AlfaBTC Pretends to Be Regulated

Another fun fact: The CCA (or Crypto Conduct Authority) claims that AlfaBTC broker is regulated. This is a supposedly licensing provider for crypto trading companies, and was created by crypto enthusiasts. You’ll see that licenses are issued to numerous offshore companies that aren’t registered elsewhere if you look at their website.

The brokerage also claims to have partnered with three different investment firms – Agenta Investment Management AB and Cryptopay Limited. All three hold Tier 1 licenses from the UK, Canada, and Sweden. You can see that none of these companies have any connections to our scammer.

This is the last nail in the coffin for AlfaBTC’s reputation, and the final proof that it was fraudulent.

Are You a Victim of the AlfaBTC Trading Scam?

Since August 2021, AlfaBTC has been operating a trading scam. Many complaints have been filed against the brokerage firm, most of them from:

• Canada
• Sweden
• Norway
• UK
• Netherlands

We hope this review and other AlfaBTC reviews, which have not yet been published, will encourage regulators to take action and ban fraud before it is too late.

We recommend you to avoid unregulated brokers such as DamkoNET, Ecap24 and GMT Trading.

AlfaBTC promises big profits and trading tips

Broker AlfaBTC doesn’t hesitate to compliment itself. This brokerage promises that its clients will grow and become more self-reliant by trading with them. They claim to use the most advanced technology, provide outstanding support and services, and offer advanced security options.

If it were true, all this would seem amazing. Retail investors like you are often pressured to make deposits, upgrade their accounts, and pay alleged fees. The broker will not approve your request for withdrawal if you don’t pay the fees and surrender.

Reviewers claim that clients were requested to download Remote Desktop Access Apps like AnyDesk or TeamViewer. Employees then used these apps to wipe out traders’ bank accounts.

Do not believe any offer that seems too good to be true.

AlfaBTC Reviews: Is It a Scam Broker or Legitimate?

Trustpilot currently has 113 reviews. This is after the administrators removed many fake comments. This broker has a score of 3.7 stars. It is an average company.

Traders mostly describe their experiences with the firm and how they felt their money was spent without their consent. None of their withdrawal requests were granted. Instead, brokers began harassing them with different phone numbers from Australia, Canada, and the UK.

What can I trade with a broker?

You can trade on the following markets, according to some reports:

• Forex – EUR/USD USD/SEK GBP/NOK
• Indices – DAX30, CAC40, AU200
• Shares Amazon, Nvidia and BMW
• Cryptocurrencies – BCH, USDT, USDC
• Commodities – gold, silver, palladium

We cannot confirm or disprove this without a platform.

AlfaBTC CFD Trading Details

CFDs, or contracts for difference, are available for all the assets mentioned. You are not buying an asset; you are investing in its price.

This type of trading is often restricted by regulations and even banned in some countries, such as Belgium. AlfaBTC is not an authorized broker so we don’t know anything about leverage, spreads, swaps or any other details.

What can I do with an AlfaBTC Demo account?

The FAQ section of the trading brokerage states that they offer risk-free practice accounts. We were not able to register. We don’t have access the AlfaBTC Demo.

You should be cautious, regardless of whether there is one. Scammers can make it appear that you have made a lot of money during the free trial, convincing you to invest. You will soon discover that withdrawing money is almost impossible when you do.

Scams with Withdrawal Fees and Withdrawal Issues

Main criticism has been directed at withdrawal issues. Account managers ask clients to pay withdrawal fees and other costs. However, they are denied their requests at the end. Reviewers say that none of the investors received their money back.

Your broker cannot charge you a trading commission. This must be deducted from your profits. All other expenses must be paid to tax authorities, banks and other institutions. You should decline any request for additional deposits to your bank account or debit/credit card.

What is a chargeback?

Chargebacks are a way for your bank to recover funds from the merchant. We recommend that you contact us immediately to begin the process. We will have a free consultation to discuss how we can recover your money right away!

AlfaBTC: Video

Below you will find a short video about AlfaBTC. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about AlfaBTC!