Alpha Beta FX (ABFX) offers wide range of trading accounts available on three trading platforms. Its clients can choose between variable or fixed spreads, high or average leverage levels, trading with micro or mini lots, etc.
In addition, ABFX also offers an Islamic account to its clients of Islamic belief, as well as MAM (Multi Account Manager) accounts.
While having a lot of options to choose from is always a good thing, if we take a closer look at the spreads specified by this broker, its offering does not seem so good. On all commission-free account types, as well as the Fixed one, trading costs are exceeding 2 pips on EUR/USD per standard lot traded.
>>Compare the spreads of top-tear brokers<<
As regards the rest of the accounts, they require initial investment that is pretty high, especially taking into account that ABFX is an offshore broker and as such, is not very reliable. You’d better invest in globally regulated brokerages whose names are well known in the world of finance, such as IG Group . All the more so, IG has set no minimum investment requirement, charges no commissions on forex, and the average spread on EUR/USD is just 0.6 pips.
Another fact worth mentioning is that when we tried out the broker`s demo MT4, the spread on EUR/USD pair was floating around 1.3 pips and no commission applies, which does not seem to fit into any of the account types listed in the table above.
The Company. Security of Funds
Company Country Regulation
Alpha Beta FX Ltd. St. Vincent & the Grenadines None
AlphaBeta FX (ABFX) offers trading in forex pairs, CFDs on commodities, stocks indices, and precious metals. It claims it was founded in India in 2009 and allegedly now it has offices in London, Dubai, Hong Kong, Malaysia, India, and St. Vincent & the Grenadines (SVG). The company behind the brand is registered as an International business company (IBC) in SVG.
As we inspected the various sections of ABFX`s website, we also came across some allegations of regulation by ASIC and FCA, and the Terms and Conditions mention the Marshall Islands as jurisdiction of the Governing Law. Of course, the company is not regulated by ASIC, nor by FCA, although we found out it is registered in the UK.
>> Trade safely with a forex broker licensed in the UK <<
Offshore companies with flimsy regulation often make such claims in an attempt to attract clients. In many cases, such offshore brokers are just looking to make a quick buck and disappear with their clients’ money. So, you’d better stay away from ABFX and the thousands of other brokers registered in SVG, the Marshall Islands, or another island with low taxes and beautiful beaches.
As it already became clear, ABFX offers several trading platforms: the popular MetaTrader 4, cTrader, as well as AlphaTrader.
cTrader is a popular forex platform with nice design, developed by Spotware. As it was intended for ECN execution, some of its key features is the depth of the market, which it provides, as well as cAlgo – its automated trading environment, and cMirror – the social/copy-trading system. Furthermore, cTrader has mobile and web-based versions to allow ease of access in all possible circumstances.
The broker also supports the renown MT4 – a stable and reliable multiasset platform that offers numerous features and options, charting and analysis tools and supports Expert Advisors (EAs).
In addtion, ABFX offers AlphaTrader platform, which we could not log into for some reason. FCA-regulated WorldWideMarkets offers a trading platform called AlphaTrader, but we are not sure it is the same.
Methods of payment
ABFX provides a neat selection of payment options that, in addition to the more or less standard bank transfers and credit/debit cards, includes online payment platforms WebMoney, Perfect Money, Skrill, Neteller, FasaPay and Payeer.
At first sight ABFX appears to be a broker with significant experience, offering a whole lot of everything – trading instruments, accounts, platforms, payment methods. However, the spreads on most account types are high, and the other ones require high initial investment. What is worse, ABFX makes some false claims of regulation by UK’s FCA or the ASIC, while in fact it does not hold a proper forex broker license, and there are even regulatory warnings against it.
ABFX Review Conclusion
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