This 2016 offshore trading scam was recently resurrected. Despite several warnings from financial market authorities, the unscrupulous scam broker managed to claim more unsuspecting victims.
The alfatrade.cc website is down at the time of this writing but in the last two months, there have been some complaints from traders who lost money to the AlfaTrade cc Scam. This prompted us to analyze this scheme in our Alfa Trade cc Review.
AlfaTrade is not regulated, which means that this platform is not legit. Allow us to explain the background of this shady broker, based on what we read in other AlfaTrade cc reviews.
Allegedly, this platform is run by Nemesis Capital Limited, a company based in Saint Vincent and the Grenadines (SVG). This controversial offshore domain is known for being the nest of countless scammers. The reason is that SVG’s Financial Services Authority (FSA) does not regulate Forex trading.
Every Forex service provider based in SVG is unregulated, meaning that your funds are not secure. In this case, the Nemesis Capital Ltd company is not even registered with the FSA. Some reviews suggest that AlfaTrade cc used to be regulated by the UK’s FCA, one of the best financial watchdogs in the world.
We found several regulatory warnings issued against the AlfaTrade cc Scam and Nemesis Capital Limited. These warnings date back to 2016 when this offshore scam first started defrauding traders. The first financial market watchdog to flag AlfaTrade cc as an unauthorized provider was the Ontario Securities Commission (OSC).
Unfortunately, during this period, AlfaTrade cc managed to scam several traders and embezzle their hard-earned funds. We posted some reviews and complaints about it in the trader reviews section.
It is manifold better to trade with regulated brokers. Depending on the jurisdiction and laws under which they operate, providers that are regulated by top-tier financial market authorities are obliged to equip clients with negative balance protection, segregated funds, and a safe leverage cap (1:30 in Europe & Australia, 1:50 in North America).
Furthermore, in some jurisdictions such as the UK (FCA) or the EEA zone (ESMA), brokers have to compensate clients in case the company goes insolvent. These compensation schemes can be worth up to 20,000 EUR.
But the most important aspect is that you have a reliable regulator to whom you can file a complaint in case you notice shady business. However, if you lost money to an unregulated broker, you can contact us for help in recovering it.
The negative reviews and complaints we found were written in the past two months. These Trustpilot users go into detail to explain how the AlfaTrade cc Scam works.
They never kept to the promises they made, took my money and then denied me access to withdraw, they generatet with my 1000euro(250+500+250 after a week ) almost 25000euro in 10 weeks now i would withdraw a amount from 5000 only and they told me i have to send first a taxes amount from 28% from the income…
-Trustpilot user, May 21, 2023.
Stay far away from this fraudulent company. I would strongly advise anyone considering doing business with this fraud of a company to stay far away cause they will only bring you financial harm…
-Trustpilot user, June 20, 2023.
However, when traders request a withdrawal, AlfaTrade cc suddenly starts acting suspiciously and demands and illegal fee from the traders. In the end, the unsuspecting victims end up not getting their money. Your initial deposit is what the scammer is really after.
Italy’s financial market regulator issued a warning against this fraudster in 2016. If you are a victim of this scam, please contact us for assistance.
Highly unlikely. All the complaints we found have one common theme – withdrawal issues. AlfaTrade cc demands that traders pay an upfront fee before performing their withdrawal requests, which is illegal to do.
The minimum deposit for AlfaTrade is 250 $ and the deposit and withdrawal fees are unknown. Please remember that a broker cannot charge you a hidden fee or demand additional money before performing your withdrawal.
To sum up, this trading scam has been active for a while and mainly targets traders from Italy, Austria, and the Czech Republic. Several regulators issued warnings against AlfaTrade cc.
If you are a victim of this scam, please book a free consultation with our team. Depending on the way you deposited funds, there are several ways to get a refund. Credit/debit card transactions, for instance, can be reversed via a chargeback, which can be requested at the bank within 540 days.
Our experts can guide you through the chargeback process or trace your crypto transaction using CipherTrace.
Book your free consultation today and start the chargeback process.
AlfaTrade cc is an unregulated Forex scam platform. Do not invest money in this fraudulent platform, you will lose it!
AlfaTrade cc does not offer a risk-free demo account, which is typical of scam brokers.
You should not create an account at AlfaTrade cc and risk losing money. If you already got scammed, contact us for help.
The post AlfaTrade.cc Review: Yet Another Scam Broker Lurking Online appeared first on Global Fraud Protection.