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Alfa Success Corp Review
If you have been keeping up with the financial markets, then you have probably heard all there is to know about scam brokers. As they are very active in the trading space, they are a hot topic of discussion. The number of these frauds also continue to increase as do the number of victims. When you make up your mind to start online trading, you do not want to be just another scam victim. But, how can you avoid it? The key is to learn how to spot a scam and this Alfa Success Corp review can give you the guidance you need.
After all, the best way for you to be able to spot a scam is to actually see one up close. This will tell you exactly what to look for and you can also learn some of the common indicators that can warn you. It is because of this lack of knowledge that most people end up being defrauded. As you don’t want that to happen, you can be proactive and focus on understanding how it happens. When you come across Alfa Success Corp, the first impression is definitely going to be a good one.
It is portrayed as an international brokerage house that is delivering quality investment and financial services all over the globe. But, if you know what you are looking for, you will have no trouble in realizing that Alfa Success Corp is just a front for scammers and all they want to do is steal your hard-earned money. You definitely don’t want them to do that, so you need to know exactly what makes them a fraud. Ready to find out? You can check the flaws below:
No licensing and regulation
If there is one feature that can help you distinguish between reliable and shady brokers, it is their regulation and licensing. A professional broker would have a proper license and would be regulated by a well-respected body, while the latter will not comply with any rules or policies. Unfortunately, you will find that Alfa Success Corp falls is neither regulated, nor licensed. If you look into its background, you will find that it is owned and operated by Alfa Success Corp Inc., which is based in the British Virgin Islands (BVI).
This is an offshore jurisdiction where forex brokerages are not regulated at all, as these are just registered as International Business Companies (IBCs), which essentially makes them anonymous. Hence, this means there is no one to monitor the activities of Alfa Success Corp and they are free to come up with their own rules and policies. Moving on, if you check out the Documents section of the broker’s website, you will actually find an image of a license provided.
This has been issued by the National Futures Association (NFA) in the United States, but the problem is that the documents does not have a real company name, which obviously means that it is forged. To put simply, Alfa Success Corp has gone to great lengths to fabricate the license in order to present itself as a legitimate brokerage.
No Terms and Conditions
The lack of licensing and regulation is already a major problem when you are checking out Alfa Success Corp, but as you go deeper, you are going to find out that things are much worse. You can scour their entire website and you will not come across any Terms and Conditions, or any other legal document like Client Agreement. The purpose of these documents is to help establish the kind of relationship the broker will have with its clients.
These documents usually outline the fees you will be charged and the policies and rules you will have to comply with. Unfortunately, it doesn’t seem that Alfa Success Corp has bothered to come up with any such documentation, so you will be going in blind. They can charge anything and come up with any policy and you will be expected to comply with it. This is not something any legitimate platform would ever do.
No competitive trading conditions.
It is a must to assess the kind of trading conditions a broker can offer to you because your profits depend on them. One of these is the spreads you will be charged and it is a good idea to take a look at them. When you check the demo account option of Alfa Success Corp, you will discover that they are offering a floating spread of about 2.9 pips. This is excessively high and is nowhere close to favorable for traders.
The next trading condition that deserves your attention is the leverage offered by a broker. There is no doubt that this tool can increase your trading flexibility, but high leverage also comes with high risks and you shouldn’t forget this. Just because a broker promises you high leverage doesn’t mean that it is good for you. The same is applicable at Alfa Success Corp because even though it offers leverage as high as 1:500, it doesn’t make it any less risky.
In fact, you should consider this as another warning sign because Alfa Success Corp claims to be licensed in the US. This means that it cannot offer you leverage higher than 1:50 because the regulatory authorities have imposed a cap on the maximum level of leverage due to the risks. The fact that it is offering you much higher than that is further proof that it is not an authentic brokerage.
No chargeback possible
The issues with Alfa Success Corp don’t end just as yet because their payment options are another warning. If you check them out, you will find that you can only use cryptocurrencies and bank wire transfers for making your payments. This is a problem because neither of these methods give you the option to file a chargeback. Thus, you will not be able to get back your money in case there is a fraud.
All of these signs is how you learn that Alfa Success Corp is a scam and you can spot others in the same way to stay safe.