Alpho is a forex and multi-asset broker based in Victoria, Seychelles. It offers online trading services in most countries around the world, except for example the United States. The detailed list of the countries not served by Alpho is outlined later in this review.
The broker was founded in 2016 and has built a solid reputation with its clients. It’s no wonder the company was in TOP 5 in a voting contest by traders, about Best Online Broker, which Trader-magazine.com conducted. According to the broker’s website, Alpho has since grown to see an average of 5,000 new clients’ accounts opened each year from 2019.
Alpho provides its clients worldwide with the ability to trade 800+ financial CFD instruments across commodities, forex, indices, and shares using one live trading account. Trading at Alpho is done through the globally renowned MetaTrader 5 platform. Clients can access the Alpho trading platform via web browsers, desktops, or mobile apps (available for Android and iOS).
Compared to other brokers, Alpho has a low minimum deposit of $100. Read on to learn all the important details about Alpho to help you decide whether it's a good fit for your trading needs.
Alpho is the trademark name of Gulf Brokers Ltd. The company is licensed and regulated as a securities dealer by Seychelles Financial Services Authority (FSA). The company's FSA license number is SD013.
What does regulation by the FSA mean for traders? FSA requires Alpho to operate under certain rules to retain the license, and the broker's activities are monitored regularly. If things go wrong with Alpho, FSA can take any action necessary, according to the licensing terms, against the company. This is great news for Alpho's clients because they can trade with some assurance that their funds and trades are well protected and not subject to insider market manipulations.
Risk Warning: Trading in leveraged products is risky and not ideal for all investors. Using leverage means the trader can lose more than their initial investment amount, and past performance on investment doesn't guarantee similar results in the future. Alpho is not held liable for any loss, in part or whole, for any loss resulting from a client's trading activities.
Alpho does not charge any fees on deposits and withdrawals. Clients should, however, check if any transaction costs are deducted by their payment services provider, like a bank or any third-party merchant.
If an account is inactive for one month or longer, Alpho charges a monthly maintenance fee of USD 10 (or its currency equivalent). Inactive accounts have no deposits, withdrawals, or trading activities within the said time. If sufficient funds are in the client's trading account, the inactivity fees can be deducted from there. While the Alpho inactivity fee is minimal, it's worth noting that some brokers do not employ such charges within a month of no activity.
Since the broker can change their fee structure from time to time (according to the client agreement), checking their website regularly for any updates is a good idea.
The typical spreads charged when trading with Alpho vary depending on the account type and the asset classes being traded. Forex spreads on Alpho begin at three pips for the major currency pairs like EUR/USD and GBP/USD and spread widely for other asset classes. The spreads on indices begin at two pips and go as low as 0.025 pips for commodities like wheat.
While Alpho's spreads are not far off the industry average, some brokers offer quite lower and highly competitive spreads, especially on the popular currency pairs.
Alpho's swap rates vary based on the type of trading account. The standard live trading account incurs swap fees for any positions that remain open overnight. Alpho charges a three-day swap fee on the following Wednesday if open positions are held over a weekend.
On the other hand, Islamic accounts do not incur overnight funding or swap fees for any positions left open overnight.
It's also worth noting that trading forex, commodities, and indices are commission-free on Alpho, but shares trading is commission based. Alpho charges a minimum of $20 or 0.5% of the trading volume for shares trading.
Alpho's clients do not incur deposits or withdrawal commissions from the broker. However, the clients may incur costs relating to their financial services provider, for instance, bank transaction charges. On the broker's website and the client agreement, there is no mention of the exact amount of time it takes to process withdrawal requests.
Clients can deposit and withdraw funds from their trading accounts through the client's portal. Alpho accepts the following payment methods:
● Wire transfer.
● MasterCard and Visa.
● E-wallets like Perfect Money.
When making withdrawals, clients must use the same payment methods submitted during signing up or used to make the deposits.
Traders must deposit at least 100 USD into their trading accounts. There is no mention of the minimum and maximum withdrawal amounts. Clients can withdraw their funds by completing and submitting the ‘Withdrawal Form’ on the client's portal.
The available tradable assets play an important role in determining if a broker is worth signing up for depending on the trader's needs. Alpho provides its clients with the ability to trade 800+ financial instruments across indices, commodities, shares, and forex. At the time of writing this Alpho review, there are about 62 different currency pairs which include major, minor, and exotic pairs. There are also 10+ indices, and a good number of stock CFDs.
The broker’s website gives a detailed list of the available markets and assets that can be traded but here are a few examples for a quick overview:
Leverage offers clients the ability to magnify profits. It also carries the risk of a magnified loss if a trade doesn't work out in a way that the trader anticipated. It's, therefore, important to proceed with caution when trading leveraged products despite the broker's maximum leverage offer. Traders should always consider their trading experience and risk profile when determining the amount of leverage to use in their trades.
Alpho offers its clients leverage of up to 1:500 for every trade which is the maximum set by their regulatory body.
Disclaimer: Trading in speculative financial markets puts the initial capital investment at risk due to leverage and market volatility.
A trading platform is where all the trading activities take place. Ideally, a trading platform should be secure, fast, and user-friendly. It should provide all the trading tools or features necessary for traders to succeed. Alpho uses the popular MetaTrader 5 platform. It is user-friendly and provides access to all the necessary features/tools for effective trading. Alpho users can trade on the MetaTrader 5 platform for windows, mac, web, and mobile (available for Android and iOS). Below is a deep dive into each of the broker's MT5 platforms.
Alpho offers its clients the ability to trade through any internet browser. This is made possible thanks to the MT5 WebTrader. No download or installation is required to use the platform. Traders can utilize the platform on any internet-enabled computer, whether a Windows or Mac device. Through Alpho's MT5 WebTrader, clients can trade multiple asset classes, use interactive charts, and access various technical tools and indicators.
The Alpho MT5 terminal for desktops is yet another way clients can access the trading platform. It's available for download on the broker's website for both Mac and PC. The terminal is user-friendly and has handy trading features, like nine time-frames and 80+ technical indicators.
Users can also trade on the go using Alpho’s mobile trading app, which is available for Android and iOS systems. Some of the app's key features include:
● Managing a trader's account on the go.
● Executing trades.
● Making different order types.
● Streaming quotes in real-time.
For all the trading platforms (web-based, desktop apps, and mobile apps), it’s worth noting that the broker does not offer additional features besides what’s provided through the MT5 trading platform. Users can, therefore, take advantage of the MT5 marketplace to access more resources, for instance, technical indicators, copy trading services, and automated trading strategies.
For most forex and CFD brokers, users can create different types of accounts that determine the kind of conditions they'll trade under. These conditions can include the maximum leverage, minimum trading lot size, minimum deposit, swaps and spreads, commission and fees charged, and more.
With Alpho, traders have access to the following accounts:
● Demo account
● Live trading account
● Islamic account
The Demo account is perfect for beginners or seasoned traders who are new to the MT5 platform. The free demo account comes with $100k virtual cash to help the users practice their trading skills and familiarize themselves with the Alpho MT5 platform before trading with real money. Every user who signs up for the normal Alpho's live trading account also gets a free demo account.
While Alpho's users have access to one live trading account; it comes with all the key features a trader would look for when trading. The main features include
● Access to over 800+ financial CFD instruments covering FX, commodities, shares, and indices.
● Maximum leverage of 1:500.
● $100 minimum account deposit.
● Spreads starting at three pips.
● Zero commission on indices, FX, and commodities trading
● 0.5% (min 20 USD) commission on share trading
● Fee-free deposits & withdrawals.
● $100k free demo account.
The Islamic account is also known as the swap-free account. Traders do not incur swap fees for active positions held overnight, unlike when using the normal live trading account.
Clients can sign up with Alpho in a few steps. Here are steps to follow:
Alpho does not accept sign-ups from persons or entities in the United States, Afghanistan, Vanuatu, Bosnia, Cuba, Crimea, Iraq, North Korea, Ethiopia, Israel, Sudan, Iran, Herzegovina, and Lao, People’s Democratic Republic, Syria, Uganda, Yemen, and EU residents.
Hassle-free customer support is non-negotiable when it comes to online trading. The last thing a trader wants is to wait for hours and never get a response when they need help. According to the broker's website, clients can get customer support services 24/5. The main language of communication is English, but it's possible to get support in Russian, Vietnamese, Arabic, and Spanish.
To get help, clients can email email@example.com, call +44 203 966 0067, or contact the broker through its social media handles (Twitter, Facebook, Instagram). Unfortunately, the broker doesn't have a live chat feature on its website and trading apps.
Accessing resourceful and timely market research information is key in trading financial instruments. While traders can search for reputable sources of updated materials, it helps to have the broker provide a research package. Alpho is not left behind in this area. The company provides a wide variety of research materials that are informative, detailed, and generally high quality. Alpho's research materials include
● Daily Summary: Clients can understand the economic outlook of the global markets and daily key prices by checking out the daily summary section on the broker's website.
● Market News: This section informs the clients about the breaking market news and the stories making headlines that can potentially affect the global markets.
● Blog: The broker's analysts share their insights through various types of content relating to global markets.
● Economic Calendar: Clients can keep up to date with key economic events, global market events, and economic data releases by exploring the economic calendar on the broker's website.
While the content is high quality, the educational materials provided by Alpho are limited. At the time of writing this review, there are
● Nine trading videos: These videos cover important topics like avoiding scams in trading, types of traders, and how CFDs work.
● Top trading tips: This section contains six articles that guide users on risk instruments.
● A glossary: This section explains the most common terms traders can encounter in trading and generally in the financial market.
The educational content seems suitable for traders who are still in their early trading journeys.
Alpho won the second position of the best online broker in a poll carried out by Traders Magazine. This is a good thing as it shows some traders' confidence in the broker.
Choosing the best broker boils down to how each trader weighs each pro and con that comes with each broker. Alpho has been in the financial instruments trading industry since 2016, which gives them a good history. The company offers its clients the ability to trade over 800+ financial instruments on the MT5 platform and provides updated research materials and a few educational materials.
Inexperienced traders or anyone who wants to practice their trading strategies can start out with the free demo account which comes with $100k in virtual cash. They can use the account to sharpen their trading skills, experiment with different trading strategies, and familiarize themselves with the broker's MT5 trading platform.
Clients can deposit and withdraw funds via wire transfer and both debit and credit cards. While the transactions are commission-free, they can be quite restrictive. Clients are required to withdraw funds using the same payment method they used to deposit funds. The broker’s spreads which start at 3 pips for major currency pairs are also quite high compared with the most competitive industry rates.
From the available information, Alpho offers traders wider asset classes beyond forex. With its quite long history of operations in online financial CFDs trading, it seems to be a relatively good broker. However, the spreads and swap fees are not very competitive compared to other industry players.
Alpho offers their traders one type of live trading account that comes with all the necessary features. Users can also access a free demo account to polish their trading strategies and a swap-free Islamic account.
Alpho is a limited liability company that is licensed and regulated by the Financial Services Authority of Seychelles (FSA).
Alpho accepts debit/credit cards and bank wire transfers. The broker doesn’t provide much information about other acceptable payment options.
Withdrawing funds is usually a tricky subject when dealing with online brokers. From the Alpho’s website, withdrawal requests are completed as soon as possible. There is no mention of specific timelines.
Alpho is an online broker that offers its clients the ability to trade in 800+ CFD instruments via the MetaTrader 5 platform. The major tradable markets on Alpho are shares, indices, commodities, and forex.
Based on the years of operation for the company and regulatory oversights by the FSA, Alpho is legit, and Alpho is not a scam.
Traders need to deposit a minimum of USD 100, which is a bit higher compared to other key industry players who have a min deposit of $10.
Trading in CFD instruments is risky, and past performance on a trade or product doesn’t guarantee similar performance in the future. There is no financial gain that is specifically attached to working with Alpho unless trades turn out as anticipated or better.
Alpho uses the MT5 trading platform, which is available for mobile devices, web, and desktops. Traders need to sign-up, deposit the minimum funds, access the trading platform, and explore the best products to begin trading with Alpho.
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