Alfa Financials Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this AlfaFinancials Review.
Alfa Financials Review
Alfa Financials offers its clients a single account, with leverage up to 1:100 and variable spreads on its proprietary Alfa Trader platform.
Micro lots are available for trade to those investors who are unwilling to put much at stake.
The Company. Security of Funds
Alfa Financials is a South African forex and CFDs provider. The brand is operated by Alfa Financials (Pty) Ltd., a company which is licensed to provide investment and brokerage services by the Financial Services Board (FSB).
Lately South Africa has become an attractive destination for forex and CFDs brokers, as the local market has great potential. The FSB is in charge of the licensing process and oversees the non-banking financial services industry, which includes the activity of financial service providers.
According to the Financial Advisory and Intermediary Services Act licensed brokers must keep all client funds in segregated trust accounts in a recognized bank in South Africa.
Supposedly the Johansberg-based company is related to Alfa Financial L.L.C., doing business as Alfa Financial (www.alfafinancials.com) and headquartered in Dubai.
Minimum Initial Deposit
In order to open an account with Alfa Financials, traders have to invest a minimum of $1 000. Such minimum initial amount is high for the forex market. Other brokers holding FSB licenses require less: For instance, Cyprus-based FXTM demands just $5 from its clients as a start.
Spreads & Commissions
Alfa Financials`s sole account provides variable spreads, starting from 1.0 pips on EUR/USD, which is average. Here is the bad news: Clients pay a fixed commission fee of $15 per lot traded on all products. On top of that, VAT is charged on all commission fees (which currently is set at 14%).
Obviously, this broker’s cost of trading is far from competitive. For purposes of comparison, Cypriot broker FXTM charges $2 per lot and offers average spreads as low as 0.5 pips on the EUR/USD on its ECN accounts (accessible with initial deposit of $500).
For more information, you may look up real-time spreads of 15 leading brokers here.
The maximum leverage level offered by Alfa Financials is 1:100, which is considered a low ratio, yet the lower the leverage. The lower the risk.
Nonetheless, if you need higher leverage, many brokers offer leverage equal to or exceeding 1:500.
If you are looking for the renown MetaTrader 4 (MT4), you will not find it with this broker. Instead, Alfa Financials has developed its in-house platform, called Alfa Trader. It is available as desktop and mobile versions.
Alfa Trader is easy to use and provides relatively fast and reliable performance. It offers what most forex trading platforms do: a bunch of order types, including stop loss & take profit, advanced charting package, as well as technical analysis tools and automated strategies.
Alfa Financials’ proprietary desktop platform. Click to enlarge.
Methods of Payment
Unlike most brokers, Alfa Financials does not offer a variety of deposit and withdrawal methods. It only uses bank wire transfer.
You may choose to open a live account and deposit in USD or ZAR.
Alfa Financials is a relatively young South African broker that offers trading in a number of currency pairs and various CFDs on indices and commodities on its in-house platform. According to us, the main disadvantage with regards to this broker is that it charges high commission fees.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Alfa Financials Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about Alfa Financials Review.