Thinking of getting into business with Alliance FX? Here is what you must know about this broker. Carefully read this review to find out if alliancefx.net is the trading platform you will want to trade with.
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About Alliance FX Broker
Alliance FX is an offshore brokerage company with a lot of promises for traders. The broker is located in the UK.
The broker claims 24/7 Access, personal service, security, and fast transfers.
To clarify, in spite the trading instruments Alliance FX claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
alliancefx.net: Reasons to Avoid This Broker
Firstly, alliancefx.net is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because FCA does not recognize this broker has a licensed entity.
Secondly, we noticed alliancefx.net has no demo account for traders. Since traders can’t test Alliance FX on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Alliance FX leaves us with no information on what fees forex traders will be charged for any withdrawal nor processing days on each withdrawal. Truly, this broker is a scam and its fraudulent schemes are clear.
Minimum Deposit
The broker minimum deposit is not available.
As for the payment methods, there is no information. But, you should not consider making any payment with this broker because it is a risk. So beware!
Alliance FX Platform
Alliance FX offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, nothing is said on that. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Alliance FX Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Minimum Trade Deposit $100
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is alliancefx.net a Reliable Broker?
No, alliancefx.net does not seem like a reliable broker for traders even though it promises offers that look good to be true. The broker has proved to us that relevant information is not a concern to them as account types, minimum deposit, withdrawal, leverage are all missing.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.