Editor’s Verdict
Overview
Review
Headquarters | United Arab Emirates |
|---|---|
Regulators | Central Bank of the UAE |
Year Established | 2008 |
US Persons Accepted? |
Alfa Financial is a Dubai-based Forex brokerage that was established in 1993. According to their website they are licensed and regulated by the Central Bank of the U.A.E., Dubai Chamber of Commerce and Industry and the Economic Department of Dubai although there are some online reviews that make claims to the contrary. Alfa Financial claims that they carefully check into every product and clearing firm that they offer to customers and that all are approved by the Central Bank of the U.A.E. Alfa Financial does not manage the accounts themselves, they are offer intermediary services between their clients and international clearing houses.
The products offered to customers of Alfa Financial are Forex pairs, CFDs including metals and energy and Futures in Metals, Agriculture and Currency. There is a maximum leverage of 1:100 available. The website has an extensive list of Forex pairs including twenty-one cross currency pairs and ten exotic currency pairs in addition to the majors. Alfa Financial offers the ability to trade on margin. They charge interest on the margin amount because it is considered a loan so it is recommended to only use it for short term trading.
Alfa Financial gives customers a choice of two different trading platforms. The site clearly favors the AX1 platform and they offer it for desktop and mobile (iOS and Android), whereas they only offer MetaTrader 4 for the PC. Though we haven’t encountered the AX1 platform with other brokers, it looks like a nice change from the regular MT4 offering.
The only types of accounts that are available on the Alfa Financial website are a demo account and a live account. It is not clear from the website what the minimums are for the live account, what the spreads are and any other account details. In the FAQs they explain that in order to begin trading with this firm, you need to download the AX1 platform demo version and open a demo account. Most brokers offer the demo account as a perk, but few actually require download in order to continue. We found this requirement extremely curious, especially since the MetaTrader 4 platform is also available. A $10,000 minimum deposit is required to trade with Alfa Financial. For this reason, we don’t recommend this brokerage for those new to the Fforex market.
The company’s customer service seems more than sufficient. There is a live chat option as well as customer service desk office hours, the ability to request a call back and email access.
It is concerning that there seem to be several customer complaints online about Alfa Financial. Beware and make sure you get real recommendations and personal stories before you start trading with this brokerage.