When choosing a broker, the main question is this – could this broker scam you? To verify the broker and its safety, you need to check Alvexo regulation, headquarters, platform. In our in-depth review, we did all that for you. Let’s start.
|Regulated by:||FSA, CySEC|
|Supported Platforms:||MT4, web trader|
|Minimum Deposit:||500 EUR|
|Types of Assets:||FX, indicies, shares, commodities, crypto|
- Regulation and Security
- In which countries does this broker work?
- How Online Trading Scams Work?
- Scammed by Alvexo?
- But what is a chargeback?
Regulation and Security
Alvexo is a brand owned by HSN Capital Group Ltd, based in Seychelles. The company has FSA regulations. However, we found the brand also registered in the CySEC register, under the name VPR Safe Financial Group Ltd. The company is regulated by CySEC and owns six domains for the Alvexo brand in Europe. It seems that the broker is divided between two entities in order to be able to operate in Europe and worldwide.
When it comes to the security of the funds, we see some shady explanation about digital security, but nowhere is listed where the funds are held and how they are protected.
In which countries does this broker work?
Since the broker has CySEC regulation, it is legally operating within the EEA zone. As a CIF, it can also offer financial services to third countries if it complies with its trading regime. In this case, Alvexo broker can provide services in China, Egypt, Jordan, Lebanon, Malaysia, Nigeria, Qatar, Russian Federation, Switzerland, and United Arab Emirates. Besides these countries, based on FSA regulation, the broker can offer financial services internationally.
However, since an offshore regulation can never be as strong as, for example, CySEC, we strongly advise you to verify to which entity you belong before you start trading with this broker.
How Online Trading Scams Work?
The online trading scam is a scam conducted while trading on the financial market. It can be trading on the Forex market or with CFDs. The outcome is always the same. A scam broker is stealing your money.
When you start trading, everything sounds fantastic. But then, the problems are beginning.
The issue with many scam brokers is high leverage. This allows clients to buy or sell more assets, and therefore, they can lose the funds faster. This is why many regulatory bodies in Europe are limiting the leverage at 1:10 or 1:30. In the case of the Alvexo broker, the leverage is 1:300. This is why you should be very careful when opening an account.
Also, another bad sign is a web trader. The web trader is much easier to manipulate than the standard MetaTrader. This is why it’s the favorite tool of scam brokers.
Another thing, many brokers are offering the minimum deposit of $250, $100, or even $10. Alvexo broker requires a minimum of 500 EUR. This is a rather high deposit, especially if you are not an experienced trader. Also, there is no Demo account where you can practice your skills.
Be aware of scam brokers.
Scammed by Alvexo?
What to do if scammed by Alvexo? First thing, understand that you are not the only one. You are not the only victim of this broker. And there is a solution. It’s called a chargeback.
But what is a chargeback?
It’s a way of refunding your card in case of scams. If you were a scam victim, you need to file a dispute and request money back. Contact us immediately for help!
Is Alvexo a good broker?
Alvexo is a broker that is operating from an offshore country. Therefore, it is not safe.
Is Alvexo a Scam?
Alvexo is a broker located in Seychelles. It’s an offshore country with loose regulation.
Is Alvexo regulated?
Yes. CySEC and FSA Seychelles regulate the broker.
Where is Alvexo broker based?
The headquarters of the Alvexo broker is on Seychelles, an offshore country.