Allfina Group Review – Is a Trading Scam?
Allfina Group Review – Is a Trading Scam?

Allfina Group is another bogus broker on the financial markets that numerous regulators have exposed. It’s an offshore trading firm running a business from the notorious Saint Vincent and the Grenadines.

The trading platform advertised on the website is not nearly what clients are offered. At the same time, some main information about the initial deposit and trading conditions are missing.

Read this detailed Allfina Group review to find out more.

Broker status: Offshore Broker
Regulated by: Unlicensed Scam Brokerage
Scammers Websites:
Blacklisted as a Scam by: CNMV, FSMA, Finanstilsynet, CONSOB, FI
Owned by: Bright Group LLC
Headquarters Country: Saint Vincent and the Grenadines
Foundation year: 2021
Supported Platforms: WebTrader
Minimum Deposit: 250 USD
Cryptocurrencies: No
Types of Assets: Forex, commodities, indices, shares
Maximum Leverage: N/A
Free Demo Account: No
Accepts US clients: Yes

Is Allfina Group a Regulated Broker?

Allfina Group is a brand of Bright Group LLC, registered in Saint Vincent and the Grenadines. This offshore country has no regulator taking care of Forex and CFD brokers. Instead, they direct them to get a license in the service country. This would imply that Allfina Group needs to be regulated by the FCA, CNMV, ASIC, BaFin, or a similar Tier1 license provider.

After checking databases, we found nothing. Well, not really anything, but a whole lot of regulatory warnings against the scam.

On top of that, we seriously recommend you not to invest in the fake broker’s PilotGainOlympus Brokers, and TradeSimple. Do not trade with these unlicensed brokers if you want to save your money!

Reasons Not to Trust an Unlicensed Broker

Unlicensed brokers are not safe. They can vanish at any time, and the details they give are not necessarily accurate. For instance, dozens of scam brokers claim to have registered at the same address as Allfina Group.

If you can’t find the scammer, recovering your funds is even more complicated.

Allfina Group: A Trustworthy Broker or a Scam?

In September 2022, Allfina Group was blacklisted by the Spanish CNMV for fraudulent activities. The firm is based offshore and cannot be trusted as it operates unregulated.

CNMV Has Blacklisted Allfina Group as a Scam

Allfina Group Warning

Earlier in September, the Spanish CNMV issued an official warning against Allfina Group. According to it, this firm provides financial services, such as Forex trading and financial advising, without proper authorization.

The Belgian FSMA republished the warning.

Also the Italian CONSOB.

Followed by a ban by Estonian FI.

Finally, Norwegian Finanstilsynet republished it too.

What Do Traders Think Of Allfina Group?

If you check Allfina Group reviews, you’ll find numerous negative experiences. The company is keen on taking clients’ funds, but returning profits is not really an option.

According to everything we’ve learned, Allfina Group blocks clients’ accounts and denies any withdrawal requests. First, account managers will try to dissuade you from the payout, and if that doesn’t work, they’ll freeze your investment account and your funds.

What Platform Does Allfina Group Offer to Trade On?

Allfina Group says to offer MetaTrader web version. Allegedly, it has a “full range of features and settings that will facilitate your activities and help you increase your profit.”

Upon registering an account, we got access to an oversimplified WebTrader that certainly doesn’t belong to MetaQuotes. It’s a proprietary trading tool without any special functions.

Since we believe that MetaTrader is the best software you can get, we advise you to find a legit firm with MT4 or MT5 on offer. This is how you’ll ensure functionality, reliability, and safety.

Does the Broker Offer to Try Trading On a Demo Account?

The broker doesn’t offer a Demo account. Once you register an account, you will get an overview of the platform. Yet, if you wish to place any trades, you’ll need to invest first.

Allfina Group Arbitrage Bot

Allfina Group Arbitrage Bot

Arbitrage Bot is advertised as an automated trading tool enabling you to invest on autopilot. It uses algorithms to predict market and place trades. Allegedly, it’s integrated with the largest markets.

To connect the bot, customers are directed to call their account manager. Therefore, we cannot say whether the bot is real or just a lure. Yet, we believe it’s the latest one.

Allfina Group Accounts Overview

The company offers six different account types.

  1. Starting – 50+ assets, educational materials
  2. Standard – 100+ assets, spread from 2 pips
  3. Silver – 150+ assets, advanced educational materials
  4. Gold – 200+ assets, personal account manager
  5. Platinum – 250+ assets, personal analyst
  6. VIP – 300+ assets, spreads from 0.3 pips

As you can see, there is no initial deposit for any account type.

Allfina Group Broker – Countries Of Service

Allfina Group operates in:

  • Germany
  • Switzerland
  • Italy
  • Spain

As regulatory warnings show, other EU countries are also hit. Wherever you reside, do due diligence and confirm whether your broker is a legit firm or a financial swindler.

Also remember the names of the Firmon, AxisCapital and IB Finanzas trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

Allfina Group Range of Trading Markets

Allfina Group offers access to 4 major markets, those being:

  • Currency pairs – EUR/USD, AUD/CAD, USD/ILS
  • Commodities – gold, corn, sugar
  • Indices – NASDAQ, AU200, FTSE100
  • Shares – Amazon, Apple, Meta Platforms

Cryptocurrencies aren’t offered, making this broker less attractive to potential investors.

What Is Known About Allfina Group’s Trading Conditions?

There’s not a lot we know about Allfina Group trading conditions. The leverage hasn’t been disclosed, meaning we cannot assess trading risks.

The spread ranges from 3 pips to 0.3 pips, depending on the account type. This is quite a large gap, with 3 pips being double the industry standard.

Allfina Group Minimum Deposit and Unfavorable Withdrawal Terms

Allfina Group hasn’t specified a minimum deposit for any account type. The Deposit Policy has stated that clients can invest a minimum of $250, and that’s all we know.

Withdrawal requests are insane and illegal. The firm requests customers to pay a commission of 20% of their profit and pay tax before being eligible for a withdrawal. This is outrageous and should be reported immediately.

Methods of Making a Deposit

The deposit can be made using:

  • Debit/credit cards
  • Wire transfer
  • Crypto wallet

While we advise against investing, if you still wish to try your luck, the best would be to use your credit card. In such cases, you’re protected by chargeback policies.

Scammed by Allfina Group Broker? – Let Us Hear Your Story

Let us know if you were scammed by Allfina Group or a similar fraudulent company. Our chargeback specialists may be able to assist you with a refund.

Contact us via online chat to book a free consultation, and our experts will evaluate your case.

But What Is A Chargeback?

This is a way for your bank to recover funds directly from the merchant. If you have had any withdrawal issues, let us know. Let’s start acting now!

What Is Allfina Group?

Allfina Group is an unregulated offshore trading firm blacklisted in five countries.

Is Allfina Group a Scam Broker?

Allfina Group is a notorious scam banned in Spain, Belgium, Italy, Norway and Estonia.

Is Allfina Group Available in the United States or the UK?

The broker operates in both countries without any valid approval or license.

Does Allfina Group Offer a Demo Account?

No, Allfina Group doesn’t offer a Demo account, only 6 Live account types.

Unfortunately, many users start reading reviews only after falling victim to scams. We sincerely hope that you are not one of them!
However, if you're here because you suspect that your investment isn't in a safe place, know that you have the right to claim funds back!

Report a Fraud Case & Claim a Refund from Scammers

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