AltoFX Review – How We Exposed Altofx.com Scam
Looking at AltoFX, we can easily conclude that it’s a scheme by glancing at the website. There’s no owner, the address has been blatantly listed as London without exact details, and there’s nothing about the regulation. Read this AltoFX review. You will understand everything.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Headquarters Country:||UK (allegedly)|
|Types of Assets:||Forex, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
Is AltoFX a Secure And Regulated Platform?
AltoFX is an anonymous online trading brand without regulation. The firm has never listed its owner or legal jurisdiction. There’s no possibility to contact the firm except through a support email, where you will probably never get an answer. All this indicates that dealing with AltoFX is not secure and not recommended.
How Unsafe Is An Unlicensed Broker?
Unregulated brokers are not safe to deal with. Unlike Tier1 licensed firms holding reputable regulations and having compensation funds, AltoFX offers nothing. You have no money-back guarantee and nowhere to complain if you are scammed.
Our best advice is to find a legitimate investment firm and save yourself a struggle in the future.
So Is AltoFX a Decent Broker or a Scam?
AltoFX is a fraudulent trading firm without a license. The broker has never listed owner or a legal jurisdiction. The consumer index is 1, indicating that you cannot trust AltoFX broker.
Traders’ Experience With AltoFX
AltoFX is not a legit investment service provider. Most reviews are turned towards withdrawal issues and clients’ inability to get their money back. Apparently, while you’re investing, everything seems terrific. However, if you decide that it’s enough and you want a payout, that’s the time you’ll find your access blocked, and nobody from the company will answer your calls again.
Report AltoFX scam before it’s too late.
AltoFX Offers MetaTrader 4?
The broker claims to offer MT4, the best platform this industry has. Sadly, it’s just a claim. Once you open WebTrader, you will see it’s a basic TradingView chart with several trading tools. Not to mention, scheme brokers use the name MetaTrader to give leverage to themselves and lure innocent clients into investing. Hence, don’t trust anything coming from AltoFX. The broker is just not worth it.
All About AltoFX Accounts
AltoFX has 5 account types:
- Basic – $250
- Silver – $10,001
- Gold – $20,001
- Platinum – $100,001
- Diamond – Invitation Only
Also, the main difference is in the leverage, consultations with an account manager, access to special trading events, and different educational materials.
AltoFX Broker – Countries Of Service
According to our research, the broker mainly operates in:
Note that offshore and unregulated brokers have no limits and are about to defraud anyone willing to fall for their story.
AltoFX Range of Trading Instruments & Markets
AltoFX offers a wide range of trading instruments, including:
- Forex – EUR/USD, GBP/USD
- Commodities – gold, oil, silver
- Indices – NASDAQ, FTSE100
- Shares – Amazon, Apple, Google
- Cryptocurrencies – BTC, ETH, XRP
Customer Support – Communication Channels
Customer support from an illicit firm will try to get ahold of you in numerous ways. Most frequently, scammers use phone calls and emails. According to AltoFX reviews, this particular broker also sends WhatsApp messages with different promotions and bonuses, luring clients into a scheme.
Therefore, whatever you hear, don’t trust it. Since the firm is not a legitimate brokerage, and investing with such is not recommended.
Minimum Investment Amount
As you can tell from the account types, AltoFX has a pretty standard minimum deposit of $250. However, here’s the issue: Regulated firms have Micro accounts starting with as low as $10 and Demo accounts. So, we don’t see any reason for you to expose $250 to an anonymous shady firm. Therefore, you shouldn’t see it either.
Lack of Access to Legal Documents
The trading company gives you no access to the Terms and Conditions. Instead, there are General Business Terms that explain each term but give no information. Basically, if you want to know anything about the trading process, withdrawals, or where to complain, the legal documents of AltoFX will be useless to you. And that’s something a broker cannot afford since it’s a financial institution dealing with clients’ funds.
AltoFX Trading Conditions
AltoFX and similar bogus brokers decide on their own trading conditions, not following any regulatory rules. So, we have unregulated leverage and a suspicious spread.
About Leverage And Spreads
If we trust the trading platform, AltoFX spread starts at 0 pips for major currency pairs. In either case, as appealing as this may look, you should be aware that legitimate firms profit from small fees. Therefore, if the brokercharges none, where is their profit?
On the other hand, the leverage goes up to 1:300, while regulators approve 1:30 for the Forex market and only 1:2 for the crypto market. Thus, this high leverage exposes your funds to risk, ensuring that you will quickly lose everything you invest.
AltoFX Deposit Methods, Withdrawal Methods, And Fees
The firm advertises the following payment methods:
- Debit/credit cards
- Wire transfers
- Popular e-wallets
Since these e-wallets are not specified and wire transfer transactions are harder to reverse, we advise you to use your credit card. Also, don’t bother depositing with this illicit firm.
As per the fees, this company has not specified any since it lacks Terms and Conditions.
Scammed by AltoFX Broker? – Let Us Hear Your Story
AltoFX is a scheme broker. Don’t beat yourself too hard if you fall for their story. Report the scam right away and let our chargeback specialists assist you with the refund.
But What Is A Chargeback?
A chargeback is a way for any bank to reverse the transaction and recover funds stolen from the client. Contact us via online chat to book a free consultation with our specialists and we will be more than happy to help. Let’s start the procedure right away!
What Is AltoFX?
AltoFX is a scam broker without financial regulation. The firm claims to be based in the UK yet has never obtained an FCA license.
Is AltoFX a Scam Broker?
Yes, AltoFX is a scheme hiding its owner and the real headquarters.
Is AltoFX Available in the United States or the UK?
The firm is available in both countries but operates illicitly.
Does AltoFX Offer a Demo Account?
No, the firm doesn’t offer a Demo account, only Live ones.