There are many online Forex brokers today. In our Alvexo review today, we are going to look into the features that make Alvexo stand out as well as the ones that make it less appealing to some FX traders. Alvexo is owned by VPR Safe Financial Group Limited. The firm was launched in 2014 and its headquarters are in Limassol Cyprus. The firm has offices in the U.K too. Like every other FX broker, Alvexo strives to give the good quality services. However, at times and in some areas, the quality of services it offers its clients is not good enough. Below are the key features to help you know whether you should consider the broker or not.
Alvexo Forex broker is registered and regulated in Cyprus. It is licensed by Cyprus Securities Exchange Commission (CySEC) which is one of the best financial regulatory bodies in the world. The license number from this authority is 236/14. Being regulated and licensed by CySEC also means that Alvexo complies with EU’s MiFID guidelines. The firm is also licensed by FCA, a UK-based regulatory body. Being a firm regulated by CySEC and FCA, Alvexo becomes one of the firms that a trader can consider investing in. However, as many Alvexo reviews have shown, as much as regulation is critical when it comes to choosing the right broker, it should not be the only thing that a trader should consider.
Type of accounts
There are four different types of live accounts at Alvexo. There is the Classic Account which is the most basic one. Here, you will be asked to make a deposit of at least $500 as the initial deposit after which you will have access to the live markets through the MT4, the Mobile App and the WebTrader platforms. There is the Gold account, ECN account and the Prime account. The minimum deposit for the three accounts is $2,500, $5,000, $10,000 respectively. Few traders are willing or cannot afford to give an initial deposit of at least $500. All the four accounts come with free Alvexo trading signals and leverage starts from 50:1 all the way up to 300:1.
Alvexo has a blog which is designed to help traders learn about the market and also the Alvexo culture. On this blog, traders are able to access important news and helpful financial opinions. In addition to this, the firm has six different locations where support team operates from. There is a team based in Sweden, Cyprus, Romania, the UK, France and Spain. The firm has added South Africa to the list. The other thing that makes Alvexo not ideal is the FAQ section. Not many brokers lack a comprehensive FAQ section. In case you have a question, you will be forced to either call or email the support team which is not the ideal way to learn about a broker.
Trading experience and customer complaints
At Alvexo, you will have access to a demo account which is funded with $50,000 virtual money. This account is designed to help you learn about FX trading as well as get a better understanding of the Alvexo platform. Even though the broker is genuine on several fronts, there are some concerning Alvexo scam claims. Some traders claim that the broker’s team pressures traders into making more deposits even when a trader is making losses.