Alfa Financials Review

Alfa Financials is an online binary brokerage company which was established in 2015. It is a division of Alfa Financial (Pty) limited based in South Africa which offers forex and CFDs. It is entirely licensed by Financial Service Board (FSB) to provide brokerage and investment services. Its headquarter is in Dubai operating as Alfa Financial L.L.C which is regulated by Central Bank of the U.A.E. It is one of the oldest brokerage houses in Dubai established in 1988.

According to the laws of South Africa, all licensed brokers must keep all trades funds in segregated trust accounts in a recognized bank in S.A. With these clients will feel safe gain trust with the broker. Alfa Financials holds all traders funds in a segregated trust account in Standard Bank of South Africa.

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

It is essential to know and understand your broker very well in order not to fall into a scam. Not all brokers are genuine. Some are there to get as much as they can from you.

Trading platforms

Alfa Financials offers its clients with Meta Trader 4 (MT4) and Alfa Trader. However, Alfa Financials encourages its traders to use Alfa Trader which is their in-house platform. Alfa Trader is available as a desktop download and mobile app versions.

Alfa trader is a live trading account which gives a wild online trading platform. With this, you can trade from anyway as long the market is open.

Alfa Trader has excellent features and offers what most of the other brokers do such as automated strategies, technical analysis tool, stop loss and take profit and advanced charting tool. The platform is easy to use, fast and reliable

Trading Accounts

Alfa Financials offers its clients with a single account with a leverage of up to 1:100 and variable spreads on its in-house Alfa Trader platform. Alfa Financials also provides its investors with a micro lot for clients who don’t want to stake much.

For one to open an account with Alfa Financials, you need to invest a minimum of $1000 which is highly unlike other brokers which require their clients to pay just $5.

The standard contract in forex is 100,000 currency units which might be higher for some investors. Alfa Financials allows you to trade in smaller contracts. There is a mini lot which is of about 10,000 units while even smaller micro lots of about 1000 units. Although it is not very common, other forex brokerages offer Nano Lot trading. Micro accounts allow traders to diversify their trading portfolio by allocating smaller amounts to more currency pairs.

Micro lot trading is more useful to beginners and clients who want to try out the services without risking too much money. It helps a trader to make a small initial deposit to try and test their skill in trading.

Deposits and Withdrawals

Alfa Financials doesn’t have a variety of deposit and withdraws methods. It offers its investors with bank wire transfer. The trader may opt to open a live account and deposit in USD or ZAR.

All deposits and withdraws are made from Alfa Financial through the bank where funds are safely kept according to the Financial Advisory and Intermediary Services Act.

Spreads, Leverage, and commission

Alfa Financials single account offers variable spreads from 1.0 pips on USD or EUR which is average.

The broker charges a commission fee of $15 per lot traded on all products, then a VAT of 14% is charged on all commission fee.

Alfa Financials offers a maximum leverage of 1:100 which is a low ratio. Clients need to know that the lower the leverage, the lower the risk of losses. Other brokers offer leverage equal to or exceeding 1:500.

Advantages of Alfa Financials

  • Alfa Financials is fully regulated by Financial Services Board (FSB). With this, the investors will feel safe in dealing with the broker.

  • All the funds of the investors are kept in the segregated trust account of a well-recognized bank in South Africa. It is a requirement by law that all the funds should be held in segregated trust accounts in a recognizes bank in South Africa.

  • Alfa Financials uses its in-house Alfa Trade platform which is available on desktop download and in mobile versions. It also has great features like advanced charting tool, automated strategies, and technical analysis.

Disadvantages of Alfa Financials

  • Alfa Financials charges a high commission fee. Investors pay a fixed commission fee of $15 per lot on all products.

  • The initial deposit is high. To open an account, an investor must pay a minimum of $1000.

  • Traders don’t have a choice of account types, trading platform, and payment methods. Alfa Financials offers a single account and just bank wire transfer.

  • In addition to the commission fee, a VAT of 14% is charged on all commission fee.

Conclusion

Alfa Financials is a South African based broker just started recently trading in various CFDs on commodities and indices and many currency pairs. The broker uses its in-house platform called Alfa Trader which has excellent features. The main disadvantages here is that it charges a high commission fee.

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