Alfa Forex
Abstract：Alfa Forex is a Russian brokerage company mainly focuses on forex trading. Spread is tight for the major EUR/USD from 1.4 pips, and can go very wide to 3200 pips for the exotic EUR/TRY.
| Alfa Forex Review Summary | |
| Founded | 2003 |
| Registered Country/Region | Russia |
| Regulation | CBR (Suspicious clone) |
| Market Instruments | 41+ currency pairs |
| Demo Account | ✅ |
| EUR/USD Spread | From 1.4 pips |
| Leverage | / |
| Trading Platform | MT5 |
| Min Deposit | / |
| Customer Support | 07:00 - 23:00 Moscow time on weekdays |
| Live chat | |
| Tel: +7 (499)215-79-79; 8(800) 100-62-02; +7 (495)215-55-46 | |
| Email: client@alfa.forex; support@alfa.forex; info@alfa.forex | |
| Social media: YouTube, Telegram, VK | |
| Registered Address: Moscow, Mashi Poryvaevoy st., 7, bldg. 1, fl. | |
| Correspondence Address: 107078 Moscow, Mashi Poryvaevoy st., 7, bldg. 1.floor 1 | |
Alfa Forex Information
Alfa Forex is a Russian brokerage company mainly focuses on forex trading. Spread is tight for the major EUR/USD from 1.4 pips, and can go very wide to 3200 pips for the exotic EUR/TRY.
Trades are executed on the world-recognized MetaTrader 5 platform to enhance customer experience. The broker also offers a series of analytical tools such as an economic calendar, calculator for traders to catch market trends efficiently. What's more, educational resources such as glossaries enable traders to develop fundamental knowledge about investment.
However, it's worth noting that the company's license by CBR is suspected to be fake clone, degrading its legitimacy and credibility significantly.
Pros and Cons
| Pros | Cons |
| Demo accounts available | Suspicious CBR clone |
| No withdrawal fees | Limited tradable asset classes |
| No account opening/maintenance fees | |
| MetaTrader 5 platform | |
| Popular payment options | |
| Live chat support |
Is Alfa Forex Legit?
BP Prime is currently regulated by CBR (Central Bank of Russia) in Russia, with a license numbering at 045-14070-020000.
However, the license is suspected to be a fake clone, indicating that the broker might be pretending to be another reputable financial firm to conduct possible scam activities. You should be extremely wary about this.
| Regulated Country | Regulator | Current Status | Regulated Entity | License Type | License No. |
 | CBR | Suspicious clone | Общество с ограниченной ответственностью «Альфа-Форекс» | Retail Forex License | 045-14070-020000 |
What Can I Trade on Alfa Forex?
Alfa Forex claims to offer trading in 41 currency pairs, from the major EUR/USD, GBP/USD, to exotic pairs like USD/TRY, EUR/TRY, etc.
| Tradable Instruments | Supported |
| Forex | ✔ |
| Commodities | ❌ |
| Indices | ❌ |
| Stocks | ❌ |
| Cryptocurrencies | ❌ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
Account Type/Fees
Alfa Forex offers a demo account for traders to practice their trading strategies and get familiar with the company's platform before real trading. Nevertheless, there's limited information about live accounts. We can only get information about trading conditions such as minimum deposit, leverage from nowhere.
Live trading is transacted in CNY, USD, EUR and RUB.
The broker offers tight spread for the major currencies. For example, spread is from 1.4 pips for EUR/USD and 2.1 pips FOR GBP/USD. But be careful about the exotic pairs, spreads can be extremely wide and surge to 3000 pips for USD/TRY and 3200 pips for EUR/TRY.
One favourable condition is that the broker does not charge commissions for opening or maintanence of accounts.
Trading Platform
Alfa Forex only offers a the industry-leading MetaTrader 5 platform for clients to execute trades and catch up with market trends. The platform is renowned for its user-friendly interface, automatic execution and analytical charting tools.
You can access the platform through web, or download an app from Windows, iOS and Android devices.
| Trading Platform | Supported | Available Devices | Suitable for |
| MT5 | ✔ | Web, Windows, iOS, Android | Experienced traders |
| MT4 | ❌ | / | Beginners |
Deposit and Withdrawal
Alfa Forex accepts payments in several methods, each with different deposit/withdrawal currencies, fees and processing time.
- Deposit:
| Method | Currencies | Fees | Processing Time |
| Alfa Mobile Banking App | RUB, USD, EUR, CNY | ❌ | RUB: ~10 minutes; USD, EUR, CNY: ~1 hour |
| Alfa Online Banking | |||
| Bank Branch | Check with branch | 1-2 business days | |
| Other Bank | RUB, USD, EUR | Banks' commission | |
| Bank Cards (MasterCard, Visa, World) | 1% |
- Withdrawal
| Method | Currencies | Fees | Processing Time |
| To Alfa-Bank | RUB, USD, EUR, CNY | ❌ | 1-2 business days |
| To other banks | RUB | Banks' commission |
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