Address: Galdstonos 116M. Kyprianou House 3&4 floor, Limassol, Cyprus
Warning about FxAlta: Commissione Nazionale per le Società e la Borsa (Italy)
FxAlta Review 2023 – Is FxAlta a good forex broker or a scam?
FXalta functions as a CFD broker which enables you to trade a variety of financial instruments such as forex, cryptocurrencies, indices, commodities, and stocks. FxAlta claims to be one of the world’s top trading businesses. Unfortunately, due to its offshore registration, traders have limited expectations. At first glance, it may appear legitimate, but upon closer examination, discrepancies emerge. Read this complete FxAlta review to know more about FxAlta scams.
Is FxAlta regulated or a scam?
According to FxAlta Trading Company, they have been authorized by MISA, a lower-tier offshore regulator. However, this regulator is not as reliable as Tier 1 regulators like FCA, BaFin, and ASIC. When we searched their database, we couldn’t find any information about this broker. Our FxAlta Review research on Tier 1 regulators’ databases left us with no hope for this broker. It’s clear that investing with this broker is not advisable, as funds are not protected in any way.
Warning issued against FxAlta
Another noteworthy aspect of this company is that it was flagged by regulators due to the actions of Italian traders. Consequently, CONSOB, the Italian regulator, conducted an investigation of the broker and subsequently issued a public warning.
FxAlta Review: Trading platform
When it comes to regulated brokers, their software is typically trustworthy and reliable. Examples of trusted software include Meta Trader or cTrader. However, this broker uses proprietary web trading platforms that may raise suspicion. This is particularly true that their mobile app navigation redirects you elsewhere when checking the official iOS or Android store. Furthermore, this platform may lack advanced trading tools like algorithmic trading or social trading. Instead, they only provide basic features such as calendars and news.
FxAlta Review: Trading Instruments
This broker’s trading instruments are not exceptional and can be found with other regulated brokers. Their selection consists of six categories, but it’s worth noting that highly popular cryptocurrencies are not included. They offer Currency pairs (Forex), Commodities, Indices, Shares, Bonds, and ETPs.
It’s important to choose a trustworthy broker when selecting a trading instrument. While some brokers might offer solid instruments, be cautious of those that lack proper regulation and security measures. Ensure that you work with a Tier 1 licensed broker to avoid potential issues and unwanted headaches.
FxAlta Review: Trading Accounts
FxAlta offers a welcome bonus through its various account types, including Standard, Premium, Platinum, and VIP. Unfortunately, these bonuses often come with malicious clauses that could be harmful to you as a trader. Additionally, the lack of transparency regarding trading conditions, commissions, and fees further adds to the shadiness of FxAlta. FxAlta broker does not offer a demo account to its traders, making it difficult for them to test their strategies without risking their investments.
Deposit and Withdrawal Methods
FxAlta claims to accept the following payment options Visa/MasterCard, Wire transfer, WebMoney, Neteller, Skrill, QIWI, PaySafe, Yandex, and AstroPay.
It’s concerning that the broker’s withdrawal policy does not mention any fees, and processing time for withdrawals can take up to 10 days. Additionally, the company may refuse or postpone withdrawal if documentation is not up to their satisfaction. These practices are especially suspicious for a broker that claims to be regulated.
FxAlta Review: Conclusion
FxAlta claims to have CySEC and LBSA connections. But that’s false. FxAlta is not regulated by a regulatory authority. Recover Your Funds from FxAlta or other frauds by Filing a Complaint on the All Scam Reports website. If you’ve been a victim of the FxAlta scam or any other fraudulent activity, don’t hesitate to file a complaint on the All Scam Reports website. Our experts will offer you free consultations to help you retrieve your lost funds.
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