Beware! Albright Financial is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Albright Financial is a forex broker trading in forex, oil, metal and indices. We are going to look at some key features and advise you whether it is safe to trade with this broker or not.
Albright Financial Regulation and safety of funds
From the company’s website, we find out that the address of this broker is in the UK. We checked the register of the Financial Conduct Authority (FCA), the regulatory body for forex brokers, but the company does not seem to be registered there. This is proof that the company is non-legit and is possibly a scammer which makes trading with it unreliable and even risky undertaking.
Many scammers pretend to be registered in the UK in order to dupe potential traders. If you want to find a licensed broker in the UK or the UK, why not check the links we provide here and select one that suits your needs. Licensed brokers in these two jurisdictions offer the best conditions to forex traders. First of all, to be licensed, the brokers must have an initial capital of no less than 730,000 EUR. Among other things, this high amount for the capital serves as a precaution against scammers that want to sneak in. Other measures for protection against scammers include requirements regarding the daily reporting on transactions to avoid shady deals. There are also measures to ensure the safety of traders’ funds, such as maintaining a cap on leverage to avoid risky transactions and contribution to compensation funds to protect traders funds. For example, brokers regulated by FCA must contribute to a local compensation scheme from which traders will be compensated up to 85,000 GBP per person if the broker becomes insolvent. On the other hand, brokers regulated by the CySec contribute to the local Investor Compensation Fund from which each and every trader will be compensated up to 20,000 EUR if the broker declares bankruptcy.
All these conditions for licensing forex brokers in the EU or the UK are beneficial to forex traders as they provide security against scammers and guarantees for the safety of their funds.
Albright Financial Trading software
Albright Financial offers the MetaTrader 5 platform. This platform is one of the leading platforms in the forex trade world and offers a lot of excellent trading tools and instruments to its traders. For example, this platform comes equipped with an auto trading option, an app market, a financial calendar, VPS, trading signals obtainable for a subscription fee, a code base with customs scripts, etc. Its charting options are also excellent and offer indicators that help traders make predictions about future exchange rate and make a profit.
In the screenshot below, you can see that on the left-hand side, the menu shows the different currency pairs with their bid/ask price. If we look at the first pair, EUR/USD, we can calculate that the spread is 0.8 pips which is below the industry average and is profitable to the trader as the cost of transactions will not be high. However, on the company’s website, we found out that this broker offers spreads between 1 pip and 3 pips. We must say that spreads that are above 2 pips are not beneficial to the traders as the const of transactions will increase and they won’t be able to make a sustainable profit in the long run.
In addition to that, on the company’s website, we found that the leverage is quite high – 1:200. High leverage may look enticing to forex traders with the promise of a big win, but it can be a double-edged sword and instead of making big profit traders may experience a big loss. It is not by any chance that the EU and the US impose a cap on leverage and it cannot exceed 1:30 and 1:50 respectively. These are measures to refrain traders from undertaking risky transactions that lead to a big financial loss. Our advice is to avoid brokers offering high leverage and to look instead for licensed brokers that offer leverage within the requirements of the EU and US.
Albright Financial Deposit/Withdrawal methods and fees
We noticed that the Terms and Conditions document which stipulates in legal terms the main points of how this broker is set up is missing! While searching on this company’s website for information about the deposit/withdrawal methods and fees, we noticed that it is all messed up, i.e., the section on withdrawals, does not explain about withdrawals but other stuff. In the section on deposits, the only relevant information we found was that the minimum deposit is $1,000. We are alarmed to see that this broker is asking for such a high initial minimum deposit! Please compare with licensed brokers that will ask for as little as $1-5!
How does scam work?
Scam works in different ways. It could be either that you receive an unsolicited telephone call or you see one of these flashy ads on the Internet or the social media promising you a quick and easy profit. Scammers will promise you the sky and the earth until you give way to temptation and deposit money. Once you give them money you get caught in the scammers’ mousetrap and the cheese in the shape of a big fat money fall is gone! It may take some time before you realise that you are being scammed. Scammers are smooth talkers and they are masters of deception. They will give you some excuses as to why the big profit hasn’t come yet and will try to lure you to make even a bigger investment because according to them, the more you invest, the more you profit. After you have been waiting for a while and you finally come to your senses, you realise that you are being scammed. All you want now is to get your money back and get out of there. However, the scammers won’t make it easy for you! They will try to delay you so that you miss the deadline for applying for a chargeback.
What to do if scammed?
There are a few things that you must do immediately – file for a chargeback if you have paid using a VISA or MasterCard. Those two payment providers allow you 540 days time frame within which you may file for a chargeback.
However, the chances are grim if you have used bank transfer or Bitcoin as a payment method. There is no chance you’ll be able to recover your money.
In such a desperate situation, some so-called ‘recovery agents’ may approach you with offers to recover your money for a fee. Be cautious as you may be dealing with another type of scammers. Always check the information about the recovery agency – make sure it is legitimate and transparent in the public eye. Also, some scammers publish personal comments after our review about how they have been scammed and how they found a recovery agent who helped them get their money back. Do not trust such comments and do not use the published contact info in them as it will lead you to another scammer!
And lastly, a reminder to cancel your credit card if you have given your CVV code to the scammers and erase any software from you PC that gives the scammer access to your personal data.