FXAlta

Overview

FXalta is a forex broker based in Malaysia, founded in 2021. However, it raises concerns due to a lack of transparency in its spreads and suspicions of a cloned license. The broker offers high leverage of up to x200, which can be risky. While it provides a variety of trading platforms and tradable assets, including forex, stocks, commodities, indices, bonds, and ETPs, traders should exercise caution. The account types range from Standard to VIP, but further details about minimum deposits and regulatory compliance are absent. Customer support is available via email and phone, and the broker accepts credit cards and electronic wallets for payments. Traders may find the educational tools, represented by a comprehensive glossary, to be limited in scope. Overall, the broker's lack of transparency and regulatory concerns should be considered when evaluating FXalta as a trading option.

Regulation

Suspicious Clone.

Allegations of fraudulent behavior within the forex trading industry are concerning. If there are suspicions that FXAlta is using a fake or cloned license as a forex broker, it's essential to take the following steps:

1. Verify Regulatory Compliance: Check if FXAlta is registered with the relevant financial regulatory authority. Cross-reference the license number provided with official records to confirm its authenticity.

2. Watch for Red Flags: Be vigilant for unusual discrepancies in licensing details, conflicting information about the broker's location and regulation, and a lack of transparency.

3. Research Reputation: Investigate FXAlta's reputation within the forex trading community by reviewing online forums and trader reviews for any negative feedback or unresolved complaints.

4. Contact Regulators: If doubts persist about FXAlta's license, contact the regulatory authority directly to confirm its status.

5. Consult Experts: Seek advice from legal and financial professionals with expertise in forex trading to guide your next steps.

6. Report Suspicious Activity: If you have concrete evidence or strong suspicions of fraudulent behavior, report it to relevant regulatory and law enforcement authorities, providing all available information.

7. Protect Your Investments: If you are an FXAlta client and have concerns, consider withdrawing your investments and closing your account until the situation is resolved.

Remember to exercise caution, gather evidence, and follow legal channels when addressing potential fraud. Baseless accusations can harm legitimate businesses, so it's vital to proceed with care and diligence.

Pros and Cons

FXalta offers a diverse range of trading instruments and user-friendly platforms with high leverage, making it appealing to traders. However, it lacks transparency on spreads and commissions, and regulatory concerns about its license authenticity exist. While customer support is accessible, the platform may not suit all traders due to limited contact options and a dependence on mobile platforms. Traders should exercise caution and verify regulatory compliance before considering FXalta as a trading option.

Market Instruments

The broker offers a wide range of trading instruments, catering to the diverse needs of investors and traders. Here's a description of the market instruments provided by the broker:

1. Forex (Foreign Exchange): The broker offers access to the forex market, where traders can buy and sell currency pairs. Forex trading involves predicting the exchange rate fluctuations between different currencies, providing opportunities for speculation and hedging in the global currency market.

2. Stocks: Investors can trade in individual stocks through the broker's platform. Stocks represent ownership in publicly traded companies and can provide potential capital appreciation through price movements and dividends.

3. Shares: Shares typically refer to the same concept as stocks, where investors buy ownership in a company. The use of “shares” may be more common in some regions or markets, but it essentially involves trading equities.

4. Commodities: The broker facilitates trading in commodities, including both physical commodities like gold, oil, and agricultural products, as well as commodity derivatives. Commodity trading offers opportunities for diversification and speculation in raw materials markets.

5. Indices: Investors can trade in market indices, which represent a basket of stocks or other assets. These indices track the performance of a specific market or sector, allowing traders to speculate on broader market trends rather than individual assets.

6. Bonds: The broker provides access to bond trading. Bonds are debt securities issued by governments, corporations, or other entities to raise capital. Investors earn interest income by holding bonds until maturity, making them a popular choice for income-oriented investors.

7. ETPs (Exchange-Traded Products): ETPs encompass a wide range of exchange-traded instruments, including exchange-traded funds (ETFs) and exchange-traded notes (ETNs). These products provide exposure to various assets, such as stocks, bonds, commodities, and indices, and can be traded like stocks on an exchange.

Account Types

FXalta offers a range of tiered trading account types, each tailored to meet the specific needs and preferences of traders at different experience levels. These account types provide varying levels of benefits and features, allowing traders to choose the one that aligns best with their trading goals and strategies.

1. Standard Account:

   The Standard account is an ideal choice for traders who are just starting in the forex market. With this account, traders gain access to essential tools and resources, including an economic calendar, daily video market reviews, a 1-on-1 platform lesson, and 24/5 customer support. It provides a solid foundation for traders to build their skills and navigate the forex market effectively.

2. Premium Account:

   The Premium account is designed for traders seeking more comprehensive support and insights. In addition to the perks of the Standard account, Premium account holders enjoy exclusive welcome bonuses, market alerts, reports, and forecasts. Furthermore, traders have access to educational video tutorials and eBooks, which can enhance their knowledge and trading strategies.

3. Platinum Account:

   The Platinum account takes trading to the next level by offering advanced features. In addition to the benefits of the previous account types, Platinum account holders receive spread reduction, ensuring potentially lower trading costs. Moreover, traders enjoy VIP trading support and VIP deposit bonuses, which can enhance their trading experience and profitability.

4. VIP Account:

   The VIP account is the pinnacle of FXalta's offerings, catering to experienced traders with specific needs. This account type encompasses all the benefits of the previous tiers. What sets the VIP account apart is the provision of individualized trading strategy and support. Traders at this level receive tailored guidance and assistance to optimize their trading approach and achieve their financial objectives.

Here's a summarized table of the FXalta account types:

Leverage

FXalta offers traders the opportunity to leverage their investments significantly, with a maximum trading leverage of up to x200. Leverage is a financial tool that allows traders to control a larger position size in the market than their initial investment would typically permit. In the case of FXalta, traders can amplify their exposure to individual assets up to 200 times their initial capital.

The use of leverage can be a double-edged sword. While it provides the potential for higher profits, it also increases the level of risk. Traders should exercise caution and have a solid risk management strategy in place when utilizing such high levels of leverage. It's crucial to be aware that while leverage can magnify gains, it can also lead to significant losses if the market moves against the trader. Therefore, understanding how leverage works and using it judiciously is essential for any trader operating with FXalta.

Spreads & Commissions

FXalta's approach to spreads and commissions raises concerns for potential traders. Unlike trusted brokers, FXalta does not disclose information about its spreads, which are crucial for assessing trading costs. This lack of transparency can make it challenging for traders to evaluate FXalta's trading conditions.

In addition to spreads, commissions and fees play a vital role in a broker's revenue model. FXalta's failure to provide clear information on these costs may leave traders unaware of the total expenses associated with their trades.

This approach may give the impression that FXalta's primary goal is to attract higher deposits without transparency about trading costs. It's crucial for traders to have a comprehensive understanding of the costs involved in their trading activities to make informed decisions. Therefore, potential traders should consider the lack of information on spreads, commissions, and fees when evaluating FXalta as a broker and assess whether it aligns with their trading preferences and financial goals.

Deposit & Withdrawal

FXalta offers a straightforward and user-friendly process for both depositing funds into your trading account and withdrawing your winnings. Here's a breakdown of how these processes work:

Deposits:

FXalta provides various payment methods for funding your trading account:

• Credit Card: FXalta accepts most major credit cards for deposits. When you deposit via credit card, your trading account is instantly credited, allowing you to start trading almost immediately.

• Electronic Wallets: The eWallet payment method allows you to transfer funds securely and promptly.

• Deposit Assistance: If you require assistance with making a deposit, FXalta's support team is available via email at support@fxalta.com or through live chat.

Steps for Deposits:

1. Log in to your trading account.

2. Click on the “Deposit” option located at the top right of the screen.

3. Choose your preferred payment method.

4. Enter the amount of money you wish to deposit.

5. Complete the required data.

6. Fill in your billing information.

7. Click on “Submit.”

Once your deposit is approved, you will receive a confirmation and transaction receipt in your email. Ensure that the information provided is valid and complete.

Important to Remember:

• FXalta implements the latest security measures to protect your deposit.

• A short Investor Questionnaire may be required before your first deposit to assess your financial knowledge and experience.

• If depositing via credit card, you may be asked to submit photos/scans of your card for security purposes.

• You will receive immediate email notifications for all deposits.

• All transactions are secure and private, protected with SSL (Secure Server) technology.

Withdrawals:

FXalta aims to make the withdrawal process simple, fast, and secure.

Steps for Withdrawals:

1. Log in to your trading account.

2. Click on the “Deposit” button at the top right-hand side of the screen.

3. In the left menu, select “Withdrawal.”

4. Enter the amount of money you want to withdraw.

5. Click on “Submit.”

Once your withdrawal request is approved, the withdrawn amount will be credited to your designated wallet, and you will receive a confirmation in your inbox.

Monitoring Your Withdrawals:

You can monitor the status of your withdrawal by logging in, clicking on “My Account,” and then selecting “Monetary Transactions.” This will display the status of your withdrawal (Pending, Approved, and/or Canceled).

Methods Used for Withdrawals:

Withdrawn funds will be transferred to your preferred wallet. A confirmation email will be sent to your inbox. You can use any approved withdrawal method offered by FXalta for the remainder of your winnings.

Minimum Withdrawals and Terms:

• The minimum withdrawal amount is USD/£/€ 50.

• The currency for the minimum withdrawal depends on the currency you have been trading with.

• FXalta's finance department processes most withdrawal requests within 7-10 business days.

Withdrawal Fees:

FXalta typically does not apply withdrawal fees. However, any fees associated with the receiving wallet will be charged to the beneficiary.

Please note that you can contact FXalta's support team at any time via email or live chat for assistance with deposits and withdrawals.

Trading Platforms

FXalta offers a versatile selection of trading platforms to cater to the diverse needs of its traders. Here are the trading platforms provided by this broker:

1. Mobile Application:

   FXalta's mobile application stands as a premier trading software in the financial industry. This platform is available for both Apple devices through the Apple Store and Android devices via Google Play. It empowers traders with the ability to engage in trading activities while on the move. The mobile application ensures that traders have access to the world's leading trading software, allowing them to make informed decisions and execute trades efficiently from the convenience of their smartphones or tablets.

2. Web Trader:

   FXalta's Web Trader is a user-friendly platform accessible from any web browser without the need for downloads or installations. This platform offers convenience and flexibility, making it easy for traders to access their accounts and execute trades from any location with an internet connection. Whether you're at home, at the office, or on the go, the Web Trader provides a seamless trading experience with a wide range of features and tools at your disposal.

3. Mobile Trader:

   For traders who prefer the convenience of trading on their mobile devices, FXalta offers the Mobile Trader platform. This mobile trading solution enables traders to stay up to date with their trades and market developments at any time and from anywhere. It is designed to provide a user-friendly and efficient trading experience for traders who rely on their mobile devices as their primary trading tool.

Customer Support

FXalta provides accessible customer support to address the needs and inquiries of its traders. Traders can reach out to the broker through the following means:

1. Email Support: For written inquiries and assistance, traders can contact FXalta's customer support team via email at support@fxalta.com. This provides a convenient channel for detailed questions and support requests.

2. Phone Support: FXalta offers phone support, and traders can reach the broker through a Singapore-based phone number, +65 [Phone number]. This direct communication channel enables traders to have real-time conversations with the support team for immediate assistance.

3. Online Contact Form: Traders can use the online contact form provided by FXalta to send a message directly to the broker's support team. This form typically includes fields for the trader's first name, last name, email address, phone number, and a message. It also may include a CAPTCHA verification for security purposes.

The availability of multiple contact options ensures that traders can choose the method that best suits their preferences and urgency of their inquiries. FXalta's customer support aims to provide timely and helpful assistance to traders, enhancing their overall trading experience and addressing any concerns they may have.

Educational Resources

FXalta offers a comprehensive Glossary as part of its educational resources. This Glossary is a valuable reference for traders, providing concise explanations of key terms and concepts related to CFDs and FX trading.

Covering a wide range of topics, the Glossary includes definitions for terms like account management, currency appreciation, arbitrage, bid and ask prices, and technical analysis tools such as candlestick charts and resistance levels. It also explains fundamental economic concepts like GDP and GNP, as well as market participants, including brokers and central banks.

Moreover, the Glossary touches on trading instruments like bonds and options, risk management strategies like hedging, and key factors like leverage and margin. It's a handy tool for traders looking to enhance their understanding of the financial markets and make more informed trading decisions.

Summary

FXalta, a forex trading platform, offers a range of trading instruments, including forex, stocks, commodities, indices, bonds, and ETPs, catering to various investor preferences. Traders can choose from multiple account types, each tailored to different experience levels, and benefit from leverage of up to x200. However, concerns arise regarding the lack of transparency regarding spreads and commissions, raising questions about trading costs. FXalta's user-friendly trading platforms, including mobile and web options, allow traders to access their accounts conveniently. Customer support is available via email and phone, with a Singapore-based contact number. Educational resources, including a comprehensive Glossary, help traders better understand key trading concepts. While FXalta provides accessible deposit and withdrawal options, traders should exercise caution and ensure clarity on costs before engaging with the platform.

FAQs

Q1: Is FXalta a regulated forex broker？

A1: FXalta's regulatory status is currently under scrutiny, with allegations of a suspicious or cloned license. Traders are advised to verify the broker's regulatory compliance independently.

Q2: What trading instruments are available on FXalta？

A2: FXalta offers a diverse range of trading instruments, including forex, stocks, commodities, indices, bonds, and ETPs, catering to various trading preferences.

Q3: Can I use leverage on FXalta？

A3: Yes, FXalta allows traders to utilize leverage of up to x200, which amplifies trading positions. However, it's essential to use leverage judiciously and be aware of the associated risks.

Q4: How can I contact FXalta's customer support？

A4: You can reach FXalta's customer support via email at support@fxalta.com or by phone using the Singapore-based phone number provided on their platform.

Q5: Does FXalta provide educational resources for traders？

A5: Yes, FXalta offers a comprehensive Glossary as part of its educational resources, providing concise explanations of key trading terms and concepts to help traders enhance their understanding of the financial markets.