Since Al-Awal's official website (https://alawalcapital.co.uk/contact-us.html) cannot be opened at the moment, we could only piece together this brokerages platform by gathering some information from other websites.
General Information
Registered in United Kingdom, Al-Awal is an online forex broker offering diversified range of trading instruments. It seems that Al-Awal was not established long, with an operating time of only 2-5 years. With the Al-Awal platform, traders have the flexibility to choose from four trading accounts, and the minimum deposit to trade with this broker is $50.
Is Al-Awal safe to trade with？
Al-Awal has let us down when it comes to enforcing rules and regulations. This broker has been confirmed to be outside of the purview of any regulatory bodies. In light of this lack of licensing, WikiFX has assigned it a regulatory status of “No License” and an overall quality rating of 1.33 out of 10.
Bear in mind that trading with an unregulated forex broker is a surefire way to lose your money. Before making any choice, investors are advised to check out a forex brokers regulatory status on WikiFX.
Account Types
Four trading accounts are available with the AL-Awal platform, namely Beginners, Positional, Professional and Scalper. To open a Beginner account, a low initial deposit of $1 is enough, ideal for novices or beginners to trade with. The professional account asks for a minimum deposit of $500, and both Positional and Scalper account require a minimum deposit of $10,000.
Leverage
When it comes to leverage, Al-Awal permits traders to use leverage of up to 1:500, which is significantly higher than the levels regarded appropriate by many regulators.
Spreads & Commissions
Beginners, Positional and Professional accounts offer a commission-free trading environment, accompanied by average spreads, the Beginner and Positional accounts from 1 pips, the Professional account from 0.8 pips. The Scalper account offers spreads from 0.5 pips, with a commission of $10 per lot charged.
Trading Platform
When it comes to trading platform, Al-Awal offers the industry-leading MT5 trading platform. Some features and functionalities of this trading platform include user-friendly interface, high customization, powerful charting tools, as well as EA supported.
Customer Support
Traders can reach out to Al-Awal about any questions or concerns they may have about their accounts or their trading through the following methods:
Telephone: +90 850 668 03 17
Email: +90 850 668 03 17
Registered Company Address: 8/6 Mediteranska Budva 85310 Mediteranska, Budva.
Risk Warning
There is a level of danger that comes with trading on the financial markets. As sophisticated instruments, foreign exchange, futures, CFDs, and other financial contracts are typically traded using margin, which significantly increases the inherent risks involved. Therefore, you should consider carefully whether or not this sort of investment activity is right for you.
The information presented in this article is intended solely for reference purposes.
