AlumFX

Company AlumFX was founded in 2011 and in a short period of time was able to reach the international level, establishing itself among the leading investment companies in the field of online currency trading. After several years of operation, the counterparty was rebranded and is now known as GCM Prime, continuing its activities. Name changes are typical for scammers and scammers. A new brand is an opportunity for scammers to clear their reputation.

The broker is supposedly registered and regulated in the UK. The company’s head office is located in London, which underlines its commitment to international recognition and compliance with high business standards. However, there is no mention of the project in the registers. Scanned copies of licenses are also not provided AlumFX official website filled with nothing but empty promises.

From the very beginning of its existence, the broker declared itself as a company created by professional investors for traders, which reflects its focus on the interests of clients and the provision of services that are maximally adapted to the needs of financial market participants. Main liquidity provider for FX Alum – Boston Prime Limited company, which guarantees clients access to high-quality and reliable quotes. However, there is not a single document confirming the authenticity of such a partnership.

The project has a fairly solid legend, but even a superficial check of the scammers’ statements will reveal the lies. Conversations about FCA regulation and British registration must necessarily be supported by licenses, a certificate of incorporation – all this is missing.

Terms of trading with broker FXAlum

The office promises traders access to a wide range of trading instruments, including currency pairs, precious metals, company shares and other assets. The company uses STP (Straight Through Processing) technology, providing direct access to the market and liquidity providers, which guarantees high order execution speed and the absence of requotes.

Of course, this is another lie. Sharaga operates illegally and therefore has no direct access to markets. Trading is carried out exclusively on internal kitchen servers.

Sharaga offers different types of trading accounts, tailored to the needs of different categories of traders, from beginners to professionals:

• Standard: for beginner traders with a small initial deposit;
• Professional: with lower spreads and commissions for experienced traders who are ready to handle high volumes;
• ECN: for direct market access and best prices from liquidity providers.

The fake broker provides its clients with the opportunity to trade through the popular MetaTrader 4 (MT4) platform. However, all its advantages will not help in any way in terms of making money, since the scam uses quote manipulation to steal investors’ money.

Sharaga talks about the following benefits of cooperation:

• access to educational materials, including webinars, video tutorials and articles to help traders improve their trading skills;
• daily market reviews and analytical forecasts from leading experts;
• 24/7 support through various communication channels, including telephone, email and online chat;
• transparent trading conditions thanks to the use of STP technology and openness of information about liquidity providers;
• low spreads and commissions, which makes trading more profitable for clients;
• the ability to use various trading strategies, including scalping and hedging.

These are fake benefits that have nothing to do with real work with AlumFX personal account There is no point in registering, since this is a Forex kitchen, not a regulated broker. Trading conditions are described very superficially. Charlatans chose not to disclose information about spreads and commissions. Statements about the efficiency of support are a big exaggeration. Technical support functions as inefficiently as possible.

Signs of AlumFX scam

Studying available information about the company AlumFX reviews clients have identified several suspicious points and signs that may indicate potential risks for traders and investors:

• One of the key factors that you should pay attention to when choosing a broker is the availability of a license from a reliable regulator. In case of AlumFX it was said about control by the FCA, but this is a lie. There is no information in the registers of the British regulator about the issuance of a license to the office in question. Scammers are simply trying to hide behind a reputable jurisdiction;
• ambiguity or complete absence of information about the place of registration of the company, its legal address and contact information are also signs that raise suspicion. Such data should be easily accessible and transparent to all potential and existing customers;
• a lot of negative reviews from clients who encountered problems with withdrawal of funds, technical failures of the platform, as well as the inability to contact the support service, indicate the unreliability of the broker. In case of AlumFX complaints about fraudulent schemes and loss of funds have been identified, which is a serious warning for potential clients;
• if the company does not provide complete and clear information about trading conditions, commissions, spreads and other important aspects of the work, this indicates an attempt to hide unprofitable service;
• reports of technical failures, delays in order execution or inability to access an account at critical times are also considered signs of fraud or at least poor quality of services;
• Any promises of high returns without mention of the risks associated with Forex trading should be considered potentially deceptive. Trading on the market always involves the risk of losing funds.

Scammers parasitize on the topic of Forex trading, promising stable earnings with AlumFX Investments into such projects is a priori a losing decision. The scammer uses aggressive marketing tools to attract people. In reality, the office doesn’t need spreads; the scammers make money from clients’ losses. Kitchen trade is always a conflict of interest.