Alvexo is a forex and CFD broker based in Cyprus, offering over 450 trading assets, their vision is to empower and educate their client base by providing access to leading technologies, security of funds, providing a top-quality customer support team and to excel in delivering a comprehensive array of signal,s market news, analysis and more. In this review, we will be looking into the services being offered to see if they manage to achieve this vision.
There are five different account son offer when signing up with Alvexo, each one has its own entry requirements and trading conditions, here is an overview of each one.
Classic Account: The classic account has a minimum deposit requirement of 500 EUR, it has spread starting from 3.3 pips and can be leveraged up to 1:30. Stop out level is set at 50% and the minimum trade size is 0.01 lots. In terms of instruments to trade, it has access to forex, commodities, indices, and cryptocurrencies. It provides you with one 1 on 1 support sessions as well as technical analysis and trading signals.
Gold Account: The gold account has a minimum deposit requirement of 5,000 EUR, it has spread starting from 2.2 pips and leverage can go as high has 1:300 for professional traders. The stop-out level is set at 15% and the trade sizes start from 0.05 lots. It has access to forex pairs, commodities, indices and cryptocurrencies. The account also comes with up to 2 1 on 1 session per month, technical analysis, trading signals, trading signals via SMS and daily market reviews.
Prime Account: Minimum deposits are increased to 10,000 EUR, it has spread starting from 1.8 pips and leverage can go as high has 1:300 for professional traders. The stop-out level is set at 15% and the trade sizes start from 0.25 lots. It has access to forex pairs, commodities, indices and cryptocurrencies. The account also comes with up to 4 1 on 1 session per month, technical analysis, trading signals, trading signals via SMS, daily market reviews and, email alerts regarding margin calls.
ECN Gold Account: The ECN Gold account increases the minimum deposit further up to 20,000 EUR, it has spread starting from 0 pips and leverage can go as high has 1:300 for professional traders. The stop-out level is set at 15% and the trade sizes start from 0.05 lots. It has access to forex pairs, commodities, indices, cryptocurrencies, bonds and stocks. The account also comes with up to 6 1 on 1 session per month, technical analysis, trading signals, trading signals via SMS, daily market reviews, email alerts regarding margin calls, margin call SMS alerts and daily live reviews.
ECN VIP Account: This is the top-level account and so in order to get this account, you will need to get in touch with the team at Alvexo. The account comes with spread starting from 0 pips and leverage can go as high has 1:300 for professional traders. The stop-out level is set at 15% and the trade sizes start from 0.25 lots. It has access to forex pairs, commodities, indices, cryptocurrencies, bonds, stocks and cannabis stocks. The account also comes with unlimited 1 on 1 session per month, technical analysis, trading signals, trading signals via SMS, daily market reviews, email alerts regarding margin calls, margin call SMS alerts, daily live reviews, meeting sessions and a direct line to senior account executives.
Alvexo uses MetaTrader 4 as its sole trading platform. MT4 is very well-known and highly respected by FX traders. A few of the key features of the platform include:
- Navigational window and multiple order types
- Available through desktop, mobile and tablet interfaces
- 30 technical indicators and 9 timeframes
- Customization tools for more engaged strategy specific trading
- Graph and chart tracking
Traders can also choose to remain connected to their trading account and the global markets by using the MT4 App. The app offers a powerful and intuitive interface that allows you to buy and sell a wide variety of assets directly from the convenience of your mobile device. Alvexo provides real-time market quotes and price feeds to help render your trading experience even more effective and accurate.
Alvexo follow the recommendations of the ESMA in regards to leverage, this means the following:
- 30:1 for major currency pairs
- 20:1 for non-major currency pairs, gold, and major indices
- 10:1 for commodities other than gold and non-major equity indices
- 5:1 for individual equities and other reference values
- 2:1 for cryptocurrencies
However, if you are considered a professional trader, then the maximum leverage with Alvexo is increased up to 1:300. Leverage can be selected when opening up a new account.
The minimum trade size that you have depends on the account you are using, we have outlined. them below.
- Starter: 0.01 lots
- Gold: 0.05 lots
- Prime: 0.25 lots
- ECN Gold: 0.05 lots
- ECN VIP 0.25 lots
We are not 100% on the maximum trade size, however, whatever it is, we would recommend not trading in sizes larger than 50 lots, as the bigger a trade becomes the harder it is for the markets or liquidity provider to execute the trade quickly and without any slippage.
The ECN account and the ECN VIP account both come with added commissions, the commission depends on the currency being traded, for example, if we take AUDCHF as a pair, there will be a commission added in CHF, so for the ECN account, it is 18 CHF, while for the ECN VIP it will be 14 CHF, for AUDNZD it is 18 NZD for the ECN account and 13 NZD for the ECN Pro Account. The commissions are pretty high when you compare them with the usual $6 per lot traded.
Swap charges are also present, these are interest charges that are incurred for holding trades overnight, they can be both negative or positive and can usually be viewed from within the trading platform of choice.
There is a large number of assets available from Alvexo, too many for us to list (over 450), they have been broken down into 5 different categories, we will outline some examples from each.
Forex: Plenty to chose from including AUDCAD, EURCHF, EURRUB, GBPPLN, EURUSD, USDCZK, USDRON and, USDZAR.
Indices: Some examples include DAX, Dow Jones, IBEX, FTSE 100 and, Nasdaq.
Commodities: Quite a few on offer including Gold, Silver, Corn, Natural Gas, Coffee, and Light Sweet Crude Oil.
Shares: All the major players are available from the likes of Amazon, Apple, Facebook, Tesla, and Tesco.
Crypto: A nice selection of cryptocurrencies is also available including Bitcoin, Bitcoin Cash, Dash, Ripple, Litefoin and, Ethereum.
The ECN and ECN VIP account some with raw spreads which can be as low as 0 pips, the other accounts all have spreads which we have detailed below:
- Classic: Starting from 3.3 pips
- Gold: starting from 2.2 pips
- Prime: Starting from 1.8 pips
The spreads are variable (also known as floating) so this means that when the markets are being volatile, the spreads will often be seen higher. It is also important to note that different instruments and assets have different starting spreads, so while EURUSD may start at 3.3 pips, other assets like GBPJPY may start slightly higher, in this case, 8.3 pips.
The minimum amount required to open an account if 500 EUR, normally after an account is ok you can deposit slightly smaller amounts as top-ups.
Deposit Methods & Costs
Strangely, with all the information they provide about other aspects of their services, they do not make it easy to find out things about their deposit and withdrawal methods. Luckily after a lot of digging, we did find a little info.
In terms of methods, you can use Bank Wire Transfer, Visa, MasterCard, and American Express credit cards, Visa, MasterCard, Visa Electron, Maestro, Cash-U and V-Pay debit cards and QIWI Wallet as an E-wallet.
There are no fees added by Alvexo, but be sure to check with your bank or card issuer to see if they add any fees of their own.
Withdrawal Methods & Costs
The FAQ where we got the information doesn’t specify which methods are available for withdrawal, but the majority of the same will be, just like with deposits there are no added fees,m but you should check with your bank or card issuer to see if they add any fees of their own.
Withdrawal Processing & Wait Time
Withdrawals take a minimum of 3-5 business days upon completion of compliance requirements. For methods such as Bank Wire Transfer, it will take some additional time, usually between 2 to 5 working days for your own bank to process the transfer.
Bonuses & Promotions
We could not locate any information on the website in regards to bonuses or promotions so it does not appear that there are any active ones at the time of writing this review. If you are interested in bonuses then be sure to check back regularly or get in contact with the customer service team to see if there are any upcoming bonuses or promotions.
Educational & Trading Tools
There is a trading academy available which seems to contain a number of different things such as a glossary of forex terms and some articles and tutorials. It goes into detail on trading strategies and other advanced aspects of trading so it could be worth a look, especially if you are a client of theirs. There are also trading signals available that claim to be 82% accurate, we have no way of knowing unfortunately so we will need to take them at face value. There is also an economic calendar detailing upcoming news events and the markets that they may affect. Finally, there are trading calculators that you can use to calculate things like pips, margins profit and convert currencies.
Should you wish to get in contact with Alvexo you can via an online web form, fill it in and you should get a reply back via email, you can also call via telephone, they have number sin Cyprus, United Kingdom, France, Romania, Spain, Soth Africa, Italy, and Sweden. You could also get in touch via Twitter or other social media should you prefer to do it that way.
There doesn’t seem to be a demo account on offer, or at least we could not find any information about one. This is a shame as demo accounts allow potential new clients to test out the trading conditions and servers while it allows current clients to test out new strategies without risking any of their capital. This is an area that should be invested in and demo accounts should be made available.
The information about which countries are accepted and which are not is not present on the website, so if you are interested in joining, be sure to get in contact with the customer service team to check if you are eligible for an account or not.
Alvexo offers a lot when it comes to choice, at least with accounts, both STP and ECN accounts are available to choose from. Spreads can be quite high when it comes to the lower-tier accounts, and the commission is quite high when it comes to the ECN accounts, so the only accounts really worthwhile are the mid-tier ones. There are plenty of assets, so you will always be able to find something to trade. The only downside to the site is the lack of info easily accessible on the site regarding deposits and withdrawals. We had to dive deep into the back pages to find it, something that most potential clients won’t do and could leave not knowing this information.