I have opened ECN account with Alvexo last week , I chose this broker becouse of what you can see in Brokers Spreads comparison on Myfxbook, so on Eur/Usd spread together with comission it should be around 0,6 pips, and it is one big lie... They really have tide spreads but just on Eur/Usd and Usd/Jpy but comission...to get to Break Even point You need 1.9 pips so if you add spread the total cost is more then 2 pips. That is not everything, they have the worst execution i have ever seen to get in to a trade takes more then 1 second. You can see it on the movie i did and I attached here. Since wednesday last week I was sending orders to withdrawal my money and it happened just today on Monday that my money was send away from them. Service is worst ever as well...Maria Cole she was my contact person she was keep calling me like 8 or 9 times every day just to force me to open account with them, after i send money and I realized that the conditions are different that they told me and i wrote her that I wanna withdrawal my money she never even answer me. I send her couple of mails that Im asking her to contact me but she never did. So I was trading with about 11 brokers but that one has the worst service the worst execution, they are very expensive and most off all they are liars...
@tizoo: you may have noticed that myfxbook spreads comparison is dynamic. This with accordance to the fluctuating spreads of an ECN account. All trading conditions are available on our website. Our sales representative clarified the ECN account conditions and advised you to start with half of the amount you intended to start off with. This, in order for you to get fully acquainted with the system and the specificities of an ECN account. Please note that you requested to withdrawal $2500 four times on September 2nd while only $2452 were available in your account. Thus, we contacted you several times to explain these requests could not be processed and we needed written approval authorizing the execution of a smaller withdrawal. Customer’s satisfaction is one of Alvexo’s highest priorities, therefore, on September 7th , we decided to initiate the withdrawal of the total amount available in your account. Finally, all emails sent to Maria Cole were forwarded to your account manager who made sure to contact you upon receipt of each and every massage you sent. We are sorry you chose to end your relationship with Alvexo on this unhappy note.
@tizoo: I too opened an ECN account with Alvexo. From my understanding the spreads are variable and they can change at any moment. It does state that spreads are as low as 0 pips, which means that it can also start at a higher number. Nothing is set in stone when you trade, everyone knows this. The fact that they would respond to you, tells me that they are legit and care about their trading reputation. I have had issues with some trading brokers in the past, but one thing that I do respect is a broker that responds to its clients issues or concerns.
This is a very terrible broker. I don't understand how they can survive in brokerage market! $18 commission for 1 lot round turn! When I asked Maria if the commission is $1.8, she said YES. But when I started to trade, and found they charge me $9 for 0.5 lot! The other guy in Alvexo told me the '1.8' shown on their website is 1.8pips not 1.8dollars. There were a lot very unprofessional issues. Such as, I told Maria I need an ECN account, but I got a standard account, whose spreads is much higher than other Market Maker broker. Finally, I decided to quit and applied for withdrawing my money. it tooks almost 2weeks to credit back to my credit cards!!!! Also, their salewoman Maria gave me too much pressure. She kept calling, and kept persuading me to deposit money. My money went to the Med and came back, almost $1000 NZD lost (bank off shore charges + forex rate change). Thanks Maria gave me so 'GOOD LUCK'. She does want me to earn money FOR THEM. Be cautious! Be Alarm!😇 😇😂😂😡😡😡
This Allan again. After I placed the complaint here. Alvexo contacted me promptly, making apology, Refund me some money I lost in trading and appointed a new personal broker to train me. The following-up of the complaint was satisfied. Hope this company can review their commission structure. To be honest, the commission is too high. It is not a competitive one. hope they can do a better job. To Maria, just don't push people hardly.
Gail followed up the issue I encountered before and explained everything in details. They refunded me all the money I lost in trading, which was caused by wrong account type. Furthermore, Gail provided me additional $1000 bonus to enable me to continue evaluating their platform and service. I have to say Alvexo has good thing that other brokers dont have, which is they do assign a dedicated personal broker to provide suggestions and training. It is nice to see their genuine apology and correction. I will carry on this account more time to see how everything is going on.
I have opened a Demo Account before months and I did not use it due to lack of time and the fact that I did not had any experience about trading. Before 8 days a Sales Representative called me and start pressuring me to open a normal account. Kyriaki, which was her name said to me that I will only need 15-20 minutes per day and that they will provide me proper trading. Unfortunately, nothing of those is real. Also I mentioned to her that I wanted to have a few lessons at the Demo Account and then to the Real Account. She replied ok and I have deposit my money to the account. To the first lessons which was approximately 25 minutes they open me the platform, show me how to open and close positions and about RSI. Until here everything was good. Moreover, we arrange with my Senior Broker, Steve, a second lesson, after few days, which unfortunately due to some reasons of him or the company did not call me. After that I decided to withdraw my money as I realized that the conditions were different that they told me. Despite, my desire to close my account Steve contact me immediately and changed my opinion. So we arrange a new lesson. To that time I receive a call from a new Senior Broker Andrew which asked me if I want to update my account and deposit more money for better profit. My answer was no for now and he asked me if I wanted to transfer to real platform. I answered yes and he show me again the RSI and how to open with one click the positions. To the main time I send to Kyriaki an email but she never replied back to me. Also, I have the same communication problem with my Senior Broker. So, as an inexperience person they pushed me to open a Gold Account without information about charges etc. They should have sent me signals on my email or mobile phone but unfortunately neither that is working with them. I would characterize the whole situation as deceiving due to lack of information to the persons that they contacted me and the fact that after you make the deposit to them they let you alone so be careful!!!
We would like to inform you that we take your complaint as of the highest importance, and therefore have investigated your claims. We hope our response will clarify any misunderstandings that may have occurred. Firstly, you state that our Sales Representative Kyriaki had contacted you for the first time 8 days ago however, our records show that your last conversation with said representative occurred over a month ago, on Dec 22nd, the day you had made your deposit. We listened to the recorded call, made to you by our Senior Account Executive on January 4th , and he provided you with training on the Demo Account, following an explanation on how to switch to the Live Account.
On January the 13th, Steve - your Account Executive, gave you another lesson, which lasted 39:34 minutes. Steve had warned you regarding over exposure and explained the risks involved. On your first lesson you were also advised to watch the margin level carefully, which seems to have been disregarded. You also had additional conversations with your Account Executive(s) in which they provided you with further information and answered all of your queries. The appointed call you were referring to with Steve, as not upheld, was in fact simply delayed as Steve was on another call and had called you as soon as he had finished. As you said yourself, you were asked if you wanted to start trading on your live account and you had replied positively, at which point you were warned once more about the risks involved. Regarding the claim that you had been “pushed into a gold account”; you had left your details with our affiliate and expressed an interest in opening a trading account. You had shown an interest, whilst speaking with your account executive, to gain as much education and training as possible. Once asked why you had decided to begin trading you stated that you had shown an interest in trading because you needed to increase your income.
Please note that there are no charges/fees on our gold account, and therefore hadn’t been mentioned to you. Signals are available on your Alvexo account, which you enter via www.Alvexo.com, and select the option “Signals” .If you have any technical difficulties locating the signals we are always happy to assist. We find it hard to understand the reason why you had felt left alone, judging by the frequency and duration of calls made between you and your Account Executives, and the constant attentiveness whenever a query was raised.
For the date you mention above it was my mistake and I apologize you are correct . Also i want to congrats you for solving the issue with the live chat and clear out that i have nothing personal with the employees of Alvexo neither i know in person someone. To the point now, you forget to mention the first incident with the Senior Broker Andrew that he lost the appointment and thats why I decided to withdraw my money and after that he called me explaining me the reasons off the loss. Secondly, the first lessons with Steve took that long because he open for the account and more or less told me the same things as Andrew, like how to open positions, RSI, when to Buy or Sell and a few more things. Unfortunately, i don't have the recordings to hear and remember what was said, but you can upload them, you have my permission. Another point that you did not clear out is the fact that i mentioned from the beginning to your sales representative that i did not had the time to trade nor the knowledge so i needed a classic account, which is for beginners, as you state on your website. You mentioned profit at your reply and i am wondering if with the classic account you cannot get a profit of 200-400 dollars, as that was my goal, and i needed a gold account (which as you note again is for experience traders). Moreover, if you could not train me with the classic account, it means that you have unexperienced customers to trade alone without any help from a person on your company. Adding to that, to the first appointment with Steve he asked me if I wanted to add more money to open an ECN account!! With 15-20 minutes on trading you can have an ECN account ? or maybe i was not clear enough form the first time?? But, form the other hand maybe the brokers are too committed to the goals you have as a company and try to bring money to the market (as you told me through our phone call today) and forget to read the portfolio of each customer. Also i strongly believe and learned, through my life, training with real money is done before the effect and not after the effect, and i am mentioning to the hedge position. When Steve told me to trade freely with 0.20 or 0.50 i did. He did not mention or inform me how to react or prevent more loss. As you already know 0.20 or 0.50 can cause a lot of trouble on a $2500 account. I do not have any difficulties to browse through the website, and i have mention to Andrew that i was not receiving any signals on my mobile phone or email and he did something and activate it, but forget to mention that signals is not to email or mobile phone just the website, despite the fact that i was not receiving any SMS on my phone for economic calendar (but as you mention today on our phone conversation that this is not important as i was unexperienced and may cause me more troubles). I do not know if i am the only one which sees the paradox here -- Have a Gold Account, for experienced investors, because you feel that it suits me from my words but deleting some of the privileges you provide, without inform me, because i am not experienced-- Below i attached a few print screens of no reply on my emails. I feel sorry that some attachment are in Greek language and you may not understand and for my English.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.