AlterSpots is a highly secretive and suspicious company offering brokerage services. The firm’s opaque operation raises doubts: no licenses are specified, the duration of operation is unknown, and even the office address is hidden. Online reviews are also few, indicating a low level of popularity. Can one trade on such a platform, and what are its advantages? Thus, the broker requires a thorough investigation to determine whether it is a scam or not.
Table of Contents
|🎲 Demo Account
|⏳ Start Time
|💲 Minimum Deposit
|⚖️ Minimum and Maximum Leverage
|⚙️ Trading Platform
First Impression of Alterspots.com
The official website clearly lacks interesting design and decoration. It’s evident that AlterSpots did not strive to create a quality, attractive, and useful resource. Instead, we have a site with minimal data and a low-quality design. The main page is done in dark blue tones, with bulls depicted in the background. The other sections are presented as ordinary black text on a white background.
The site’s language is only English. There is very little information about AlterSpots and its conditions, and the customary section dedicated to the broker’s facts and history is simply missing. Traders can acquaint themselves with:
- Trade now. This is the platform.
- How to trade. Contract specifications, account types, and signals.
- Academy. Educational information.
- Offers. Various promotions from the firm.
- About us. Contacts and legal documents, for example, the user agreement.
Tastelessness and dullness – that’s how one could characterize the site. The official website is the face of any company, but AlterSpots, apparently, does not know this.
Partnership and Bonuses
An affiliate program is probably absent, as such an opportunity is not even mentioned on the site. Although an affiliate program is a profitable tool for both the broker and the clients. AlterSpots would gain more users, and traders additional income.
However, there are bonuses. Current promotions are not described, but the broker states that traders can use one of the offered promotions or all at once. The conditions for working off bonuses are not disclosed, but it likely requires some trading turnover, and the size of the bonuses can be up to 35%.
Account Opening on Alterspots.com
To start trading, you first need to create an account, i.e., go through the registration process. It is simple at AlterSpots and does not differ from many others. The client needs to specify:
- Tick the box confirming that you are over 18 years old and agree to the terms.
The system then notified us that an email to activate the account had been sent to the provided email address. However, no such email has arrived, and yet it is possible to log into the account using the email and password. This means the level of security for personal data and the account at AlterSpots is at zero level.
The client portal has an integrated trading platform, which is also unsafe and impractical. From a convenience and reliability standpoint, it would be better to separate the terminal from the personal account. In the AlterSpots client portal, users can edit personal data, upload documents for KYC, manage accounts, fund deposits, and create withdrawal requests. There is also a section dedicated to social trading. However, a demo account was not found.
In the personal account, there is a section called “Verification Center”, where four types of documents are presented for upload:
- Proof of Identity. Passport, driving license, or ID card.
- Proof of Residence. Utility bill, bank statement, or residence certificate.
- Additional documents.
- Proof of Payment. A photo of a bank card or bank statement, depending on the deposit method used.
Verification at AlterSpots is a mandatory process. Without KYC, it will not be possible to withdraw funds; otherwise, the company will simply cancel the request and return the funds back to the brokerage account. In addition to uploading documents through the client portal, they can be sent to the email of the verification department at email@example.com.
We recommend not rushing to upload documents to unverified firms, as it is unclear whose hands your data may fall into. Meanwhile, AlterSpots does not disclose the processing time for documents.
- Convenient to upload documents.
- Requires a lot of data.
- Requires photographing the bank card.
- The processing time for KYC documents is not specified.
The trading platform is almost not described on the official AlterSpots website. The broker only provides a superficial description: user-friendly interface, intuitive, and best tools. The firm also assures that trading is possible not only on computers but also on Android/iOS smartphones, but we did not see links for downloading applications from the official AppStore/Play Market stores. This likely refers to the platform’s adaptability to mobile browsers, which is not equivalent to a separate application. Moreover, a desktop version is also absent; only WebTrader is available.
The terminal at AlterSpots is primitive and has an integrated interface from the popular Tradingview service. It means that traders have access to a variety of technical and graphical analysis using indicators, drawing tools, Elliott waves, Fibonacci, Gann boxes, and more. In addition, there are several timeframes and types of charts.
We can confidently say that the platform lags behind its popular counterparts in the financial market, at least regarding the absence of desktop and mobile versions. We should not forget about the lack of important options: demo, auto-trading, uploading custom indicators, and automatic strategy testing on historical quotes.
How Can I Trade With AlterSpots?
Different asset classes are available for trading: forex (majors, minors, and exotic pairs), stocks (over 100), commodities (including metals), indices (Asia, USA, and Europe), cryptocurrencies, and ETFs. Additionally, a separate cannabis category is featured in the terminal.
All Info About Accounts
The tariff plan is of significant importance. The better the account type, the more opportunities are available. AlterSpots offers traders five different types of accounts. However, looking at the requirements for the minimum deposit, they seem excessively high. For example, the first tariff named “Basic” requires a minimum balance of $9,999, and the second tariff $19,999. Such high requirements for initial funding are excessive, as many other brokerage firms allow starting trading with $1-$10.
The description of the tariffs provides almost no useful information regarding trading conditions and opportunities. The first tariff is intended for beginners, but it’s unclear what specific services geared towards inexperienced traders are available. In the second account type, an investment bonus of 10% appears, and in the third, negative protection for 7 days. It means your balance in AlterSpots can easily go into the negative, and you might end up owing the broker.
What about the commission of 3% to 6%? Is it for trades or for operations of depositing and withdrawing? Why isn’t the type of commission specified? Are users supposed to guess for what they will be paying up to 6%? The leverage at AlterSpots is up to 1:200, which is a serious violation of regulator requirements, so it’s highly likely that the company does not have a license.
The site has a contract specification with leverage and trading hours, but current spreads and swaps are missing. No cent account is offered, nor is there an ECN or a demo account. In general, there is nothing good or beneficial.
- There’s an Islamic account.
- High commission and minimum deposit.
- Demo and ECN accounts are absent.
- The broker does not offer protection against negative balance.
Market Analysis and Education With Alterspots.com
The company’s website includes a small educational section, which contains educational videos and a glossary. In addition, AlterSpots offers signals, online quotes of popular assets, live analysis, and free training courses. However, an economic calendar, a news feed, and a calculator for calculating trade parameters are missing.
Deposit, Withdrawal, and Fees
There are several options for funding the deposit balance: credit/debit cards, bank wire transfers, Bitcoin, QIWI, and Webmoney. Regarding deposit and withdrawal, AlterSpots is overly secretive and opaque. The broker specified methods of transferring money but ignored potential commissions for operations and the processing times for withdrawal requests.
How Can I Contact It?
Regarding contact information, the company only has an email address. Registered users can try their luck with the built-in online chat in the personal account, in case they get a response. Writing to AlterSpots’ email is pointless, as it turned out to be fake.
Phones, online chat on the site, and social media accounts are absent. All these are important elements for any broker. And considering the nonexistent email address, how can one even contact AlterSpots’ managers?
- Unable to contact managers.
- Fake email.
Is AlterSpots Dangerous?
After checking the contact details, there was no doubt about the fraudulent nature of the broker. Inadequate and partly hidden trading conditions, an uninformative website, and fake contacts – all these are signs of fraud. We just need to check the duration of the company’s operation and the presence of licenses, and then we can make a conclusion.
How Long Does The Broker Work?
It’s not at all surprising that the founding date is absent on the official website. The firm operates as covertly as possible. And this is likely because it only appeared in August 2023 or even later. At least, the domain was registered on August 8, 2023. And without a website, AlterSpots could not conduct activities.
How Is AlterSpots Regulated?
Regulation is even simpler. The firm does not specify its jurisdiction or the address of its headquarters or other offices. It’s unknown where the organization is based, and there are even suspicions of the absence of legal entity registration. Licenses are also not mentioned. There is nowhere to check the regulation, so all this speaks of the illegal activity of AlterSpots.
Frequently Asked Questions (FAQ)
How to Trade With AlterSpots?
Is AlterSpots Legit?
How Risky Is It?
A huge commission of 6%, the absence of protection against negative balance, and the inability to practice on a demo account – I have not seen more terrible and unfavorable trading conditions than here. The people who came up with these conditions either never traded on Forex/CFD or do not want to give their clients even a small chance of success. Even if one ignores the inadequate conditions, it’s still not advisable to open a brokerage account with AlterSpots: there are no documents and legal data, regulation is absent, the business model is 100% b-book, the operational period is extremely short, and there’s total obscurity. Everything points to a scam.