Below is a detailed analysis of ALPFOREX based on online complaint information, risk level assessment, website security, WHOIS lookup, IP and hosting analysis, social media, red flags, potential risk indicators, website content, regulatory status, user precautions, and potential brand confusion. The analysis draws on available information, including web sources, and critically evaluates the broker’s legitimacy and risks.

1. Online Complaint Information ¶

• Sources of Complaints: Reviews on platforms like BrokersView, Chainbits, WikiFX, and ScamAdviser highlight significant concerns about ALPFOREX. Common complaints include:
• Lack of regulatory oversight, raising doubts about fund safety.
• Limited payment options, which is unusual for regulated brokers.
• High leverage ratios (1:1000), which are risky and uncommon in strictly regulated jurisdictions.
• Inconsistent corporate information, such as differing addresses in Bangkok and Hong Kong.
• User Feedback: While some reviews on WikiFX and Myfxbook praise ALPFOREX’s platform speed and low spreads, these positive comments are overshadowed by scam allegations and warnings about unregulated operations. The positive reviews lack specificity and may be promotional.
• Critical Observations: The presence of complaints about unregulated status and lack of transparency suggests a high risk of fraudulent activity. The absence of detailed user complaints on platforms like Forex Peace Army limits the depth of negative feedback, but the existing concerns are serious.

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2. Risk Level Assessment ¶

• High-Risk Indicators:
• Unregulated Status: ALPFOREX is not licensed by reputable regulators like the Thai Securities and Exchange Commission (Thai SEC) or the Hong Kong Securities and Futures Commission (HKSFC). Claims of regulation by the U.S. National Futures Association (NFA) with license number 16280310 are dubious, as this number does not align with standard NFA formats, and no evidence supports this claim.
• High Leverage: Offering leverage up to 1:1000 is extremely risky and banned in jurisdictions like the EU, UK, and Hong Kong, where leverage is capped at 1:30 or lower. High leverage is a common tactic used by scam brokers to attract inexperienced traders.
• Bonuses with Unfair Conditions: ALPFOREX offers bonuses (e.g., $30 for new accounts), a practice banned in many jurisdictions due to restrictive withdrawal conditions that trap funds.
• Limited Payment Options: Only one payment method is offered, unlike regulated brokers that provide multiple options (e.g., credit cards, bank transfers, e-wallets). This raises suspicions of fund mismanagement.
• Risk Level: High. The combination of unregulated operations, high leverage, and restrictive practices indicates a significant risk of financial loss and potential scam activity.

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3. Website Security Tools ¶

• SSL Certificate: The ALPFOREX website (https://www.alpforex.com/) uses an SSL certificate, ensuring encrypted data transmission. This is a basic security feature and does not guarantee legitimacy.
• Security Features: No information is provided about advanced security measures, such as two-factor authentication (2FA), segregated client accounts, or compliance with cybersecurity standards like ISO 27001 or SOC 2. Regulated brokers typically disclose such protections.
• Red Flags: The website’s content is primarily in Thai, with incomplete English translations, which may hinder non-Thai users from accessing critical information. This lack of accessibility is unprofessional for a broker claiming global services.

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4. WHOIS Lookup ¶

• Domain Information:
• Domain: alpforex.com
• Registration Date: March 1, 2021 (per BrokersView).
• Registrar: Likely a standard provider (e.g., GoDaddy or Namecheap), though specific WHOIS details are not provided in the sources.
• Discrepancy: ALPFOREX claims it was founded in 2019, but the domain was registered in 2021, suggesting the company may not have operated as claimed or underwent a rebranding. This inconsistency is a red flag.
• Privacy Protection: WHOIS data is often hidden by privacy services, which is common but can obscure ownership details, making it harder to verify the company’s legitimacy.

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5. IP and Hosting Analysis ¶

• Hosting Provider: The hosting provider is not explicitly mentioned in the sources, but similar high-risk websites (e.g., alphaforexmarkets.com) use reputable services like Amazon Web Services (AWS). Using a legitimate host does not confirm a broker’s trustworthiness.
• Server Location: Likely hosted in a jurisdiction with lax oversight, though specific details are unavailable. The claimed Bangkok and Hong Kong addresses suggest servers may be in Asia, but this is unverified.
• Red Flags: Lack of transparency about server location and infrastructure raises concerns, as regulated brokers typically disclose data center details to assure clients of security and reliability.

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6. Social Media Presence ¶

• Channels: ALPFOREX provides contact methods via Line, Facebook, phone, and email.
• Engagement: No specific data on social media activity or follower count is available. The presence of social media links is standard, but scammers often use these to appear legitimate without meaningful engagement.
• Red Flags: The lack of verifiable social media activity or reviews on platforms like X or Forex Peace Army suggests limited transparency. Legitimate brokers typically have active, verifiable social media profiles with user interactions.

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7. Red Flags and Potential Risk Indicators ¶

• Unregulated Operations: No valid licenses from Thai SEC, HKSFC, or other reputable regulators. The claimed NFA regulation is likely false.
• Inconsistent Corporate Information: The website mentions Alpfx Company Limited (Bangkok) but lists a Hong Kong address on the “Contact Us” page, creating confusion about the operating entity.
• High Leverage and Bonuses: Leverage of 1:1000 and bonus offers are risky and banned in regulated markets.
• Domain Age Discrepancy: The 2021 domain registration contradicts the 2019 founding claim.
• Limited Payment Options: Only one payment method is offered, unlike regulated brokers.
• Language Barriers: The website’s Thai-heavy content and poor English translations hinder accessibility.
• Lack of Transparency: No clear information about ownership, leadership, or audited financials.

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8. Website Content Analysis ¶

• Claims: ALPFOREX markets itself as a leading platform for forex, CFDs, and cryptocurrency trading, offering MT5, low spreads, and 24/7 support. It claims to have been founded in 2019 by experienced traders.
• Issues:
• Exaggerated Claims: The claim of being the “No. 1 platform” lacks evidence and is a common tactic among scam brokers.
• Incomplete Information: Key details, such as regulatory status, ownership, and transaction fees, are missing or vague.
• Language: The site is primarily in Thai, with partial English translations, which is unprofessional for a broker targeting global traders.
• Trading Platforms: ALPFOREX offers MetaTrader 5 (MT5), which is reputable, but its use does not guarantee legitimacy, as scammers often leverage trusted platforms.

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9. Regulatory Status ¶

• Claimed Regulation: ALPFOREX claims regulation by the U.S. NFA (license number 16280310), but this is unverified and likely false, as the NFA does not list ALPFOREX.
• Actual Status: No evidence of regulation by Thai SEC, HKSFC, or any reputable authority. Thailand lacks specific forex trading regulators, and Hong Kong’s HKSFC does not list ALPFOREX.
• Implications: Operating without a license means client funds are unprotected, and the broker is likely illegal in claimed jurisdictions.

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10. User Precautions ¶

To protect against potential risks when considering ALPFOREX, users should:

• Verify Regulation: Check with regulators like Thai SEC, HKSFC, or NFA to confirm licensing. Avoid brokers without verifiable oversight.
• Research Reviews: Seek independent reviews on platforms like Forex Peace Army or Trustpilot, and be wary of overly positive, vague testimonials.
• Test with Small Deposits: If considering ALPFOREX, start with the minimum deposit ($10) and test withdrawals to assess reliability.
• Avoid Bonuses: Decline bonuses due to restrictive withdrawal conditions.
• Use Secure Payment Methods: Prefer methods like credit cards, which offer chargeback options, over irreversible methods like wire transfers.
• Consult Professionals: Seek advice from financial advisors before investing.
• Monitor Accounts: Regularly check account activity and ensure access to funds.

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11. Potential Brand Confusion ¶

• Similar Names:
• Alpari (alpari.com): A well-known forex broker. ALPFOREX’s name and domain (alpforex.com) could be mistaken for Alpari, especially with similar-sounding “alpariforex.org,” which is flagged as a scam.
• Alpho (alpho.com): Operated by Gulf Brokers Ltd., flagged for regulatory concerns and scam allegations. The similarity in naming could cause confusion.
• Alpha Forex (alfaforex.ru): A Russian broker licensed by the Bank of Russia, unrelated to ALPFOREX but potentially confused due to similar branding.
• Risk of Confusion: Scammers often use names resembling established brokers to exploit trust. ALPFOREX’s name may leverage Alpari’s reputation, misleading users.
• Trademark Issues: No trademark disputes are mentioned, but the similarity to Alpari and Alpho could violate trademark laws if intentional. Users should verify the official domain (alpforex.com) to avoid phishing sites.

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Conclusion ¶

ALPFOREX Risk Assessment: High Risk

• Key Concerns: ALPFOREX exhibits multiple red flags, including lack of regulatory oversight, high leverage, inconsistent corporate information, limited payment options, and a questionable founding timeline. The absence of verifiable licenses and scam allegations strongly suggest it is an unreliable or potentially fraudulent broker.
• Recommendation: Avoid trading with ALPFOREX due to the high risk of financial loss and lack of investor protection. Opt for brokers regulated by top-tier authorities like the FCA (UK), SEC (US), or ASIC (Australia), and conduct thorough due diligence before investing.
• Next Steps: If considering forex trading, research brokers on platforms like BrokerChooser or Forex Peace Army, verify regulatory status, and prioritize transparency and security. This analysis is based on available data and prioritizes user safety. For further details, users can check regulator websites (e.g., sec.or.th, sfc.hk) or contact financial advisors. Note: The information is current as of April 23, 2025, and reflects the sources provided. Always verify details independently, as broker statuses can change.