Alfa Financials Scam?

Marcelo Rosa

Master Sergeant
Messages
265
Hi folks, have a look at this company: http://www.alfafinancials.com

It's clearly says here on the 4th question: http://www.alfafinancials.com/webpages/faq_alfa_financials.html

They are not allowed to manage accounts (i.e Forex and other instruments), but my colleague is about to lose her $20K investment with them, I went in person to their office in Dubai and the lady called Vansha told me they have a third company that works with them and therefore they can manage clients funds, she promised me to send extra information, the trading software for me to check, and so on, but I guess with all my interrogation, she got scared and didn't even replied my subsequent messages.

If anybody is investing or thinking about investing in this company, think 10 TIMES!!!!!
 

Marcelo Rosa

Master Sergeant
Messages
265
Perhaps have your friend contact the Dubai authorities,

I told them to do so, one colleague just showed me her statement and from her initial $20K the currently capital is at $600,00 and the are 2 hedged positions giving extra losses, so the chances of her account to be liquidated are extremely high.

The problem is: It was a verbal agreement not to risk more than 10% of her capital, by now she is about to lose all her investment and Alfa Financials says that she should have read the contract and understood the risks involved.

Alfa Financials, as far I understood works as an IB for the following broker: Kerford Investment (company reference number 193030 FCA, regulated) I suggested her to follow a complain to the The Financial Services Compensation Scheme (FSCS), econsumver.gov, local police in Dubai and since Alfa claims to be regulated by 3 authorities in Dubai, to make a complain with the 3 financial authorities.

As I mentioned before, according to the Alfa Financials website, it clearly says that they are not allowed to trade on clients behalf, but it doesn't also mentioned that they do that through a third party company.

Kerford Investment is located in Tartola, BVI, I can't find any bad reviews about this broker, so I'm not sure if my colleagues account is actually linked to Kerford Investment (although it mentions on the contract) or if it is manipulated and actually somebody in Dubai or somewhere else is trading her account, it's very confusing.

The staff that I contacted in person used to be my colleagues account manager and apparently, when there were profits on my colleagues account, a portion of the profits was being reverted to the account manager, it's not cleared if it's a performance fee or something else. After my colleague was complaining about the losses, the staff was removed and now my colleague has another account manager.

Anyways, I need to sign Alfa Financials to be a scam and suggest to move to the scam folder, I'm trying to find more people affected by this company and get more evidences about it, if anyone has more information, I'd really appreciated your help.
 

Wild.Honey

Recruit
Messages
1
Hey Guys,

Please don't go to Alfa. I trusted them as I met this person in a wedding plus the fact she said it was the Sheikha's company made me feel safe... Well, she lied to my face, first she said that they would only trade with 4000 us and the other 16k will be safe but that wasn't the case. When I confronted her she took all the terminology to my face so I couldn't follow, and it ended as I misunderstood they whole presentation, even though I reconfirm about how much money they will be trading with several times..

So, think it twice before to go to Alfa. I guess you could file it in the scam folder

All the best :)
 

Alfa Scam

Recruit
Messages
1
Dear,

ALFA Financials is scam company...them broker is Kerford Investment not regulated in UAE. Told me FCA regulated in UK but account with UAE company not. Big fraud these people, Gold trader Hassan guarantee all but loose everythink, only guarantee he don't answer call when loss you money. Take 2 week to repay money left
Stay away from the people ALFA and Kerford
 

loose gain

Recruit
Messages
1
Alfa financial is scam and fraud compny. All operations based fraud activities. They show they are Kerford Investments UK broker but actually they free zone compny. more the logo is different from kerford investments uk logo. And the bank account is for the free zone compny. no segregated account and no protection money. they use customers money. they remove the name of kerford investments uk from pride group website.
They Introducer broker licensed from central bank of uae and not allow to get money from clients and trade the customers accounts. All activities are based on fraud and misrepresentations.
 

FxMaster

Lt. Colonel
Messages
9,449
Dear,

ALFA Financials is scam company...them broker is Kerford Investment not regulated in UAE. Told me FCA regulated in UK but account with UAE company not. Big fraud these people, Gold trader Hassan guarantee all but loose everythink, only guarantee he don't answer call when loss you money. Take 2 week to repay money left
Alfa financial is scam and fraud compny. All operations based fraud activities. They show they are Kerford Investments UK broker but actually they free zone compny. more the logo is different from kerford investments uk logo. And the bank account is for the free zone compny. no segregated account and no protection money. they use customers money. they remove the name of kerford investments uk from pride group website.
They Introducer broker licensed from central bank of uae and not allow to get money from clients and trade the customers accounts. All activities are based on fraud and misrepresentations.

Stay away from the people ALFA and Kerford

To both of you,

It will be good if you guys can open new thread in scam folder along with the details of your problem with them.
 

speedyfx

Recruit
Messages
1
Run and Run as fast as you can. Donot look back.

Well, here is the summary.

Opened Account with Alfa Financials Dubai in Nov,2016 with starting balance of 5000USD with an agreement that there trader would trade forex on my account keeping LOW RISK. By 23 March,2017 my whole Account has been wiped out leaving 40USD.

My Account No. is 5029 and my name is Usman. If they try to entice you into opening an Account with them just ask them about this Account. or Ask them for any live Account third party verification like myfxbook for atleast one year. I can bet they would not be able to do that.

ALFA FINANCIALS is located opposite Deira City Centre in Dubai.

If the above donot deter you then read on below.


HOW DO THEY APPROACH YOU

I was approached by one of there marketing man and they suggest that they could teach you the methodology to trade and also claim that the company is owned by some sheikha and so is reliable and trustworthy. I told him I could not trade on my own as I was busy full time with my job and I Want any of there traders to do the trade for me. So I was introduced to there manager Mr.Essam, an Egyptian guy very persuasive and sharp of tongue who would convince you in any way that it was the best option to have. He even showed me an Account which had grown by 50% in a month. So I opened an Account with them with a starting balance of 5000USD. They open with Kerford Brokers and use their MT4 Platform for trading.


TRADING CONDITIONS

If you want to trade on your own then beware they offer the worst trading conditions. Kerford is a 4 digit broker. A commission of 3 pips and minimum spread on any pair is 2 pips. So basically you start with negative 5 pips on any trade. The platform is just ok.

The agreement that they make you sign at ALFA FINANCIALS you must read through it all as there are some very absurd conditions where they are not even liable for outage of the platform or where they could shut down the platform without any notification for maintenance.

It took them a whole month to send me the copy of my agreement to my mail and the agreement that they sent me did not have my signatures on it. Someone else did the signatures for me, whereas , I had signed the original agreement myself at Alfa Financials. That is the start of their professionalism.


TRADERS AT ALFA FINANCIALS

They assigned me Mr.Shady as the trader for my account who claimed to have 8 years of experience.

After having seen him trade for two months and seen him doing the same mistake again and again and wiping out 10% of my account in two months. I approached their manager Mr.Essam again and asked him to change the trader and give me some better trader. He assigned me Mr.Vivek. Despite telling him to go slow and keep RR to atleast 1:1. He was able to wipe out my whole account in less than 3 months.

And this guy to my horror I found out did not even know the difference between Balance and Equity.


WHAT THEY DO AFTER WIPING YOUR ACCOUNT

Simply they do nothing. My account was wiped clean on 23 March,2017. Mr.Vivek the trader only gave me onemissed call and never bothered calling me again. I thought may be the branch manager would be courteous enought to give a call so I waited till 17 April,2017. And then I visited the Alfa Financials on 17 April,2017. Mr.Essam the branch manager did not know that my account had been wiped clean yet he claims that he monitors the accounts. As I said earlier a very sharp of tongue guy who would make you believe that day is night and he basically tried telling me that I was the one responsible for my account.


SO AGAIN RUN AND DONOT LOOK BACK.
 

Marcelo Rosa

Master Sergeant
Messages
265
Guys, you need to file a criminal report in Dubai, go to the police station with all documents and evidence, just like investors are doing with Exential case, the company (Alfa) keeps blaming system or market conditions, they are scamming everyone, Alfa Financials is earning from every trade they open, regardless if it's a winning trade or not, combine that with high volume trading and they will get their commissions and rebates, while you, the investor, will leave with anything. Don't be silent, I personally know Alfa Financials, I created this thread and I smelled the scam from the beginning. Stop being in scam guys, if the managed company is not regulated in UK, if your capital is not held on a segregate bank account under your broker account's name in UK, your capital is not safe. The same thing happened to Exential and UT Markets in Dubai and MMA Forex, no proper regulations or just a fake ones. I deeply investigated Alfa Financials and I didn't invest because of that, it prevented me from getting scammed, but many of other investors were not luck enough.
 

YYZDXB

Recruit
Messages
1
I landed on this page after reviewing the approved brokers for currency trading at the Central Bank of UAE's website. I then googled Alfa Financials (which appears to be #1 on their list) and came across this thread. Thank you for saving me. I lost an incredible amount of cash with Plustocks. Anyways, coming back to here, one will and can file a complaint with the Central Bank of UAE about Alfa Financials. The link is here: https://www.centralbank.ae/en/index.php?option=com_jumi&fileid=45&Itemid=59
Do not let them walk away with your hard earned money. These people depend on hard-working individuals to think that they have to be resigned to their fate and accept the circumstances and conclusions. I say this because on my part I filed a complaint against my broker with the London Police and it had some effect. All the best and thank you once again.... whoever you are out there.
 
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