ALB Forex Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- TRY 50,000
- MetaTrader5
- CMB
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- TRY 50,000
- MetaTrader5
- CMB
Our Evaluation of ALB Forex
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
ALB Forex is a broker with higher-than-average risk and the TU Overall Score of 3.18 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by ALB Forex clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
ALB Forex's offering is quite attractive, with no trading fees and competitive spreads on most assets. With over 170 financial instruments across six categories and a leverage ratio of up to 1:10, it provides a comfortable environment for novice traders, supported by demo accounts and educational materials. However, passive earning opportunities are limited, and non-residents of Turkey may encounter registration and funding difficulties.
Brief Look at ALB Forex
ALB Forex clients have access to currency pairs and CFDs on stocks, indices, metals, agricultural commodities, and energy resources. In addition to a demo account, there are two live accounts available — VIP and PLATINUM. Spreads start from 2 pips, with no trading fee charged. The MetaTrader 5 platform is used for trading. The minimum deposit is TRY 50,000 or the equivalent amount in USD (which is about $1,620). There is no alternative income option, not even a partnership program. The company offers advanced educational resources, analytical insights, and informational materials. Technical support is available via email, phone, and chat on the website.
- Free demo account with the option to open an Islamic version (swap-free) for each user account;
- Impressive pool of various assets and flexible leverage of up to 1:10;
- No trading or deposit/withdrawal fees and clients only pay the spread;
- The MT5 platform, a highly demanded and functional solution, can be customized with plugins if necessary;
- All trading methods and strategies are allowed, including scalping, hedging, and the use of expert advisors;
- The broker provides the latest news, analysis, and educational materials in various formats;
- The company is officially registered and regulated by the CMB (Capital Markets Board of Turkey).
- Joint accounts and copy trading services are not introduced;
- The broker does not offer any tools, not even a trading calculator or an economic calendar;
- Deposits and withdrawals can only be made through six Turkish banks with which the company has agreements.
TU Expert Advice
Financial expert and analyst at Traders Union
The ALB Forex brand belongs to ALB Investment Securities A.Sh. The company started its operations in 2012. It is registered in Turkey and has local regulation. There have been no instances of the broker failing to fulfill its obligations to clients. Positive reviews about it prevail on the internet.
In addition to a free demo, the platform offers two user accounts — VIP and PLATINUM. Their parameters are largely identical, with differences only in spreads and some additional options. The spread is standard and floating. On VIP, it starts from 3 pips, while on PLATINUM, the minimum threshold is 2 pips. The trading fee was abolished in 2023.
There are over 170 financial instruments available. Currency pairs (70+) and CFDs on stocks (80+) are well represented in volume, but there are very few contracts for indices, metals, agricultural commodities, and energy resources. Only the MT5 trading platform is integrated, however, it's the most popular among traders. The leverage is flexible, up to 1:10. The broker does not restrict users, and it allows scalping, hedging, trading on newsfeeds, expert advisors, and other methods and strategies. Clients who follow Islamic principles can open swap-free accounts.
Funds and trader data are securely protected, including insurance from Takasbank. The education provided is extensive and comprehensive, with leading platform experts responsible for analytics. The news section is updated daily.
Among the drawbacks, it's worth noting the relatively high starting deposit (from TRY 50,000), and the absence of alternative earning methods and trading tools. It's also logical to mention that cooperation for non-residents of Turkey is unlikely to be comfortable. There are several reasons for this. For example, deposits and withdrawals are only possible using accounts in Turkish banks. The absence of broker fees for this type of transaction is a plus. Technical support only operates on weekdays, but it is available through all major channels.
Having analyzed the main points, Traders Union recommends ALB Forex for traders of any level to explore.
ALB Forex Summary
Your capital is at risk. 79.43% of retail investor accounts lose money when trading CFDs with this provider. ALB Forex and its affiliates do not target EU/EEA/UK clients. It is the user's responsibility to ensure that any use of the website or services adhere to local laws or regulations. Please be aware that you are able to receive investment services at your own exclusive initiative only, ensuring you fully understand all the risks involved.
| 💻 Trading platform: | MetaTrader 5 |
|---|---|
| 📊 Accounts: | Demo, VIP, PLATINUM |
| 💰 Account currency: | USD, TRY |
| 💵 Replenishment / Withdrawal: | Bank transfers |
| 🚀 Minimum deposit: | 50,000 TRY |
| ⚖️ Leverage: | Up to 1:10 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | Floating, starting from 2 pips |
| 🔧 Instruments: | Currency pairs, CFDs on stocks, indices, metals, agricultural commodities, energy resources |
| 💹 Margin Call / Stop Out: | N/A |
| 🏛 Liquidity provider: | N/A |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Orders execution: | Market |
| ⭐ Trading features: |
Free demo account, two user accounts (including their Islamic versions, without swaps), Average market trading fees, Over 170 assets from six categories, Trading through the MetaTrader 5 platform, Low leverage, Comprehensive education with high-quality and extensive informational content |
| 🎁 Contests and bonuses: | Available plus rebates from TU |
Almost always, if user accounts differ significantly in characteristics, the broker sets different minimum deposits for them. At ALB Forex, VIP and PLATINUM accounts are largely similar, which is why traders will need to deposit a minimum of TRY 50,000 (or its equivalent in USD) for each. The leverage for all assets is 1:10. It is flexible, so the company's client can set a lower level if necessary. Or even not use leverage at all if they prefer to trade without extra risks, as an option as part of their strategy. Technical support is multilingual and available round the clock on weekdays. There is an opportunity to contact specialists by email, phone, or through the chat on the website.
ALB Forex Key Parameters Evaluation
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Trading Account Opening
If you want to start cooperation with ALB Forex, you will need to register on its website and verify your identity (confirm personal data). After that, open a user account, make a deposit, and download the MT5 trading platform. Since traders sometimes have certain questions about individual stages of the process, TU experts have prepared a step-by-step guide. They will also familiarize you with the main options of the user account.
Go to the official website of the brokerage company. Click on "Register" in the top right corner.
Provide your first and last name, as well as your phone number and email. Click "Submit Application».
You will receive an email. Click on the link in it to confirm.
In the follow-up email, you will receive login credentials for the broker's portal. Click the "Login" button.
Enter your email address and the provided password to access your user account.
Navigate to the "Trading Accounts" section, then select "Accounts". To create a user account, you will need to go through several steps, including providing your Kimlik number and other personal details. Identity verification and video communication with a broker representative are mandatory.
Navigate to the "Wallet" section. Deposit funds in USD or TRY. Please note that deposits are only accepted from accounts in six Turkish banks.
Download the MT5 platform from the "Platforms" section and install it (for desktop or mobile devices), or access the web version. Enter your registration details and start trading.
Key options in ALB Forex’s user account:
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Dashboard. Displays all essential account information;
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Wallet. Deposit and withdrawal of funds, transfer between accounts;
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Trading accounts. Opening an account (user or demo), detailed transaction information. Also provides access to the web platform from this section;
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Platform. Downloading the MetaTrader 5 platform (versions for PC, mobile devices);
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Academy. Extensive collection of textual and video materials in educational, analytical, and informational formats. Registration for online meetings with platform analysts and experts;
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Support. All contacts for communication with technical support managers, plus a ticket system are in the section;
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Profile. Contains the trader's data and password change options.
Regulation and safety
Studying information about a broker before starting cooperation is necessary. After all, it's no secret that the market is full of scammers whose main goal is to deceive traders and take their money by fraudulent means. A company conducting honest business must have registration and, ideally, regulation. The former emphasizes the legality and official nature of the activities, while the latter guarantees compliance with current agreements by the platform with a regulatory agency. ALB Forex is registered in Turkey, and its regulator is the Capital Markets Board of Turkey, a government-level authority. Thus, clients' trust in it is justified.
Advantages
- The broker has been in the market for 12 years
- It is officially registered
- It is regulated by the Capital Markets Board of Turkey
Disadvantages
- The regulator is regional and may not be able to protect the interests of a person who is not a resident of Turkey in case of violations by the broker
Commissions and fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| VIP | Spread from 3 pips, no fee | No |
| PLATINUM | Spread from 2 points, no fee | No |
As for non-trading costs, the most significant one is withdrawal fees. Many brokers (including market leaders) charge these fees, which can be quite substantial, for example, 2-3% of the withdrawal amount or a fixed $10 per transaction. Often, the channel used by the client also influences this. ALB Forex does not charge a fee for these transactions, but unfortunately, funds can only be withdrawn to accounts at six Turkish banks that are partners of the platform.
Is it profitable to work with this broker? The answer can be found by comparing the average trading costs awaiting traders at ALB Forex with those of its top competitors. TU experts conducted a small study, and the results are presented in the table below.
| Broker | Average commission | Level |
|---|---|---|
|
$1.85 | |
|
$1 | |
|
$8.5 |
Account types
The primary task at the start is to choose the type of account with the most suitable parameters. ALB Forex offers two user accounts – VIP and PLATINUM. The main difference between them is the size of the spread, which is slightly smaller on PLATINUM. However, some CFDs are only traded on VIP. The initial deposit, the number of base currencies of the account, leverage, and minimum and maximum transaction size are all the same. Only one trading platform is integrated, so there is no need to choose here. But configuring MetaTrader 5 to suit your strategies, including through the use of free plugins, is a must. And, of course, it is necessary to decide whether to use leverage, and if so, what level to set. The range allowed by the regulator is from 1:2 to 1:10.
Account Types:
Usually, if a trader has not worked with a broker before, they first create a demo account. This is logical, as it allows exploring the platform and simultaneously refining new strategies without real financial risks. After that, a real account is opened based on personal priorities.
Deposit and Withdrawal
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Trading on a live account, unlike a demo, involves executing full-fledged trades. If they are mostly successful, the trader earns a profit;
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Withdrawal of this profit is available at any time to accounts in Turkish financial institutions such as Garanti Bank, DenizBank, İş Bank, Yapı Kredi Bank, and Akbank, with which the broker has agreements;
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The transaction is processed promptly, usually within a few hours;
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There are no fees for these transactions from either ALB Forex or the banks.
Investment Options
Undoubtedly, traders come to a brokerage company planning to earn through active trading. However, many of them may also be interested in a passive source of income. The most common passive income options are copy trading services and PAMM and/or MAM accounts. When choosing an experienced, stable signal provider or account manager, the chance of increasing capital is very high, even considering that the profit obtained will have to be shared with the professional. Also, many brokers offer partnership programs, where earnings are not passive anymore. One needs to invest not only money but also a crucial resource — their time. ALB Forex has none of the above.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Why is there no referral program?
It's simple. ALB Forex uses other methods to promote its services. From conducting free seminars, where any trader can participate, to advertising in partner banks. And the results suit the company just fine. The number of clients increases monthly.
Customer support
How to find out the current spreads on currency pairs? Is it possible to increase leverage upon request? Who is eligible to open an Islamic account? Some traders' questions stem from their lack of attention when studying information or from being uninformed and lacking experience. However, brokers often do not provide all the important information on their websites. At any rate, ALB Forex clients can always contact the company's technical support service. It operates round the clock on weekdays, responding via phone and email. Additionally, there is a live chat on the website and in the user account. It is worth noting separately that the IT department employees of the platform can connect to the user's screen through a technical support program based on TeamViewer and help solve the technical problem.
Advantages
- Three communication channels
- Round-the-clock operation
- Operational and competent
Disadvantages
- Technical support is unavailable on weekends
Technical support provides comprehensive consultations, including to traders who are not registered clients of the company.
Here are the current contact methods:
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Phone;
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Email;
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Live chat.
The broker is actively present on Instagram, X, Facebook, LinkedIn, and YouTube. By visiting its account, you can not only learn useful information and find out the latest news from the platform but also ask questions to specialists. However, the most prompt response will come via phone and in the live chat.
Contacts
| Registration address | Fulya M, Büyükdere Cad, Torun Center A Bl 74A/80, 34394 Şişli/İSTANBUL |
|---|---|
| Regulation | CMB |
| Official site | https://www.albforex.com.tr/ |
| Contacts |
+90 (212) 370 0 370,
+90 (850) 222 3 252 |
Education
Brokerages attract not only experienced traders but also newcomers who don't even know the basics of trading. Some platforms strive to help the latter by providing them with textual and video materials. However, most are limited to typical FAQs about cooperation terms. ALB Forex has made education a priority. And a lot has been done in this regard.
Undoubtedly, the majority of the posted materials are intended for beginners. However, the same webinar recordings can be interesting even to seasoned professionals. After all, the platform's experts skillfully emphasize important points, discussing crucial nuances that contribute to more structured, successful trading.
Comparison of ALB Forex with other Brokers
| ALB Forex | RoboForex | Exness | TeleTrade | Eightcap | FBS | |
| Trading platform |
MetaTrader5 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5 | MT4, MT5 | MT4, MobileTrading, MT5 |
| Min deposit | $50000 | $10 | $10 | $10 | $100 | $10 |
| Leverage |
From 1:1 to 1:10 |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:30 to 1:500 |
From 1:1 to 1:3000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 2 points | From 0 points | From 1 point | From 0.8 points | From 0 points | From 1 point |
| Level of margin call / stop out |
No | 60% / 40% | 60% / No | 70% / 20% | 80% / 50% | 40% / 20% |
| Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | Yes | No | No | No | Yes |
Detailed review of ALB Forex
The company ALB Investment Securitates A.Sh, the parent firm of ALB Forex, has been operating in the global market for 12 years. It aims to provide products and services of consistently high quality and meet modern standards. The platform works with first-tier liquidity providers, ensuring high-speed order execution and overall comfortable, multi-vector trading. Timeliness and professional support are guaranteed. In addition to the main office in Istanbul, branches are open in Ankara, Erzurum, Karabük, and Izmir. Training, seminars, webinars, and many other opportunities are used to increase clients' financial literacy. Traders' funds and data are reliably protected by the use of SSL protocols and KYC authentication to insurance from Takasbank.
ALB Forex by the numbers:
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TRY 50,000 — minimum deposit;
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over 170 financial instruments;
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2 pips — minimum spread;
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$0 — trading fee;
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1:10 — maximum leverage.
ALB Forex is a modern Turkish broker with access to a wide range of markets.
If a platform offers trading with only a small number of assets, a trader is unlikely to fully realize their potential. They will be confined within certain limits, unable to use many developed strategic solutions. This is not to mention the inability to achieve full risk diversification through the creation of a comprehensive, well-thought-out portfolio. Understanding this, ALB Forex provides a wide range of diverse financial instruments. They include over 150 currency pairs and CFDs on stocks, plus a certain number of contracts on indices, metals, agricultural products, and energy resources. The list is constantly updated in response to traders' requests and overall demand.
Useful services offered by ALB Forex:
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Islamic accounts. Upon request, a trader can open a swap-free account. This is an optimal solution for Muslims, as it allows participation in currency and other asset transactions without violating Sharia norms;
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Analytics. The company places significant emphasis on this area. Comprehensive analysis is available for all types of trading instruments offered on the platform. There are also comments from leading global experts, reports, and economic news;
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Education. ALB Forex is one of the few brokers that provide training for not only beginners but also experienced traders. For example, webinars are held, during which modern trends are discussed and important structural aspects of trading are revealed.
Advantages:
The demo account is opened for free and for an unlimited time, trading with micro-lots is allowed on two user accounts;
The broker's pool includes over 170 in-demand financial instruments from six different groups;
Cooperation is conducted without trading restrictions, the trader always knows the amount of the fee for each transaction before it starts;
The company has authoritative regulation from the CMB (Capital Markets Board of Turkey) and offices in five cities of the country;
Multilingual technical support is available round-the-clock on weekdays via three main channels.
User Satisfaction i