Conalp Review: Is Conalp.Com A Reliable Broker?
Conalp review will answer all of your questions regarding this broker. Their visually appealing website with the possibility of using demo accounts, as well as USA headquarters, might seem promising to you, but we found some concerning things about this trading provider that you should read.
We always research new brokers, checking every word they say. We do that because we found a lot of scammers in the past, and we don’t want more innocent people to get their money stolen.
|Headquarters||United States of America|
Conalp Regulation and Fund Security
On the main page, broker Conalp claims to be owned by Conalp Capital Corporation, founded in 2011. Also, in the Terms and Conditions section, there are mentions of Conalp LTD, another alleged owner.
Further, the address we’re given is in California, US, implying that Conalp’s regulation must be with CFTC and NFA. These are the two most demanding regulators in the world, and Conalp’s name was nowhere to be found in their databases.
Conalp claimed to be “one of the largest stock exchanges listed Stocks and CFD brokers in the world” with “offices in over 13 countries including the UK, Poland, Germany, France, and Turkey” and “regulated by the world’s biggest supervision authorities”. Checking the regulatory databases of the FCA, KNF, BaFin, AMF, and other license providers, we could not find a word about Conalp and all its alleged owners.
This means they are lying about being regulated. This company offers online trading services without any sort of license or any supervision on the part of the authorities. This makes them not only unreliable but dangerous for they are completely unaccountable for their actions.
Trading Platform Used by Conalp
Conalp has a Webtrader that seems legit, but that kind of software is used by many scammers for that reason. It can deceive users that it’s a reliable trading platform. The truth is, it’s nowhere near popular trading platforms like MetaTrader 4 and MetaTrader 5.
Although MT4 was specifically built for Forex trading, the platform can also be used to trade other assets such as stocks, indices, and commodities via CFDs.
Both beginners and experienced traders appreciate MT4 because it is multi-functional, user-friendly, and allows users to customize the interface to their needs. It also offers advanced trading tools that allow traders to implement their favorite strategies.
MetaTrader 5 is a multi-asset trading platform that enables you to trade stocks, forex, and futures. It offers advanced tools for price analysis, algorithmic, and copy trading. Launched in 2010, five years after the launch of MetaTrader 4, MT5 is considered more improved and diverse with better charting, exclusive indicators, and its widespread ability to trade over 500+ markets.
According to Conalp’s website, you can trade with the following instruments:
- Cryptocurrencies – BUSD, BCH, DOGE
- Stocks – Apple, Amazon, Facebook
- Options – S&P500, gold, Google
- Bonds – US10Y, Euro Bond, US3M
- Commodities – gold, natural gas, silver
All the assets are traded as CFDs or contracts for difference. However, once you access the platform, you can trade only cryptocurrencies.
Conalp Deposit and Withdrawal Process
Conalp.com accepts only BTC-based deposits. The firm teases the availability of credit cards and wire transfers, but one is told that he or she has to contact the account manager to access these payment methods. That’s how they push users to invest via crypto. There is no real minimum deposit since you can start with $1.
We said this a million times, and we have to repeat it. Crypto payments are dangerous because they are untraceable and anonymous – you don’t know who you are paying. When a broker limits you to only crypto payments it’s a strong sign they are fraud.
The withdrawal area opens PayPal and wire payments in addition to crypto withdrawals, which goes against anti-money laundering laws and regulations.
How Does the Scam Implement?
Conalp uses a scheme that does not differ from other investment scams. Of course, you found out quite easily about them, by crossing on one of their online ads. These ads are selling you a story of low-risk and high-reward investment. If you show even slight interest, the insisting and convincing will start, and it’ll not end until you deposit your money.
All you have to do is invest. Then invest again and then invest some more. As soon as you suspect anything and try to withdraw you will face difficulties impossible to overcome. Trading volume requirements, meaningless paperwork, prolonging and buying their time.
They are aware that they will get busted, it’s only a matter of time. They just need a little time to fool as many people as possible, and then they are out. Ready to start the scam all over.
If you are looking for a trustworthy broker company, we have several names for you. Reliable, experienced trader firms that do everything by the books. Read this Conalp review till the end, and you will find out more about them.
The Best Forex Brokers
Since this article has told you everything you need to know about scam brokers, it’s time now for us to recommend some real-deal agents you can rely on. We think you have had enough of financial swindlers.
In the table down below, we’ve listed a couple of trustworthy enterprises that we suggest you should do business with. And we are saying this based on years of experience in the trading market.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Conalp is a broker company lying about its regulation. They claim to be located in the USA which means they should be regulated by the CFTC and NFA. But that’s not the case with Conalp.
They accept only crypto payments which is a concerning thing. It’s a strong indication they are frauds. Their trading platform is a favorite for scammers, which doesn’t help with their credibility. Long story short, they are unregulated and you should avoid them.
FAQs About Conalp Broker
Is Conalp Legitimate?
Conalp is a fake trading provider. They lie about their headquarters and regulations. Everything about them is a red flag.
What Are the Funding Methods at Conalp?
The only available funding methods are cryptocurrencies. Only scam brokers limit their users to crypto payments.
Is my Money Safe with Conalp?
You can’t trust Conalp with handling your money. They are unlicensed and provide their services illegally.