Can The Broker Be More Fraudulent?

The first Alter-Coin.net website is unavailable and as for the second one, it’s all fumbled and messy. To make matters worse, it’s all but transparent in terms of the information it provides.

We undertook to expose this anonymous cyber trading scam in our Alter-Coin.net Review. Please read our analysis to learn how to identify fraudsters and what to do in case they get the better of you and steal your money.

Legal Info: Is Alter-Coin Regulated?

No. We found a regulatory warning issued against this anonymous website by the Manitoba Securities Commission (MSC) on November 7, 2023. 

The Canadian financial market authority says that “ALLTERCOIN and alter-coin.net are not (and never have been) registered in Manitoba to engage in the business of trading securities or advising anyone with respect to investing in, buying, or selling securities,” adding that this broker claims to be operating from Switzerland.

Do not believe this lie, this certainly isn’t a Swiss brokerage firm. It’s an anonymous trading hoax designed to fool users and take their money, just like Coinbitio.

Instead of trusting unlicensed imposters, you should stick to regulated providers operating under the supervision of esteemed financial authorities such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), BaFin (Germany), MAS (Singapore), CySEC (Cyprus), etc.

Who Are AlterCoin’s Targets?

According to godaddy.com/whois, the now unavailable altercoin.net.com website domain was created on December 6, 2022, while alter-coin.net appeared on August 20, 2023. Since then, the financial swindler has mainly been offering services to unwary traders who reside in the following countries:

Canada is known for heavy financial market regulations, especially when it comes to digital assets. One such law stipulates that each financial market participant is required to possess a necessary license or permit, and Alter-Coin.net does not, according to the MSC.

This phony broker is directly violating Canadian regulations by offering leverage north of 1:100 when the legal cap for retail clients in that country is 1:50.

Trader Reviews – Sharing Experiences

On sitejabber.com, both of the scammer’s websites received relatively positive feedback. However, we doubt these reviews are honest given the shady background of the broker and the disorganized websites. 

There are two complaints though. One user posted a screenshot of the AlterCoin trader platform so we got to see how it looks. “It’s a fraud, still trying to get my money back,” the unfortunate victim said. Analysis pages such as webparanoid.com gave the broker an embarrassingly low trust score, indicating poor website traffic. 

Fake reviews are a common trick scammers use to create an illusion and deceive traders so please avoid trading on unregulated platforms (e.g. RRR Capital) and instead stick to transparent and licensed providers.

Which Trading Platform Is Available?

Alter-Coin.net claims to offer a fairly simple web-based platform that supports popular trading instruments and options such as Forex currency pairs, indices, commodities, stocks, and cryptocurrencies.

However, the demo account is only available after you open a live account and deposit real money in it, i.e. not something you’d want to do. We saw the platform on the review screenshot and all we can say is you should avoid using it, it’s lackluster.

If you want a pure trading experience, you should stick to licensed providers that support proper third-party software such as MetaTrader 4, MetaTrader 5, or cTrader. 

MT platforms are arguably the best in the industry, enabling traders to utilize innovative tools such as automated & algorithmic trading, advanced charting, live market reports, branch optimization, 20+ timeframes, EAs, a user-friendly interface, etc.

Leverage, Spreads, Commissions, Demo Account

The maximum leverage that Alter-Coin.net offers is 1:150, which, as we mentioned, is significantly higher than the legal cap for retail clients in North America (1:50). High leverage can amplify potential profits but also potential losses, and the latter usually occurs.

As for the spreads, the broker simply mentioned “tight spreads” without disclosing any values. There are seemingly no trading commissions, according to the website.

The demo account is available under one unfavorable condition – you must first open a real trading account and fund it. Once the real account is set up, you should contact your personal account manager for the demo version.

What’s the point in having a free demo account if you first have to deposit real funds? If you are a beginner, you should not be risking real money straight away, which is why every legitimate firm nowadays offers a demo account. 

Deposit and Withdrawal Process

Alter-Coin.net states that there are three available payment methods that can be used to fund live trading accounts:

• Credit/debit cards (MasterCard, VISA);
• Wire transfers;
• Cryptocurrencies.

In case you deposited funds via MasterCard or VISA credit/debit cards, you can request a chargeback at the issuing bank within 540 days and reverse the transaction. Wires can be reversed via a recall but this action can only work for transactions yet to be completed.

The reason why scammers prefer crypto payments is that they are extremely hard to trace and reverse, plus such a method allows them to remain anonymous and run their schemes.

To reverse crypto transactions, you’re going to need to seek out professional assistance as these types of payments can be a nightmare to refund. Luckily, we have a team of experts that can help you recover your funds.

Key Facts To Consider About Alter-Coin.net

To sum up our AlterCoin review, our verdict is that this platform is a scam that targets mainly traders from Canada and Moldova.

We do not recommend this platform because it is unregulated and blacklisted by the Canadian MSC. Several traders reported withdrawal issues. In case you have also lost money to the Alter-Coin.net scam, you must seek our professional help to recover your funds!

Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.

Book your consultation with us today and start the chargeback process.

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