Alliance Frugal – Can You Trust Them?

Website URL: https://alliancefrugal.com

Founded: 2022

Regulations: No License or Regulation

Languages: English

Deposit Methods: Crypto

Minimum Deposit: $100

Free Demo Account: N/A

Number of Assets: Unclear

Types of Assets: Cryptos, Forex, Stocks & ETFs, Options, Metals, Futures

Trading Accounts and Conditions

Alliance Frugal offers their clients the following types of Investments Plans (this broker does not seem to have any trading accounts available):

• Starter Plan: The minimum and maximum deposits are $100 and $699. You are promised a 2.10% return on investment (ROI) after 24 hours. There is a 6% referral commission.
• Advanced Plan: The minimum and maximum deposits are $700 and $3,499. You are promised a 4.20% ROI after 24 hours. There is a 6% referral commission.
• Executive Plan: The minimum and maximum deposits are $3,500 and $6,499. You are promised a 6.15% ROI after 24 hours. There is a 6% referral commission.
• Professional Rank: The minimum and maximum deposits are $6,500 and $8,499. You are promised a 7% ROI after 20 hours. There is a 7% referral commission.
• Legend Rank: The minimum and maximum deposits are $8,500 and $10,499. You are promised a 9.30% ROI after 18 hours. There is a 7% referral commission.
• VIP Rank: The minimum deposit is $10,500 and there is no cap on how much you can invest. You are promised a 12% ROI after 8 hours. There is a 7% referral commission.

There is no mention of account types or trading conditions anywhere on this broker’s website.

Alliance Frugal – Advantages

There are no advantages to trading with Alliance Frugal.

Alliance Frugal – Disadvantages

Listed here are all the disadvantages that tell us that Alliance Frugal is a scammer and needs to be reported:

• Unregulated and Anonymous Broker

Alliance Frugal does not say anything about their corporate identity or their regulation status on their website. We had to search their website before we were able to find a little bit on information about them on their FAQ page. On that page, the broker claims to be based in the United Kingdom, and that their parent company, alliancefrugal.com LLC is registered here.

There is no other information provided. We do not have an address, a contact number or even registration number from this broker.

Just to be sure, we checked the Financial Conduct Authority’s online register. The FCA is the UK’s financial regulator and oversees all forex brokers in this country. Our investigation showed us that neither Alliance Frugal nor its so-called parent company are listed with the FCA.

Since this broker has not given us any other information, we can safely conclude that we are dealing with an anonymous and unregulated broker, i.e., a scammer.

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• Warning by FCA

The FCA has also exposed Alliance Frugal as a scammer. The UK authority has issued a warning on their website against this broker.

According to that warning, Alliance Frugal is operating in the UK without the FCA’s authorization. The warning also lets all traders know that this broker is not legal and that if any trader deals with Alliance Frugal, they will lose the FCA’s protection against being scammed.

Such a warning from a regulator must be taken seriously. Alliance Frugal has been exposed as a scammer by the FCA and dealing with them would only lead to you being scammed.

• No Legal Documents

Despite going through Alliance Frugal’s website in detail, we could not find their legal documents. A broker’s legal documents are the contract between them and the trader, or, you. These are the documents that details what the broker’s terms and conditions are for you to use their platform and their services (trading conditions).

When a broker does not present their trading conditions, they are hiding their terms. And this means that they can take advantage of traders who have signed up with them without having checked for those conditions.

We need to point out that this is a very common occurrence, since most of us do not take the time to read through the tedious legal documents. And this is exactly what scammers are counting on. And this is also how many of us end up getting scammed. Thus, it would be extremely unwise to sign up with any new broker without first taking the time and making the effort to read through their legal documents.

• Issues with Trading Platform

Alliance Frugal claims to offer their clients an advanced trading platform. Unfortunately, we never got to examine it for ourselves. This is because this broker has put in a proviso that you cannot access their trading platform until you deposit funds into your trading account first.

This proviso is a huge red flag. A legitimate broker not only allows traders to access their trading platform without funds being deposited, but they also offer their clients the use of a free demo platform that allows traders to test that broker’s trading conditions.

• No Trading Conditions

Alliance Frugal offers no information on trading conditions anywhere on their website. We are given these investment plans, with promised returns, but no trading conditions. The lack of trading conditions is a clear indication that we are dealing with a scammer probably offering their clients some kind of a pyramid scheme!

• Profits Promised

Another clear indication that we are dealing with a scammer here is Alliance Frugal’s promise that you will make money – in less than 24 hours! No broker can make this promise since the extremely volatile forex market offers more losses on trades than profits.

• Single Payment Option

The only way to make a payment with this broker is via cryptocurrencies. Crypto payments are anonymous and permanent, making it a favored option with scammers. So, if a broker offers no other payment method, you know that you are dealing with a scammer. 

Conclusion

Alliance Frugal is just another scammer in the market that is out to cheat as many unwary traders as possible.

Alliance Frugal

2.3

User Experience

2.0/10

Payment Options

2.0/10

Security

3.0/10

Support

2.3/10

Reputation

2.2/10

Pros

• None

Cons

• Unregulated and Anonymous Broker
• Warning by FCA
• No Legal Documents
• Issues with Trading Platform
• No Trading Conditions