Conalp Review – The Many Problems you Will Find

Conalp Review

The sheer number of online brokers that are offering their services these days is mind-boggling for a lot of people. Many people are left flummoxed because they cannot decide how to choose a brokerage; what should you consider and what should you ignore?

Moreover, it is not just about the offerings and features that a company can offer to you; you also have to determine the authenticity and legitimacy of an online brokerage because not all of them are on the up-and-up. You can check out this Conalp review to see just how this plays out.

You will hear about the fraudulent and shady brokers operating in the markets, but most people do not really understand how they operate. You expect scam websites to have some clear indicators that will give away the truth, but this is just a misconception.

The beauty of these schemes is that they are able to devise an appearance of a reliable and professional brokerage that you will not be able to doubt at first glance. They can create a powerful first impression and if you do not follow up, you will end up as the victim of a fraudulent brokerage.

This is a situation you do not want to find yourself in ever, so it is best to never form an opinion about any online broker based on what they appear, or present themselves as. No matter how impressive and attractive their claims and offering may be, you have to be proactive and do your homework.

This means ensuring that there are no problems that could point to a completely different reality, as in the case of Conalp that presents itself as an established brand that is regulated worldwide.

It might sound quite impressive, given that Conalp calls itself a modern platform for traders and promises a powerful platform for those who want to trade in the financial markets. They also put forward some numbers to back their claims, but are they really what they say they are?

Unfortunately, when you start doing your homework, you can find a ton of problems that Conalp has, which throws its authenticity into question. What are they? Some of the major ones are highlighted below:

Regulation and licensing

You should bear in mind that no legitimate online broker would ever operate without a license. They will always obtain a license from the regulatory authority of the country they are based in. This is a requirement in countries and this regulation adds a layer of security for the company and its clients.

It ensures quality services, along with transparency, safety and accountability, which is all anyone could want. When it comes to Conalp, you will find that the broker claims to have offices in 13 countries, which include Germany, Poland, the United Kingdom, France and Turkey.

It advertises itself as one of the biggest stocks and CFD brokers worldwide, which is listed on stock exchanges and also that it is regulated by the biggest supervision authorities in the world.

As far as their address is concerned, you will find that the Conalp website boasts a US office address, but there is no phone number and only an email is available. Plus, there are no license numbers on the website either and no mention of the specific authorities they are regulated by.

Since they have given a US address, it is best to check if Conalp has a license from the Commodity Futures Trading Commission (CFTC) and a membership of the National Futures Association (NFA). After all, it cannot have an office there without a license.

Yet, the registers of these authorities do not have Conalp listed. This makes it obvious that the brokerage is only making tall claims to feel people and is not a trustworthy one.

Trading platform

One of the key features of an online broker is the trading platform they offer to their clients. This is the software used for trade execution and it also provides the trading tools that can be used during the trading process.

When you check out the trading platform offered at Conalp, you will come to know that it offers a rather rudimentary and basic software with no such tools.

It does not even come close to the professional trading platforms that can be found, such as the MT4 and the MT5, which boast advanced technology and cutting-edge features and tools that can help you make smart decisions.

Every professional brokerage in the market offers these platforms to its clients, but Conalp does no such thing.

Trading conditions

The trading conditions that a broker offers should always be checked because they are directly linked to your profits.

You should do the same with Conalp to ensure it is a competitive broker. While it does not have a minimum deposit, you will come to know that it does not really provide much information about its trading condition and that is suspicious.

You do not want to deal with high fees and spreads later on, but Conalp is not transparent in this area.

Secondly, it claims to offer a variety of trading instruments, but they only offer a handful of crypto pairs, which means the brokerage is also misleading clients in this regard. Does that sound like an authentic broker?

Payment options

You need to check the payment options that are offered by an online broker because you want to be able to get a refund if there are any issues.

Also, you want to be able to make your deposits and withdrawals easily and quickly. You will be impressed by Conalp when you check the list of payment options it supports, which include wire transfer, credit or debit card and Bitcoin.

But, this is just a false claim because the only payment method that Conalp supports is bitcoin. The problem with crypto payments is that they are not eligible for a chargeback, so you will not get a refund and they are also anonymous, which means you cannot trace your funds either.

Ending Thoughts

The many problems with Conalp can help you see that the brokerage is not worth your time or money.