Almadainvest has been flagged by Financial Services Authority for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Almadainvest seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Multiple order types|Transparent fees
Cons: Help articles are sometimes vague|Currency conversion fee exists
I wanted to transfer my portfolio from another broker to Almadainvest. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Two-factor authentication|Dividend tracking|Portfolio tracking tools
Cons: Research section could be deeper|Minor UI glitches occasionally
If you are reading this considering Almadainvest - run. I wish I had read more negative reviews after doing extensive research. I thought the positive ones were real. Maybe some are. My experience over for about five months has been so bad I feel obligated to warn others. Do not make my mistake.
Pros: Two-factor authentication|Personal attention|Multiple order types
Cons: Email notifications too frequent
My card was charged twice by Almadainvest on the same day. I had to dispute it with my bank. Almadainvest then froze my account and said I had a negative balance because of the chargeback. They created the problem and then punished me for it.
Pros: Regular platform improvements|Fast execution|Good analytical tools
Cons: No integrated tax optimization
After seeing ads for Almadainvest online, I investigated. The company is listed in the IOSCO I-SCAN warnings database and has been flagged by Financial Services Authority. Their website looks professional but that means nothing - many scam operations invest heavily in appearance. Always check the regulatory warnings before investing.
Cons: Flagged by Financial Services Authority|Cannot verify credentials