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Score

1.44 /10
Danger

algofxtrade

United States

2-5 years

Suspicious Regulatory License

Suspicious Scope of Business

High potential risk

https://www.algofxtrade.com

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Score

Regulatory Index0.00

Business Index6.48

Risk Management Index0.00

Software Index4.00

License Index0.00

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Licenses

No valid regulatory information, please be aware of the risk

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

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Broker Information

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Company Name

algofxtrade

Company Abbreviation

algofxtrade

Platform registered country and region

United States

Company website

Company summary

Pyramid scheme complaint

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Warning: Low score, please stay away!
Previous Detection : 2024-12-25
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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algofxtrade · Company summary
Algofxtrade Review Summary
Founded2020-12-30
Registered Country/RegionUnited States
RegulationUnregulated
Market Instrumentscrypto
Demo Account/
LeverageUp to 1:500
SpreadFrom variable
Trading Platformalgofxtrade
Min Deposit$250
Customer SupportEmail: support@algofxtrade.com
Live Chat

Algofxtrade Information

Algofxtrade is a crypto platform with a maximum leverage of 1:500. The broker also provides 3 major investment plans distinguished by different deposits. The minimum spread is from variable and the minimum deposit is $250. Algofxtrade is still risky due to its unregulated status, high leverage, and inaccessible office website.

Algofxtrade Information

Pros and Cons

Pros Cons
Leverage up to 1:500Unregulated
Spread from variable10% commission
24/7 live supportInaccessible office website
Unspecific fee and account information

Is Algofxtrade Legit?

Algofxtrade is not regulated, even though it claims to be regulated by FCA and CYSEC. However, an unregulated broker is not as safe as a regulated one.

Is Algofxtrade Legit?
Is Algofxtrade Legit?
Is Algofxtrade Legit?

What Can I Trade on Algofxtrade?

Algofxtrade provides crypto to trade.

Tradable Instruments Supported
Crypto✔
Commodities❌
Stocks❌
Precious Metals❌
Shares❌
ETFs❌
Bonds❌
Mutual Funds❌

Plans

Algofxtrade provides 3 major plans with different deposits to choose from: Starter, Silver, and Standard. Traders with a small budget can choose a starter account.

Plan StarterSilverStandard
Deposit$250-$1499$1500-$4999$5000-Unlimited
Minimum trading volume0.010.010.01
SpreadFrom variableFrom variableFrom variable
Maximum Leverage1:5001:5001:500
Plans

Algofxtrade Fees

The spread is from variable and 10% commission.

Algofxtrade Fees

Leverage

The maximum leverage is 1:500 meaning that profits and losses are magnified 500 times.

Deposit and Withdrawal

Deposit and withdraw with a minimum deposit of $250 through Bitcoin.

Deposit and Withdrawal

Customer Support Options

Algofxtrade provides 24/7 live support; Traders also contact the platform via email.

Contact Options Details
Email support@algofxtrade.com
Live Chat ✔
Supported Language English
Website Language English
Physical Address 237 W 35th St Suite 602 - 6th Floor, New York, NY 10123, USA.
Customer Support Options
Customer Support Options

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大掌柜的
more than one year
Extreme hard was to take in use the trading with dynamic spread, especially for the first time. I understood that I was wrong when was trading with fix spread at other brokers, it was my stupid mistake!
Extreme hard was to take in use the trading with dynamic spread, especially for the first time. I understood that I was wrong when was trading with fix spread at other brokers, it was my stupid mistake!
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2023-03-13 11:16
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