Score

1.19 /10
Danger

AlgoFX

United States

1-2 years

Suspicious Regulatory License

Suspicious Scope of Business

High potential risk

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Comparison

Quantity 1

Exposure

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Website

Score

Regulatory Index0.00

Business Index4.55

Risk Management Index0.00

Software Index4.00

License Index0.00

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Website

Licenses

No valid regulatory information, please be aware of the risk

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

Single Core

1G

40G

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Warning: Low score, please stay away!
Previous Detection : 2025-01-10
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

WikiFX Verification

Pyramid scheme complaint
Expose
Unable to Withdraw

I can’t withdraw from this worst broker

I’ve been deposited 6610 USD in this worst broker named Algofx in 21st September, 2023. I purchased the AI softwares from Treedex company and my agent Mr. Luke (Israel nationality) assisted me to install it on my AlgoFX account which is 1000173. I got profits stably and continually daily and the capitals grew up more than 10K USD. The software is really effective definitely, and I tried to withdraw 100 USD on 20th October, 2024 and it was successful. I tried to withdraw 2000 USD and 5000 USD separately to my Binance account and bank account on 7th December, 2023, then I cancelled the withdrawal of 5000 USD and change the withdrawal amount to 6000 USD on 8th December, 2023. Since then, the broker has never replied my withdrawals until now. I even texted messages to the Chat and sent emails to the support without any responses until now. It’s 22nd March, 2024 now, and this worst broker declined my 2 withdrawals and didn’t reply me the reasons why my 2 withdrawals were declined. I tried to withdraw 2000 USD on 22nd March, 2024 again to my Binance account and will see how this baddest broker will do in the coming future. I need the assistance from WikiFX Global Customer Service. Please help me get my capitals back minimum 6,510 USD, and even the profits the AI software has traded for me automatically in the coming future this year. The evidences are shown in the following screenshots and hope I will get my money back ASAP.

sami5168
2024-03-22 18:17
AlgoFX · Company summary

Note: TradeBaionics's official website - https://www.tradebaionics.com/ is currently inaccessible normally.

AlgoFX Review Summary
Founded2024
Registered Country/RegionUnited States
RegulationNot regulated
Market InstrumentsCFDs on 70+ forex pairs, gold, silver, oil, and gas
Demo Account
LeverageUp to 1:500
Spread/
Trading PlatformMT5
Min Deposit/
Customer SupportEmail: support@algofx.live
Social media: Facebook, Twitter, and Instagram

AlgoFX is a newly-established broker registered in the United States, offering trading in forex pairs, gold, silver, oil, and gas with leverage up to 1:500 via the MT5 platform. However, it currently has no valid regulations.

Pros and Cons

Pros Cons
Various trading assetsUnavailable website
Demo accounts offeredNot regulated
Multiple account typesOnly accept crypto payments
Popular trading platform - MT5Only email support

Is AlgoFX Legit?

No, AlgoFX operates without regulation. Please be aware of the risk!

No license

What Can I Trade on AlgoFX?

Tradable Instruments Supported
CFDs
Forex pairs
Gold & silver
Oil & gas
Indices
Stocks
Cryptos
Bonds
Options
ETFs

Account Type

AlgoFX offers three account types: Standard, Commission and STP Pro account. It also offers demo accounts.

Leverage

AlgoFX offers leverage up to 1:500. Note that trading with high leverage can lead to huge profits and losses.

Trading Platform

Trading PlatformSupported Available Devices Suitable for
MT5Desktop, MobileExperienced traders
MT4/Beginners

Deposit and Withdrawal

AlgoFX only accepts payments via crypto wallets. Other popular payment options like bank transfers, credit/debit cards, and e-wallets are not available.

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