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Score

1.44 /10
Danger

algofxtrade

United States

2-5 years

Suspicious Regulatory License

High potential risk

https://www.algofxtrade.com

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Score

Regulatory Index0.00

Business Index6.43

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! 2
Previous Detection : 2024-11-12
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

algofxtrade · Company summary

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information & Regulation

Feature Detail
Regulation No Regulation
Market Instrument commodities, cryptocurrencies and stocks
Account Type Starter, Silver and Standard
Demo Account N/A
Maximum Leverage 1:500
Spread N/A
Commission N/A
Trading Platform N/A
Minimum Deposit $250
Deposit & Withdrawal Method Bitcoin

algofxtrade is allegedly a forex broker registered in the United States that claims to provide its clients with various tradable financial instruments with leverage up to 1:500 via 3 different live account types, as well as 24/7 customer support service. Here is the home page of this brokers official site:

General Information & Regulation

As for regulation, it has been verified that algofxtrade currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.27/10. Please be aware of the risk.

General Information & Regulation

Market Instruments

algofxtrade advertises that it mainly offers three different asset classes, including commodities, cryptocurrencies and stocks.

Account Types

algofxtrade claims to offer three types of trading accounts - Starter, Silver and Standard, with minimum initial deposit requirements of $250, $1,500 and $5,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.

Account Types

Leverage

The maximum leverage provided by algofxtrade is up to 1:500. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Deposit & Withdrawal

algofxtrade accepts Bitcoin only. The minimum initial deposit requirement is $250.

Customer Support

algofxtrade‘s customer support can be reached by email: support@algofxtrdae.com or live chat. Company address: 237 W 35th St Suite 602 - 6th Floor, New York, NY 10123, USA. However, this broker doesn’t disclose other more direct contact information like telephone numbers that most transparent brokers offer.

Pros & Cons

Pros Cons
• Various trading instruments and account types to choose from • No regulation
• High minimum initial deposit required ($250)
• Single payment option (Bitcoin)

Frequently Asked Questions (FAQs)

Q 1: Is algofxtrade regulated？
A 1: No. It has been verified that algofxtrade currently has no valid regulation.
Q 2: What is the minimum deposit for algofxtrade？
A 2: The minimum initial deposit to open a Starter account is $250, while $1,500 for the Silver account and $5,000 for the Standard account.
Q 3: Is algofxtrade a good broker for beginners？
A 3: No. algofxtrade is not a good choice for beginners. Not only because of its unregulated condition, but also because of its high initial deposit.

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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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