algofxtrade Spreads, leverage, minimum deposit Revealed

WikiFX | 2022-11-09 10:28

Abstract：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.

　　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:

　　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.

　　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.

　　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.