Loyalty Algo

Loyalty Algo Information

Loyalty Algo is a company registered in United Arab Emirates, offers commission-free trading on various assets like forex and commodities. While it boasts user-friendly platforms (MT4 & MT5) and low minimum deposits, the lack of phone support, live chat. In particular, a red flag is their lack of regulatory information from well-known authorities like the FCA. This could put your investment at risk.

Pros and Cons

Is Loyalty Algo Legit?

Loyalty Algo' regulatory information cannot be obtained, and it is not governed by other well-known regulatory authorities such as the Financial Conduct Authority (FCA) in the United Kingdom or the Australian Securities and Investments Commission (ASIC).

What Can I Trade on Loyalty Algo?

Loyalty Algo offers a variety of trading instruments, including cryptocurrencies, commodities, futures, forex, spot metals, and spot indices.

Account Type

Loyalty Algo offers four types of trading accounts: Micro, Mini, Premium, and ECN. And offers demo account.

The Micro account is the most basic, with a $100 minimum deposit and a 2-pip spread, while the ECN account is the most advanced, with a $5000 minimum deposit and a 0.2-pip spread.

Mini account and Premium account require a $100 minimum deposit, and the spreads start at 1.5 pips and 1 pips respectively.

Loyalty Algo Fees

Loyalty Algo's trading fees are competitive with the industry, especially for its commission-free offerings.

Trading Fees

The commission and spread structure on Loyalty Algo's platform varies based on the chosen account type. The Micro, Mini and Premium accounts offers commission-free trading with spreads starting at 2 pips, 1.5 pips and 1 pips respectively. For professional traders, the ECN account provides the tightest spreads from 0.2 pips but incurs a commission.

Swap Rates

Except for the Micro account, the other three accounts need swap charges.

Trading Platform

Deposit and Withdrawal

The minimum deposit to start trading with Loyalty Algo is $100.

Deposit Options

Withdrawal Options

Customer Service

Loyalty Algo offers limited customer service options. They lack phone support, live chat, and a contact form. You can only reach them via email (support@loyaltyalgo.com).

The Bottom Line

Loyalty Algo offers commission-free trading on various assets and user-friendly platforms, but a major red flag is its lack of regulation by well-known authorities. If regulation is not a major problem, Loyalty Algo can be suitable for experienced traders comfortable with a proprietary platform and limited customer support.

FAQs

Is Loyalty Algo a safe trading platform?

No, Loyalty Algo is a relatively new company and is not regulated by any major financial agencies.

Is Loyalty Algo a suitable broker for beginners?

Due to the lack of regulation and limited customer support, Loyalty Algo might not be the best choice for beginners who need more protection and readily available assistance.

Is Loyalty Algo good for day trading?

Loyalty Algo isn't the best choice for day trading. They provide limited customer service, and intraday traders usually need immediate help.