Broker Website – https://algotraderfx.com/
Broker Warned By – Financial Conduct Authority (FCA)
Algo Trader Forex is an offshore broker which is not regulated by any reputed regulation authority in its region. The broker may operate in many countries without the regulation required by the reputed regulation authority in its country like CySec, ASIC, FCA, CNMV etc. But regulation can’t be the only reason for calling this broker as a scam. Many Complaints and negative Algo Trader Forex reviews and other possible scam features can also be the reason. Your funds may not be safe if you are trading with this broker.
Possible scam activities of scam broker Algo Trader Forex
Here are some of the possible reasons why we have flagged this broker as a scam broker in this Algo Trader Forex review.
- The broker may have made a number of false claims through its website.
- The rules and regulations, Bonus and Withdrawal policies are not legitimate and they are made for defrauding traders.
- The broker makes continuous calls to the traders and urges them to invest higher and higher amounts.
- The broker promises returns that are too good to be true.
- The risk warnings may not be disclosed on their webpage or that would be hidden.
- The broker may be located in countries or small islands where there is no proper regulation and registering a company is very easy. Usually, these countries are havens for scam brokers.
- This broker provides you good chances of making profits and when you decide to withdraw your money, they will state their illegitimate rules of withdrawals, and ultimately you are not able to make a withdrawal.
- The broker remains operational for some time and suddenly you are not able to contact the broker or the website seems down. The broker also changes the name and website URL without any notice to existing traders.
Negative Algo Trader Forex Reviews and Complaints
Algo Trader Forex has got many negative reviews and traders who traded with this broker have raised many complaints against it. ReportScam has investigated a lot about this broker and based on the negative reviews, complaints, and other scam features, we have listed this broker in the list of scam brokers 2022.
Is Algo Trader Forex a scam or a legit broker?
ReportScam does not recommend traders to trade with this broker and your funds may not be safe with this broker and Algo Trader Forex review is negative. Instead, look for regulated and reputed brokers who can really help in growing your investments.
To read more about Scam Brokers and their Review, Visit Scam Brokers 2022 Page.
What is Chargeback?
A refund of a charge made by utilizing different installment procedures like – credit card, wire move, etc., is a Chargeback. It permits you to get your resources back for false claims.
If you get victimized by a scam broker and looking for a way to get your lost funds backed, Chargeback is the solution for that. A Chargeback service like Report Scam can gather a chargeback case to quickly get your resources back.