Trading with confidence and investing with purpose is what this shady site reportedly offers to their clients. Closer inspection reveals that the company is actually a ghost conduct that owns no valid Forex license.
It’s safe to conclude that the suspicious scheme hunts for inexperienced traders and robs them blind in the process. Read more on this subject in the following Algo Advise review.
| Regulated by: | Unregulated broker |
| Is This Company Safe? | Without a mandatory license, this company is not considered safe. |
| Known Websites: | algoadvise.com |
| Have Warnings from: | CNMV, CONOB, AFM, IOSCO |
| Registered in: | UK (alleged) |
| Operating since: | November 2023 |
| Trading Platforms: | Web Trader |
| Maximum Leverage: | 1:100 |
| Minimum Deposit: | $250 |
| Deposit Bonus: | Up to 150% |
| Trading Assets: | Forex, Stocks, Commodities, Indices, Crypto |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Payouts don’t happen here – get advice from our legal experts for chargeback. |
Warnings Reveal Dark Secrets
Offering any type of financial services is strictly regulated in the UK. The company we’re reviewing is allegedly called IOS INVESTMENTS Limited, and this name exists in the UK Companies House registry. However, the address matches another firm – IOS INVESTMENTS LTD, which is actually registered as a business dealing in real estate.
As an online trading brand, the Algo Advise broker is not listed in the FCA register of supervised entities that provide online financial services. Furthermore, the shady site is actually blacklisted as a scam scheme by CNMV (reposted by CONSOB, AFM and IOSCO). That explains the true nature of the company and their apparent fraudulent tendencies.
How to Recognize a Scam
The Algo Advise scam attracts victims through tried and tested underhanded methods. These include unsolicited phone calls, and pressure tactics involving harassment, threats and extortion.
The fraudsters mostly target people from these nations:
- Italy
- Spain
- Switzerland
- United Kingdom
- South Africa
Much of the solicitation happens by phone or online chat services, but a good portion of the victims were referred to the fraudulent platform by other swindlers. In some cases like Gemstone Holdings for instance, con artists will urge victims to install remote access software on their computers.
While the perpetrators of the con scheme would have you believe their platform has been in business “for years”, in reality the algoadvise.com website was only launched in November 2023.
Negative Opinions
While the Algo Advise reviews are not numerous, they are almost universally bad. The company has a horrible TrustPilot rating, with 90% of all ratings being 1-star. Although the majority of opinions are written in Italian, it is apparent that the customers are appalled by the bad service and horrible treatment.
Transparency Issues are Obvious
Trading conditions are kept in complete secrecy. PlatinumFX displays a similar lack of transparency and they’re known for being fraudsters. Since legal papers reveal nothing of value and nothing concrete, we tried to explore the terms found inside the platform.
Only Algo Advise Forex leverage can be read, and it’s 1:100 by default on major currency pairs. All other expenses, including the withdrawal costs and commissions are not clarified. Inactivity fee of 10% monthly is sure to be charged after 30 days of inactivity.
Up to 150% Bonus
Cash rewards are given on every first deposit. Depending on the account type, bonuses range from 30% to 150% on the minimum investment of $1.000. Keep in mind that this is just an alluring financial trap, designed to prevent your withdrawals later due to the trading volume requirements.
Low Quality Features
Despite the well designed marketing and misleading information, there was no other trace of the alleged Algo Advise AI trading tools and other advanced features. Nothing but false promises are present on this shiny site. All other features are all illusory and ridiculously expensive.
Web Trader Fails to Impress
Based on the imported TradingView charts, the Algo Advise platform doesn’t exactly leave you breathtaken. Its limited range of features and basic customization options don’t match those offered by industry leaders – MT4 and MT5.
Several rudimentary and standardly available options can’t make up for the absence of the advanced analytical tools and performance features.
Limited Number of Assets
Those who sign up with this trading portal are promised access to more than 500 different instruments. Among those are the following tradable asset groups:
- Crypto – BTC, ETH, LTC, XRP
- Forex – EUR/USD, EUR/CHF, USD/AUD
- Commodities – Oil, Sugar, Cotton
- Indices – Dax, Dow Jones, Nasdaq
- Stocks – Tesla, Facebook, Alibaba
Getting Started
Registration procedure is purposely designed to appear easy and swift. However, demands start raining as soon as you become a full time member. You will be asked to verify your identity and confirm your account, but also invest real money immediately.
While accounts even claim to provide return on each investment by engaging the Algo Advise trading robot, all features seem too exaggerated to be real. Take a look at the prices:
- Bronze – $250
- Silver – $2,500
- Gold – $10,000
- Premium – $25,000
- VIP – Price Upon Request
Incomplete Withdrawal Policy
No payouts or account funding procedures are completed without the involvement of the account managers. These scam agents have a special mission to extort additional funds and prevent you from wanting to withdraw anything by manipulating you into more investing.
Legal documents do not clarify the available Algo Advise withdrawal methods, processing time or fees. According to the user area, only bank transfers are allowed, which means this is most likely the good ole wire fraud.
Support Unavailable
Client help desk claims to be open everyday except weekends. However, even during the active hours, the support didn’t answer our inquiries. Emails do not go to the specified address and, as per usual, no one answers the phones.
Boiler room operators call you almost immediately after leaving your contact on their registration page. Alas, you will never be able to establish communication when you’re asking for support in issue solving.
Practice Caution and Ask for Help with Recovery!
Blacklisted financial services providers are not reliable companies you can build your financial future with. It’s crucial to understand what risks you expose your funds to when attempting to trade on their rigged platforms.
Therefore, we encourage all our readers to contact us for advice and help upon every issue they may encounter on suspicious platforms. Our recovery agents and legal professionals offer guidance and honest advice you won’t find anywhere else.
FAQ Section
What is Algo Advise?
Algo Advise is a fake brokerage firm that has been blacklisted several times by leading financial bodies.
Is Algo Advise Legit?
No, the firm claims to be legally incorporated by aren’t, and they do not own any Forex license.
How to Get Money Back From a Scam Broker?
This procedure requires skill and knowledge but also patience. We advise you to contact our legal professionals for such services.
Source:
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