This offshore company doesn’t even try to pretend to be regulated. The broker has been around for some time now, and managed to defraud an alarming number of traders.
Our AlgoProVersion review will show you all the hallmarks of an online financial hoax, and how to get your money back from one.
| Regulated by: | Unregulated Broker |
| Is This Company Safe? | No, this is a fraudulent business! |
| Known Websites: | algoproversion.com |
| Have Warnings from: | BaFIN |
| Registered in: | SVG |
| Operating since: | 2023 |
| Trading Platforms: | Web Trader |
| Maximum Leverage: | 1:400 |
| Minimum Deposit: | $10.000 |
| Deposit Bonus: | 100% |
| Trading Assets: | N/A |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Withdrawals are not plausible – contact our recovery specialists for help with chargeback. |
Unregulated and Unapologetic
There’s no doubt that the firm behind the AlgoProVersion broker is unregulated. The company states in plain and simple terms that the operators “hope to gain [their] regulation very shortly”. As if people just stumble into regulatory licenses randomly while walking back home from a pub.
There is a mention of a parent firm, named OnlineBlue Group LLC, registered in St. Vincent and the Grenadines. Although this parent firm may be found in the SVGFSA registry, it is impossible to tell whether the connection is genuine or not.
Either way, SVGFSA has renounced their efforts to supervise and license online brokers. This means that it is impossible for this brokerage to be regulated, unless they register in another country. This was confirmed by BaFIN which blacklisted the firm.
How Online Scams Work
The AlgoProVersion trading website we see on the algoproversion.com domain was launched in April 2023. The fraudsters behind the site mostly target people from the following countries:
- Germany
- Switzerland
- Austria
- United Kingdom
- Belgium
This sort of faux service is known as a boiler room. It is a fraudulent call center, which employs various agents to contact and influence the victims directly. Agents do this by phone, or through social networks like Facebook.
Usually, the agents introduce themselves as “mentors” or “account managers” from one big investment company or another. They will claim to have an inside knowledge in the markets, and that they can quickly multiply any investment.
Traders are Warning the Public
The company is not exactly your reputable everyday business. Content of the majority of AlgoProVersion reviews can only be described as public outrage.
Looking at TrustPilot, for instance, the firm has a rating of 2.0 stars. Out of 43 total testimonials, 79% are negative, and include complaints about known boiler room methodology. Don’t wait for these swindlers to disappear with your money! Contact our legal team today to start a fund recovery procedure!
Lack of Disclosure on Costs
Trading under increased exposure is a shortcut to bankruptcy. That’s exactly where these fraudsters aim to send you when they offer leverage of up to 1:200. At that, there’s insufficient information about the trading costs, such as spreads.
Account types page suggests up to 50% swap reduction available, but no concrete costs are displayed. When there’s not enough transparency, you can’t expect the brokerage service to be honest and genuine.
100% Bonus With Vicious Terms
As soon as you become a proud owner of an AlgoProVersion login, you will have to meet the requirements before you can withdraw the bonuses.
In other words, you have to trade a number of lots equal to Bonus Amount * 1. That means, if you deposit $200, you have to trade 200 lots to withdraw the bonus. Just for the record, one standard lot is 100.000 units – you do the math.
Shabby Features Impress No One
The majority of the alleged prestigious trading tools and options are locked behind the sign up procedure. That is further obstructed by the Promo Code requirement. Therefore, you can’t just access the trading terminal or make a demo account. Only the hand picked victims with a secret code can.
Pathway to Trading is Blocked
As already explained, all you will ever get to see of the purportedly premium AlgoProVersion app is just a Promo Code requirement. Several screenshots found on the web presentation suggest the software is nothing but a simplistic web terminal anyway.
Severely inferior in comparison to industry leaders (MT4, MT5) this trading portal is nothing but a scammer’s playground to manipulate and alter how they wish.
Poorly Introduced Markets
Besides several popular asset groups listed on the site, there’s not a single additional piece of information available.
The broker doesn’t even list a single instrument as an example of what can be traded on their platform. Promises about thousands of available assets for trading seem like another big, fat lie introduced by these cons.
Daylight Robbery
With the minimum deposit for the cheapest AlgoProVersion account being $10.000, these cyber criminals sure don’t come off as modest. We wouldn’t mind if their offer was indeed so extravagant to deserve this insane pricing.
Unfortunately this is just snake oil that costs an arm and a leg yet does nothing good for the trader. Here is how these prices go:
- Standard – €10,000
- Advanced – €25,000
- Platinum – €100,000
- Expert – €250,000
- Vip – €500,000
Withdrawal Page Does Not Exist
It’s clear that the con artists never intended to allow any payouts to happen from their platform. There is no withdrawal policy anywhere on the website, and the Terms and Conditions paper never even mentions the word once.
A hyperlink towards an alleged withdrawal page does exist, but leads nowhere. Instead of directing you to a payout form, it shows an “error 404” page.
Getting your money out of this platform requires taking legal action. Book a free consultation with our team for help in getting your money reimbursed.
Zero Customer Support
The website mentions several channels through which you should, allegedly, be able to contact support. This support is said to be available 24/5, but the live chat doesn’t work, and the phone line is disconnected. Just like with TRIMAMEX, you’re left with an email address, but chances are nobody reads the messages.
Seek Help With Recovery!
Investing your hard-earned capital into promising but unregulated schemes can never pay off. Therefore, we strongly suggest you to always double check your broker of choice and only pick well-regulated online trading servers.
If you, by any chance, invest into a shady scheme such as EliteBrokers or AlgoProVersion scam, we can help you get your capital back. Contact our chat agents promptly, and book your free interview with our chargeback experts.
FAQ Section
What is AlgoProVersion?
It is an online fraud disguised as an offshore forex broker.
Is AlgoProVersion Legit?
No, the company is completely illegal, and the swindlers themselves admit to not be regulated.
How to Get Money Back From a Scam Broker?
Recovering funds requires expert help. Book a consultation with our team to learn more about the recovery process.
Source:
https%3A%2F%2Fscambrokersreviews.com%2Fforex-scams%2Falgoproversion-review%2F
