Thinking of getting into business with AlgofGain? Here is what you must know about this broker. Carefully read this review to find out if algofgain.com is the trading platform you will want to trade with.
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About AlgofGain Broker
AlgofGain is an offshore brokerage company with a lot of promises for traders. The broker’s address shows —-
The broker claims to offer stop loss/ take profit function, updated market data, negative balance protection, and spreads up to 1.5 pips.
There are different account types AlgofGain offers. See below.
In spite the trading instruments AlgofGain claims to offer, forex traders must know they are dealing with an unknown broker which does not have a regulation over its head.
algofgain.com: Reasons to Avoid This Broker
Firstly, algofgain.com is a platform with no financial authority overseeing its financial services. The broker is not regulated neither is it recognize by any financial authority.
Secondly, we noticed algofgain.com has no demo account for traders. Because traders can’t test AlgofGain on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk.
These are cons for forex traders to avoid losing money with this scam broker.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, AlgofGain presents the following information. See below.
Also, the broker charges 10% deduction on each month on an inactive account of 6 months.
Minimum Deposit
AlgofGain minimum deposit for forex traders is $250 .
As for the payment methods, we can make payment via Debit/ Credit card and Wire transfer. However, you should not consider making any payment with this broker because it is a risk. So beware!
AlgofGain Platform
Octa.Trade offers web based trading software and not MT4 or MT5 (Industry standard trading platform) which gives us more reason not to take the broker serious.
As for the leverage, it can get up to 1: 1000. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
AlgofGain Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated financial activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
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Conclusion: Is algofgain.com a Reliable Broker?
algofgain.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
More so, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
