“Top Algo Trade” Scam
On Their Website The Scam Promotes a “100% Profitable Auto Trading Forex Robot”
“Top Algo Trade” claims however seem to be a scam.
As reported by FinanceMagnates:
The Federal Financial Supervisory Authority, more commonly referred to as BaFin, has flagged yet another firm as suspicious this Tuesday. Today, however, the company in question is Top Algo Trade. According to the warning from the German regulator, Top Algo Trade does not have permission to conduct banking activities or provide financial services in Germany, as per the German Banking Act.
Top Algo Trade is a “100% Profitable Auto Trading Forex Robot”, according to its website. Not only is the company operating in Germany without the proper authority, but whenever a company starts promising “100%” profitability or high returns, red flags start to go up.
BaFin then goes on to warn consumers that the forex company has been contacting German residents via email and “lures” them to visit its website, top-algo-trade.com. Furthermore, the company does not specify its legal form or registered office.
When you visit Top Algo Trade’s website, it claims: “Top Algo Trade combines the outstanding profitability of the 3 most powerful forex trading strategies (Price action, Fibonacci and Pivot points) with the best indicators (MACD, RSI, Stochastic Oscillator, Commodity Channel Index etc.) to achieve amazing results within your forex trading account. Don’t worry! You don’t need to do any manual analysis. It’s all automated, so sit back, relax and watch your income grow dramatically!”
BaFin is not alone in its quest to protect consumers from potential scams. In fact, just today, Finance Magnates also reported on a warning from the Cyprus Securities and Exchange Commission (CySEC), which warned against two websites belonging to forex firms – Capital Swiss FX and EXPERT FX TRADE.
The Cypriot regulator stated today that the abovementioned websites had stolen the license number and content from the website of the Cyprus Investment Firm BDSwiss Holding Plc, a legal entity in Cyprus.
Our Personal Opinion?
Here at IsRegulated.com we always tell out readers to do some research before signing up with a broker, exchange or trading software. You can easily check if the firm holds a broker license to take on clients from your country. If the firm does not have a license, then stay away.