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The lucrative opportunities in the financial markets are nothing new, but more people are now turning towards these because of the easy access provided by online brokers. Gone are the days when you had to have a lot of capital and go out to trade in these markets. These days, you can trade from anywhere and anytime, with a minimum amount of money as well. All of this is possible because of online brokers, but this doesn’t mean that all of them are cut from the same cloth. A look at this AlgofGain review shows just what kind of issues you can face with a broker.
The unregulated nature of the internet has enabled scam operators to infiltrate the online trading space as well. This means that there are legitimate brokers as well as scam ones that can be found. You can find countless stories of people who made the mistake of falling into the trap of scammers and had to pay a hefty price for it. This is a scenario that you don’t want to deal with, which means prioritizing a trustworthy broker. The dilemma for most people is that these scam and fraudulent characters know just how to draw people in.
They appear to be the same as legitimate platforms and purposely add features that will grab your attention. The real story turns out to be different and you discover it when it is too late. The best way to avoid this is by checking their story and verifying it thoroughly before you take things forward. One of the brokerages offering superior trading products and services is AlgofGain and it seems to be quite reliable on the surface. A closer look tells you something different. Go through the review below to know more:
Lack of regulation and licensing
A trustworthy brokerage is one that’s regulated and licensed; this one fact will be repeated by every expert you talk to. Most of the scam brokers in the market are unregulated and unlicensed, as they don’t have to follow any rules or answer to anyone. You will discover that AlgofGain belongs to the same category of unregulated brokers and the worst part is that it has been touted as a scam by regulatory authorities as well.
According to the AlgofGain website, the company is based in Austria, which means it should be regulated by the Financial Market Authority (FMA) in the country. However, it will not take you long to find out that it is not regulated because the FMA has issued a warning against it. Likewise, the Financial Conduct Authority (FCA), which is the financial regulator in the UK, has also issued a similar warning.
Apart from these issues, you can go through the entire AlgofGain website and not find the name of the company behind it. They have not provided any corporate background or other relevant details, which makes it completely anonymous. Such virtually anonymous platforms cannot and should not be trusted.
Malicious Terms and Conditions
Agreeing with the terms and conditions of a broker is a prerequisite that you cannot avoid if you want to use their services. But, this doesn’t mean that you agree with them blindly and not do your homework. It is a good idea to go through them first because it can help you identify if the broker is being honest and upfront. When you do the same with AlgofGain, you will come to know just how malicious this platform really is.
First and foremost, they charge hefty withdrawals fees, which will eat into your profits. It should be noted that lots of brokerages are waiving withdrawal charges nowadays as a sign of good faith, but AlgofGain doesn’t appear to be doing so. Moreover, other than the withdrawal fee, it also applies a 10% levy on trading accounts that haven’t achieved a specific turnover. This is downright ridiculous because no authentic brokerage would ever do this to its clients.
Furthermore, you will also come across a clause of non-deposited funds in AlgofGain’s terms and conditions. This one is quite common amongst scam brokers because it gives them an excuse to prevent their clients from making withdrawals. Essentially, it outlines that profits made from trading bonuses cannot be withdrawn by traders, but those with their own deposits can. However, as there is no way of physically separating the two kinds of profits, you will not be able to withdraw anything at all.
Lastly, it should be noted that AlgofGain also asks its clients to install the AnyDesk software, which can be misused by the fraudsters behind the broker to gain access to your PC as well as all of its content. This means that they can use your banking and personal information, which means they will wipe out your bank account.
Absence of a suitable trading platform
The most crucial feature that a broker has to offer to its clients is the trading platform, which is used for executing trades in the market. You would obviously want to have access to the best for a smooth and optimal trading experience, but AlgofGain is only going to disappoint in this regard. They have a browser-based platform for its clients, which is nowhere close to the spectacular features that the MT4 and the MT5, the leading platforms in the market, have to offer. This is another clear indication that the broker is not a good choice because most genuine brokers offer the MetaTrader platforms to their clients.
Excessive leverage levels
Yes, traders require leverage for making the most of their experience, but this doesn’t mean excessive leverage is a good thing. It is vital to remember that high leverage also has high risks, due to which most regulated markets has restricted the amount of leverage that can be offered to traders. AlgofGain is promising leverage to its clients between 1:200 and 1:1000, which is extremely high. These ratios are very dangerous and regulated brokers do not offer them.
After realizing the many problems with AlgofGain, it is not difficult to determine that this broker is not trustworthy for anyone.