When browsing Algobit, the main problem was that the broker did not provide his physical address in the contact section. On the other hand, if the broker no longer provides communication methods such as email, phone, text messaging, and chat, and has a support team that does not seem to understand the trade or is evasively asking certain questions, this could be a sign that a scam is or at least a low-quality broker. Try customer service while investigating a broker’s case, but keep in mind that even rogue brokers can appear friendly and helpful at first and then show their true colors.
In general, the FCA advises UK investors not to invest with this broker. We do not recommend trading with Algobit as this broker was suspected of being a scam. If you have already signed a contract or sent money to this scam broker, please contact btc-scam as soon as possible to get in touch with the Fund Recovery specialists to withdraw funds to Algobit. If you have already lost money from a broker without withdrawal, contact us for advice.
Since there are so many broker scams, it is best to exercise caution and only deal with regulated entities. When a broker has your money, he can do whatever he wants, as long as it is not regulated.
Working with an unlicensed broker does not provide protection in the event of broker fraud. While not being licensed is not a guarantee of broker scams, it is the only factor that repeats over and over again when we investigate broker scams. Since new forex brokers are constantly emerging, determining a broker’s legitimacy can be a real challenge.
This is why we suggest that you initially trust no broker and check the forex scam list first. When looking for a list of forex scams, it is also imperative to find the best forex broker to trade safely. As with other types, there is a list of scam forex brokers that you can check before signing up for anything.
Many fraudulent brokers offer automated trading performed by a robot or algorithm that claims to make you money. Typically brokers listed on Forex scams offer profitable enough that it appears to be real. To act like the real ones, some advanced brokers on the forex scam list may come across you and explain the low or even zero risk when trading.
Some fraudulent brokers claim to be regulated and registered by a government agency that does not control or regulate forex companies. A number of unregulated brokers like Algobit have been reported to cheat people. Forex trading scams usually mimic the selling approach of a reputed broker or investment firm. The growing number of scammers in the foreign exchange market makes even traders doubt real brokers.
However, this factor requires a lot of attention, as it is often an area where brokers can cheat people. Fund Recoverys specialists scrutinize a broker’s Forex trading offer to identify issues that could indicate possible loopholes. Fund Recovery experts can help you when it comes to analyzing and evaluating forex brokers. Major forex websites that provide reviews and ratings for any broker will also help you a lot in trading.
By reading reviews and reviews, you might find out that a particular broker is quite popular or may be a scam. If you cannot find honest reviews of the broker you are interested in, do not create an account.
Our specialists have the experience and skills to analyze brokers and can distinguish between legitimate and fraudulent brokers. Traders should trade with well regulated brokers such as UK or Australia brokers and reputable brokers.
If you choose a broker, remove Algobit from your list and select only a regulated and duly licensed broker. The above information is not enough to start trading with Algobit. He can cause huge losses to his clients and therefore, in our opinion, is a potential scammer. Algobit hides most of the trading conditions and raises suspicions. Obviously, Algobit did not do any of the above, and could not even be regarded as a broker, but just a scam in the foreign exchange market. This is why it is important to learn more about Algobit before opening an account and sending money or submitting any documents. We recommend that all investors and traders avoid Algobit and other Vanuatu brokers.
For further reading, please see Algobit: scam