Algo Management Review – This Bogus Platform Is All Talk And No Substance
Algo Management asserts that their services are built on the idea of equipping traders with reasonable prices and leading technological solutions to harness the potential of online markets. If the company was a properly regulated business conduct that would make for a believable claim.
Alas, it turns out that all the statements about the profit awaiting you at this platform are falsified statements to drag you into the money grinder. Stay with us as we unveil the scam mechanisms behind the site in the following Also Management review.
|Regulated by:||Unregulated Forex Broker|
|Is This Company Safe?||No, the absence of licenses confirms their fraudulent intentions!|
|Have Warnings from:||AMF|
|Deposit Bonus:||up to 100%|
|Trading Assets:||Commodities, Currencies, Crypto, Indices, Stocks|
|Free Demo Account:||Not available|
|How to Withdraw from This Company?||Beware of unregulated scam firms and contact us for legal help in fund restoring.|
Legal Red Flags About Algo Management
While exploring algo-management.co, the first thing that will come off as unusual is the complete absence of legal documentation. The Algo Management scam is a conduct that is based on lies and fabrications without legal stand.
Since that is so, we went looking through registers of prominent regulators in search for license information. What we found shouldn’t shock you, as this site is evidently a financial trap. For that reason, it was blacklisted by the leading French regulator – AMF.
Without segregation of funds, compensation plans and risk-controlling measures, you cannot trade safely on this platform. Their goal is the same as that of Beurax – to rob you blind and vanish into thin air!
Trading Costs Help The Fraud Work
Under the pretense of allowing more profitable trading, the website offers leverage of up to 1:500. This is as risky as it is potentially lucrative. The risk is the main reason why EEA and other better regulated zones have limited the leveraged trading to a ratio of 1:30 and 1:50.
Furthermore, the trading costs are somewhat average, ranging from 1.5 pips on EUR/USD for the cheapest account to 0 pips for the most costly account. The truthfulness of these values is questionable, considering it comes from a blacklisted entity.
Welcome Bonus Up To 100%
Another regulatory breach we detect at Algo Management is the bonus offered. Depending on the account price, the higher this bonus goes. The deposit bonus of 100% isn’t clarified in legal documents, yet the broker openly offers it.
As a door to financial manipulation and money extortion, this method is often abused by the swindlers to prevent withdrawals and apply trading volume requirements.
Substandard Trading Environment
The good part about this company is that they are transparent about the trading features they offer. The bad part of the deal is that, unfortunately, most of these are below the current industry standard.
The trading platform is basic, and features only the most necessary of features. Trading accounts seem diverse at first glance, but first impressions quickly prove to be misleading.
Low Quality Trading Application
The Algo Management trading platform is a Web Trader, similar in functionality to the one found with the Limeberg fraud. It’s beyond simple, and these miscreants advertise it as a good point, but we beg to differ.
This is not surprising, since these bogus firms only offer the pretense of actual trading. They edit the prices themselves, and make their clients lose with every trade.
The brokerage website will have you believe they’ve enabled more than 500 financial instruments to trade on. Since the web presentation doesn’t go into detail about this aspects, we had to consult the web interface for information:
- Stocks (Lufhansa, Alcoa, 3M)
- Crypto (BTC, EHT, LTC)
- Indices (DAX40, DOW30, IBEX35)
- Forex (EUR/USD, USD/CHF, EUR/JPY)
- Commodities (Corn, Coffee, Cotton)
Deposit Determines Account Tiers
As per usual, faux brokers aren’t overly creative with naming their accounts. This characteristic is also evident in terms of features offered with each package.
Besides low trading costs and high leverage, the brokerage promises extra services like dedicated account manager, business plans, and customized learning materials. Here’s the prices:
- Standard – $250
- Silver – $2,500
- Gold – $10,000
- VIP – $50,000
Unclear Withdrawal Methods
The website doesn’t specify any of the Algo Trading withdrawal options in detail. They use weasel words such as “within a few days”, and such to give them levy when the customer eventually decides to withdraw. Furthermore, none of the advertised methods, bank cards, wire transfer or cryptocurrency transfers are actually available.
Don’t rely on these cybercriminals to honor any given word. For help with payouts, contact our legal experts via the live chat and book a free consultation.
No Care For The Clients
There is no dedicated customer support team, which is beyond concerning. Clients may refer to the FAQs, which are not very helpful as they don’t contain any useful information.
The sole method available for users to reach out to the Algo Management support is through the contact form.
How To Recover Your Money From These Fraudsters?
The whole Algo Management experience is a thin shell with no substance. Nothing about this company is created to give any functionality, and the conditions are best described as barebone. While some of the investment options seem like a good deal, it all goes down the drain as soon as you try to withdraw.
Don’t let the scammers run away with your money! With the help of our legal professionals, you can start a chargeback process and fight back! Contact us today via the 24/7 live chat, and book a free first consultation.
What Is Algo Management?
Algo Management is a fake brokerage service without a license. If you’ve been scammed by them, please contact our legal office for support in fund recovery.
Is Algo Management Regulated?
No, this firm is unlicensed and even blacklisted by AMF as an authorized broker.
What deposit options are available on Algo Management?
The broker advertises cards, crypto and wire, but you need a verified account to access these options.