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AlgoForex

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Operating status: SCAM

Website: https://algoforexuk.com/

Broker violations and abnormal records
  • 2023-06-04 The UK FCA issued a warning against AlgoForex

    On June 5, 2023, the Financial Conduct Authority (FCA) issued a warning against AlgoForex, believing this broker might be providing financial services or products without proper authorization: https://www.fca.org.uk/news/warnings/algoforex

    On June 5, 2023, the Financial Conduct Authority (FCA) issued a warning against AlgoForex, believing this broker might be providing financial services or products without proper authorization: https://www.fca.org.uk/news/warnings/algoforex
  • 2023-06-05 BrokersView has reviewed that AlgoForex is an unregulated broker

    AlgoForex falsely claims to be a legal broker regulated and authorized by the Financial Conduct Authority (FCA) with the FRN 780240. While it is true we find corresponding records in the FCA registry, the company under this number, Algo Performance Fund, is registered as a fund and has no authorization to provide financial services or products, as stated in the warning issued by the FCA against AlgoForex.

    In essence, AlgoForex is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. It is unequivocally a scam.

    AlgoForex falsely claims to be a legal broker regulated and authorized by the Financial Conduct Authority (FCA) with the FRN 780240. While it is true we find corresponding records in the FCA registry, the company under this number, Algo Performance Fund, is registered as a fund and has no authorization to provide financial services or products, as stated in the warning issued by the FCA against AlgoForex.In essence, AlgoForex is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. It is unequivocally a scam.

Related Complaints

Q&A

Is Algoforex-uk.com a scam?

lavanya venkat
2023-08-24
ANSWER AlgoForex is a scam and has been red-flagged by the Financial Conduct Authority (FCA), the UK financial watchdog.On the website of AlgoForex, it claims to be the brand name of Algo Performance Fund, a company allegedly with the FCA Reference number 780240. However, the FCA has issued a warning against AlgoForex, explicitly stating that the platform is not authorized by them. You may view here for the full warning.It is critical to highlight that a lot of scammers often change their domains after being warned by financial regulatory bodies and AlgoForex is among them. It has disabled its old domain (algoforexuk.com) which has been documented by the FCA.Fortunately, BrokersView has preserved screenshots of its previous website and you can compare it with the new one.It is easy to realize that algoforex-uk.com is operated by the same gang as they share the same logo, designs, and information.Hence, the deceptive actions taken by AlgoForex, including changing its domain, using fake regulatory information to fool unsuspecting investors, and not complying with regulations, strongly suggest its intent to defraud. Given these elements, AlgoForex in your inquiry is a scam. Investors involved with the platform are exposed to fraud or identity theft. If any violation happens, traders cannot be protected by rules. Investors should stay away from deceitful brokers like AlgoForex and choose a fully regulated one to mitigate such risks.
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