AlgoFX foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://algofx.trade/sign-up, about the company's legal and temporary regulatory information, the company's address .
AlgoFX Forex Broker
Basic information
United States
1-2 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Note: TradeBaionics's official website - https://www.spanadebaionics.com/ is currently inaccessible normally.
AlgoFX is a newly-established broker registered in the United States, offering trading in forex pairs, gold, silver, oil, and gas with leverage up to 1:500 via the MT5 platform. However, it currently has no valid regulations.
Pros and Cons
| Pros | Cons |
| Various trading assets | Unavailable website |
| Demo accounts offered | Not regulated |
| Multiple account types | Only accept crypto payments |
| Popular trading platform - MT5 | Only email support |
Is AlgoFX Legit?
No, AlgoFX operates without regulation. Please be aware of the risk!
What Can I Trade on AlgoFX?
| Tradable Instruments | Supported |
| CFDs | ✔ |
| Forex pairs | ✔ |
| Gold & silver | ✔ |
| Oil & gas | ✔ |
| Indices | ❌ |
| Stocks | ❌ |
| Cryptos | ❌ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
Account Type
AlgoFX offers three account types: Standard, Commission and STP Pro account. It also offers demo accounts.
Leverage
AlgoFX offers leverage up to 1:500. Note that trading with high leverage can lead to huge profits and losses.
Trading Platform
| Trading Platform | Supported | Available Devices | Suitable for |
| MT5 | ✔ | Desktop, Mobile | Experienced traders |
| MT4 | ❌ | / | Beginners |
Deposit and Withdrawal
AlgoFX only accepts payments via crypto wallets. Other popular payment options like bank transfers, credit/debit cards, and e-wallets are not available.
Rating Index
AlgoFX Similarly Rated Brokers
sami5168
Taiwan
I’ve been deposited 6610 USD in this worst broker named Algofx in 21st September, 2023. I purchased the AI softwares from Treedex company and my agent Mr. Luke (Israel nationality) assisted me to install it on my AlgoFX account which is 1000173. I got profits stably and continually daily and the capitals grew up more than 10K USD. The software is really effective definitely, and I tried to withdraw 100 USD on 20th October, 2024 and it was successful. I tried to withdraw 2000 USD and 5000 USD separately to my Binance account and bank account on 7th December, 2023, then I cancelled the withdrawal of 5000 USD and change the withdrawal amount to 6000 USD on 8th December, 2023. Since then, the broker has never replied my withdrawals until now. I even texted messages to the Chat and sent emails to the support without any responses until now. It’s 22nd March, 2024 now, and this worst broker declined my 2 withdrawals and didn’t reply me the reasons why my 2 withdrawals were declined. I tried to withdraw 2000 USD on 22nd March, 2024 again to my Binance account and will see how this baddest broker will do in the coming future. I need the assistance from WikiFX Global Customer Service. Please help me get my capitals back minimum 6,510 USD, and even the profits the AI software has traded for me automatically in the coming future this year. The evidences are shown in the following screenshots and hope I will get my money back ASAP.
Exposure
2024-03-22