Beware! TopAlgoTrade is most probably a scam system! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
One of the main reasons for the high risk of fraud in forex trading is the presence of the so-called crypto robots. Websites like Top-Algo Trade are quickly spawning and flooding the trading world with their click-bait ads. Almost always made with so little effort that they seem more a parody, than a real scam. Usually, they would have at least a trailer video on their website, but Top-Algo Trade hasn’t even given money for a video. We only learn that we will soon be very rich – like all the other clients of the robot – as well as that the robot has a 89.4 per cent success rate in the trade signals it sends its clients, we need only register with them.
Redirects you to a forex brokerage
Despite our thorough research, we did not find any information on the website regarding the registered address, the supposed company behind the operation, nor even the country of origin. This is nothing out of the ordinary when dealing with crypto robots. They usually don’t even put the effort in finding a fake registered address, because they will most likely be forced to create a new website, after the last is exposed by reviewers online.
Furthermore, after registering with the robot we end up looking at a very scabby trading platform with not much on it, except the option to deposit funds with the forex brokerage 24Option.com. That is a CFD brokerage that probably has cut a deal to receive some of the traffic generated by Top-Algo Trade. Here is a screenshot:
This is perhaps the most popular scam in the trading world. Precisely such websites, promising unrealistic winnings through crypto trading, mislead traders into registering and carelessly giving away their address, phone number and email. Minutes later, that same personal data is sent to brokers and the registered traders begin getting phone calls from unregulated forex brokers like Market Equity or ForexStart urging them to invest. In our case, however, we instantly get redirected to the trading platform of the brokerage 24Option.com
No verified track record
One of the biggest problems with crypto robots such as Top-Algo Trade is the lack of assurance for results. Platforms such as eToro or Zulutrade allow you to search through the profiles of different traders, taking notice of his track-record in trading, whether losses or winnings are the majority. Such transparency adds significant assurance and partially, if not fully, removes risk. Something which is seriously missing with Top-Algo Trade and traders are left relying only on the word of a crypto robot, and that hardly suffices.
No regulatory supervision
We should also point out that such operations are not overseen by any relevant authority. The people behind Top-Algo Trade are not bound by any government regulator and potential clients do not have access to any safety mechanisms in case they’re scammed.
Last, but not least – we should be troubled by the mere way in which such operations seek funding. If Top-Algo Trade truly had something of value to offer, they wouldn’t be relying on cheap traffic through a badly-done website, but would have found alternative means of financing itself. They can apply for a credit. Another popular option among today’s crypto companies is raising money through crowd-funding. However, those options are available only for legitimate companies, and Top-Algo Trade most certainly is not among those.
All in all, Top-Algo Trade comes across as a standard scam operation – the likes of which we have seen a lot – and we advise those interested not to risk it.