Algovibe is a Forex and CFD broker that offers platform designed for the new age. According to its official website, Algovibe.com claims to be an international trading company that allows trading across 5 financial markets including over 5,000 assets in Forex, shares, cryptos, indexes, and commodities. Clients will get the lowest trading fees for the popular crypto market.
Algovibe – Trusted or Not?
Algovibe is basically a brand new company trying to look as if it is established and willing to cater for the typical investors’ needs. The proprietary platform that these people are advertising is very simple and substandard, and with limited offerings on investment. Other features that the broker claims to offer are not as useful. Even though they offer market analysis, news updates and asset portfolio, this is all in vain because a new investor will not benefit anything out of these features. If you are an experienced trader, signing up and depositing funds with Algovibe will make you losses rather than the profits you’re looking for.
The main features of the broker are:
- The broker claims to offer multi functionality trading platform that are available and customized for different kinds of traders.
- They provide traders with wide selections of trading assets
- Transparent prices and no hidden fees.
- Quality execution for every position opened
- Deposit bonuses
- Chances for price improvement on limit orders
- Millions of clients
- collaboration with major bank
- Negative balance protection
- Segregation of funds
This broker does not appear to be popular. It is safe to trade or invest with popular financial services rather than try with companies that are just starting out.
Algovibe Trading Account
The company has 3 different accounts; Silver, Gold, Platinum. Minimum deposit is $250, $5000 and $10000 respectively. All their accounts can be opened in USD, EUR and GBP base currencies.
The maximum leverage that this broker offers is 1:30 for the silver and Gold account. The Platinum account goes for a fixed leverage of 1:5.
In terms of spreads, the company offers from 1.3 pips for the Silver account, from 1.5 on the Gold account and from 0.1 if it is the Platinum account.
High minimum deposit
The minimum deposit required to open the most basic account with Algovibe is $250. This is quite high and unrealistic especially in this age where Forex brokers will accept anything starting $10. Algovibe does not have any particular reasons why you ought to pay for their costly packages.
The broker has no qualification in terms of being transparent. The closest they come to revealing their identity is stating that they are ‘international market leader and have been connecting independent traders from around the globe with the global currency markets for several years now’. But there is no evidence to back up their said experience. Algovibe is only after your money, and they have no benefit to you. Also, the only people who are likely to earn are the anonymous people behind Algovibe.
Is Algovibe Legit?
The one question that you might ask before committing funds to this company is whether Algovibe is a regulated entity. According to their website, the company provided an address in London , United Kingdom.
Any investment service in the UK needs a license from the Financial Conduct Authority (FCA) to be legit. But Algovibe is not registered with the FCA, so it’s an illegal Forex brokerage marketplace. The broker is not legitimate, Algovibe is an anonymous broker that illegally operates on regulated markets.
People who run this business are breaking laws in the UK with their trading services. That is a fact. Investment with this broker are not protected in any way.
Unlike anonymous scam brokers like Algovibes, the legitimate ones are required to meet lots of requirements which basically aim to guarantee that the financial or investment services are provided in a fair and transparent manner and that consumers’ interests and funds are well-protected.
Algovibe offers a miniature trading platform that is available in android and iOS version. Traders can select and view Forex instruments, Commodities, Indices, Crypto and more. That said, there are plenty of legit brokers that provide their services on a superior trading platform.
Algovibe is an unreliable and illegal Forex brokerage place. We strongly recommend staying away from it.
It is of your own interest to stir clear away from Algovibe because it is an investment website that is sure to vanish, the only question is when. We just need to get this message home. Do not sign up or waste your time on this website.