Algo Signals is a trading signals service for Forex and cryptocurrencies. The signals allegedly are of “high quality” and “effective”. This suggest they are profitable.
The signals are free, you can even try them on a demo, so do you have anything to lose? Unfortunately, yes!
Algo Signals scam
You should always be very suspicious when somebody is giving you free trading signals that are allegedly profitable. You see, if it was that easy to be profitable in trading, we all would be already very rich. You would have nothing to learn, just let a free robot trade with your money.
It sounds crazy, because it is crazy and impossible. When you see such an offer, it is extremely likely a scam. The first big lie you can see on the Algo Signals website is that they work with licensed brokers only. It’s not true, continue reading to see the truth.
It made a trade on the AUD/USD claiming that it doubled the investment with a 3-pipette move, which is impossible in real trading. The trade is obviously fake.
This means that Algo Signals is faking demo results to make you believe it is profitable, and that means that in real trading it is not profitable.
How it really works
Why so much effort with such a crap that is free? The reason is simple, they have only one aim, to make you deposit money with an unregulated broker that they are affiliated with, so that they get paid a commission for referring you.
This unregulated broker they will push you to is MYfintec and you can be sure that if you send them your money, you will never see it again. So, this seemingly free signals service is made just to take your money via a third party.
Algo Signals is a scam that fakes demo results to make you lose money with an unregulated broker. Stay away from it!
There is no free money. If you want to make money in trading, you will have to devote time and learning to testing. You can practice on a free demo account with a regulated broker until you build a profitable strategy or until you decide trading is not for you, risk free.
Free signals and free trading robots always come with red flags.