TopAlgoTrade is a 100% automated trading software that can trade currency pairs for you.
The software is free and it allegedly wins 89.7% of all trades. This would mean a potential for great profits. Really?
Top Algo Trade scam
An 89.7% success rate could still mean a losing strategy if you risk 100 pips on each trade with a 1 pip take profit.
This shows how amateur the TopAlgoTrade scam is, people who put it up know very little about real trading.
Not regulated and illegal
We have to repeat it every time, providing trading signals and/or automated trading software equals to investment advice.
And this is a regulated activity that you need a licence for. But TopAlgoTrade is anonymous and unregulated, which is a big red flag.
This software is very dangerous, since it has a demo that fakes trades and generates fake profits that would not happen in real trading. It is very misleading and it can make you think that the software is working, but it is not.
How it really works
The only real purpose of TopAlgoTrade is to make you deposit and lose money with an unregulated broker called Myfintec.
People who run this scam are paid by this broker for referring new victims. This is why they are trying so hard to make you believe that their software is profitable, they need you to send your money to that crappy broker. Don’t do it!
TopAlgoTrade is a scam designed to lose your money with a shady broker, stay away from it!
If you want to try to make money in trading, start on a genuine free demo with a regulated broker to see if you can succeed in it.
Remember that in trading you can make, but also lose money, so be careful.