Algo Signals Review
Digital trading apps are excellent tools that can truly make a difference for new traders and investors looking to develop their skills and learn more about the industry. Sadly, not every platform does what it says on the tin.
One such digital trading app that we decided to put to the test is Algo Signals- a robotic algorithm-driven platform that claims to have excellent profit generating capabilities. We wanted to take it for a spin to see if the incredible results on display were legitimately possible or if the whole thing was a scam.
Here is what we found.
- 1 Algo Signals Review
- 1.1 In a Nutshell
- 1.2 How Does Algo Signals Work?
- 1.3 Advertised Features VS Our Findings
- 1.4 The Claim: Advanced Trading Platform Software
- 1.5 The Truth: A Cloned Piece of Software Found in Many Similar Scams
- 1.6 The Claim: Huge Customer Base Filled with Happy Users
- 1.7 The Truth: Fabricated Reviews Using Fake Photos and False Testimonies
- 1.8 The Claim: User-Friendly Demo Program to Assist Beginners
- 1.9 The Truth: A Scam Demo with Fake Results
- 1.10 The Claim: Trusted Brokers
- 1.11 The Truth: Unregulated and Undeclared Brokers
- 1.12 The Claim: Big Profits
- 1.13 The Truth: Money Wasted
- 1.14 Final Verdict
- 1.15 Frequently Asked Questions
In a Nutshell
How Does Algo Signals Work?
To sum it up, the digital platform uses a robot-powered algorithm to predict market movements and make automated trades. Technically speaking, it does not trade for you, but it takes over a great deal of the thinking.
The concept of trading bots is not new, nor is it completely unfounded, but it relies heavily on the quality of the programming and software. Unfortunately, Algo Signals is nowhere near up to scratch when you peek under the hood.
Most digital trading platforms, including this one, have a fast and easy registration process where the new user provides a few basic details and is contacted by a broker to discuss their account.
With a legitimate app, the brokerage that contacts you is a registered and licensed entity with a declared partnership or contract with the said trading platform. They are basically there to facilitate compliant and efficient trade making. As you are going to hear, that is not the case with Algo Signals.
Once you place a deposit, you are then free to trade how you please, using the algorithms as much or as little as you like. There is also a demo platform advertised where you can make dummy trades without using real money and see what the outcomes may be. Surprise, surprise: Algo Signals is also not upfront or honest about how that works, either.
Advertised Features VS Our Findings
To explain in further detail just how misleading this platform truly is, we have compared the advertised features and shared information regarding Algo Signals with the findings of our review when we took a much closer look. Here are a few of our key observations.
The Claim: Advanced Trading Platform Software
Apparently, it was designed by experts and long-term developers to create an optimal system.
The Truth: A Cloned Piece of Software Found in Many Similar Scams
It probably doesn’t surprise you to hear that it generally shows up in the platforms we determine to be scams. There is nothing advanced, unique, or special about it- just a run-of-the-mill clone designed to make an algorithm and app look legitimate when, actually, it is not.
The Claim: Huge Customer Base Filled with Happy Users
If you search online for customer reviews from Algo Signals users, you find a pretty positive response. Various review sites promote the digital trading app as a good choice for investors, even going as far as to call it one of the best. Other trust sites are full of great reviews and more stories of how much Algo Signals changed people’s lives. At first, the many glowing testimonials from people claiming to have made incredible profits at an alarmingly fast rate threw us- but we are not so easily fooled.
The Truth: Fabricated Reviews Using Fake Photos and False Testimonies
After further scrutiny, it became clear that many of these reviews were completely false. There is an unnatural cohesion across various sites and posts using strange terms and unbelievable language. Additionally, there are several instances where the photo of the person providing the testimonial is from a photo stock site or taken from an author bio on a different article.
The Claim: User-Friendly Demo Program to Assist Beginners
One of the first things we look for in a digital trading app is a demo program. As a general rule of thumb, you should never invest your money with an app that does not offer this service. When researching for our Algo Signals review we found that the platform did, in fact, have a demo program available.
A demo lets you enter the system and make trades exactly as you would with the full version. The difference is that you don’t use actual money. You can use the algorithms to trade and see what returns come back without risking your own capital. It is a great tool for learning more about what to expect from a platform.
The Truth: A Scam Demo with Fake Results
Unfortunately, the demo only does its job if it operates honestly without manipulating figures. We believe that the Algo Signals demo platform generates fake numbers to show incredible returns on every investment that is seriously unlikely to replicate in real life. This is an exceptionally dangerous element of this scam as it is lying to people when it is meant to be showing what the app can truly do.
The Claim: Trusted Brokers
Something you might notice about a lot of platforms is that they talk about having a trusted broker as a partner. It is important to know that a digital trading app is not a replacement for a brokerage: you still need someone playing that role. Apps sending details of new users to a broker is normal, as long as they are licensed, and the process is made clear.
The Truth: Unregulated and Undeclared Brokers
After signing up, you may receive a communication from a decidedly untrusted broker firm asking you to pursue your application. This is an example of dishonest and shady dealings that Algo Signals exposes its users to.
In essence, the platform is a front for directing funds to unregulated brokers in exchange for payment. Even if you do manage some successful trades through the app, it is certainly not the main purpose of your account as far as the owners are concerned.
The Claim: Big Profits
Everywhere you look on the Algo Signals site, you find promises of huge profits. Get rich quick schemes are seldom viable, and anyone guaranteeing something that is ultimately up to chance (even the most experienced traders get it wrong sometimes) is probably not to be trusted. However, this is the claim made by the digital trading app.
Apparently, the algorithm completely takes over, meaning you can enjoy risk-free investments and see fast profits pouring into your account.
The Truth: Money Wasted
The most likely scenario is that you deposit your money only to find that the inferior software does not help you on your journey and is, in fact, a hindrance. It can also be tricky trying to get the funds back out of the account if you decide not to continue, so really think about whether or not you can afford to lose the funds before you set up an account.
We do not recommend investing your money in the Algo Signals trading app or any other app that promises high returns. Remember, you can never guarantee success in the world of trading: it is the very nature of the game. Any app that tells you otherwise is probably not trustworthy.
In summary, Algo Signals is a lie and a scam. Look for reliable apps that focus on educating you to make smarted trade choices and understand more about the market rather than get rich quick schemes that sound too good to be true.
Frequently Asked Questions
There is currently no mobile app version available for Algo Signals, although you can see the market displays on a small-screen version. You can view what is going on but it is not so easy to control your account via a mobile device.
Algo Signals is advertised as a digital FOREX and crypto trading platform, claiming to have the best signals and algorithms in the market. The trades offered to users include foreign currency, digital assets, Bitcoin, and many other cryptocurrencies. One positive thing we can say about Algo is that it has a great variety of currencies available- it just doesn’t work as well as it claims to when you pursue those opportunities.
The idea behind legitimate digital trading platforms is to make the markets more accessible for everyone. You can view and track data, speculate on markets, and make trades on the go. When you find an app that really provides what it claims to, it can be an excellent way into the trading industry.
The only method of communicating with Algo Signals is filling out a form of the website with your name, email address, and a description of your issue or query. The company does not share any address, email, or phone number, nor does it have a live chat facility. Overall, the information is severely lacking on the webpage. There is no FAQ section or much history about the company or where it came from.
Although there are various social media icon links displayed on the Algo Signals website, only one of them connects to the relevant page. The rest simply redirect you straight back to the main site. Facebook is the only social media platform with a page linked to the site, but it has been largely inactive for several years. There are very few likes or followers, and the last post was in 2018.
In our opinion, yes, it is. There is no solid information to back the claims made by the platform, nor is there proof that it is anything more than a money-making scheme for unregulated brokers. Even if people can make trades via the software, it is certainly not the advanced, fool-proof program it sells itself as. In our eyes, that makes it a scam.