AlgoForex Review
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Fast Facts
Contact Info and Support
Traffic information
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About AlgoForex
AlgoForex operates via the domain algoforexuk.com and presents itself as “Algo Performance Fund” claiming FCA regulation under reference number 780240. The Financial Conduct Authority (FCA) issued an official warning on 05/06/2023 stating that AlgoForex is not authorised to provide financial services or products in the UK, warning the public to avoid dealing with it; dealing with them would leave clients without access to the Financial Ombudsman Service and the Financial Services Compensation Scheme (FSCS).
Independent verification confirms that the FCA-registered entity under FRN 780240 corresponds to “Algo Performance Fund,” which is registered solely as a fund and holds no authorisation to offer brokerage or trading services. The broker’s claim of being regulated by the FCA is therefore false and misleading.
Pros and cons
Cons
- Lacks authorisation to provide financial services in the UK as confirmed by the FCA warning.
- Misrepresents regulatory status by associating with an FCA-registered fund (Algo Performance Fund – FRN 780240) without corresponding permissions.
- Clients have no recourse through FCA dispute resolution mechanisms or FSCS compensation.
