BaFin Warns German Residents to be Wary of Top Algo Trade

The Federal Financial Supervisory Authority, more commonly referred to as BaFin, has flagged yet another firm as suspicious this Tuesday. Today, however, the company in question is Top Algo Trade.

According to the warning from the German regulator, Top Algo Trade does not have permission to conduct banking activities or provide financial services in Germany, as per the German Banking Act.

Top Algo Trade is a “100% Profitable Auto Trading Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Robot”, according to its website. Not only is the company operating in Germany without the proper authority, but whenever a company starts promising “100%” profitability or high returns, red flags start to go up.

BaFin then goes on to warn consumers that the forex company has been contacting German residents via email and “lures” them to visit its website, top-algo-trade.com. Furthermore, the company does not specify its legal form or registered office.

When you visit Top Algo Trade’s website, it claims: “Top Algo Trade combines the outstanding profitability of the 3 most powerful forex trading strategies (Price action, Fibonacci and Pivot points) with the best indicators (MACD, RSI, Stochastic Oscillator, Commodity Channel Index etc.) to achieve amazing results within your forex trading account. Don’t worry! You don’t need to do any manual analysis. It’s all automated, so sit back, relax and watch your income grow dramatically!”

Regulators continue fight against financial scams

BaFin is not alone in its quest to protect consumers from potential scams. In fact, just today, Finance Magnates also reported on a warning from the Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term), which warned against two websites belonging to forex firms - Capital Swiss FX and EXPERT FX TRADE.

The Cypriot regulator stated today that the abovementioned websites had stolen the license number and content from the website of the Cyprus Investment Firm BDSwiss Holding Plc, a legal entity in Cyprus.