Algexia Review | The Best Conditions for Clients or a Scam?

Algexia boasts more than 1.5 million registered users and a trading volume of over 220 billion dollars. However, it cannot provide any proof of this. The firm supposedly offers the best conditions for clients: combining deep liquidity, cutting-edge execution, and reduced spreads. These are just words as well. Despite an address in the United Kingdom, the company has not received a license from the Financial Conduct Authority. Is the platform safe, or is it better not to take the risk, as it could turn out to be a scam? There are not many reviews online, and they are mostly in French. Therefore, careful consideration is required.

Highlights

First Impression of Algexia.net

The official website is a standard brokerage resource, with a top panel providing information about the conditions, platform, company, contacts, and legal documents. On Algexia’s homepage, one can learn about unconfirmed facts about the broker’s activities, some conditions, opportunities, and advantages. The footer contains a classic risk warning.

There is no unique graphic design, with only occasional images of the trading terminal. So overall, it’s just black text on a white background, nothing interesting or unique. Algexia does not stand out among other brokers.

Partnership and Bonuses

Traders can receive a bonus for depositing, but the conditions under which these funds are granted must not be overlooked. Algexia requires a certain trading volume to be met before bonus funds become available for withdrawal. The volume is determined by the formula: the bonus amount divided by 3. For example, if a user receives $1,500, they need to trade 500 lots to withdraw the bonus. Moreover, volume counts only for currency pairs.

Algexia also offers an affiliate program for additional earnings. However, the broker does not disclose any terms of the affiliate program.

Account Opening on Algexia.net

You can register an account in less than 60 seconds, at least that’s what’s written when opening the registration window. Algexia asks for the following information:

• First and last name.
• Email.
• Password.
• Country.
• Currency (USD, EUR, AUD, or GBP).
• Phone number.
• Promo code (if any).

In the end, it’s necessary to agree to the user’s terms and that the client is not a resident of the USA.

Creating a personal account indeed took no longer than a minute. However, it’s worth noting that no confirmation was received via email/phone. Therefore, the security system in Algexia is at a low level.

As it turns out, the trading platform is integrated into the client portal, as the terminal opens immediately after logging in. Is this convenient or not? Hardly. It would be more practical to separate the terminal from the personal account.

Overall, users have access to all standard operations: verification, transaction history, deposit/withdrawal of funds, and account management. The only notable absence in Algexia is a demo account, making it impossible to test the service without risking real money.

Verification

The identity verification process is mandatory in many brokerage companies. Algexia is no exception, as the broker requires documents to be provided. Without KYC, one cannot use the platform’s services.

An AML&KYC policy is not present on the website, but judging by the verification center, the firm asks for several types of documents:

• Color copy of government-issued photo ID.
• Proof of address dated ‌within the past 3 months (utility or phone bill will suffice).
• Color copy of the applicable credit card used to deposit (Both sides).
• Additional form with consent.

Trading Software

The trading platform in Algexia is only available as a web version. Desktop terminals and mobile platforms are missing. We believe that web-based software cannot fully replace a desktop one, so for traders, this is more of a minus than a plus.

The WebTrader is quite standard and primitive. On the right is a list of assets where you can create your own watchlist, and in the center is the chart. Traders can use technical and graphical analysis tools: lines, arrows, parallel lines, trends, support and resistance levels, Gann boxes, Elliott waves, Fibonacci, and other harmonic figures. Additionally, Algexia’s terminal supports both dark and light themes.

There’s no doubt that such a terminal is not suited for full-fledged and serious work. Many options and functions are missing. Moreover, the description of the software, which can be seen on the main page of the website, looks very amusing. Algexia boldly claims that it offers trading on the popular and well-known MetaTrader 4 and MetaTrader 5, although it’s clearly not the case.

How Can I Trade With Algexia?

Traders have access to over 1,000 assets: forex, metals, commodities, cryptocurrencies, indices, and stocks. Instruments are only available in the form of CFDs. Trading conditions directly depend on the activated account type, which we will discuss further.

All Info About Accounts

Algexia offers a choice of five tariff plans:

• Starter. The minimum deposit is $1,000. Spreads from 2 points and a commission of 10%.
• Silver. A deposit of $5,000 is required, spreads from 1.8 points, and a commission of 7%.
• Gold. From $25,000. Spreads from 1.5%, and a commission of 5%.
• Platinum. $50,000 and more, spreads from 1.3 points, and a commission of 3%.
• VIP. From $250,000, spreads from 1.1 points, and zero commission.

The requirements for the minimum deposit are very high. Such a practice is long outdated, as popular and well-known brokers have lowered the thresholds for deposits to minimal amounts, such as $10, and some companies even offer trading with $1. However, Algexia requires $1,000. Not everyone is ready to risk such an amount, especially without the possibility to test the functionality on a demo account.

We have already mentioned the absence of a demo account more than once. Similarly, an Islamic account type is not offered, nor are ECN accounts. Even a cent tariff is missing. The broker’s client orientation hits a new low.

Market Analysis and Education With Algexia.net

Algexia has created a small educational section where one can study articles on topics like long and short trading, margin, CFD, and others. Additionally, the company talks about popular cryptocurrencies. The firm also promises to provide daily market analysis and educational resources. However, these are just words. There are no news feeds, economic calendars, or other auxiliary widgets on the official website.

Deposit, Withdrawal, and Fees

Although there is a section on the website dedicated to deposit replenishment, there is still no information. Supported methods of transferring money can only be known at the moment of creating a withdrawal request: bank wire transfer, credit card, Bitcoin, and others. The commission and processing time for withdrawal requests in Algexia are unknown.

How Can I Contact It?

If you want to communicate with the managers, you can do so by email or by phone. Unfortunately, no online chat for prompt communication is offered. Algexia also does not have accounts on social networks.

We decided to check the contact details, as this often provides a lot of interesting information. And it was not in vain. Firstly, the email turned out to be fake, as it does not exist.

Secondly, the phone number +44 203 8181021 was also listed on the website of another company named Lskinvestments. Why would this broker need the number of another company? Or is it the same organization, but under a different name? It should be added that the office address of Lskinvestments is exactly the same as that of Algexia.

Is Algexia Dangerous?

From the very beginning, we had suspicions that something was not right with this company. Inadequate trading conditions intensified our concerns, and fake contact information confirmed them. We can conclude that Algexia is engaged in fraudulent activities, but to be sure, we will check its operational duration and licenses.

How Long Does The Broker Work?

It’s not surprising that the firm does not specify its founding date. Although the presented numbers of traders and trading volume might give the impression of a serious and experienced broker, we believe these are fake statistics. The domain of the official website was registered on August 16, 2023. Therefore, Algexia has been operating for only a few months, during which it is simply impossible to gain more than 1 million users.

How Is Algexia Regulated?

The broker is based in the United Kingdom, as the address on the official website indicates. Well, then Algexia is obliged to obtain a brokerage license from the British regulator Financial Conduct Authority. However, this regulator does not even know about the existence of such an organization, as there is nothing in its registry.

A British broker cannot conduct legal activities without an FCA license, and we have additional suspicions regarding the stated address in London. A check of the Companies House register of legal entities was conducted. It turns out Algexia is not listed there, so the address in the United Kingdom is fake. Such an organization does not exist in this jurisdiction.

Frequently Asked Questions (FAQ)

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Expert Opinion

Many negative factors have been listed, indicating the fraudulent nature of this broker. I would like to add that the positive reviews you might find online about Algexia are fake. Illegal companies love using this method of self-promotion. They publish fake positive comments that present their firm in a good and safe light. So, you should not trust such reviews. Additionally, the organization has been caught lying multiple times, and its business model is 100% B-Book, meaning a conflict of interest. The platform does not benefit when traders make money, so there’s no sense in trading here.