Algo Star was an unlicensed binary options broker that offers clients the Hello Markets trading platform. Algo-Star says on their contact page they are owned by Kin Investment Jade Ltd, NO 1, Hok Yuen Street 12 floor, Room 1202, Fu Hang Ind Bldg, Hung Hom, Kowloon, Hong Kong. Their terms and conditions page says they are based in the British Virgin Islands.
The contact phone number listed is a USA number: (347) 705-7980 and the email address is: firstname.lastname@example.org.
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You didn’t read the terms and conditions page at AlgoStar but this is what is says:
Robotic Trade Execution or Outside Execution System, Non authorized Automatic or semi-automatic trading mechanism integrated by the client on the browser or client side, that does not involve human execution, will be considered back door API or system abuse and the positions that were taken in this way are resulted in prices that wouldn’t have been accepted or filled in the general market therefore result in cancellation or permanent account suspension.
This means that the secret trading app from WikiTrader which connected you to AlgoStar will cause you to not make any profit.
AlgoStar actually has automated trading, which is part of the Hello Markets platform features.
The first thing we noticed when we reviewed AlgoStar is that they are using the Hello Markets binary options trading platform. There are more than 55 assets available to trade; including Forex, Commodity, Indexes and Shares. They offer many unique and exotic currency pairs for trading, including the Polish Zloty, Indian Rupee, Singapore Dollar & Mexican Peso. Returns on standard EUR/USD options are 85%.
It seems that the main focus of this broker is algorithmic trading. They created various account types based on how much money the trader deposits, to allow for different levels of software access.
When the Scam Broker Investigator reviews a binary options broker to know if the broker is legitimate or a scam, we first check to see if they are licensed. It is easy to know if a broker is licensed if they display a license number from CySEC, ASIC or the CFTC.
AlgoStar is not a licensed broker. You can find a full list of licensed brokers here.
Compare Algo Star
The list of best brokers is updated each month, see the list here.
On October 26th 2015, FINRA published an investor alert regarding offshore binary options brokers. Read the alert on FINRA’s website here.
Please share with other investors your experience trading at AlgoStar.