AlgoBitTrade has been flagged by British Columbia Securities Commission for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I requested my data from AlgoBitTrade under GDPR. They sent a partial export that was missing months of transactions. When I asked for the rest they said it was a technical issue. Still waiting. They do not take data rights seriously.
Pros: Demo account available|Fast support response|Clear documentation
Cons: Limited social trading features
After since I opened my account last year with AlgoBitTrade I requested to close my account and withdraw. They said I had to complete a 30-day cooling-off period. Then they said there was a minimum holding period for my last deposit. They make it as hard as possible to leave.
Pros: Fast execution|Intuitive for beginners|Multi-currency support|Real-time alerts
Cons: Search feature is basic|Limited social trading features
Do not use AlgoBitTrade for anything serious. I used them since early this year for small trades and it was okay. When I deposited a larger amount and traded more, my account was flagged, my withdrawals were delayed, and I was asked to explain my trading. They treat active traders like criminals.
Pros: Transparent fees|No hidden fees|Fast support response
Cons: None so far
For anyone considering AlgoBitTrade, please be aware that this company has been flagged by British Columbia Securities Commission. This does not necessarily mean they are a scam, but it does mean they may not be authorized to operate in certain jurisdictions. I strongly recommend checking the official regulator website before making any investment decisions.
Cons: Listed in IOSCO I-SCAN|May not be authorized in your jurisdiction
My card was charged twice by AlgoBitTrade on the same day. I had to dispute it with my bank. AlgoBitTrade then froze my account and said I had a negative balance because of the chargeback. They created the problem and then punished me for it.
Pros: Dedicated account manager|Responsive team
Cons: Wait times can be long during peak hours
Do not believe the bonus offer from AlgoBitTrade. The turnover requirement is designed so you can never withdraw. I learned the hard way. I deposited after my brother mentioned them and the bonus terms were buried in pages of small print. My fault for not reading but their design is predatory.
Pros: Customizable dashboard|Great customer service|Demo account available|Full transparency
Cons: Limited cryptocurrency options
AlgoBitTrade has no proper customer support. The live chat is a bot. The phone number goes to a call center that cannot access your account. Email takes two weeks. When I had a real problem they were nowhere to be found.
Pros: Detailed reporting|Market news feed|Clean UI|Wide product range
Cons: Search feature is basic
After using AlgoBitTrade for the past six months, I decided to move my account elsewhere. The platform was unreliable, withdrawals took an unreasonable amount of time, and I could never get a straight answer from customer service. Frustrating experience overall.
Pros: Clear documentation|Detailed reporting|Good mobile app
Cons: Desktop app not available on Linux
AlgoBitTrade changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Social trading features|Easy withdrawals
Cons: Help articles are sometimes vague
The reporting at AlgoBitTrade is laughably bad. Tax documents are inaccurate, transaction histories have gaps, and trying to export data for your accountant is a nightmare. For a financial platform, getting the numbers right should be the bare minimum.
Pros: Real-time alerts|Multi-currency support
Cons: Minor UI glitches occasionally