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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Fraud Examiner
Satisfied Customers: 27646
Experience:  Lawyer.
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Is AllgoTrading, a binary option broker, are they a scam?

Customer Question

Is AllgoTrading , a binary option broker, are they a scam?
Submitted: 5 months ago.
Category: Fraud Examiner
Expert:  Lucy, Esq. replied 5 months ago.


I'm Lucy, and I'd be happy to answer your questions today.

This is a new site, only operating since last October, and they've chosen to hide their information, which is always a big red flag. Legitimate companies don't mind if people know where they're located. They registered using a registration privacy service in Washington, but provided a UK address. Their site also has an address for the Marshall Islands - what this means is that they're beyond the reach of US law enforcement, and if they take your money and run, you'll have no way of collecting it.

The UK address on their website is just a mailbox service. They don't really have an office there. That's another red flag.

By their own admission, trading binary options is very risky, and there's no guarantee you'll make any money. It's important to always read risk disclosures before signing up with someone (and do not do business with someone that doesn't have one).

At least one user has reported difficulty making withdrawals from this service.

Expert:  Lucy, Esq. replied 5 months ago.

Also, the information on their "Why AllGo Trade" page is identical to this, which usually means it's a scam.

If you have any questions or concerns about my response, please reply WITHOUT RATING. It's important that you are 100% satisfied with my courtesy and professionalism. Otherwise, please rate my service positively so I am paid for the time I spend answering questions. If you are on a mobile device, you may need to scroll to the right. There is no charge for follow-up questions. Thank you.

Expert:  Lucy, Esq. replied 4 months ago.

Do you have any more questions about this?

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