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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Fraud Examiner
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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.

Hi,

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.

http://www.citiboxcentre.com/mailbox-locations.php

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).

https://www.allgotrade.com/risk-disclosure/

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

http://scamoption.com/question/difficulty-withdrawing-using-allgotrade/

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.

https://www.tradethunder.com/about-us/

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Expert:  Lucy, Esq. replied 4 months ago.

Do you have any more questions about this?

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