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supra algo-fx

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I opened an account for indices and now I want to use the same account to trade forex. Is that accepted?
Ahmed Aziz
Paraguay
2023-05-24
ANSWER SUPRA ALGO FX is an unlicensed broker we advise against trading with despite the seemingly attractive deals it offers.SUPRA ALGO FX claims in its FAQ section that it is operated by Supra Algo Forex Management Limited in compliance with the rules and regulations of Switzerland. However, we didn't find any matching records in the registry of the Swiss Financial Market Supervisory Authority (FINMA) that could support its legitimacy in the financial industry. This means what it claims is a false statement to unsuspecting investors and any offering of financial products or services by it is illegal. Furthermore, it provides a link, displayed as "certification", at the bottom of its homepage directing to Zefix which shows details of a company named Forex Management GmbH. But no evidence can be found to suggest possible connections between SUPRA ALGO FX and this company. In addition, the Financial Conduct Authority (FCA) has issued a warning against SUPRA ALGO FX for operating in the absence of appropriate authorization.Regarding your question, we strongly suggest you stop trading with SUPRA ALGO FX since it is a non-regulated broker, which could pose huge risks to your funds. As there are no rules in place to prevent fraud or theft, you would suffer financial losses and identity theft once using this platform. Therefore, investors are advised to stay away from unlicensed brokers like SUPRA ALGO FX and choose fully regulated ones instead.
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Risk Warning:

FX trading is of high risk and may not be suitable for all investors. Leverage will create additional risks and loss. Before trading, please carefully consider your investment objectives, experience level and risk tolerance. You may lose part or all of your initial investment; do not invest money that you cannot afford. Educate yourself about the risks associated with FX trading. If you have any questions, please consult an independent financial or tax advisor. Any data and information are provided "as is" and only for information purpose, not for trading or recommendations. Past performance does not predict future results.

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