FSA licence SD218

The broker advertises "no hidden fees" and publishes no per-lot commission. It also publishes no spread table, so the real cost of trading cannot be established from the site. That absence is itself a meaningful disclosure gap for a broker asking for a $250 deposit.

We rate AlgoBI as high risk. The licence and the company behind it are real and we confirmed the entity on the Seychelles Business Register. What concerns us is the pattern of client experience: multiple unresolved reports from several Latin American countries describe the same sequence of a telephone adviser, on-screen profits, then a blocked withdrawal and escalating demands for more money before funds are released, in some cases with threats. That is the signature of an advance-fee pattern rather than an ordinary trading dispute, and an offshore licence gives a client very little recourse when it happens. We would not recommend depositing.

The company states it does not offer services to residents of the United States, Canada, the European Union, Iran, Iraq, Syria, North Korea, Sudan, Myanmar or Russia. It lists local telephone numbers for more than twenty countries across Latin America, the Middle East, Europe and Asia, while stating that it maintains no office, branch or physical presence in any of them.

More than 300 CFD instruments across forex, metals, commodities, shares, indices and cryptocurrencies. Everything is a contract for difference, so you never own the underlying asset.

The broker states withdrawals may take up to three business days depending on the payment method. Our research found a consistent body of unresolved client reports describing withdrawals that were blocked entirely and requests for further deposits before funds would be released. Treat the published three-day figure as an advertisement rather than an observed outcome.

Deposits are made from the Client Area. The broker accepts cards (Visa, Mastercard, Maestro), Apple Pay and Google Pay, e-wallets and bank transfer. It states that deposits are free and processed immediately, that withdrawals may take up to three business days, and that withdrawal fees vary depending on the payment provider. No fee schedule or per-method limit is published.

Only its own software: the AlgoBI WebTrader in a browser and the AlgoBI Mobile App, with charting supplied by TradingView. There is no MetaTrader 4, MetaTrader 5 or cTrader offering, so you cannot use third-party expert advisors or verify pricing through an independent terminal.

Three live tiers plus two extras:

• Silver - the entry account, no swap or spread discount.
• Gold - up to 40% swap discount and up to 50% spread discount versus Silver.
• Platinum - up to 60% swap discount and up to 75% spread discount versus Silver.
• Islamic - a swap-free account.
• Demo - risk-free practice.

The broker does not publish the actual spreads on any of them, only discounts relative to Silver.

Up to 1:200 on all three live tiers, Silver, Gold and Platinum. The stop-out level is 5% and the minimum deal size is 0.01 lots. Leverage at that level magnifies losses as much as gains and there is no onshore cap constraining it.

$250. The broker states in its support material that a minimum deposit of $250 is required to open a live trading account. A free demo account is available with no deposit.

The brand is owned and operated by DXA SEYCHELLES LIMITED, a Seychelles company. Its registration number is published by the broker as 8438281-1 and it appears on the Seychelles Business Register as company C8438281. Its registered address is Abis Centre, Providence Industrial Estate, P.O. Box 1466, Victoria, Mahe, Seychelles.

Yes, but only offshore. AlgoBI's operator, DXA SEYCHELLES LIMITED, states on its own site that it is authorised and regulated by the Financial Services Authority of Seychelles under licence number SD218. That is a genuine Securities Dealer permission, not a company registration, but it is a low-tier offshore regime: there is no deposit compensation scheme, no statutory negative balance protection and no onshore supervisor standing behind your account. We were not able to confirm the licence against the regulator's own register in this review.