Note the BDSwiss clones and Top Algo Trade machine

New year and new attempts of fraud under the guise of the Forex market. The Cypriot regulator has published a message in which it warns against the clones of the BDSwiss broker. At the same time, the German regulator, BaFIN, draws attention to inadequate marketing when selling an automated strategy under the name Top Algo Trade on the local market.

CySEC: two BDSwiss clones

Cypriot financial supervision points out that two brands offering trading brokering services on the Forex / CFD market on their websites use the CIF number belonging to the BDSwiss broker. Importantly, despite the similar name of one of them, none of these sites belongs to the broker, does not have any licenses and licenses, and is designed to deliberately mislead potential customers.

The warning concerns two pages:

• Capital Swiss FX - www.capitalswissfx.com (graphic design and offer based on MT4 Capital Swiss FX are confusingly similar to BDSwiss)
• Expert FX Trade - www.expertfxtrade.com

The official CySEC message

BaFIN: attention to automatic strategies

German financial supervision is not the first time alerting a company selling automatic strategies. At the beginning of December we informed about a warning about an entity called The Trader and the automated strategy of RoboTrader. This time on "Black list" goes Top Algo Trade, the machine advertised as "Forex robot ensuring 100% profitability".

The EA itself allegedly is based on the three best strategies such as Price action, Fibonacci, and Pivot Points in conjunction with the best indicators (MACD, RSI, Stochastic Oscillator, Commodity Channel Index, etc.).

Advertising for a certain profit is an alert lamp for an experienced investor, but the network no longer lacks opinions about fraudulent activities related to the distribution of this machine. We recommend caution.

Be sure to read: Why it is not worth buying systems on Allegro