SuisseAlgo Review : A Legitimate Broker or Scammer?

Here’s a comprehensive SuisseAlgo review that sheds more light on a supposed FX broker known as “SuisseAlgo.”  The broker claims to have several branches in major European cities, including Singapore, London, Moscow, and Zurich. 

An image of the SuisseAlgo sign-up and log-in page. 

SuisseAlgo Appears To Push Potential Investors To Invest In Their Higher Account Packages

Notably, they push mostly for potential clients to invest in their higher account packages, ranging from Silver to Platinum valued at between $50,000 and $499,999. To encourage traders to invest in these accounts, they promise;

• Guaranteed weekly profit for those who go with higher account packages starting from Silver to Platinum accounts.
• Special offers and membership in global projects for Gold or Platinum account holders.
• Early access to IPOs, again, for those who possess Gold and Platinum accounts.
• A high leverage level of up to 1:400, 20% insurance on the investment, early access to ICOs, and premium spreads for clients who hold the Platinum account valued at between $200,000 and $499,999. 

But the question is; is SuisseAlgo legitimate or another scam broker? To find out, read my unbiased SuisseAlgo review below. Without further ado, here’s the company summary table according to suissealgo.com data:

Returning to the initial question, SuisseAlgo is not a legitimate broker. Instead, it is a fraudulent entity posing as a financial brokerage service provider for FX traders worldwide, excluding the USA.

I recently created an account with them and conducted a thorough investigation into their legitimacy. My findings revealed several red flags consistent with those of other scam brokers, as highlighted below:

SuisseAlgo Review Part 2: Why SuisseAlgo Is a Scam

Below are five compelling pieces of evidence indicating that SuisseAlgo is a fake broker:

1. The Broker’s Telephone Number Suggests That They Operate In Germany and Not Switzerland As The Website Claims

The product website displays +4917647219274 as the broker’s telephone number. Similarly, it shows Switzerland as the country where this individual is based. 

As you can see, the telephone number starts with a dialing code of +49.

Upon further investigation, I learned that +49 is the telephone code of Germany and not Switzerland. Maybe that explains why the website is written in Germany.

Instead, Switzerland’s dialing code is +41. This means that this broker operates this telephone number from Germany and not Switzerland where they claim to operate from. What does that tell you? It tells you that this broker is in Germany and not Switzerland where they claim to be. 

Some scam brokers will lie about their country of operation as part of their deceptive practices like in this case to establish trust, and avoid arrest, among other reasons. This trick can also be seen in the case of Skyion Group, a scam broker operating from Canada but pretending to be in Norway.

Other scam brokers using fake country locations include Essex Group Incorporated(essexg.com) and Solobit(solobit.co). 

2. SuisseAlgo Is Unlicensed and Unregulated

Another red flag confirming that SuisseAlgo is a scam is that the broker operates without a license or regulatory oversight. Their website “suissealgo.com” shows that the company is based in Switzerland. 

In Switzerland, the law requires all financial services providers including FX and cryptocurrency brokers to possess a license from the Swiss Financial Market Supervisory Authority (FINMA). Apart from issuing licenses, the body has the mandate to regulate and see these entities, making sure they adhere to the standards. 

Any entity that purports to offer financial services in Switzerland without a license or regulatory oversight from FINMA e.g. SuisseAlgo is deemed illegal and a potential scam. The absence of supervision, scrutiny, and oversight paves the way for this fraudulent broker to swindle traders. 

3. Broker News—A Trustworthy YouTube Review Channel Has Reported That SuisseAlgo Is a Scam

Broker News is one of my favorite sources of information when I am doing an investigation to establish the legitimacy of financial services providers. The channel provides honest analysis of entities and brokers, featuring legitimate brokers and exposing scam ones.  

When it comes to SuisseAlgo, Broker News cautions traders not to create an account with SuisseAlgo, warning that this scam FX broker uses a fake physical address and operates without a license or any regulatory oversight.

The channel further warns that the entity uses fake account managers with no real trading skills or experience, has a very short operation history with no track record, and hasn’t received any positive customer feedback.

4. Scamadviser Warns Users To Proceed with Caution When It Comes To SuisseAlgo

Scamadviser.com cautions users to proceed with caution when it comes to SuisseAlgo. Giving the fraudulent entity a low trust score of only 16/100, the scam checker website notes that it has an extraordinarily high number of positive reviews(7 positive reviews) despite being very young(only three weeks old). 

Honestly, there’s no way a business that is barely a month would garner this very high number of good reviews in such a short span. The only explanation here is that the broker has paid people to give them good reviews on scamadviser.com. After all, it’s not uncommon for fraudsters to pay for positive reviews to create a false impression of trustworthiness and reliability.

5. Trustpilot Seems To Harbour Fake SuisseAlgo Reviews

Similarly, SuisseAlgo has 9 reviews on Trustpilot, all of which are positive. This feedback gives a false impression that all clients are generally satisfied with the broker’s services. Here’s why these reviews look fake and incentivized:

First, it doesn’t make sense that a trading platform registered barely a month ago would garner such a high number of customer feedback in such a short duration. After all, statistics show that only between 5% and 10% of customers pen reviews.

Unless this relatively new broker has served a high number of clients in such a very short period, which is no mean feat due to competition, there’s no way they would authentically garner 9 positive feedback on Trustpilot. 

Second, it’s almost impossible to satisfy every customer. After all, customers have varied expectations. Plus, satisfaction is a subjective experience. In other words, the level of services considered satisfactory by one client may not be deemed as such by another client. 

SuisseAlgo Review Part 3: My Final Verdict On SuisseAlgo

SuisseAlgo is a scam broker who pretends to be based in Switzerland. This fraudster offers fake trading accounts valued from $250 to $499,999.

Avoid them at all costs because they’re unlicensed and unregulated, dishonest and untrustworthy, cunning and evasive. Or else, they will trick you into depositing some hundred dollars or hundreds of thousands of dollars and prevent you from withdrawing your profits or capital thereafter. 

To encourage unsuspecting investors to select the higher priced accounts(Silver: $50,000—$99,000, Gold: $100,000—$199,999, and Platinum:$200,000—$499,000) this purported broker supposedly provides a few enticing offers.

Pursue Your Funds

Have you been scammed by SuisseAlgo or a similar broker? If yes and you have evidence, go to this page to report the incident. You may also send an email to scamread@scamreader.info.