I have done some research on a website called Algorates.com and decided to invest $20K with them back in August 2014. By the beginning of the year I saw a raise in my account to $25K, I sent an email to withdraw then all hell broke loose.
I didn't get any kind of response during my attempts to contact them, emails, call center tells me that someone will call you back and no one does, their website comments section, complaints email... Nothing.
Now I have $600 in my account, in less than a month I had lost $24K and no one is responding yet.
What do I do, how do I escalate this and how do I get my money back. Please help.
I only have bad news for you my friend:
You read it
here before registering this fraudulent website
Client Agreement
it says pretty clearly on their site 60 days + 14 (possibly) before they will have your withdraw to you.
24. Funds withdrawal procedure: Within 60 days following receipt of the Client's request, the amount requested to be withdrawn will no longer be traded in the market and will be set aside to be returned to the customer. AlgoRates will then have an additional 14 days from the end of this period to process the bank transfer returning this amount to the customer, as long as the customer supplies all necessary due diligence documents required by AlgoRates within this time period (such as passport copy, proof of bank account ownership, or any other document required by AlgoRates.).
Then there is the name of the company "AlgoRates LTD", there is no such company registered in the UK. I also couldn't find the names of the directors listed when I searched on a couple of company information sites.
This company Algorates is not regulated or registered.
I searched on the website of FCA ( The Financial Services Register) and i found this:
https://www.fsa.gov.uk/register/fir...wbMnkrDqRfzqwbynknvrkLOlQzNp65In0__?sid=60609
192936 - Algo Capital Management Limited
[The following information includes such details of the supervisory, disciplinary and civil regulatory action (but not criminal action) which the FCA or PRA may have taken, may have decided to take, or may have proposed to take, under the Financial Services and Markets Act 2000 or civil penalties which the FCA may have imposed, or may have decided to impose, under the
Money Laundering Regulations 2007 in relation to Algo Capital Management Limited and which the FCA or, where relevant, the PRA considers it appropriate to publish. The Financial Services Register does not hold information on action taken by other enforcement agencies.]
My final opinion: these are scammers of the worst kind, I certainly wouldn't do business with them.