Algorates again!

[zackbear1987]

I have also has this problem with Algorates as there are already post about this company.

Luckily my investment was smaller than other peoples (~$4500) but they also lost ~$2000 in a few weeks. Then, my "on line trading account screen" went to -$139 overnight! There are no positions open and it has been like that for ~3 weeks now. I have emailed and phoned every address available I had and had no responses from any of them.

I am assuming my money is lost and I will not see it again. But if one person does not invest because of this post, then it is worth it. So hopefully this will stop others investing and being scammed.

 

[Pharaoh]

Make sure to file the details with econsumer.gov - Your site for cross-border complaints. as well as with any financial regulators who will listen.

 

[FxMaster]

Two steps that you must follow

1st - Invite them to join this thread via email (Send email to every possible address).

2nd - Go to there website and invite them to here via Live Chat.

 

[zackbear1987]

Thank you for your help.

Apologies I am not good with computers, I will send emails to all of the people I have been in contact with from Algorates with a link to this page. In terms of this LiveChat, I have looked into it but an unsure of how to direct them to here. Do you have any instructions?

 

[Pharaoh]

Get them into chat, and ask them to come and join your thread at the FPA. Then paste a link to the thread into the chat window.

 

[zackbear1987]

Done and waiting for a reply...

 

[zackbear1987]

Okay, I got a reply from one employee:

"Thank you for your email.
Due to a high volume of emails it is taking me some time to get back to people.

I appreciate your patience and endeavor to get back to you at the earliest possible time.

Kind regards,

Lloyd."

I then received another email last night:

"Hello,

Thank you once again for all your patience.

Attached you will find your insurance claim questionnaire which needs to be completed, signed and returned to us in order to represent you.

Once this is done we will instruct you on what should take place in due course as instructed by our insurance liaison.

If you have any outstanding issues with regards to AlgoRates and their conduct throughout your time with the company, you are invited to send your emails to Yang who is head of our Customer Relations Department at cr@algorates.com

Thank you and have a great day!



--
Kind Regards,

Patrick Clayton

Claims Division Manager"

With an attached 15 page pdf. I was surprised to hear a reply from them in the first place as I assumed they had all eloped with everyone's money. What does everyone think about this document before I start filling it in?

View attachment KYC Insurance Questionnaire-ref#B210044566FB.pdf

 

[Pharaoh]

Before signing it, notice the "Non-disparagement clause". Even if this so-called insurance takes years to pay and only pays 1% of what you are owed, you can't take ANY action which negatively impacts the company. If you breach it by even frowning at the company, they will demand $250,000 from you. They also can update this part of the agreement at any time without notifying you - for example, it can be made permanent and the damage amount could be set to 1 billion dollars.

You also give up ALL prior claims against the company and have to wait and see if the so-called insurance will every pay you 1 cent.

BEFORE even thinking about signing it, file a complaint at econsumer.gov - Your site for cross-border complaints. Check the financial regulators in your country and wherever Algorates is based and file complaints there. File an FPA Traders Court case. I also suggest forwarding a copy of the agreement to forex@giambronelaw.com


Ask them for the name of the insurance company. Tell them you want to check with the company to make certain that the agreement is properly worded. If there really is an insurance company, they should be happy to tell you.

Here's the trick - there is NO company out there that insures forex managed accounts. If there was, and if a claim had been filed, the insurance company would have contacted you already. This looks like nothing more than a way to have you sign away rights to all of your money as well as the right to complain about it when you don't get paid.

 

[zackbear1987]

Thanks for looking over these things. I will contact them ASAP...