Algorates.com doesn't respond, lost all my money

alshaibani

Private
Messages
13
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.
 

alexx71

Recruit
Messages
184
Please, as I'm interested in this managed account do not limit to write few words.
I invite you to write all the documents and proofs about what you said, you can just hide
your sensible data for privacy reason.
You don't have a balance sheet for instance ? Copy of mail and so on.....
 

joneslds

Corporal
Messages
87
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 Funds withdrawal procedure: Within 60 days following receipt of the Client's request, the amount requested to be withdrawn will no longer be traded in the market and will be set aside to be returned to the customer.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.
 

joneslds

Corporal
Messages
87
A tip before entering any broker , see if it is regulated , see if has no complaints here at forexpeacyarmy forum ,. Deposit small amounts of your capital 200 , or 500, and immediately ask to make a withdrawal.
 

alshaibani

Private
Messages
13
The problem is their minimum was $5000, I'm still surprised that there is no mention of the website anywhere that they are stealing from people. I have all the proof and I'll make sure I get the word out
 

alexx71

Recruit
Messages
184
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.

Their statistics doesn't show that kind of loss. Please post here your account movement. Are you sure they burn all your account ?
 

alshaibani

Private
Messages
13
2.png

Here you can see the following:
*In the bottom you can see the remaining funds I have in the account $253.20
*On the right you can see the profit -$19,746.80
*Most importantly you can see them doing currency exchanges to try and purposely lower my balance, this is a gold and commodities fund mind you and I did not authorize the use of any currency what so ever.
*My first contact with them regarding a withdrawal has resulted in them being focused on defaulting my account during the time period they claim is required to withdraw my money.

Please as what more information you require.
 

alshaibani

Private
Messages
13
This website is a scam, the employees they have on their website are stock photos of random people, and the only thing you can find about them is a linkedin profile saying random things about how great algorates is, and how they are qualified and trustworthy.
 

FxMaster

Lt. Colonel
Messages
10,113
This website is a scam, the employees they have on their website are stock photos of random people, and the only thing you can find about them is a linkedin profile saying random things about how great algorates is, and how they are qualified and trustworthy.

Did you invite them to join this thread if no then follow the below steps.

Two steps that you must follow.

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

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

Best Of Luck
 
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