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

Your case is in the Case Preparations Folder. I personally doubt the existence of any sort of "private investor insurance" plan.
 
I have received the following email today from Algorates:

Dear Client,

Thank you for your email inquiry in regard to your account.

We apologize for the delay in our response.

We understand your frustration with the recent market crash and its direct effect on your account.

AlgoRates have been working diligently and with no rest in order to resolve and provide clarity to all our investors.

Having said this, it is important for us to make it absolutely clear that this is no ordinary market crash and could not have been foreseen by any market expert or algorithm.

As you are well aware and have seen on every news agency in the world about how mega Forex firms have completely gone bankrupt. Just to name a few leading firms, Alpari UK, Excel Markets, Oanda, FXCM, have all been either completely or
for the most part wiped out. "FXCM, the U.S.’s largest online brokerage for retail foreign currency trading, said many of its clients had been wiped out in the markets on Thursday as well. The firm said it was owed KWD 66.22 ($225) million by clients who had lost everything in this week’s volatile currency markets."(Fortune.com)

In regard to what will transpire with our private investors.

AlgoRates is taking all necessary measures to activate our private investor insurance in order to minimize any damages that may have been incurred during these dire market times.

This is a thorough and lengthy procedure, in which the insurance providers will investigate scrupulously every single account on an individual basis.

Naturally, because we have over 100,000 private investor accounts this will take a considerable amount of time in order to come to a final resolve with each individual account.

We are cooperating with the insurance company to try and get through this as fast as possible, but please understand that this process could take between 6-12 months depending on a number of factors and the complexity of the claim.

We apologize for the inconvenience and thank you in advance for your patience and understanding of the situation.

Please send all inquiries to claims@algorates.com .

Kind Regards,
Patrick Clayton
Claims Division Manager

Tel: +44 130 223 8888

Your loss is due to open positions on CHF ? It seems this is just an excuse but it easy verify it.
The reality seems that as soon someone request a withdraw they start to play a more aggressive strategy,
and this is like play big risk with other people money. Very bad !!!
Big red flag is that they cancel their profile at Myfxbook.
I'm curious to see if other investors want share their experience here as they claim to have thousands of investors.
 
My case with them has taken place between them, myself and an FPA moderator, and now I'm waiting for the moderator's verdict. They had obviously stole my money as well as other's people's and it is time to let the world know.
 
AsstMod moved your case to the Open Cases folder. Unless something unexpected happens, voting will begin next week.
 
Dont trust it, I have the same email or similar email. I lost over 2000 dollars also, I will post soon. I have all the conversations that I had with my account rep Elliot. No offense to anyone at all but I'm glad I didn't invest 15k like he asked me to. The insurance claim agreement states that any contract or agreement prior to the insurance application is void, and that you will not slander their name for doing so or they will sue for 250k. It look home made or like it was converted from a Docx file to Pdf. Also there is nothing documented on insurance procedures on their website.

Page 12 reads:
1. Non Disparagement – The customer is restricted from taking any action that negatively impacts the company, its reputation, products, services, management or employees. The customer agrees that neither him/her nor any of his/her ' Employees, Subcontractors, Consultants, Affiliates and/or Associates will, and it will cause each of its' Employees, Subcontractors, Consultants, Affiliates and Associates not to, directly or indirectly, in any capacity or manner, make, express, transmit speak, write, verbalize or otherwise communicate in any way (or cause, further, assist, solicit, encourage, support or participate in any of the foregoing), any remark, comment, message, information, declaration, communication or other statement of any kind, whether verbal, in writing, electronically transferred or otherwise, that might reasonably be construed to be derogatory or critical of, or negative toward, the company or any of its directors, officers, Affiliates, subsidiaries, employees, agents or representatives (collectively, the "Company Representatives"), or that reveals, discloses, incorporates, is based upon, discusses, includes or otherwise involves any confidential or proprietary information of Process of the company or its subsidiaries or Affiliates, or to malign, harm, disparage, defame or damage the reputation or good name of the company , its business or any of the company’s Representatives.
2. Liquidated Damages Provisions.
In the event that the Customer breaches any component of this Non-Disparagement clause within a five year period of signing the agreement the Customer acknowledges and agrees that it would be impractical or extremely difficult to ascertain the amount of actual damages to the Company. For this reason, Customer agrees that any violation of the Non-Disparagement provision of this Agreement shall result in the imposition of liquidated damages, in the amount of Two-Hundred and Fifty Thousand U.S. Dollars ($250,000.00), per each occurrence, to be paid by Customer to the Company which represents the reasonable compensation.

3. Updates This non-disparagement clause and the terms and conditions of service may be updated at any point in time by the Company, without any notification to the customer.
4. Agreement
1. The parties hereby state that all prior agreements and/or contracts and/or understandings which were in force between the parties before the date of this Agreement, shall be terminated and/or will be considered void. The Customer will have no further claims against the Company (In accordance with clause 1 in this agreement).
2. Upon signing this agreement the Customer is legally bound to the following:
 All agreements and discussions between both parties is kept strictly confidential
 The parties agree that the terms of this Agreement as set forth herein are the full and final settlement between the parties, and the Customer shall have no claim(s) and/or demand(s) against the Company and/or anyone party acting on behalf of the Company.

This is not an insurance claim, at least not the one I was sent.
 
Sign that agreement and if you so much as frown at the mention of Algorates anytime in the next 5 years, they'll be able to claim you owe then $250,000 in damages. Even better - they reserve the right to update those terms at any time.

So, even if the "insurance" pays nothing, ever, sign it and you'll be silenced for at least 5 years (longer if they chose to extend that and update the terms).
 
This website style and format looks very similar: algotrades.net anyone can verify their authenticity?
 
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