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Algotechs.com / BeAlgo.com scheme

Discussion in 'Scam Alerts' started by Morgalio, May 25, 2019.

  1. Morgalio

    Morgalio Recruit

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    Algotechs.com presented themselves as developers of the software for algorithmic / automatic forex trading, while BeAlgo was the broker they used. I started investing with this scheme from January 2018.

    Money transfers were done to UPC Consulting Ltd. (bank Kobenhavn Andelskasse, Denmark) and then to Toot Capital S.L. (Deutsche Bank, Spain) according to their instructions.

    Over one year all looked good and generating profits. Suddenly, starting at end of January 2019, but especially at beginning of April 2019, the software appeared to change strategy and placed much larger trades in both directions (buy/sell) at the same time, making the sum impossible to be profitable. The capital and profits generated till that moment were burnt in a couple of days.
    They called me on 16th April to ask that I put more money to recover, which of course I refused.
    On 23-May-2019 the worst still open trade was closed, putting a huge loss in the balance. Three seconds later all other open trades were closed for stopout. Game over, and no more way to recover anything.
    Algotechs have never apologized for the wrong behaviour of the software and have instead disappeared - they even closed their website and are not reachable anymore.
    All evidence are that the whole scheme is a well structured scam and the trades never happened in reality, or at least they were always heavily manipulated, with the aim of stealing the money from investors.
    Financial authorities in UK, Austria and Bulgaria have issued warnings that BeAlgo has no forex trading license.
    I lost above 100 k€ and advice anyone to stay away from Algotechs and BeAlgo.
     
  2. FxMaster

    FxMaster Lt. Colonel

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    First of all, invite the company by using the invite company option to your thread. And if you are unable to locate the option then this thread "Tutorial: How to Invite a company to your thread." will help you to find out.

    Note: If you are new to FPA then invitation button will be enabled when your first post reaches 4 days old.

    Till then follow the below-suggested options to draw their attention on your issue

    If you deposited your money via credit card then contact the credit card customer care asap and ask them to file a chargeback.
    Go to their website and invite them to here via Live Chat
    Invite them to join this thread via email (Send an email to every possible address).

    You will find their email and address https://algotechs.com/contact/
    Also, Share your story as a review https://www.forexpeacearmy.com/forex-reviews/13754/algotechs-managed-forex

    You can also share your story on their social media pages mentioned below:

    https://www.facebook.com/algotechs
    https://twitter.com/Algotechs
    https://www.linkedin.com/company/16...6,idx:1-1-1,tarId:1485510484849,tas:algotechs
    https://www.youtube.com/channel/UCe4J_0SACWHrBE1HbRdQvTA

    Note: Don’t forget to update your review/s when you got solution of your problem, Best Of Luck :)
     
  3. sebhir74

    sebhir74 Recruit

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    text me on watzap 0041796850805
     
  4. Morgalio

    Morgalio Recruit

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    I invited the company following the instructions, however after I click on "submit" the confirmation in the thread does not appear.
    However note the website algotechs.com seems not to be online any longer and the emails sent to the company addresses are bounced back (recipient non-existent), see attached.

    FPA Forums Team Note: Look again. It takes 4 days AND a second post from you in the thread to activate the invitation button. This is your second post in the thread, so the Invite Company button just became active.
     

    Attached Files:

  5. FxMaster

    FxMaster Lt. Colonel

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    Try now :)
     
  6. Morgalio

    Morgalio Recruit

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    [​IMG]
    The OP has invited the company to this discussion on Jun 3, 2019 at 4:12 PM
     
  7. FxMaster

    FxMaster Lt. Colonel

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    Any reply yet?
     
  8. Morgalio

    Morgalio Recruit

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    Of course not.
     

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