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.
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.