BeAlgo.com and AlgoTechs.com are scammer money launderers, request them to give back my money

JuliaMarkus6

Private
Messages
19
Hello,

Companies involved: AlgoTechs.com claimed to be a algorithmic EUR USD Forex trading company. Their broker is BeAlgo.com.

Background: I started investing with AlgoTechs.com from March 2018. In 1 year, the returns had almost doubled. Suddenly in beginning of April 2019, they turned my account negative in 3 days. When asked, they said the trades went wrong. They had huge Buy orders at the top and Sell orders at bottom. To recover from this I should invest more.

I asked if I invest more, what is going to be the change in strategy? They said they will engage in manual trading and rescue my account. I asked then why can't I do it myself. They declined.

Scam: On Sunday all my trades were closed. I had enough margin. I asked them how can trades be closed on Sunday, when all exchanges are closed? They gave some silly answer that HSBC margin has increased, etc. I asked for documentation or more details, but no proper answer. Suddenly after few days my closed trades got re-opened. With Sunday closure I started doubting them, when the account "re-surrected", my doubt was confirmed that they are scammers.

Engaging them: Still I tried to engage them. I asked them multiple times to close all Sell orders when market is down and all Buy orders when market is up. With this one coule have easily come out of the mess. This mails were sent to AlgoTechs as well as BeAlgo.

Request to BeAlgo: In end of April 2019, AlgoTechs.com has gone bust. I am still awaiting proper answer from BeAlgo.

Since AlgoTechs.com has gone, the scam is proved. I have transferred my money to BeAlgo. I request them to transfer back all my money. My dispute is based on following reasons -
  1. If they really have a broker license, then they should close Sell orders at bottom and Bur orders at top.
  2. Else, it is proven that BeAlgo has no forex trading license.
  3. This is a classic case of money laundering. They took my money under the pretext of "algorithmic forex trading", but in reality they have transferred my money to some East European or Offshore locations. This is also stated in their Anti-Money Laundering policy https://www.bealgo.com/Aml.
  4. There is no real forex trading, but only a video game sort of thing is shown to us.

Request ForexPeace Army Admins to invite support@bealgo.com in this thread. Or enable the option so that I can invite them myself.
 

FxMaster

Lt. Colonel
Messages
8,322
Hello,

Companies involved: AlgoTechs.com claimed to be a algorithmic EUR USD Forex trading company. Their broker is BeAlgo.com.

Background: I started investing with AlgoTechs.com from March 2018. In 1 year, the returns had almost doubled. Suddenly in beginning of April 2019, they turned my account negative in 3 days. When asked, they said the trades went wrong. They had huge Buy orders at the top and Sell orders at bottom. To recover from this I should invest more.

I asked if I invest more, what is going to be the change in strategy? They said they will engage in manual trading and rescue my account. I asked then why can't I do it myself. They declined.

Scam: On Sunday all my trades were closed. I had enough margin. I asked them how can trades be closed on Sunday, when all exchanges are closed? They gave some silly answer that HSBC margin has increased, etc. I asked for documentation or more details, but no proper answer. Suddenly after few days my closed trades got re-opened. With Sunday closure I started doubting them, when the account "re-surrected", my doubt was confirmed that they are scammers.

Engaging them: Still I tried to engage them. I asked them multiple times to close all Sell orders when market is down and all Buy orders when market is up. With this one coule have easily come out of the mess. This mails were sent to AlgoTechs as well as BeAlgo.

Request to BeAlgo: In end of April 2019, AlgoTechs.com has gone bust. I am still awaiting proper answer from BeAlgo.

Since AlgoTechs.com has gone, the scam is proved. I have transferred my money to BeAlgo. I request them to transfer back all my money. My dispute is based on following reasons -
  1. If they really have a broker license, then they should close Sell orders at bottom and Bur orders at top.
  2. Else, it is proven that BeAlgo has no forex trading license.
  3. This is a classic case of money laundering. They took my money under the pretext of "algorithmic forex trading", but in reality they have transferred my money to some East European or Offshore locations. This is also stated in their Anti-Money Laundering policy https://www.bealgo.com/Aml.
  4. There is no real forex trading, but only a video game sort of thing is shown to us.

Request ForexPeace Army Admins to invite support@bealgo.com in this thread. Or enable the option so that I can invite them myself.
Try to send an invitation to them by your self using invite option at this thread.
 

JuliaMarkus6

Private
Messages
19
Hello FX Master - I have already sent them an invitation, but no response till yet.

With AlgoTechs.com website gone, I think they are about to wind up BeAlgo.com also.

Is there any other option I have to engage them?
 

JuliaMarkus6

Private
Messages
19
After I submit the company invitation, does it need any action from FPA Admins like approval or something? If so, request you to please do the needful.
 

4evermaat

2nd Lieutenant
Messages
1,207
I have sent the invitation now. Admins please check and confirm.
Post #6 is the confirmation.

You have a good timeline. But you forgot to upload some photo/video proof to verify your claims. Such as:

- Account balance summary/history when it was doubled and then when it went to negative (AlgoTech and/or BeAlgo).

For mt4, here is a snapshot of how to gather complete account history:

fpa mt4 full account history generation steps.png

- email/chat communication threads you've had with AlgoTech and/or BeAlgo
- any other relevant research gathered about how they [might] scam past/future customers.

if any file is larger than 1MB, you may try to ZIP use cloud storage like dropbox/google drive/onedrive/etc and link it here. Make sure it is a public, sharable link (open url in a Private/Incognito browser window. If you can see the file contents, then the link is sharable).
 

ChilledinSpain

Recruit
Messages
3
Good luck. My feeling is that these are out and out scam merchants. Thieves to used the correct word. They’ll have long disappeared back down whatever hole they crawled out of.

I doubt we’ll ever hear from them again.
 

JuliaMarkus6

Private
Messages
19
Post #6 is the confirmation.

You have a good timeline. But you forgot to upload some photo/video proof to verify your claims. Such as:

- Account balance summary/history when it was doubled and then when it went to negative (AlgoTech and/or BeAlgo).

For mt4, here is a snapshot of how to gather complete account history:

View attachment 42678

- email/chat communication threads you've had with AlgoTech and/or BeAlgo
- any other relevant research gathered about how they [might] scam past/future customers.

if any file is larger than 1MB, you may try to ZIP use cloud storage like dropbox/google drive/onedrive/etc and link it here. Make sure it is a public, sharable link (open url in a Private/Incognito browser window. If you can see the file contents, then the link is sharable).
Hello Admins, as you might be aware, within days of sending the invitation, their WebSite went bust. Is there any other way to engage them or to get the money back?
 
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