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FX Scam Algotechs (https://algotechs.com/ ) and BeAlgo (bealgo.com)

Discussion in 'Scam Alerts' started by asinha, Oct 29, 2018.

  1. asinha

    asinha Recruit

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    They claim to be a leading international algo trading company . They uses a broker called bealgo.com. One can use bealgo website to deposit money to the broker. They claim that they would take 30% of the profit and money can be withdrawn at any time. Bealgo also provides MT4 where one can see open trades. They only trade EUR/ USD pair

    I deposited 2100 EUR with them through 3 credit card transactions . Dated 16/09/2017, 4/10/2017 and 2/10/2018.

    I posted my first withdrawal request on 03/10/2018 for 1000 EUR. I got a call from Robin Hill , my account manager from Algotechs, that they can not process credit card withdrawal request and I should request a wire transfer. I posted a wire transfer request to my bank on 07/10/2018 for 2500 EUR. Nothing happened . I inquired status of my request several times through bealgo customer support, never received any reply. 29/10/2018 , I called Robin Hill (account manager from Algotechs) that I want to to close my account . I send the request number of times to bealgo but nothing happened. I also asked him to close all open trades and cease trading activities from my account.

    Immediately after that some huge trades were placed in my account and it went to negative. Also these trades were also fake . A buy order is placed for lot size 2.52 on 29/10 at 12:50 @1.4459 which is making loss of EUR 1800. Interestingly EUR/USD pair today was between 1.13697 - 1.13754. Please check the account report before I spoke to Algotechs guy Robin Hill and after that. The profitable open trades disappeared .
     

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  2. FxMaster

    FxMaster Lt. Colonel

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    They providing live chat support. First of all, go ahead and invite them to this thread to add the reply from their end about your issue.
     
  3. vnkishore

    vnkishore Recruit

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    Hello, I also placed my money in Bealgo/Algotechs and facing the same problem after raising the withdrawal request. It's been 3 months since i raised the withdrawal request. During this time, my profits are decreased, huge negative open positions raised. And there is no response from Bealgo or Algotechs support/relationship managers except few occasions that they will get back soon.
     
  4. FxMaster

    FxMaster Lt. Colonel

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    It will be good if you can open a new thread in scam folder along with the full details of your problem with them.
     
  5. SoniNew

    SoniNew Recruit

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    Im going over the threads in here and i want to cry.. Are all of those firms are fraud? :\
    I am pretty sure that to place trades on your behalf ( i hope that i understood this correctly) is against all regulations.
    Did you complained to them? Did they replied?
     
  6. Truely

    Truely Recruit

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    Have u gt it back?
     
  7. Truely

    Truely Recruit

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    Any update?
     
  8. cyberwiz

    cyberwiz Recruit

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    I'm in the same situation with them. No real progress for the last month.

    Furthey they mention they are working on to relocate the accounts to new bank account but it seems just a trick to win some time.
     
  9. FxMaster

    FxMaster Lt. Colonel

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    Did you get the new thread in scam folder yet?
     
  10. tes7udjjB

    tes7udjjB Recruit

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    Did you get your money back guys??
     

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