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BeAlgo.com Review Visit site

Updated: May 20, 2019
1.069 · 8 REVIEWS
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BeAlgo is a forex broker. Be Algo offers the MetaTrader 4 forex trading top platform. BeAlgo.com offers cfds, commodities, futures and indices for your personal investment and trading options.

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1.069 · 8 REVIEWS
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Let other traders know if this service is worth checking or should be avoided.

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brokenheart,
uk, United Kingdom,
May 17, 2019,
Guest

Bealgo just make up lies

totally scammed like the others here. Shon Cooper relentlessly pursued me for investment. Try to withdraw and nothing, bealgo just make up lies to delay. I want them all in jail.
JuliaMarkus6,
Germany, Germany,
May 10, 2019,
Registered user

Scammer and money launderers of the hightes order

AlgoTechs.com claimed to be a firm doing EUR USD Forex algorithmic trading. BeAlgo.com claims to be a broker, who provides its "services" to traders like AlgoTechs.

However in reality, both are partners in crime, 2 sides of the same coin. The presumably are under BAX Holdings.

They take money under the pretext of doing EUR USD forex trading. Then they "show" profits. One can withdraw small amounts, but when you try to withdraw big amount, they delay it endlessly. Even worse is that they turn all your trades into negative, effectively stealing all your money. Even if some amount is left, they claim "success" fee and what you are left with is peanuts.

For me they did the same thing. My "investment" was almost doubled in 1 year and in 3 days, they closed my account. On a Sunday, they restarted some trades which were closed on Friday. It was like a re-surrection. In addition they gave me credit even without asking.

Later the scamster AlgoTechs.com went bust, their website is not working and emails are bouncing. BeAlgo.com is still on, but it might go down anytime soon. They are not licensed broker. In fact they are scammers and money launderers of the highest level.

In other Binary scams, there were at least some real trades, which were purposefully manipulated. In AlgoTechs and BeAlgo, even the trades are fake. It is like a video game, which shows profits and then they run away with your hard earned money.

Avoid them like the plague.

More. Community discussion of this issue >>

AlgoAmateur,
United Kingdom,
May 3, 2019,
Guest

Part of a larger scam that won’t let you withdraw

For months Bealgo has been delaying giving me my money. They keep contradicting themselves, unsurprisingly I still don’t have my money! Scammers
Anshuman,
Undisclosed, United Kingdom,
Apr 13, 2019,
Guest

Scam big time

They were very pushy to start with, I invested just a little bit under 1000 pound, tested to very small with drawal, all worked fine but when I withdrew 350 pound, all the profit stared falling, and account went to minus. It is a big scam ... Learning is always check with FCA
BielyKvietok,
United Kingdom,
Mar 10, 2019,
Registered user

not happy

I did made money with this company, however they stopped communicate when I asked them about their licence. I successfully withdraw my deposit, but not the profit. they provide you with $1500 when you deposit $500, but you cannot withdraw the money made with their funds. I had to ask them several times for withdrawal and the account manager stopped responding to me when I expressed my concern about their licence.
Chuckyarla,
Ireland,
Dec 16, 2018,
Registered user

Algotechs/Bealgo scam

I started investing in Bealgo through their affiliates Algotechs about 16 months ago after seeing an ad on Facebook. I believe that they are one and he same. All went well at first. My 'account manager' by the supposed name of Shon Cooper rang me frequently to encourage me to put more and more money in. Which, like a fool, I did. The confidence building was well done. I was able to make some small withdrawals which made me think it was legit. They I was sent a link to an award they had been given by The European magazine with an accompanying glowing review which made it look even more kosher. Turns out they bought the award and wrote the glowing review themselves. Anyhow, all was fine until I tried to withdraw a large sum. Nothing happened, no withdrawal. So I contacted them and after a while I was told that they couldn't process the withdrawal due to problems with some Danish bank. Turns out the those problems, although real, were not a legitimate reason for them not to process withdrawals. I did more research and discovered that the whole set-up is a scam. The trading platform is not real and they control what you see. They can make it look like you made big profits or losses as they wish. They determine the success not the market. You will never see the 'profits' because they don't exist in reality. I asked them to cease all trading and return my own money - they ignored my request. I took screenshots of the balances at the time of my request and the request itself as I predict that shortly I will start making big losses. The whole Algotechs/Bealgo set-up is a scam. Don't make the mistake I made and avoid them like the plague.
cyberwiz,
Netherlands,
Nov 15, 2018,
Registered user

Also waiting for funds withdrawal

I am pretty much into the same situation as described by the 2 earlier posters.

I have an account with BeAlgo since September 2017 and so far it has returned very good profits as they originally promised. However on October 1st I decided to make an withdrawal and so far I have not received any funds into my account. I have inquired BeAlgo and the initial response received was that they will request a written statement from their bank. Today I asked them again to confierm teh situation and I received a response that Københavns Andelskasse bank has defaulted and I have 2 options:
1) Wait for the release of the funds from the Danish bank (no promises there, can only wait)
2) Transferring the portfolio AS-IS to another bank. Once it will be done, they'll be able to process the transactions and transfer the funds to your bank account. Again several weeks waiting time.

This present situation makes me worried since this is my first attempt to withdraw funds from this broker. Also I am asking myself why they did not reach out to their customers to inform them about the situation with the Danish bank. Instead they lost 2 weeks while I was waiting.

I'll keep monitoring the developments. Hope anyone here with some more experience to share their thoughts if this is potentially some scam or just an unfortunate event.
asinha,
London, United Kingdom,
Oct 10, 2018,
Registered user

Likely forex scam?

I submitted a withdrawal request on 3/10 . I have not heard anything from them. After couple of days I got a call from Algotechs representative (Robin). He basically told me to submit a request again for wire transfer as they can not transfer money to credit card . According to him if credit card deposit was made more than 1 year ago then only way to to withdraw money is wire transfer. Accordingly I submitted a wire transfer request so far I have not heard back from bealgo or Algotechs. I will wait for few more days but chances are that this is a scam. Also I realized the trades that are being placed now having a very high leverage . May be game plan is to show huge loss in my account and that way they don' t have to return money . I am happy to change my review if something positive happens. I will update this thread after few days
Mahmoud,
Saudi, Saudi Arabia,
Oct 8, 2018,
Guest

I'm just submitting my review and experience without judging Algotechs or BeAlgo as I'm waiting for their response!!

I started investing with Algotechs on Feb 2018, and I was generating very good profit from my investment. My friends were challenging me to withdrawal money from my account to confirm if they are spam or not and so they can invest with me as well, and everyday I was keep delaying the withdrawal. On 12Sep 2018, I placed my first withdrawal request from them and unfortunately it was not a good experience at all, and until now I'm waiting them to fix this issue as they are claiming they are working on it. Below is the message I received it from BeAlgo support team after I placed my request:

"Dear Valid BeAlgo's Customer,

As you may be aware, one of our banking providers Københavns Andelskasse based in Denmark has been taken over by the Danish authority Finansiel Stabilitet, following the decision by the Danish Financial Supervisory Authority ("FSA") that the bank committed significant breaches of the financial and anti-money laundering regulations.

The most recent announcements are set out below.

https://www.finanstilsynet.dk/en/Nyheder-og-Presse/Pressemeddelelser/2018/Decision-that-Koebenhavns-Andelskasse-is-likely-to-fail

https://www.finansielstabilitet.dk/Files/Files/FS%20UK%202015/Decision_2_UK.pdf

This decision was not related to any action by BeAlgo, BeAlgo has not been part of the FSA's investigation and, as such, BeAlgo were provided with no pre-warning by Københavns Andelskasse or the Danish Authorities as to the decision.
As a result of the decision, which is beyond our control, we are unable to process payments through Københavns Andelskasse by any method and this is the reason for the delays with outgoing payments to our clients.
We intend to work closely with Københavns Andelskasse and the authorities in Denmark on a solution as quickly as possible to free our clients' money and allow transactions to proceed as normal.
Due to the unusual circumstances, we cannot comment on how long we will be unable to process payments but we can ensure you that we will be contacting the authorities regularly and will update you as soon as possible.
BeAlgo apologises for the obvious inconvenience which is out of our hands.
If you have any queries, please do not hesitate to contact your account manager."