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BeAlgo.com Review Visit site

Updated: Nov 16, 2018
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2 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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2 REVIEWS
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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."