The Company

The website claims they have been established since 2012.  They pride themselves on their own developed trading platform called ‘ATS’ The Automated Trading System which trades on “Metatrader 4” and allows investors to trade 24 hours a day, 5 days a week in foreign currencies, commodities, indices and stocks. According to the company, the ATS was created by experienced programmers, financial experts and seasoned mathematicians – and so it claims to generate profits to its clients in high rate. The client is not required to have any previous knowledge, experience or time. Not even a pre-existing understanding of the capital market is required.  Despite there being no detailed information on who manages Algotechs or the team, they state their representatives provide a high-level of customer service.

 

The Product

The website claims that since 2012 “AlgoTechs” ATS automated system has provided customers with regular profits of 2% to 3% a monthly; 24% to 36% yearly.  Their automated operating system ATS’s prowess at analysing enormous amounts of data, deducing the correct conclusion resulting in achieving a high rate of successful trades consistently. However, there is no access to this detailed analysis of their product on the website so for those who want to perform their own due diligence, this may be a problem.  They do provide a link to the ATS system results produced from the Metatrader 4 software based on an anonymous client account, however, this is only based on 2012-2016.  You can access results from 2017 onwards at http://www.myfxbook.com.

The ATS system is active 24 hours a day, this could be perceived as more risky trading for those with smaller account sizes and those wanting to grow their accounts as margins are increased dramatically overnight and clients would be exposed to excessive slippage as there would be no liquidity/volume traded overnight.

Pricing

Algotechs offers its customers several types of accounts: Standard (500 to 20,000 EUR), Gold (20,000 to 100,000 EUR) and VIP (over 100,000 EUR). There is also a Diamond account which looks the same as the VIP account. The Gold and VIP accounts don’t include any withdrawal commission and include a success fee of 25% and 20% respectively. According to the website, the VIP account is the most popular one.

Algotechs Pricing

Algotechs Testimonials

Algotechs Testimonial

Algotechs Testimonial 2

BeAlgo https://bealgo.com/Default.aspx and Algotech https://algotechs.com , they both working together. Throughout my experience as their client for almost one year s I can say they are both scam and have inadequate regulations. I strongly warn you to be cautioned and fully aware of those couple.

MMMBMQ 4 months ago https://www.fxtradingrevolution.com/bealgo-review.html

Algotechs Testimonial 3

Algotechs Testimonial 4

Final Word

There are many positive reviews and testimonials on their website, however further research on the web you will find some very mixed reviews.  There appears to be a consistent theme of problems withdrawing funds, a lack of information and detailed analysis of the system itself which is off-putting for potential clients.  For these reasons we rate this company 6.5/10

6.5/10

Posted by:algorithmictradingreviews

13 replies on “Algotechs Review

  1. Above, you show a comment by someone from here: https://www.fxtradingrevolution.com/bealgo-review.html
    You only show one part of his comment, without the second part, stating that he is indeed a satisfied client, and his bank was the one blocking his return. Please double check your facts before posting non-truthful information!
    “This is a scam broker. They promise you 5 percent per month, in face this is just a fraud. They did not make me withdrawal of my deposit. they stopped answering to me. just silence. so no way
    Update from Kirill on the 31st of October:
    Because I cannot delete previous message I write again. I have received the withdrawal. It was problem with my bank did not accepting it. And the guts were just slow with answering. So in total I received my money back fully and made around 7 percent over one in a half month. So I recommend this”
    You chose to completely ignore all the incredible feedback and comments that happy clients wrote about Algotechs and BeAlgo.
    In addiiton, you wrote above : allows investors to trade 24 hours a day, 5 days a week in foreign currencies, commodities, indices and stocks
    Had you done your research, you would have seen, that Algotechs only trades on the currency pair of EUR/USD nothing else.
    Also, there are LIVE results published on a third party site, as you have mentioned, and detailed account statements publicly for everyone to see. Therefore it’s confusing of you guys to mention it’s difficult to find analysis, and presentation of previous success!
    I recommend being much more diligent in your research, and post the REAL truth, or how satisfied clients are.
    I personally am invested with Algotechs since November 2017, and thanks to them, I was able to pay off all my student loans, and move to a nicer apartment.
    Frustrating to have such incompetent people writing false information.

    Like

  2. This is a SCAM broker. DO NOT invest with them. I have been waiting now for 8 days to receive my deposited funds back and the ATS software is losing money every day (now down 10%). When before I put in the request it was making 5% per month. This is a Ponzi scheme!

    Like

  3. I am one of the victims of algotech and bealgo. They lead me all the way until I deposit and when I wanted to withdraw they didn’t care about my problems trying to uploaded all the documents that should asked at the beginning.
    Total scam

    Like

    1. Hi Josh, we have read your comment and it might be useful if you have any info that might be helpful for our readers?

      I will post your comment but we would need to hide your email address. Reader can contact us with the relevant information and we will pass that onto yourself.

      Like

      1. There are a number of people who believe they have been scammed. Complaints with authorities are underway.

        More information might help this cause. If you believe you have been scammed, and you have information about how your payments were processed, etc, please get in touch with me.

        Like

      2. Can you elaborate further on the area of fraud? For example is it the broker used by Algotechs not begin legitimate? I doubt the algorithmic trading software side would be considered part of any scam as it would be just defined as a poor investment aid.

        Like

      3. The broker is likely not legitimate as it does not return money or allow full withdrawals.

        Not only that but Algotechs does not allow you to use a registered, 3rd party broker, it requires that you sign up with this single broker in Bulgaria, One assumes that they are in cooperation.

        Algotechs itself, while being based in the UK, is not a registered company.

        I suggest that you change their rating to 1/10. Perhaps for future reviews you can consider whether the algorithmic trading company allows people to use legitimate brokers of their choice or not.

        Like

  4. I don’t think it requires an extensive follow up. Just a cursory review of the basic facts, which you failed to do when you wrote this review and gave them 6.5/10. For shame.

    Like

      1. Fair enough. Check out their terms of service. It says in the first section that they are used on the brokerage website BeAlgo.com

        Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s