The Company – SCAM

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.

Update

Algotech and its broker BeAlgo was a scam and has been shut down. The website and facebook page are all gone. We helped provide relevant information to the proper authorities as we investigated this company further.

On the basis of the information now available and the numerous complaints, the European Funds Recovery Initiative (EFRI) is launching a BeAlgo-Algotech campaign to recover investor funds. The utilization of Moorwand Ltd represents a decisive activity in this respect. Affected investors can register their claims via the EFRI website.

 

Posted by:algorithmictradingreviews

41 replies on “Algotechs Review – Shutdown

  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.

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  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!

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  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

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    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.

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      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.

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      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.

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      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.

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  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.

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      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

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  5. Hi,

    I am being scammed by Algotechs.com and BeAlgo.com.

    They try to push you and get all the money and then when you try to withdraw, they dont give your money back.
    This is a serious SCAM and needs to be reported and closed.

    Hope to get my money back

    Like

    1. Do you have evidence of this as other guys we have contacted with this same issue have then retracted their original complaint as they resolved the issue with Algotech at a later date? As much info as possible would be great for anyone reading this post.

      Like

  6. At least you could remove this rating until you verify whether this is a scam website or not, and try to salvage some credibility on this.

    Like

  7. I probably won’t get the chance to find out if I can withdraw funds or not. I invested a relatively small sum, for me, with them. After some initial gains, it now looks as though their Algorithm ( if there is one) cannot recognise when it’s got it badly wrong and cut losses. Like many of these robots, which I find tend to cut profits short and allow losses to run.

    Very poor. Stay away.

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  8. ” For these reasons we rate this company 6.5/10″
    This review website has no credibility.
    Remove this review, do it properly, or shut down this site if you don’t have the professionalism to do a job properly.

    Like

    1. Hi Josh, we don’t make any money from this, we are doing this to help individuals. We did update the post to under review a while back as we are collecting more information. We missed removing the last sentence.

      We are working on a lot of reviews so the whole site will be updated dramatically very soon. I apologise for missing said comment.

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      1. Have been invested with them since early Q4 last year, all was going well until recently when massive loss making trades were opened and not managed properly. All profit and investment has practically been wiped out by the trades being carried and now I’m being pressed for further investment to rectify it. Account manager has now vanished and won’t respond, only interaction is with a new contact who only wants to discuss new funds. Options offered is invest or give up.

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      2. Thanks. When you say massive loss-making trades – were these within normal drawdown levels? Every algorithm or investment will have periods of drawdowns which are normal. It would be great if you could provide more information regarding certain metrics such as initial capital utilised and drawdown value?

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  9. They ARE SCAMMERS. Don’t put your money on it at all. They will manage to show you gains when you put small amount of money, and they will wait for bigger events that could make market oscillates hardly, and will tell you to put more money giving you the double amount of what you put. After you put more money, and more money, they will change your positions on market, and it will only be loses, more loses, in a fast way, then someone from risk team will call you, and tell you something about the market, bla bla bla stuffs, and if you want keep your position, is to put more money. If you don’t put more money, they will close your positions and you will have NOTHING. It happens to me. DON’T LOOSE YOUR MONEY WITH THEM.

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  10. They ARE SCAMMERS. Don’t put your money on it at all. They will manage to show you gains when you put small amount of money, and they will wait for bigger events that could make market oscillates hardly, and will tell you to put more money giving you the double amount of what you put. After you put more money, and more money, they will change your positions on market, and it will only be loses, more loses, in a fast way, then someone from risk team will call you, and tell you something about the market, bla bla bla stuffs, and if you want keep your position, is to put more money. If you don’t put more money, they will close your positions and you will have NOTHING. It happens to me. DON’T LOOSE YOUR MONEY WITH THEM.

    Like

  11. They show you gains for some time, then in one week they will made some bad trades that goes to ZERO your account. This is my personal story . SCAM SCAM SCAM

    Like

    1. Thanks for your message. Your blog was very interesting to read and we will certainly follow your journey.

      So are you implying that the broker algotechs uses is essentially committing fraud – are they showing incorrect balance relative to what the actual account equity is?

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      1. How dense are you lot? I really suggest you shut down this website since you obviously don’t have the expertise to run it.
        it’s already been stated that Algotechs require investors to deposit their funds with a specific regulated broker that they are connected to.
        It is a SCAM

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      2. Just because a few individuals imply something is a scam does not necessarily make something a scam. Would you listen to every single Yelp reviewer? Sometimes individuals make poor decisions regarding the timing of their investments, we know many investors who always stop trading during a drawdown. There are many strong companies with disgruntled customers. I am not suggesting this is the case with AlgoTechs but more information is beneficial.

        We are trying to collate the information so we can have a strong update. Please don’t be disrespectful with your comments, you are not our employee or our boss, we don’t answer to you if you wish to post then please post respectfully.

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      3. The Algotrading company forces people to deposit funds with a single, unlicensed broker.

        Please show me an example of any other managed forex trading account company that does this and is not a scam. MASSIVE RED FLAG

        People have lost $100,000s of savings on this site.

        I think my description of your inability to understand what Algotechs is, namely a scam, is pretty accurate.

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      4. When did we say it is not a scam? I just mentioned that we are collating information from this and other emails we get to do some strong follow up posts. We have not updated this blog in a long time because my partner and I are researching the companies we want to review – we don’t want to mess up again. Don’t worry regarding AlgoTech as we will have a major update on them and a few other companies in the next few weeks. The original post will be updated as well.

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  12. Hello Guys, I had my money invested for 2 years and, I wanted withdrawal … But they changed the code of the algorithm … And lost everything, even is scam or not, you have. No control over your account .. you cannot stop the trades, you cannot withdraw, and your investment is not ensued. Not even to mention .. if if true, they are not eabke to control the loss of their profit and you profit.. no even they are not able to protect your investment… So I advice you guys don’t trust this Algorithm, and this algotechs company.. it’s a scam …

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  13. I have invested some money in Algotech / BeAlgo and I can ensure you it is not a safe place for your money. Shon Cooper is the one and only employee that deals with the “hooking up” people and ensuring they have to invest minimum 2000 euro. The BeAlgo web is registered in Bulgaria, where indeed it is an abandon Casino place (god knows if it really works). I do not think I will be able to take my money back because it is all in zero. They call you to tell you “It is an emergency situation, if you do not invest more you will lose whatever is remained” and usually it is like 5% of your investment and if you are addicted to gambling or you trust them, that “for the last 7 years this never happened to them” you will invest, and initially lose, more money. I just hope that those people will Rest In Peace after their “rich” life. Anyways, I hope you poor people out there read carefully all those messages and you can understand, that this company will drown your money to the last penny.
    PLEASE stay away from it!
    Total SCAM.
    DO NOT be stupid like me.

    Like

    1. same here, invested some money and suddenly it was down to zero. Shon Cooper’s phone and email are disconnected, the website is gone and so is my money. it is a scam!!!!! I hope karma catches up with him and
      he gets a bad disease, he deserves it. what really sucks is that I looked at financial reviews and they were giving Algotechs some good reviews which lead me to think that it was a good investment. Algorithmtradingreviews, you owe all of us to who got cheated to at least try to find them and report this Shon Cooper to the police.
      your post was from April, few weeks went by, have you got any news? thank you

      Like

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