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 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.
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.
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
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.
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.