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BeAlgo Review - is it scam or safe?

BeAlgo Review - Is bealgo.com scam or good forex broker?

RATING: 1.1 / 11 REVIEWS BeAlgo
BeAlgo is an offshore broker. Your money is not safe.

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BeAlgo is a forex broker, offering over 40 currency pairs and several crypto CFDs. If you are thinking about opening an account with them be sure to read this review first.

 

 

Account type Min. deposit Max. leverage Spreads
Standard Account $500 1:200 2,4 pips. floating

 

BeAlgo Advantages:

 

Some exotic currencies and various CFDs

 

BeAlgo offers its clients some 45 forex pairs, including exotic currencies like Turkish Lira, South African Rand, Swedish Krona, Mexican Peso, Norwegian Krone, Hong Kong Dollar, Danish Krone, Czech Krona, Hungarian Forint, Russian Rubla, Thai Baht and Israeli Shekel. The broker also offers CFDs on spot metals (gold, silver, platinum, palladium, copper and aluminum), oil,  natural gas, stocks, indices and ETFs, as well as some crypto CFDs - on Bitcoins, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Zcahs, Ripple and Bitcoin Cash.

 

MetaTrader4 supported

 

In the past 10 years MetaTrader4 has become an industry standard as more than 80% of the traders use the platform on a daily basis. It features user friendly and intuitive interface, great charting tools and the option to run automated trading sessions, using the Expert Advisor trading bots, which, by the way, you can modify and even compile yourself with the help of a special editor. Here you can check our list of broker, also offering MetaTrader4:

 

>>Find other MT4 brokers here<<

 

Leverage of up to 1:200

 

The maximum leverage offered by BeAlgo is up to 1:200 and this is generous enough to fit any trading style. Yet we should note that most experienced traders rarely use leverage of more than 1:100, as higher leverage comes with an implied risk of loosing your funds much faster. 

 

BeAlgo Disadvantages:

 

No license

 

BeAlgo website is operated by B.A.X LTD, with a contact address in Bulgaria. The company, however, is not registered with the local Financial Supervision Commission (FSC) and does not hold a license to operate as a forex and CFD broker. 

 

Under the Bulgarian Law all brokers operating in the country should be licensed by the FSC - a legit and reputable regulator - or another financial authority in an EU country. 

 

After checking the registers it turned out that BeAlgo does not have a license whatsoever and this significantly lowers their credibility. Investing with unregulated brokers is extremely risky, as most often than not such entities are involved in scam.

 

 Properly regulated brokers on the other hand had to abide by strict fiscal and ethical rules and do guarantee the security of investment.

 

Well respected financial regulators such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) or the Bulgarian FSC require all licensed brokers to maintain at all times a certain level of operational capital, as well as to keep all clients funds in a segregated, protected form creditors account.  In some cases brokers even have to insure traders money.

  

FCA and CySEC brokers for example have to participate in client compensation schemes. Under the FCA backed Financial Services Compensation Scheme traders can receive back up to 50 000 GBP of their capital in case their broker goes insolvent, while under a similar insurance mechanism, traders with CySEC brokers can receive back up to 20 000 EUR. Here you can check our list of brokers licensed by the FCA:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions

 

With BeAlgo you can withdraw funds at no charge just once at  the end of every three months. Otherwise, if you want to withdraw funds more than once for the quarter, you will have to pay a fee of 40 EUR or 0,25% of the transfer amount - whatever is higher. 

 

 

Also, if you decide to comply with this absurd condition - to withdraw funds just once in three months - but you want to make the withdraw before the end of the period, again you will have to pay a fee, this time 20 EUR or 0.25% of the withdrawal amount, again the higher of the two. 

 

Besides, with  BeAlgo you can not withdraw less than 100 EUR.

 

High minimum deposit requirement

 

The minimum deposit requirement to open an account with  BeAlgo is 500 USD, which is five times higher than the industry standard for a starting account. Have in mind that with some big players such as XMFXTM and IG you can open an account with just 5 USD or less.

 

Uncompetitive spreads

 

As tested with a demo account the EUR USD spread was about 2,4 pips, which is a pip higher than what traders usually expect to see with a standard account. So although no commission was taken for the trade, the spreads are higher than what is considered acceptable by the industry standards.  Here you can check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

No e-wallets accepted as payment method

 

With most brokers you can deposit or withdraw funds via popular e-wallets such as Neteller, Skrill and PayPal and even using Bitcoins. With BeAlgo you can do that only with a bank wire or some major credit or debit cards like Visa and MasterCard. So here you can check our list of brokers, accepting Bitcoins as payment method:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

BeAlgo is an unregulated, low credibility broker, which has unreasonably high minimum deposit requirement and spreads that are far form competitive. As we already mentioned, our advise is to invest funds only with brokers, licensed by respected financial authorities.

 

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Traders` reviews for BeAlgo

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

Pros

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Bealgo and Algotech

The SCAMMED me of €5000.
Thieves

Peter Mcauley 04/08/2019

Scamm

They managed and showed me gains for 1 year, now in 1 week they did many bad trades and now I have nothing. SCAM SCAM SCAM

ANGELO SPANO 04/05/2019

A losing trading system

Lost a lot of money with them over the last few weeks. I run a blog where I post my investing journey, including algotechs. If you want to see how your account will look after a year of investing have a look at that, you’ll change your mind quickly:

https://www.onemillionjourney.com/portfolio-update-4-march-2019/

Tony 04/05/2019

Scammers! Scam for sure

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.

Raoni 04/04/2019

I have been trapped

I have been trapped and I did join them by the end of January and the amount I payed was 500 euros and now it shows a benefit of almost €300...and i want to get back my money and deal with licensed traders..can you help me please?
Thank you.
Regards
Amina Joudar

amina joudar 03/20/2019

Scam. Confirmed

I have tried to withdraw part of my money. 20 days later, no news from my money or from support team.

David 03/07/2019

They are scam

When you try to withdraw your money and close the account they start to
Find excuses and asking for documents impossible to have.
They say if for complying the laws and the bank asked for that.

I will report Bealgo to the police and I will spread the information as much as I can that they are scam.

Stay away from them.

The first time the make you believe that they are correct by allow you to make one withdrawal.

They are scam

Pierluigi 03/06/2019

Bealgo/Algotechs scam

Scam artists for sure. They simply made nearly €30,000 of 'profit' disappear and disabled my account. Avoid like the plague!

Micheal O Coileain 01/28/2019

For sure Algotechs is a big SCAM

I tested them with small amounts, I credited my account slowly while the account manage was extremely pushy giving me extra leverage to put more money. I reached to a level where I wanted to test withdrawal. I could be able to withdraw small amounts with no issue, but the day I decided to withdraw all my money, suddenly I found that they are trading with 100X the usual volumes they traded in my account, and had all money lost in 24 hours. It is a scam and I don't recommend anyone to deal with them. I learned the hard way, but I am ok because there is no free lunch.

Please don't fall for their sweet talks and high rewards and profits. It is all BS.

Osama Abdelaal 01/03/2019

Do not recommend

Once they get your money it is almost impossible to get them back. Currently they are pretending they have issues with their Danish bank Københavns Andelskasse which was announced under default by the FSA. It has been already 3 months waiting and only vague replies by BeAlgo support.

Dimitrov 01/02/2019

dangerous

Scammers with algotech

David Crichton 12/31/2018
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