Trading is an excellent method to earn some extra money. Unfortunately, if you are not careful, this can also be a way for you to lose your savings. Choosing the wrong broker can become the reason for your bad trading experience. Thus, be smart, research more, and try to pick up the most reliable and trustworthy online trading company.
In this article, we will introduce you to another unsafe, scam online broker, BeAlgo. We will review the broker and point out several most critical details to make their real nature clear.
About BeAlgo: What are they?
BeAlgo is owned and operated by B.A.X. L.T.D. and claims to be located in Sofia, Bulgaria.
BeAlgo is a foreign exchange broker that provides various currency pairs, CFDs, and cryptocurrencies.
Our biggest concern while exploring the broker was the lack of a website. Yes, you heard correctly. There is no Bealgo.com or any other domain available on the internet. It is one of the most common signs of scam brokers: they often deactivate their online website, or change domains, names and reappear on the market as newborn brokers with other names and domains.
Thus, if, currently, BeAlgo contacts you as a safe broker, don’t let them fool you. It’s a scam!
Now, let’s discuss some most crucial concerns that raise doubts about the company.
Lack of regulation and safety
B.A.X.L.T.D. claims to be established under the laws of the Republic of Bulgaria and registered in that country. However, the broker is not registered with the Bulgarian Financial Supervisory Commission (F.S.C.) and does not have a license to provide financial services in Bulgaria.
All brokers operating in a specific country/region should be licensed by local regulatory agencies/authorities (the Bulgarian Financial Supervisory Commission and the U.K. Financial Conduct Authority). Otherwise, the broker’s actions will be considered illegal. Brokers like BeAlgo should be avoided at all costs.
BeAlgo is also banned by some regulatory agencies, such as the Financial Conduct Authority in the United Kingdom.
Lack of info about BeAlgo’s trading conditions
As mentioned above, we could not find BeAlgo’s online website, meaning that we don’t have much information regarding their trading conditions. However, we still managed to find out some key details that we will share with you.
BeAlgo claims to offer the most common and advanced MT4 and MT5 trading platforms, but again, where can you download them without the website? Where can you learn using them?
We found that the trading instruments include forex, indices, C.F.D.s, commodities, and cryptocurrency trading. But once more, no information about the instrument variations is available.
Spreads and leverage are actually quite accurate: Spreads are 1.5 pips or below, and the leverage varies between 1:30 to 1:50. Probably, that’s the only adequate part of the BeAlgo trading conditions.
We also could not find the information what the exact amount of the minimum deposit is. Again, red flag.
How can anyone trade with the broker without any sufficient information available? Well, they might choose to only communicate via phone, providing the needed details only to the interested clients. Still, it’s also suspicious why they would not want to share their trading information openly.
Horrible customer support service
Another essential minus of the broker is poor communication and customer service. It would not be a surprise they don’t have any contact details available on the internet.
They choose to reach you themselves first, cutting the chances of reaching them from your side instead. This obviously means the withdrawal procedure will be fake. They will make traders invest money but make the withdrawal process unavailable. It will be easier for them if you don’t have their contact details.
Final thoughts about BeAlgo
To sum up, we recommend that all investors and traders avoid BeAlgo and other unregulated brokers. It is not hard to see how not legit and fraudulent their actions and motives are. The lack of information about broker supervision, trading conditions, and contact information should be the biggest red flag for those planning to invest with this entity. Usually, such companies engage in investment fraud.
There still are hundreds of honest brokers with years of positive experience available in the vast forex industry. You can also check our forex broker reviews and find the most suitable company for you. Thus, there is not a single reason why you should start or continue working with BeAlgo.
BeAlgo is considered a scam broker by a lot of entities, so keep your funds safe and avoid working with them. We wish you a successful trading experience.