BeAlgo Review Scam Complaint
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BeAlgo is a forex and CFDs broker offering more than 40 currency pairs and several crypto. The website of BeAlgo is operated by B.A.X Ltd and it is a Bulgaria based broker. However, neither BeAlgo nor B.A.X Ltd is registered with the local Financial Supervision Commission. The broker even doesn’t provide much information about the company and its trading condition. Therefore, if you are thinking to open an account with this broker be sure to read this review first.
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About the BeAlgo:
BeAlgo is an Bulgarian broker that offers its clients around 45 forex pairs with exotic currencies like Lira, South African Rand, Swedish Krona, Krone, Hong Kong Dollar, Russian Ruble, Thai Baht and Israeli Shekel. The broker also offers CFDs on spot metals like, Copper, Aluminium,Gold, Silver and pelladium. Along with these CFDs on oil, indices, gas, stocks, ETFs and crypto. BeAlgo supports MT4 platform which has become a standard platform in the industry in the past few years. In trading market more than eighty percent traders use the MT4 platform on a daily basis. The platform provides user friendly and intuitive interface, great tools of charting and the option to run automated trading sessions with the help of the Expert Adviser trading bots, which, by the way, you can modify and even compile yourself with the help of a special editor.
BeAlgo allows its clients to withdraw funds at no charge but only for once at the end of every three months. On withdrawing funds more than once in a quarter, client has to pay a fee of 40 EUR or 0.25% of the transfer amount, whichever is higher. If one wants to withdraw the money before the completion of the quarter he/she has to again pay 40 EUR or 0.25% whichever is higher. These condition are very weird and an alert for a scam.
Is BeAlgo legit or scam?
BeAlgo is a Bulgarian broker and does not hold any license. Whereas, according to Bulgarian Law all brokers that operate in the country should have a license from FSC, or any legit and reputable regulator. BeAlgo does not have license from any of the authority and it diminishes its credibility and shows it is operating illegally in the country. Furthermore, its trading conditions are all seem fishy. It is always advised to invest with the authorized and regulated brokers as they are all legit but this broker does not have any of the legit broker quality.