Read our AlgoBlox review carefully to see why we do NOT recommend this broker for trading. Just to clear doubts, this is an algoblox.com review.
Who are they?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.
So AlgoBlox is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.
How does it work?
Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know they you read this article or that you are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.
Make sure you leave reviews about AlgoBlox in other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section. Also, when these people change their website they tend to call the old clients, so if they call you from a new website please write it down on the comment or let us know it by contacting us. That would be really appreciated by us and families all over world. Also if you get phone calls from other companies please put the name of these companies also in the comment or send it to us. We will expose them too.
AlgoBlox Review Conclusions
Making the AlgoBlox review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our AlgoBlox review has been helpful to you. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at [email protected] or by using this contact form.
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.
Im agree with you! Is just a horrible scam from some greedy people who never worked for a penny before. Disgusting
AlgoBlox is a scam, I deposited money with them and they refuse to give back my money.
I deposited money into Algoblox’s account through bank transfer for forex trading and when I requested for withdrawal, they refused to give my money back and rather they insisted that I should deposit more money into their company’s account. Several efforts to get my money back were unsuccessful. Please be warned Algoblox is a big trading scam.
SCAM, SCAM SCAM If I could give a zero I would. BEWARE they get you to download ‘anydesk’ and get full access of your device. They asked about my financials and found I had a Coinspot wallet. The broker told me he will show me how to transfer between platforms and accounts and I can withdraw anytime. He then took $19K out of my wallet onto Algoblox platform and stated I could withdraw/reverse anytime. He said he will call me later to show me how to trade as he has other clients. I tried to withdraw and to my horror withdraw was not working. I have repeatedly asked for my money back and I am not getting any response. All I get is “withdrawal request received successfully” and an email stating financial department will call me within 48 hours. This was 4 days ago
I deposited money with Algoblox and within an hour knew something was not right, especially as found name paid was different to Algoblox, so within 4 hours asked for money to be paid back to my Credit Card. this did not happen, then said couldn’t refund as hadn’t provided ID to which I responded that didn’t want to open Account so not needed, however eventually reluctantly I provided conditional on no trading and for purpose of refund only, but still refund not made. Have since made numerous requests for refund and spoken to numerous different people who promise to sort the refund but still it doesn’t happen. Posted adverse comments on Trustpilot to which responded that needed to close trades first, difficult when haven’t done any trades! Algoblox cannot be trusted and should not be allowed to trade in UK. Now seeking refund via chargeback through Credit Card Company
Algoblox is a scam, the company should be reported to relevant agencies so as to protect the innocent people and social media must be used to expose this fake company to the public as soon as possible. I am a victim of Algoblox and I have done my best to expose this company on youtube, facebook and twitter, in addition I have reported this company to the police. All victims must do their part to stop this company from scamming more people.
I am so depressed. I have had so much distress dealing with Algoblox. They, quite simply, DO NOT CARE. They are thoroughly unethical and ruthless. I suppose happy in the know that they are likely to get away with their filthy way of operating. In good faith I read about cryptocurrency investment. Unfortunately, I did not take the trouble to thoroughly check this company, Algoblox. My son was astounded when I revealed what Ii have told you so far. He did not have to dig to deeply to find out that it is a scam company and, as you can see, people really have lost their money. Everything that I have read on this forum and on Trust Pilot is true. I have so much to say but have to discipline myself to get the important points across;
1) Once I contacted the company in good faith, I was bombarded relentlessly by all kinds of dodgy investment phone calls – I have managed to get these under control by blocking each one as they come through. I felt as if I had fallen into a shark invested sea. 2) My ‘account advisor’ assured me (i) that the Algoblox trading company uses AI technology and therefore I CANNOT lose money. I was reassured endlessly that my money is safe, that I can withdraw it anytime provided I give 10 days notice – this has all proved to be a lie – I could not, for love nor money get anything – not a £1.00 piece back. (iii) I was advised to ‘beg, borrow’ get money from my credit card and family, anywhere or from anyone, to invest and make ‘alot of money’. Luckily I ignored this ridiculous advice. Apart from being totally unethical, thank God in heaven I retained some sensible ability to recognise something wasn’t right. (iv) when I realised this company and their agents were highly likely to be scammers, I tried desperately and unsuccessfully to get my money back – it’s gone. No hope of retrieving my ‘investment’ despite my desperate attempts. Indeed, I was advised to plough MORE money into Algoblox (another £15.000) to be able to get my initial money back (which was £5000). There were so many red flags and warning signs – ignore them at your peril. Like the hurried way the ‘advisor ‘ made me transfer money to an account in Lithuania – it did occur to me that this is a strange way to work and transfer to a Lithuanian bank did make me fee worried. Like the way she warned me (almost shouting in my ear) not to let the bank (that is my bank)know what the money was for, to whom I was transferring to and what I was going to buy – now this all should have been a glaring red flag, but I was caught up in the fever and was and felt, to be honest, ‘bullied’. Another thing you need to know is that the only way you can contact your ‘advisor’ despite her reassuring me that she had ‘my back’ and I can contact her ‘anytime’, is through email. However, as the weeks went on, I would send a desperate email, because I felt vulnerable and abandoned and did not know or understand what was going on (at one point my money could not be located and I kept being told ‘it hadn’t arrived’ this went on for at least 1 month. I even started to ask the bank to retrieve the money I had sent and then suddenly I got an email that the money had arrived!!! (with lots of exclamation marks). The emails became fewer and fewer and the agent began to become shouty and rude. She amazingly gave me a speedy 10 minute tour of how to manage shares – this is the God’s truth – she wanted me to ‘understand better’ what was going on. Of course I couldn’t make head or tail of all the jargon, graphs and sheer amount of information. I was alarmed more that i can easily describe, but I was stuck and didn’t know what to do, or how to deal with all of this. This all culminated in the ‘advisor’ (Amy was her name), telling me I had no money left, it had been lost. I was put onto an older man that was politer than Amy, the initial ‘advisor’, but after an hour I was bamboozled with jargon, figures, complex mathematical graphs and so on and on, until he came to the point, the crux of all of this effort, and advised that I would have to send another £2500 for him to recover my investment’ (I suppose this was better than the 1st advice, Amy’s advice, to send £15,000). I have no extra money left, so that was the end of that conversation. He just politely said ‘I’m sorry’ and we discontinued the telephone conversation. Subsequently, he did inform me that I only had £63 left in my account. Another thing you should all know about Algoblox, (and please spread the word – if you have access to any forums/have journalistic friends/social media outlets), is that the numbers they call you on, the address and telephone number of their ‘office’ I found on one of the emails are non-functional – they do not work or you get a message saying ‘the number you are calling is no longer in use’. I will finish by saying that I have reported this company to the Financial Conduct Authority (FCA) and the government ‘Action Fraud’ agency who were very sympathetic, very helpful, but not surprised. They, to a tee, ran through all of the tactics and language and ways that these scammers (e.g. Algobloox) work and successfully bamboozle people to trust them initially and eventually, lose money. They are ruthless and the official agencies told me this is a type of scam is at an all time high and they take vast amounts of money from people – hundreds of thousands of pounds. We have all heard the reports of scams on the news, documentaries but think we would never get caught. The Financial Conduct Agency (FCU), government’s Action fraud agency and the bank’s international scam teams, have all told me that they are putting this case through their fraud investigative procedures, also specifically ‘Algoblox’. because they have received so many complaints. The ultimate aim is to try and track them down and stop their operations so that people can be protected from being scammed. Please take care and do what I failed to so – check, check, check; ask your bank or other autoreactive, neutral government agencies (The Action fraud advisor told me that Action Fraud have an online information service that will let you know if the company you are intending to deal with are under the auspices of the regulatory authorities – meaning that you can check if a company is registered and bound by that authorities code of conduct and practices- this is a baseline anyway that must give some kind of direction and help about decision making).
they are the same,i have invested with algoblox and similar componey EXCHANGE
I have invested £17000 to both not only i cant get my money back i dont even get help from my credit companies they say that was my fault
i dont know what to do
Hello to all of you, I am as well a victim of these scammers that pretend to be legit, and rob poor innocent people without shame, one thing I can tell you is that you can approach your bank and recall your wire transfers, all you need to do is contact your bank and say you want to recall your funds for fraud. That will pull a read flag and the bank will request from Algoblox that they provide a proof of purchase from the sender. Since Algoblox is using 3rd party banking, the bank account owner will receive an email from his Bank asking what is going on and to provide all necessary documentation, if not provided not only the funds are sent back but the bank account gets closed, so you have leverage in your hands.
If one of the managers accessed your computer with Anydesk you can also recall the funds transferred from your bank account to any Exchange to purchase BTC, it’s the easy way out for them, once the $ have been exchanged they send them to their wallet and it’s no longer traceable, I would advise everyone to deposit a complain to the local police explaining someone accessed your bank account illegally without your consent and transferred funds without your approval, you got informed after the transactions was processed.
If complaints start piling up everywhere Interpol will get involved and they will find these scammers, just like they did with Binary options in 2016.
Getting your money back might take some time and won’t necessarily be easy, collect all the emails, phone records, sms, or chats on WhatsApp, proofs of payments and fight for your money.
Let’s stop being the victims of these scammers and together we can make a difference.
This company are scammers.
Please do not give these scammers your money. They showed me profits at the start to make me invest a large amount of money. After showing initial profits they put my money into an algorithm that I was not happy with. I informed Amy by watts app that I wanted to take my money out. The next day my money was lost and told it was the algorithm. This happened even when there was not much volatility in Bitcoin overnight. I was told previously by Amy that it would take months to lose that amount of money when first making the large deposit . From what I can gather these people no nothing about crypto currencies, and everything on how to get people to depart with their money.
I lost $240k usd to this so called company. They hide behind the algorithm to take the heat off themselves and can manipulate these computers to do anything. These people need to be held accountable and are cowards. It does not matter how much money you have in your account, they will keep asking for more. Do not trust this Amy as she will claim to always have your back , it’s her catch cry. Please do not invest any money into this company or be prepared to lose it.SCAMMERS.
I thought i was dealing with the Chinese bank logo on youtube to buy the yan coin. I emailed asking for details and got a phone call from Tradelax. I was on the phone for over an hour and the dealer was very convincing . I agreed to a small deposit and then about ten minutes later I got another call. This was from Algoblox. They told my deposit was accepted and I could start trading. I said to them I wanted to buy the yuan coin from the bank of China, and did not want to become a forex dealer. They said that was the way to buy it. You pay deposit of £250, this is changed to euros and then used to buy the coin. I told them to cancel, informed tradelax that I wanted to cancel, and waited for the money to go back to my account. This is where the run around started ! They needed identity docs and photos of driving licence etc. Well I started a campaign to inform many finance site reviews and warn them. I also contacted the FCA, police, scam busters and many others. I agreed to sign their id documents, and then they said they could not accept them as some were blurred, or the signature and disclaimer comment was not allowed. Well after a lot of stress and hassle I got my deposit back and the exchange charge. So the Chinese bank ad on youtube was false, Tradelax was either a front for algoblox, or part of the same company, and no doubt I would have made thousands according to them, if I kept putting more funds in . I have learned my lesson and although I am now being pestered with phone calls every day from some one else, I suspect these sharks are from the same mob. Don’t believe what you see on the internet.
(1/5)