Read our Bitcoin Algorithm review to see if we recommend this broker for trading. Just to clear doubts, this is a bitcoinalgorithm.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 Bitcoin Algorithm 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.
| Regulatory Body | Status |
|---|---|
| FCA (UK) | No record of authorization |
| ASIC (AU) | No record |
| CySEC (EU) | No record |
| SEC / CFTC (US) | No record |
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 Bitcoin Algorithm 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.
Bitcoin Algorithm Review Conclusions
Making the Bitcoin Algorithm 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 Bitcoin Algorithm 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.
I was scammed by this company. I saw an advertisement about China now changing their fiat currency to Bitcoin. I was really interested in this and thought wow whats the chances that I read this at this time, it asked for $250.00 and I thought thats not much to learn how to trade in Yuan pay. I got an email back from [email protected] with Username and password. Then a real good scammer calls named Victoria, she is really good will tell you what she does, and she has 150 clients who she makes money for, she will tell you all about trading and how she fits in the company and what she can do for you. She opens you up a Binance account and this is where they run the money through. She gets you to open up anydesk so she can see into your computer, She managed to get into my bank account and took $1000.00 from there and sent it to Binance. She advised that she cannot help me until I have $5000.00 in the account. Told her that I am not going to do that. But also asked her for her licence front and back and some flyers or brochures about her company, never received anything and she kept saying dont be paranoid. She never sent anything to me and close my account, DO NOT LISTEN TO HER, she is a scammer
Yes this place is a SCAM.
Steven account manager is probably the worst person to ever deal with, if that’s his name.
Put money in. Ask for the money we put in to be transferred back, loose $400 + in one day and now need to verify myself with all of my ID.
You can’t withdraw your money, they can’t prove who they are, can’t provide documents they expect you to provide.
They are definitely a SCAM without a doubt.
SCAM ALERT!!
Do not trust this website. They are scammers. They have my money and I cannot withdraw it due to compliance. I have a “pending” verification on my credit card which is not being approved. It has been a month and after several messages from website and emails to the support email address on website. I have heard NOTHING. Technically the agent could just waste all my money because I signed a DOD. ****THE SUPPORT PHONE NUMBER IS DISCONNECTED***RED ALERT!!!! DO NOT GET INVOLVED WITH THESE SCAMMERS. I will be talking to my lawyer and the police to try and retrieve my money. FU Stanley
Scammers and thieves, stay away
This is a scam site.
Beginning of August I put in 4000€ my trader was Ragnar ( May not be his real name. ) so in the first month more than doubled my money, by 11 of September l was making good profit, then suddenly the site was shutdown and now unable to contact Ragnar, so only conclusion is I have been scammed as have many other people.
Definitely a scam.
I was persuaded to join using the minimum deposit. I was then subjected to endless calls from a ‘Stanley Hunt’. An agressive, repetitive assault of calls. Their site has now disappeared.
I am an idiot.
Careful they have now changed to bitcoinsalgorithm.com (added an s)
These hoodlums, hooligans are completely professional scammers, The money you see on your trading accounts are fake, all web generated fund to make you feel like you are earning interest and invest more, they to go an extent of even showing you that they can transfer small amount out of your invested Money money into your binance account to convince you to invest more, as soon as they get your trust thats when you put more money, all this are faked and fabricated, what they do is they show you that they are making transfer of 200 or 300 pounds from your agorithm into your binance and they will do transfer from their own binance account to you just to convince you that the money truly come from your bitcoin agorithm account.as soon as you can see that the money reflects in you binance account and you transfer to your bank account successfully, thats when you start trusting them and invest more. Their website is well built and convincing, but don’t get yourself deceived.
The one that gave himself a name as Stanley took my hard earned one thousand pounds and ran away,
Before that, He persuaded me to put more money but I refused, he pressured me to borrow money from bank since I told him that I have used all my money in my other projects in Africa, when I refused to borrow as he suggested he continued pushing and pushing until I was no longer comfortable, at some point their website crashed and they built a new one and made a slightly change so people won’t notice, I noticed and mentioned this to Stanley but he waved it as a piece of $#*!, I then became more concern, I demanded to transfer money out of my trading account and he was upset and said instead of me investing more I am talking about withdrawing, I reminded him that its my money and by right I should withdraw some whenever I want to and invest whenever I choose to, Stanley got really upset and then next minute he claimed he has ordered for all the money to be moved into my binance account, Up till today I did not receive not even a dim in my Binance account, He later came back asking me if I get the money and when I said no, he said that I should check my email and there may be reasons why the money didn’t came through as he was expecting me to receive an Email or something, I checked and checked my email but there was nothing, at a point he thought I was lying because obviously he was the person who has sent the email to me from their other scam format as blockchain bull$#*!, he demanded to look through my email and I stupidly grant him access to look into my private email and he did not find anything, He struggled to make his email come into my inbox that’s for sure, Later on he called again and ask me to check and at that time I saw an email from the blockchain giving me a form to complete and return with me making payment of exact amount that I was withdrawing to an account with a promise to return the double money to my account after they confirm the bloody payment as form of authenticating that I am the owner of the money that is being transferred to my Binance account, Stanley then said its now up to me if I want my money that I have to do what they are asking me, This is my story and how my money was gone up till today because I am not that very stupid not to know this particular scam format,
I am not writing to please anyone but I am only a victim trying to save others, its up to you to listen or be scammed..