Check Scams, Debt Collection scams and other financial scams.
by fredy96 Thu Dec 25, 2014 6:46 am
Algorates Scam

Is algorates.com a scam? They say they are investment.

I was asked to invest in algorithmic high frequency trading.

I am having difficulties in trying to withdraw my money and found some discrepancies on the website.

Their call center only takes messages and someone will call you back.
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by HillBilly Thu Dec 25, 2014 7:33 pm
while trading / investing is not my area of expertise, I would simply ask you when exactly did you ask for the withdraw of funds??

There are others on the site here much more experienced in this area than myself. Hopefully they will also chime in.

it says pretty clearly on their site 60 days + 14 (possibly) before they will have your withdraw to you.

http://www.algorates.com/client-agreement
24. Funds withdrawal procedure: Within 60 days following receipt of the Client's request, the amount requested to be withdrawn will no longer be traded in the market and will be set aside to be returned to the customer. AlgoRates will then have an additional 14 days from the end of this period to process the bank transfer returning this amount to the customer, as long as the customer supplies all necessary due diligence documents required by AlgoRates within this time period (such as passport copy, proof of bank account ownership, or any other document required by AlgoRates.).


I can also tell you from personal experience that at times I have had to wait in excess of 6 months for monies to be returned to me from investment accounts. Even when they had a 6 month limit imposed by the FTC. Funny how after I contacted the FTC my money came back to me rather quickly..... :lol:

by AlanJones Thu Dec 25, 2014 7:37 pm
While the domain does have a long registration period, there are a few things that don't add up.

Firstly, the domain was registered in June 2013, but the footer claims copyright 2007.

Then there is the question of who actually runs the site - the registration is hidden (rather strange for a legitimate business), but at the bottom of their disclosure statement page there is this image (why would a legitimate business hide their details in an image that the search engines can't see?)

Image

For the bots

OFFICE ADDRESS: AlgoRates LTD, 13 Freeland Park, Wareham Road, Courier Point 8272, Poole, Dorset BH6 16FH, UK
CLIENT SUPPORT: UK freephone: +441302238888, Fax: +441300500444, Email: [email protected]


There's a couple of odd things here - firstly the "freephone" number - it isn't, it's a geographic number for Doncaster, which is nowhere near Pool in Dorset.

Then there is the name of the company "AlgoRates LTD", there is no such company registered in the UK. I also couldn't find the names of the directors listed when I searched on a couple of company information sites.

Then there is the question of what they actually do if they are taking client funds then they would need to be registered with the relevant regulators, but there is no mention of any regulation on the website. There is also no mention of Data Protection Act registration either.

As this appears to be an investment scheme possibly run by legitimate company, rather than the types of scam we deal with here, If the repayment is outside the terms that HillBilly quoted above then I'd recommend that the OP makes an official complaint to the company and if that gets them nowhere, contacts the FCA to invoke their complaints procedure.

Please do not tell scammers that they are listed here - it will take them seconds to change their fake details and their new details will not be listed for any future victims to find.
by Clair Thu Dec 25, 2014 7:40 pm
There is a company called Algo Capital Management Limited registered with the FCA in the United Kingdom. In the company's FCA records it says the website is: http://www.algocapital.com There is not much on that webpage, but it is registered through a domain service in Australia with ties to Malaysia.

Then there is http://www.algo-capital.com/ which gives links to the the website http://www.algorates.com.

The algo-capital.com is registered through a US based domain service and is only a two year registration (Sept 2013 to Sept 2015). While the algorates.com is also through a US service but has a 5 years registration.

The only "News" on the company looks like it comes from two press releases in 2013:
http://www.marketwatch.com/story/humans ... 2013-07-25
http://www.prnewswire.co.uk/news-releas ... 74355.html
I couldn't find articles about them in the real news sources like Wall Street Journal.

I think something looks odd about the whole set up and it warrants further investigation. I certainly wouldn't do business with them.

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