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BeAlgo Review – Is bealgo.com scam or good forex broker?
RECOMMENDED FOREX BROKERS
BeAlgo is a forex broker, offering over 40 currency pairs and several crypto CFDs. If you are thinking about opening an account with them be sure to read this review first.
|Account type||Min. deposit||Max. leverage||Spread s|
|Standard Account||$500||1:200||2,4 pips. floating|
Some exotic currencies and various CFDs
BeAlgo offers its clients some 45 forex pairs, including exotic currencies like Turkish Lira, South African Rand, Swedish Krona, Mexican Peso, Norwegian Krone, Hong Kong Dollar, Danish Krone, Czech Krona, Hungarian Forint, Russian Rubla, Thai Baht and Israeli Shekel. The broker also offers CFDs on spot metals (gold, silver, platinum, palladium, copper and aluminum), oil, natural gas, stocks, indices and ETFs, as well as some crypto CFDs – on Bitcoins, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Zcahs, Ripple and Bitcoin Cash.
In the past 10 years MetaTrader4 has become an industry standard as more than 80% of the traders use the platform on a daily basis. It features user friendly and intuitive interface, great charting tools and the option to run automated trading sessions, using the Expert Advisor trading bots, which, by the way, you can modify and even compile yourself with the help of a special editor. Here you can check our list of broker, also offering MetaTrader4:
BeAlgo website is operated by B.A.X LTD, with a contact address in Bulgaria. The company, however, is not registered with the local Financial Supervision Commission (FSC) and does not hold a license to operate as a forex and CFD broker.
Under the Bulgarian Law all brokers operating in the country should be licensed by the FSC – a legit and reputable regulator – or another financial authority in an EU country.
After checking the registers it turned out that BeAlgo does not have a license whatsoever and this significantly lowers their credibility. Investing with unregulated brokers is extremely risky, as most often than not such entities are involved in scam.
Properly regulated brokers on the other hand had to abide by strict fiscal and ethical rules and do guarantee the security of investment.
Well respected financial regulators such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) or the Bulgarian FSC require all licensed brokers to maintain at all times a certain level of operational capital, as well as to keep all clients funds in a segregated, protected form creditors account. In some cases brokers even have to insure traders money.
FCA and CySEC brokers for example have to participate in client compensation schemes. Under the FCA backed Financial Services Compensation Scheme traders can receive back up to 50 000 GBP of their capital in case their broker goes insolvent, while under a similar insurance mechanism, traders with CySEC brokers can receive back up to 20 000 EUR. Here you can check our list of brokers licensed by the FCA:
BeAlgo is an unregulated, low credibility broker, which has unreasonably high minimum deposit requirement and spreads that are far form competitive. As we already mentioned, our advise is to invest funds only with brokers, licensed by respected financial authorities.
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
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Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Bealgo Review: Is Bealgo.com Legit Or Scam?
Bealgo.com Review: this is the name of a Forex trading company and providing accurate, precise and profitable trading tools. Is trading with Bealgo safe? Read this revealing review to find out important details about this Forex trading company.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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Bealgo alleges that it is owned by BXA Limited and operates from Sofia, Bulgaria. Forex trading in this location is regulated by the Bulgarian Financial Supervision Commission (FSC). When we checked the online register of this commission, there were no search results on the company. The page does not provide any information about a license.
Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of Bealgo
BeAlgo Forex broker promises clients the best environment for growing their business. They use the advancement of modern technologies to create the most accurate, precise and profitable trading tools. Clients are offered trading software, financial solutions, and data confidentiality.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Bealgo Trading Platform
The broker offers clients access to the MT4 trading platform. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are not disclosed and we find this to be discouraging. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered to clients and spreads used are not also disclosed on the page. Traders should be aware that high leverage is dangerous as well as high spreads.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Bealgo
This Forex broker is not detail-oriented and again we found that it did not mention what means are available for making deposits and withdrawals.
We are discouraged that e-wallets are not named because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required to trade with the Bealgo Forex broker is unspecified. Requirements higher than the average minimum of $100 – $250 among legit brokers are not advised. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
On the Forex Peace Army website, we came across 10 reviews from the alleged clients of this broker. Every one of them was negative and this is a huge turn off for us. There has been no published response from a representative of this broker.
Is Bealgo Licensed?
No. Bealgo is not a properly licensed and registered broker. The trading authority in Bulgaria does not list it among brokers permitted to trade in the region.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To get in touch with the broker or a representative of its customer support service, an online message form is provided on the page.
Bealgo is not a properly licensed brokerage and has many negative reviews online, this is why we rate it low. Besides these findings, the page of the broker is devoid of any useful information unlike we are used to when reviewing Forex brokers.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website
Reason to avoid: No license
Listed Date: November 13, 2020
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Beware BeAlgo is a Non-Regulated broker. It is NOT SAFE to trade.
Is BeAlgo a scam or legit broker?
No, it is not safe to trade with BeAlgo. BeAlgo is owned and operated by B.A.X LTD and claims to be located in Sofia, Bulgaria.
BeAlgo is a forex broker that offers a variety of currency pairs, CFDs and cryptocurrencies. B.A.X LTD claims to be incorporated under the laws of the Republic of Bulgaria and registered in the country. However, the broker is not registered with the Bulgarian Financial Supervision Commission (FSC) and doesn’t have a license to provide its financial services in Bulgaria. Also, we looked through the terms and conditions presented on the website to find a bit different information about the jurisdiction the company belongs to. It says the broker is under the laws of England and Wales, although it is not regulated in the UK.
All the brokers operating in a particular country should be licensed by its local regulator/authority (Financial Supervision Commission in Bulgaria and Financial Conduct Authority in the UK, for instance), otherwise, the broker’s actions will be considered as illegal. It is clear that brokers like BeAlgo should be avoided at all costs.
BeAlgo has also been banned by several regulators, such as Financial Conduct Authority in the UK:
“Bealgo is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”
and there’s one more warning from the Financial Market Authority in Austria:
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