BeAlgo Review (2023)

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. According to our research, BeAlgo is a total scam. The broker is not regulated and has no legal right to provide financial services to public. Moreover, BeAlgo has been suspected in fraud, when pretending to be another company with a better reputation.

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:

“Bealgo (B.A.X. LTD) is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis.”

Conclusion

We advise all investors and traders to avoid BeAlgo and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BlackBull Markets and XM.com.

BeAlgo website is no longer active.