Crypto Algorithm – The Trading Bot https://cryptoalgorithm.io/ carries out trading actions on the crypto market completely automatically, ostensibly always in the interest of traders.

You can find out here what dangers this entails. If you have invested capital with the provider Crypto Algorithm and now have problems with the payout, our lawyers can help you nationwide.

Crypto Algorithm – Prevent Bitcoin losses at an early stage

Normally, dubious online brokers make contact by telephone. Prospective customers looking for a money-making investment enter keywords such as “Bitcoin investment” or “online trading” in the Google search and end up on websites such as Crypto Algorithm.

They claim enormously high and easily achievable returns.

After submitting personal contact details, brokers from several providers get in touch, who help the consumer open a trading account and issue instructions for an initial payment in the range of two hundred fifty to five hundred euros, which often has to be made by credit card.

In addition, there are many cases of injured parties being contacted by brokers via social media platforms such as Facebook, Instagram or Telegram or partner exchanges such as Tinder and Lovoo.

After the conversations initially proceed without suspicion, the topics of online trading and bitcoin trading come up soon after. The contact person claims either to be active in these segments himself or to know someone who is passing on insider information to him.

Subsequently, the victims receive a URL to an online trading platform, create a customer account there and are cheated out of their money. Accordingly, there are similarities to the fraud method of love fraud.

After the first payment, the investor is assigned a personal account manager who is supposed to take care of the customer account and the alleged investments. As a rule, the clients receive telephone calls several times a week in which the trades and the alleged results are discussed.

As with Crypto Algorithm, contact is almost only made by the account manager himself. In most cases, it is not possible for the customer to call back. Extremely high profits are made on the online trading account within a short period of time, at least in appearance.

Today, it is known that the fraud gangs use computer software that fakes the trading actions so that no real trading is carried out.

After the account balance has increased further, the account manager urges consumers to make additional transactions in order to obtain supposedly higher profits, as with Crypto Algorithm. Furthermore, extra earnings are advertised to be credited to the customer’s account.

The investor’s subsequent payments are usually made by bank transfer to accounts in Eastern Europe (Czech Republic, Croatia, Serbia, etc.) or Asia. Often also to crypto exchanges such as Kraken, Coinbase, Nuri, etc., among others.

In order to use the discretion of crypto trading for their own purposes, the alleged brokers persuade consumers to open accounts (so-called “wallets”) at the crypto exchanges or open these wallets themselves via remote access via AnyDesk or Teamviewer for the investor.

After the investor has made a payment to the wallet, the fraudsters access the customer’s computer again, buy Bitcoin or other crypto money from the transferred money and transfer it to their own wallets.

However, the investor is led to believe that the assets have arrived in the trading account. After further immense earnings on the trading account, customers understandably want to request a payout or at least a partial payout.

However, this is refused for various reasons or linked to the condition of additional payments. Further information on providers such as Crypto Algorithm can be found in the following sections. The following information is basic advice for investors – regardless of the platform in which you invest capital.

Crypto Algorithm Checklist: Assessing financial service providers correctly

The following list serves to protect you from online brokers with dubious intentions.

  • Is a provider like Crypto Algorithm listed in the company database of the specific EU supervisory authority?
  • Ask yourself: What is the name of the contact person you want me to get in touch with?
  • Identity theft is a serious nuisance: please do not leave a photocopy of your photo ID. It is not uncommon for criminals to ask you to do this.
  • Do not be deceived by assurances of enormously high profits without the risk of losing investments.
  • Is there a complete imprint on the website?
  • Do not accept any unsolicited investment recommendations from unknown persons via advertising on the telephone or e-mails.
  • Do not use any remote maintenance software that gains access to your end devices.
  • Find out as much as possible about the trading company and the goods you want to buy (search engines on the net, forums, online card services).

Investing capital with Crypto Algorithm? Do not make hasty decisions

Do you notice the pressure of a tight deadline? The online broker is baiting you with the help of a special offer, but you are under pressure to make a choice quickly? This is certainly not an ideal idea, as it is usually a ruse.

Don’t rush into a decision You can not only get serious offers now, but also invest capital with Crypto Algorithm in the future. To get to their goal, rip-off artists know in detail what they have to do.

They try to get as much information as possible about their target person through advantageously crafted enquiries. They likewise ask about the other person’s constitution, for example, whether he or she is home alone or whether he or she keeps cash at home.

In addition, they use a “wait and see” method to drive the person to despair. You can keep your counterpart on the phone forever until he or she agrees to go to the credit institution and hand over money and other valuables to the criminals.

In one of these scams, the injured party is put under pressure to meet a deadline. With such a tactic, the injured party is made to disregard his own caution. New support scams use the same method.

Since the contacted person’s computer is allegedly infected by a very complicated computer virus, the callers, presumably working at the behest of Microsoft or a financial service provider such as Crypto Algorithm, demand urgent payment for a maintenance contract in English with an Indian accent.

The criminals compound the stress by threatening to charge the targeted individuals if their computer is infected and transmits the infections.

What financing instruments does the grey capital market offer?

Only a small proportion of financial market participants such as Crypto Algorithm are subject to official regulation and supervision. In the grey capital market, there are investment service providers that do not even need a licence from BaFin and do not have to follow anything more than a few regulatory conditions.

Only make an investment in the grey capital market if you are sure of the company’s solvency and it is known to you as a company. As already noted, the Federal Financial Supervisory Authority has no control at all over these service providers. The grey capital market holds a plethora of options. There are:

  • Corporate investments
  • Loans with subordination
  • Ordinary bonds
  • Crowdfunding offers
  • Direct investments such as in timber, precious metals or other commodities
  • Profit participation rights and other hybrid bond forms

One thing is certain: it is unclear how it will turn out for the investor in the end. Do you find it difficult to understand what is on offer? Then you should find out as much information as possible before making a decision. Don’t buy anything you don’t fully understand! When it comes to investments, the more expertise you need, the more complex the product. It is also not advisable to put all your capital on one card. Diversify your risk beyond Crypto Algorithm. To avoid being swayed to your disadvantage, it makes sense to always focus on the product itself and not on the brand name or image of the financial service.

Recognising reputable cybertrading providers

The usual investment fraud is carried out with known means such as advertising, telephone canvassing or stock market letters. When it comes to running scams, the old-fashioned method is fast becoming obsolete in the online age. The new type of investment fraud can be described with the term “cybertrading”.

Financial products are traded here with dishonest intent via the World Wide Web. The dishonest investments include financial products such as contracts for difference and cryptocurrencies like Bitcoin & Co.

Even the offers of Crypto Algorithm were used by other providers in a comparable way to lure investors into the trap. Investors are increasingly enquiring about investment options online themselves.

In this way, people rely on their own knowledge or on the advice of others in blogs, forums and other online portals when making their decision. The shift to ever different financial instruments has no lasting effect on the law-breaking activities in terms of gang structure.

Since the criminal gangs rely on already existing and widely recognised infrastructures, there is no need to switch to a new “business model”. No matter what kind of financial instrument is traded, the process of cybertrading is almost congruent.

These financial instruments are aggressively advertised on social media platforms or with paid advertisements. In this context, it is almost all about presenting astronomically high returns. Calculate the probability of achieving high profits with Crypto Algorithm before investing capital.

Broker commission: Make sure you get clear information at an early stage

Before investing with Crypto Algorithm, find out how much of your investment amount will be used to cover costs such as fees and commissions. This is a good time to thoroughly examine the information provided by the service providers!

Investors must be informed of all estimated costs and their effect on the profit margin of financial service providers. Furthermore, remuneration must be presented separately.

Assuming that you request a breakdown of any fees, investment service providers are under an obligation to provide you with this information. For obvious reasons, a provider like Crypto Algorithm is usually interested in as many transactions as possible.

Usually, the costs are so enormous that it is difficult to make a profit. The costs can even devour the invested capital in a very short time. Therefore, be sure to take the costs into account! The commission fees of the online broker must be accessible to everyone.

The clarity of the structure of the costs is also set in the official rules and regulations. If there is a violation, the provider’s official authorisation can be withdrawn.

Getting your deposit back from Crypto Algorithm? Get in touch with our lawyers

Investors who have suffered losses with a service provider such as Crypto Algorithm, or who have difficulties getting their winnings paid out, should first refrain from making additional payments. Afterwards, it is highly advisable to consult a lawyer and have him assess any options to compensate you for your money.

It is important:

  • obtain legal help
  • act quickly
  • do not despair

Do you have questions about the service provider Crypto Algorithm? Then our legal advisors are at your disposal. Feel free to contact us. At this point, you will come to our enquiry form to exchange views on Crypto Algorithm.