Algo trading softwares is free of human-made errors and hence is more accurate. But that doesn’t mean that there are no losses and all algo trading software providers are reliable.
So, if any algo software provider guarantees returns and tries to convince his product by creating greed of high return and no loss strategy, stay away.
Again to identify this, one has to be aware of the same. Unfortunately, like many others, Vikram (name changed) was also not aware and ended up facing loss in algo trades.
However, he identified the scam much earlier and stopped using the service.
But by then he had paid ₹52,500 to the software provider, who convinced him to use his services by showing daily huge profits and promised him the losses recovery made to date.
Here is the whole incident how Vikram got trapped in it and later how our team helped him in getting a refund.
How did Algo Software Company Convince Vikram?
Vikram received a call from a registered Algo Software Provider who insisted Vikram look at the software and the strategies that they deploy to provide huge returns to clients.
Vikram connected with them on the call, however, didn’t plan to buy it.
Later, they started sharing profits screenshots of their existing clients and also invoices of other clients who bought services from them.
When Vikram showed disinterest, they came up with the lowest plan of ₹10,500 for a month and began trading with ₹25,000. This made Vikram try their services and hence he bought their plan.
For the first 3 days, the company gave him a demo in which he made a profit in the range of ₹700-₹1,000. But post that, the company stopped their services and one of the executives shared the number of senior persons.
Vikram contacted him and somehow that person convinced him to pay another ₹42,000 to get better strategies and returns. Vikram did the same but soon after that, he faced loss for 4 days consecutively.
He decided to stop using their services and requested the company to refund his amount. However, the company placed a non-refundable policy clause in front of him.
Instead, they continued convincing him to use their service and asked Vikram for account handling. But Vikram was a little bit aware of such regulations and refused to do so.
But all that disheartened him as he lost the amount in fees and further in trading loss which was around ₹7,000-₹8,000.
He then came across one of our videos and shared his details with us.
How Our Team Helped in Recovering His ₹52,500 Fees?
Our team on getting details of Vikram called him to get more details of the fraud. In the call, our team came to know that the company was certified. This increased the hope of getting a refund.
Our team coordinated with Vikram and collected all the documents including transaction details, WhatsApp messages, and other documents shared by the company.
After documenting all proofs, our team drafted an email on behalf of Vikram and asked him to send it to the company’s mail address.
Within 3 days of sending the email, Vikram received a call from the company that first tried to convince him to use their services for the next 7 days. However, Vikram denied it.
Then they put an offer to refund the fee amount after deducting 18% GST.
But Vikram, who already faced a loss of another ₹7,000-₹8,000 because of the wrong algo strategies denied that offer too.
Sticking to his point, Vikram finally succeeded in getting the whole refund of ₹52,500 in the next 2 days. This shows how raising your voice and taking the right actions, help you recover your fees paid to such fraud companies.
Conclusion
This incident serves as a reminder that not all certified software providers can be trusted blindly. While algo trading offers potential, it’s essential to stay vigilant and not fall for promises of guaranteed returns.
Vikram’s experience highlights the importance of awareness and taking timely action.
Thanks to his persistence and our team’s support, he was able to recover his hard-earned money.
If you ever find yourself in a similar situation, remember that with the right guidance and determination, you too can stand up against fraudulent practices and protect your investments.
