Daily Marketing Alert – Fraud campaign BitQT promotes AlgofGain broker scam

Fraud campaign BitQT promotes AlgofGain broker scam
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We have issued a warning against the broker scam AlgofGain (www.algofgain.com) on May 18, 2021 (see report here). Currently, the scam is promoted via fake news articles on the website https://yucosmos.com praising the fraudulent BitQT campaign on Best Invest News (https://best-invest-news.com/bitqt). They are attacking German-speaking consumers. The scam has built an extensive collection of supporting payment processors via its BoxiPay cashier. On Trustpilot, AlgofGain now has only a 2.8-star rating with a “Poor” trust level. Do not fall for BitQT and AlgofGain.

The list of scam-facilitating payment processors from the two scams reads like a who’s who of high-risk payment processors. Specifically, we found the following payment processors behind AlgofGain. We have only listed those that were still active at the time of our review:

Some of the payment processors listed, such as BitOfHeaven, operate without deep integration. As a result, the victims of the scams have to register there and go through the “normal” onboarding procedure. However, others like Payneteasy or PaymentsPro have deep integration into the scams’ BoxiPay Cashier, i.e., a merchant agreement is in place.

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