Dear Readers,
This post is regarding the false allegations on our Portals Marketcalls, Algomojo by Mr. Utsav Kapoor which is followed by lazy investigative journalism from Mr. Debasis Basu (Co-Founder – Moneylife and Author of SCAM) based on some random anonymous complaint.
If the market becomes highly volatile, will retail algos (unregulated), with hooks, incentives, easy of use and rapid trading, set off a vicious cycle, like program trading of 1987 crash? My piece in @bsindia today. pic.twitter.com/9Ox6OwBuOo
— Debashis Basu (@Moneylifers) September 13, 2021
Dear Debasis Basu sir,
I am having high respect for your investigative journalism. However, never expected this sort of cut-copy-paste article without any investigation.
A few months back we received a complaint in the CAClubIndia forum with allegations on Marketcalls and Algomojo and later we have done some internal investigation and found out that it is a false allegation of us and some unknown person in the brand of IIT is trying to damage with various false allegations.
Here is my response is given in the CAClubIndia forum on 30th July 2021
Let me reiterate some of the facts and our ideaology on Marketcalls and Algomojo
1)We neither lure traders/Cold Calling nor provide promises on returns before/after completing Marketcalls/Febinar Courses. We provide institutional grade learning with deeper insights on Markets and Systematic Trading.
2)Algomojo is a DIY (Do it on your own) trading platform for traders who want to do API-based trading using brokers API. It is the trader’s responsibility to design/run trading strategies, manage risk and reward.
3)Algomojo only provides a platform to integrate various technical tools like Amibroker, Tradingview, Excel, Metatrader, Python, etc. It doesn’t have any in-built strategies. Traders have to integrate their own trading strategies into the technical tools and run in their own trading environment.
4)Algomojo does not have any in-built strategies and Algomojo will not trade on behalf of traders. Algomojo provides end-to-end trading needs for the traders right from education, data feeds, servers which are mostly required by our customers to create their trading infrastructure.
5)Algomojo is in no way associated with any of the brokers as sub-brokers. We act as digital referral partners to brokers and that is totally legal to do business.
I strongly recommend Mr. Debasis Basu to kindly verify and do some basic investigative journalism before making such baseless accusations based on anonymous complaints.
Algomojo
FinfoLab Technologies LLP