Baazex (Baazex.com) is a cruel CFDs, Crypto Currency, and Forex scam out to cause malice. With impossible claims and promises, Baazex is promising users over 50% welcome bonus. What’s more troublesome is the fact they offer users a 20% deposit bonus. This means every time you deposit, you get 20% free funds. Is this really possible with this broker? Read this detailed and eye catching BAAZEX review for more details.
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After receiving numerous email complaints from users who lost funds, we had to investigate. Most members claim to have been duped by the bonuses being promised. And as such, they deposited huge amounts waiting to get the promised bonuses. Noticing they were not handed the bonuses, members tried to contact the broker. For one reason or the other, they could not get a hold of their account managers. This is a story we are well familiar with, a well-played scam script.
Before opening an account, we highly recommend you read this review. What we did was conduct a full investigation to find out what was happening with this platform. And this is where most newbie traders go wrong. They sign up with platforms simply because they offer insane promises. In most cases, scam artists offer rewards which include high investment returns. Baazex on the other hand uses bonuses to trap as many investors as they possibly can.
Upon visiting the homepage, disclaimer reads the website is operated by Baazex Investment Ltd. What we did was look at the registrar of companies to find out whether this company is legit. And this is where we first noticed a red flag. This company is not registered anywhere on the face of the planet. Details posted on their homepage are just pure lies meant to entice users. Furthermore, this broker is being operated by an anonymous people. Who owns this platform?
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This is a question we have been trying to get answers to. Who are the actual founding members of this platform? Lack of this vital information is proof we are dealing with an anonymous entity. Anonymity coupled with the fact the platform is based in St. Vincent and the Grenadines raises more questions. This means Baazex is an offshore brokerage firm which is a big problem. Offshore brokers are notorious for breaking set regulations and rules. Stay away from offshore brokers.
After checking with regulatory bodies, we found shocking details regarding their licensing. This broker lacks any licensing credentials or registration details. It means they are operating under false pretense. Any unlicensed broker is bad news for any investor who signs up. Lack of any licensing or registration credentials is proof we are dealing with a hoax platform. Stay away from this broker!
Where are their licensing and registration credentials? A real broker would have easily posted their credentials for all to see. And this is another huge problem members are facing with this broker. Due to lack of a factual contract agreement, users end up signing up their rights of ample service delivery. What seems to be clear with Baazex is how bluntly they break industry set regulations and rules. Make sure to stay away from this broker and their affiliate programs.
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Baazex is claiming to use MT5 trading platform as their preferred tools of trade. Thanks to our detailed investigation, we found some errors with their platform. In order to test how well their platform works, we had to download it. And this is where another red flagged popped up. No investor should ever sign up with a platform which is unstable. Download stalled and eventually stopped at 45%. This means their platform’s setup is incomplete and leaves users unsafe.
Hackers are known to take advantage of such platforms. They usually attack the platforms for data manipulation and theft. This is why trading with Baazex is strictly prohibited. These hackers will steal your personal data as well as credit card information. Once they get a hold of your credit cards, they will purchase goods online and pay with your cards. This is a warning sign to all investors who sign up with this platform. No one is safe while trading with their MT5 platform.
Baazex is offering three different account types to choose from. These accounts are named Standard, Classic, and ECN. What we found odd with these accounts is how they have managed to use feature same characteristics. These accounts have the same margin call, stop out, and hedge margin. Only difference with these accounts is how they require different minimum set standards. Each of these accounts has a minimum acceptable deposit of $10, $100, and $500.
How can such a broker be offering low minimum deposit? This is clear we are dealing with a rogue broker who has no knowledge of Forex trading. According to the set industry standards, minimum acceptable deposit should be $250. What this broker is trying to do is trap as many newbie investors as they possibly can. This is why staying away from BAAZEX is the right decision. They simply want to fill their pockets with your funds before shutting down their website.
Funds are never safe with an unlicensed broker whose is based offshore. To add salt to injury, this broker is anonymous and no one knows where they are actually based. Where do they bank money deposited by members? It has come to our attention users are actually depositing funds to owner’s personal bank account. In short, users are lining the owner of this platform with their hard earned cash. This should stop!
When it comes to following set rules, this broker breaks them all. Segregation of accounts is not possible which is a must for a legit trading platform is. This means Baazex is pooling funds to one single account. Bankruptcy is another huge problem with this broker. A broker who does not insure funds is simply throwing away money. Members should not expect any compensation from this broker.
After going through the evidence, it’s clear we are dealing with a rogue broker. In case you receive any emails from this broker, mark them as Spam. Warn your acquaintances from signing up with this broker. This is the only way to stay clear from brokers such as these. Signing up with this broker is throwing money away. Stay clear from this broker and any other who share similar characteristics.
To ensure our readers are safe, we don’t recommend anyone to sign up with this broker. Adding this platform to our scam blacklist will prevent our readers from signing up with this broker. We only recommend users to sign up with industry backed and tested Forex brokers. This is a proven and sure way of trading safely with Forex. Make sure to always sign up with leading and skilled Forex brokers with a solid reputation.
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Lastly, we wish you all the best in your Forex trading experience.
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