Baazex review – could this broker be a scam?
Baazex Forex broker seems like an above-average deal when we look at it at a first glance, but there are several issues connected to the company, that once surfaced change the whole landscape of this review.
Once again, when entering Baazex’s website it’s clear to see that the brokerage has devoted enough time to make the website as easily navigable as possible, which under normal circumstances would have been a major contributor to the overall evaluation from our side.
However, our Baazex review found out that the broker is facing some serious issues when it comes to regulation and legal documentation, namely for the fact that they don’t have a legitimate license which can be trusted and all of their legal documentations are null and void, without any confirmation.
But in order to emphasize the fact as to why we’re calling Baazex scam, we need to dive deeper into the broker’s offerings and showcase our points.
Baazex review – Features and trading conditions
Credit is supposed to be given where it’s due correct? Well, we have to say that before finding out about the regulatory issues that the broker is facing, the trading conditions were swaying us towards ranking it as an amazing opportunity for beginners to grab a taste of the Forex market.
The spreads are extremely low, the leverage is sky high and the minimum deposit is equivalent to that of a small lunch during lunch break at work.
It’s enough to look at the broker’s Standard trading account which is obviously designed for beginner traders. The minimum deposit is just $10, the maximum leverage cap for major currency pairs such as the EUR/USD and GPB/USD is as high as 1:1000 and the spreads also come in the single digits such as 1.0 and 1.5 pips accordingly.
Traders get to use the Baazex MT5 trading platform which is slowly but surely becoming the go-to trading software for thousands of beginners as well as veterans.
Overall, we were more than happy with the conditions we found, but then we entered the “Legal Documentation” tab and were massively disappointed.
Baazex regulation is not legitimate
Baazex mentions on their website that they hold a Financial Services Authority of Saint Vincent and Grenadines license, which is already quite troubling as this jurisdiction has been the host of many a scam in the past.
However, with Baazex it’s much worse as our thorough search of the regulator’s database came out with no results. We simply could not find Baazex mentioned on the website in any shape or form.
This leads us to believe that not only did Baazex scam lie about having a regulatory license, but they chose the worst jurisdiction to lie about in the first place.
One simple argument that pops up when discussing Baazex’s trustworthiness is that, if they’re able to offer such enticing trading conditions, then why don’t they try to acquire a more trustworthy license in countries like the UK, France or maybe even Cyprus? The only conclusion we were able to make was that they were either denied due to some shady past or that they haven’t even tried because they know they’ll be rejected.
Baazex withdrawals could seem enticing
Another feature that simply burns us that scammers are able to showcase while legitimate companies struggle with, is the Baazex withdrawals and deposits offers.
We understand that none of it is true and traders will not get to see their withdrawals even if they apply for the fastest ones, but seeing these options line up right in front of us is quite disappointing to have them be associated with a scam Forex brokerage.
The options include Wire transfer, Bitcoin, Neteller, Skrill, credit/debit cards and various other options as well. However, it needs to be mentioned that if one wants to find out about the withdrawal times, the maximum and minimum amounts or if there are any fees attached, they need to first register and actually make the deposit.
Naturally, when something as shady as this happens the Baazex fraud becomes even more obvious doesn’t it?
Baazex review in a nutshell
To compound all of the Baazex review in one single sentence it would be “the dream come true that didn’t come true”. Yes, the trading conditions that are displayed on Baazex are actually that good, but simply knowing that its located somewhere in Saint Vincent and Grenadines and nowhere else just shouldn’t entice anybody to start trading with them regardless of the benefits.
All in all, we believe that Baazex is a real scam, a well-hidden and cloaked scam, but a scam nonetheless.