Baazex review – a wolf in sheep’s clothing?
The general sentiment that we got from our Baazex review was that the company had relatively decent trading conditions, but all of those good first impressions were thrown away the moment we found out that the license the broker was promoting so vigorously turned out to be completely null.
Baazex is a Forex broker that is located on Saint Vincent and Grenadines, which is never the best jurisdiction to choose a financial service provider from as there have been numerous cases of scammers finding refuge there.
But in order to get the whole scope of the brokerage, we feel obliged to lay out their services in front of you. But regardless of how enticing the conditions may seem, keep in mind that we still deem Baazex scam to be a definite reality.
Baazex Forex broker first impressions
When we first entered Baazex’s website, it’s hard to say that we weren’t impressed. The website has a nice layout with information available at pretty much every click.
In normal circumstances, this would be an amazing addition to the overall rating for Baazex, but as already mentioned, the company’s questionable license conditions make all of these benefits equal to pretty much zero benefits.
One of the primary features we were looking forward to the most was the legal documentation sector of the website, where we were expecting all of the AML, KYC and license information. Although it seems that all the documents are there on the surface, it takes just a little glance at them to find out they haven’t been confirmed through Saint Vincent and Grenadines law by being signed by a local citizen witness
Baazex trading conditions
To be completely honest, if we ignore the regulatory issues completely, Baazex fraud becomes a thing of fiction simply based on the trading conditions the Forex brokers offers, but it could be that the joke’s on us that a legitimate brokerage can’t have such great conditions and it is a reality.
Much like with any other Forex brokerage, traders get to choose from three different types of accounts. With Baazex these are Standard, Classic, and ECN which all come with varying degrees of maximum leverage, minimum deposit and several other “benefits” that traders can use.
The Baazex Forex broker claims that its customers can use a maximum of 1:1000 leverage on the Standard account, but judging by the fact that the minimum deposit is just $10, it’s not expected for traders to make too much out of this option.
Although it needs to be said that a $10 minimum deposit is absolutely amazing for a beginner trader should Baazex had been a legitimate company.
The spreads also seem to be compliant with market standards with traders having the options of as low as 1.0 or 1.5 pips on major currency pairs like the EUR/USD, but once again, that’s completely nullified by the lack of a trustworthy license.
Withdrawals & deposits
The Baazex withdrawals and deposit options are quite varied which is commendable at the very least. The company has made sure to offer as many options as possible.
The methods traders can find here include Neteller, Skrill, Wire transfer, credit/debit card as well as Bitcoin transactions. However, we couldn’t find any information on whether or not withdrawals come with any kind of fees, which leave it as a blank page in our Baazex withdrawal, but judging by the fact that the company is already looking very shady, it’s safe to say that traders won’t ever see their withdrawals even if there is a 0% fee attached.
Should Baazex be trusted?
Had Baazex displayed commendable transparency in regards to company information besides the registration and alleged regulation license number, we’d deem them trustworthy enough to give a try, but judging by the fact that they have not signed any of the legal documentation available on their own website, it’s safe to say that staying away from Baazex forex broker is the smartest thing traders can do regardless of their experience level.
In most cases, Saint Vincent and Grenadines brokers turn out to be scams due to lighter regulations or their failed attempts at landing a more trustworthy regulator like the FCA or the AMF in Europe.
Baazex was inches away from being recognized as a trustworthy brokerage, but their blunder with the legal documents gave them away. If anything, they’re proof of how scammers are getting smarter and smarter.
In the end, all you need to know from this Baazex review is that you should stay as far away as possible.