Beware! TradeBase24 is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
TradeBase24 does nothing to impress. With a very limited website and suspicious client area, this so called broker is definitely one to avoid. For reasons we shall discuss, we were unable to get a hold of any trading conditions.
TRADEBASE24 REGULATION AND SAFETY OF FUNDS
The broker has not once mentioned a proper regulator under which it falls. The Terms and Conditions are tedious and confusing, without revealing any licencing information. The rest of the website is noticeably bland and useless.
We can confirm that TradeBase24 is completely UNREGULATED, making it a risk for any investor to deposit in!
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent.
The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
TRADEBASE24 TRADING SOFTWARE
Once we registered, the client area revealed itself. This unveil once and for all puts TradeBase24 as completely and undoubtedly illicit. The dashboard consists of a third party provided chart with irrelevant trading conditions, enough to fool only the most novice of novices.
This is what users get as an excuse for a trading software. One look at this and you next move should be to closes down the window, and never look back.
TRADEBASE24 DEPOSIT/WITHDRAWAL METHODS AND FEES
According to the payment terminal, users can only deposit by means of bitcoin. There is no minimum deposit amount indicated anywhere. Usually though, brokers that offer BTC deposits only, do not have a minimum requirement.
Withdrawals are taxed with undisclosed fees, as many illegal brokers do. It is said in the T/Cs that withdrawals are processed within 24 hours, something we find hard to believe.
We strongly advise traders to only deposit the minimum deposit, or better yet- not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.