Beware! Baquote 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.
We always find pleasure in reviewing brokers who took the time to look unique and fresh. Baquote is one of these few firms that have tried something new, and by doing so will be able to stand out from the crowd of thousands of brokers. However, one of our most important rules concerning forex brokers is that neither users nor reviewers should ever judge a brokerage company by its looks. Read the review to find out if there is something to worry about Baquote.
We opened a live account without any issues and were very quickly brought to a user dashboard area.
However, we were not able to open a live account in the trading software. At first, it seemed possible, but then we discovered that the dashboard area had no place where to ask for a live account. Yet, we went on and downloaded the trading platform. It opened as if though yet we could not continue, for we had no credentials. We assume that Baquote is one of those brokers that picks its own user base via solicitation, and has a live account prepared for those that are 100% sure to deposit. In reality, this is a scammer plan!
At the end of the day, we proceeded with the opening of a demo account. The EUR/USD spread there was 3 pips. This is not good news, because such a cost of trade won’t do you any good. It is too high to be of any profit to anyone, but the broker. While opening a demo account, we were able to choose from a range of leverages, the highest of which was 1:500. Users can trade with indices, equities, currency pairs, futures, crypto, and commodities; an impressive list nonetheless.
The website can be accessed in a number of different languages: English, French, Portuguese, Vietnamese, Spanish, Polish, and Arabic.
BAQUOTE REGULATION AND SAFETY OF FUNDS
We have significant evidence stating that the broker is located in the Marshall Islands. In fact, the information to confirm this is all over the place, and as you will see it’s not too good to advertise this.
The Marshall Islands is one of the most popular scammer brokerage locations. One of the main reason for this is that there is no FX regulator in the island nation. Another reason is the nation’s flexible laws that allow for all sorts of shady firms to locate there. So, to operate from there does not mean that you are regulated.
Before concluding we want to mention that there is no other regulatory information. With that said, there is nothing stopping us from concluding that Baquote is NOT LICENSED
There is only one thing left to do! All user who are interested in trading Forex or CFD, are urged to do so only with the real regulators of the industry. Some of the most renowned and secure are the FCA and CySEC. These regulators act upon a set of rules that have been put into a legal framework with the local governments, and that is why users should trade only with brokers regulated by them; once a broker is granted a license from one of these watchdogs, they immediately adapt these legal frameworks as their own rules of conduct. What’s more is that the FCA and CySEC make it is obligatory for all brokers under their gaze to participate in financial compensation schemes; 85 000 pounds per person for FCA, and up to 20 000 euros CySEC.
BAQUOTE DEPOSIT/WITHDRAW METHODS AND FEES
Even though we registered an account, all payment details will be taken from the website. That is because all the payment options in the user dashboard area are just not there. Take a look for yourselves.
This again can be seen as confirmation for our theory that Baquote handpicks its own customers based on how easy it is to make them deposit.
Anyway, the website claims the minimum deposit to be $50 in one subpage, while another claims it to be $200. It’s up to our readers to decide which one it really is. It might not even be either one.
The following are the alleged payment gateways: credit card, wire transfer, help2oay, PayTrust, PaymentAsia, MegaTransfer, and debit cards.
The same methods used for depositing are used for withdrawing. Wire transfer withdrawals are processed in 2-5 days. All other methods take up to 24 hours. Interestingly enough, there are no fees for withdrawing as indicated on the website. Illicit offshore brokerages are known to launch fees for withdrawals without warning. Be warned!
Brokers who are unregulated should not be trusted with any investments. Baquote is one of those and all investments are a risk in it, even if it does not look the part!
How does the scam work?
Scammers have been known to use the same type of scammer structure, with just different hues and approaches. With that said, the way the scam works is actually incredibly easy to grasp, and once yo know how it works, yo will always be able to detect it.
The first step to being scammed, if we can express ourselves so, is to be lured in by an ad online. These are found all over the internet, but especially on social media websites. Illicit FX firms advertise false promises and fake trading conditions. Internet users that are tempted by these will either be redirected to a so-called robo-scam website or straight to the unlicensed entity. These websites will require you to register with an email or a phone number, and once you provide these details, you will start getting contacted by reps of these scammer firms. These reps require a minimum deposit from users, and will probably achieve to convince you because they are charismatic and confident in what they do.
However, they are no match for the expert scammer, whose goal is to talk you into making more deposits, and in the end will tell you that you cannot withdraw your funds for a number of reasons that will sound suspicious. In the end, what matters is that the client will not be able to withdraw his or her money back.
What to do if scammed?
The only thing to do in that case is to file for a chargeback with your credit card provider. VISA and MasterCard have extended their chargeback time span to 540 days, so good news for those that at have deposited by either of these methods.
If you have deposited via bank transfer, be sure to block the account or change the password. Or you could contact your bank and see what they can do.
Never deposit funds using crypto methods into an unregulated broker. These methods are untraceable, and there is no way to get you money back.
Last but not least, do not trust the so called recovery agencies, who are nothing more than fraudsters in disguise. If you get scammed, you might get contacted by someone claiming t be a recovery agent who is willing t fight for you money back, in exchange for a small hiring fee. Once you pay them the fee, they will disappear.