TradeBaionics Review – 5 things you should know about tradebaionics.com

TradeBaionics Review – 5 things you should know about tradebaionics.com

Rating: 1

Beware! TradeBaionics is an offshore broker! Your investment may be at risk.

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When you first take a look at TradeBaionics’s website – and if you are not paying too much attention – you might be left under the impression that you are dealing with a legitimate broker that has provided extensive information on the services they offer, their values and the essence of forex trading. It only takes a minute, however, to establish that that is not the case – the website is full of inconsistencies, the broker has provided no essential data about who they are and where they are regulated, and most of the many sections on the website contain only a few brief sentences of unspecific text. When you click the “Commissions” section, for example, you won’t get any numbers and figures, just the following: “There are commissions when you trade. The amount of commission is either a percentage of your trade size or a fixed percentage. Again, we try to keep it as low as possible for your benefit”. This tells us absolutely nothing. It seems that whoever created the website of TradeBaionics has visited the websites of legitimate brokers, saw what menus they contain and decided such menus should be added on this website too – but never bothered to fill them with actual data. All in all, TradeBaionics is not the broker that “can provide you with a safe trading platform where you can prosper as a trader and achieve the financial goals that you had always set for yourself” that they claim to be. You would definitely not prosper if you invest with them, quite the contrary – more on that below.

TradeBaionics REGULATION AND SAFETY OF FUNDS

TradeBaionics has provided absolutely no information about where they are based and regulated, or about who the people behind the company are. The only way to get in touch with them is via a contact form on the website or on a UK phone number. This is a huge red flag as the first and most important thing about a broker is their licenses. A license by a trusted financial authority serves as proof that the broker is trustworthy and will treat you in accordance to some sort of law. It shows that somebody – a regulatory body – is following closely what a company is doing and how it is handling client funds. You can not be sure of such a thing if you open an account with someone as anonymous as TradeBaionics.

The best thing you could do is opt for a broker regulated by the FCA (the UK), ASIC (Australia), CySEC (Cyprus), or by a reputable local EU-regulator like BaFin (Germany). With all such brokers, your money will be kept in a segregated account which speeds up withdrawals and makes it impossible for the broker to use your deposits for their own financial transactions. UK and EU brokers also participate in compensation schemes so if one such broker goes bankrupt, their clients can receive compensation of variable amount – up to €20 000 in the EU and £85 000 in the UK. Negative balance protection is mandatory – so your losses cannot ever exceed the size of your investment.

If a broker is legitimate, you would easily be able to find their license information  on the website – usually in the footer. After that, go to the register of the regulator mentioned and check if everything is in order. Don’t trust scammers like TradeBaionics who don’t even mention the country where they are supposedly located – this will surely lead to you falling victim of a scam.

TradeBaionics TRADING SOFTWARE

TradeBaionics had menus regarding well-known platforms like MetaTrader 4 and MetaTrader 5 but we could not download either of the platforms from the broker’s website. The only trading software we did get access to, was a simple-looking web platform – such platforms are a dime a dozen.

We would advise you to stick to established platforms like MT4 and MT5 for a better trading experience. This software is greatly effective and full of useful features like Expert Advisors, possibilities for trying out strategies – either in a demo account or through back-testing, and the ability to set up customizable signals.

TradeBaionics TRADING CONDITIONS

TradeBaionics presented us with Terms and Conditions that were absurdly brief and did not contain any relevant information whatsoever.

The broker seemed unsure what the minimum deposit they demand of you is, stating that would be $250 at one place, $500 at another, and as much as $10 000 in their account type info. Considering the fact that many reliable brokers would only ask for between $1 and $100, investing with scammers should not be on your do-to list.

The leverage offered by TradeBaionics was 1:200 – which is pretty high and could turn out to be rather dangerous for inexperienced traders. Because of the fact that high leverage could lead to huge losses, many jurisdiction around the world have imposed leverage restrictions – 1:30 for forex majors for the EU and the UK, and 1:50 for the US.

The spreads we got on the platform were around 0.9 pips which is pretty good – but considering the fact that we are dealing with a scam scheme, we would not put too much trust in these figures.

TradeBaionics DEPOSIT/WITHDRAWAL METHODS AND FEES

The broker did not bother to say anything about the payment methods available although the Terms and Conditions did mention credit/debit card payments, bank transfers, and e-wallet payments. We had trouble depositing in the client area because of a website malfunction so we could not establish which payment methods were available with TradeBaionics.

The broker also offers multiple types of bonuses but did not elaborate too much on those. Keep in mind that bonuses have been banned in all of Europe, Australia and the US but are often offered by such scam brokers. Scammers often insert clauses in the Terms and Conditions which make it impossible for the client to withdraw anything from their account – even their own deposits – before reaching a huge turnover. Before you are able to reach that turnover, the scammers will probably be long-gone with your money.

HOW DOES THE SCAM WORK?

It is surprising and worrisome how many people scams like this one have fooled.

It all starts with a simple ad on the Internet promising you easy access to immense riches – the only thing you would have to do is open an account with some broker. You have heard stories of successful investors who have generated crazy returns through trading – you might even know somebody like that – so you give in and provide the scammers with your contact details.

This is the moment when you will start getting calls and emails asking you to deposit – so you do and in the beginning, everything might be looking great. It is easy for scammers to manipulate platforms to make it look like you are turning a decent profit. The only problem is you have to keep investing – the scammers will make sure to smooth-talk you into that.

But when you try to withdraw, you will start running into different obstacles – made-up fees or new procedures or obscure clauses in the Terms and Conditions. The moment you start figuring out something is wrong the scammer would be long gone – with your money in their pockets.

WHAT TO DO IF SCAMMED?

Don’t trust any sort of “recovery agents” promising to retrieve your money for a small fee – this is just another type of scam aimed at scam victims. Such people just want to rob you additionally.

What you should do is notify authorities and contact your bank or card provider (if you have used one of these payment methods) and ask for assistance. With Visa and MasterCard you could file for chargeback within 540 days and you could possibly retrieve your deposits. However, if your account has been verified, scammers might use this as a pretext to deny such withdraw and claim that you have done everything voluntarily and have lost money due to the risks of trading, not due to scam.

Be prepared that such stories rarely get a happy ending and you might never see your money again. That is why it is vital to trade with a reliable, licensed broker and always read the Terms and Conditions carefully.

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17 Comments

  1. I fully corroborate this post. Trabaionics has got my money and they say that they are going to pay back my money but for different reasons never do it.
    you can found a lot a good opinions in several posts but when you whant to explain your case they don,t publish it, only good reviews.

    1. Hi Ibana , have you solve your problem, have you got your money at today
      I had very problems with Tradebaionics and I apply for refund today and Im afraid but is too late?

  2. I am writing this review only to benefit someone who does not want to catch up with this team of scammers. These are the peoples who use their good/bad words (over the phone and email) to convenience you to invest your hard-working money. Please see the below context:

    Like many others, I also open an account. Within a few hours a person named, Alex called me from the UK and asked €250 to open the account, which I paid instantly, and they showed approximately €50 profit by one week with that little money. One-two weeks later, Alpesh Patel (Account Manager, TradeBaionics, email: [email protected]) called me and showed me that if I deposit €1000, he can make a good profit by next week. I also deposited a further €1000 when I was on phone with him. After two three weeks, there was €200 profit. Then the REAL GAME started when I asked Alpesh Patel, can you show me I have the right to get my deposited money back? Instantly, he submitted a withdrawn request for all money and closed my account, and used a lot of bad words. But I have not received any money in their nominated Binance account or CoinBase account or my Bank account.

    About one month later, Ellie Goldman (Account Manager, TradeBaionics, email: [email protected]) called me and told me that my account got some loss and to get this back I have to invest more money. I asked how this is happening because Alpesh closed my account and it was €200 profit. She told me, Alpesh is not working with TradeBaionics and your account was not close. Then I asked her, OKAY how much money you can see in my account after deducting the loss. She calculated and confirmed via email that there is a €320. I asked her to close the account instantly and send that money. By that time, I realized that they are the real scammer. Ellie Goldman also confirmed via email and verbally that she closed the account for a second time and €320 will be sent in the next two days. Another three to four weeks has gone.

    I do not worry that much about this money. I only care if I can save at least a few people from this group of scammers. I will post this story anywhere I can access to inform other people.

    Finally, please do not invest your hard-working money with this scammer.

  3. kent gjermundrød

    They took 16000 euro from me, Dan miller sayd he will pay back, but he did not. what to do? Kent

    1. Christian Vingløv

      Sorry but you will never see your 16000 euro again!
      BIG CRIME!
      Police are on the case and i hope they all get their punishment!!!

  4. Do NOT open an account with Tradebaionics. I’ve had a very bad experience with them from day one. In order to deposit funds it was a sketchy process. That should have been my first red flag but I went ahead anyways. Their ad had a bunch of fake claims saying that Elon Musk fully supports and backs them. But later they tell you over the phone that Elon has not invested in them. I emailed them about this and no surprise, they did not reply. Next, the so called account managers have no accountability or respect for your time. They’ve never called me on time once and sometimes completely miss an appointment. When I call them out on it they deflect or deny that they are late. I’ve had a withdrawal request that’s been pending for over a month. They make it extremely difficult to make a withdrawal. They keep making excuses. I 100% do not recommend this sketchy broker. When I try to modify open trades it doesn’t allow me to manually trail stop losses what a joke. The platform is terrible. When I asked my account manager about it he just said that’s advanced. And was more interested in trying to get me to deposit more money.

  5. They robbed me of $40000 AUD I had in profit. Never returned my emails to give me my money back. Bunch of scamming cunts.

    1. Christian Vingløv

      Sad to hear!!! this is big time criminally!!!!!

  6. I have so stupid, letting a guy called Victor Johansson [email protected] sweet talk me so I have taken a loan from a bank to invest. I have made a police report and given all information to my own bank and they will help me to try get it back. This hole situation is horrible. He promised me over and over that the loan will be taken care of and that all my invested money would be transfered to my account in end of February. Then the war in Ukraine came and suddenly there were no possibility to let me withdraw my own money. I am terrified that my husband will found out I lost so much money.

    1. Christian Vingløv

      Yes this i a big crime! It´s one big joke and you will never see your money!!!!!!!!!

  7. Christian Vingløv

    NEVER DO THIS!!!!!
    If you want to loss your money, this is the place!
    Police are now on the case and all names and mails are in the hands of the police. ( Luke Lopez, Alice Greenwood and Rachel Pelosi )
    DONT LET THEM IN!!!!!!!!!!!!!!!!!!

    1. I am trying to get my money and had to deposit 3 times what I want in VirgoCX to close my account so far have sent $2070. They want two more of same deposit. Is my money gone? Do t pay the next 2 deposits? .

  8. BEWARE OF THESE Guests!!! They are scammers. Once you have deposited money, you lose it. I tried many times to get my money back but failed. However, they keep calling you. This is in the hope that you use the word YES somewhere. They use this again to withdraw money from your credit card. Promised every time (again another one, because you will never get in touch with the previous caller) that they will refund your money. Nothing is being done. Telephone contact is always with a +44 number (London) or a Polish telephone number. Don’t be tempted by anything, because you can whistle for your money.
    ————————
    PAS OP VOOR DEZE Gasten!!! Het zijn oplichters. Wanneer je eenmaal geld hebt gestort ben je het kwijt. Heel veel pogingen gedaan om mijn geld terug te krijgen maar niet gelukt. Ze blijven je echter bellen. Dit in de hoop dat je ergens het woord JA gebruikt. Dit gebruiken ze opnieuw geld van je creditcard af te haken. Iedere keer beloofd ( weer een ander, want nooit krijg je contact net de vorige beller) dat deze je geld terugboekt. Niets wordt er gedaan. Telefonisch contact is steeds met een +44 nummer (Londen) of een Pools telefoonnummer. Laat je nergens toe verleiden, want je kunt naar je geld fluiten.

  9. I received a call from Daniel Brown from company called “Tradebaionics” on 3rd March at 12.50 PM. Daniel mentioned that I have shown interest in the online investment platform through Immediate Edge. He has received that lead and wants to set up the account on the investment platform. He asked me an initial deposit of 250 USD to setup the account and assign an Account Manager who will manage the investments and the Portfolio.
    On Thu, Mar 3, 8:43 PM, I was contacted by Alpesh Patel from Tradebaionics, who was assigned as Account Manager. He established good relationship and Trust and convinced me that Tradebaionics is Not a Scam and is a genuine Organization. He convinced me to invest more money Tradebaionics. From 3rd March till 24th March, Alpesh was in constant contact with myself as he guided me on the deposits to be paid to Tradebaionics via Crypto Currency as investments into Tradebaionics trading Platform. On 11th April I was contacted by Joseph Phillips.He mentioned that he will be my Account Manager going forward and will manage my account for Trades. He Opened and closed Forex Trades and Demonstrated good Profits on the Fake Platform. I submitted the withdrawal request in two Transactions. Withdrawal requests were submitted on Tradebaionics Website on the 2022-04-29. Since that day I could not contact Joseph. On 4th May, I was contacted by the Tradebaionics Finance Manager Bennet Chan. He mentioned that the Withdrawal funds in USDT have been transferred to a Trust Wallet and I need to deposit additional funds to synchronise the Account, which I paid. The withdrawal requests have not been processed. Since 13th May , I have lost any contacts with the Company . I have complained to the Police.

  10. I have invested in total 33000 Nkr, and have now a profit of 251.751 Nkr. I wanted to close the account with Daniel Miller, but then I had to transfer 203.342 Kr as “self exchange” in ordner to get the money over to my Binance Wallet that they set up for me. Dan Miller is calling me for this money, but I haven’t sent any.
    I have also invested 590.000 Nkr with Coinbase. There I have now over 200000 kr in profit. But they Jessica Davies and Michael Li are both asking me to send another 310.000 Kr in ordner to have them transferred back to my bank account. I realise now that these money is lost. It is heart breaking because this was a loan.

  11. Yes, these bastards got me for $350, then spent weeks hammering me at the most inconvenient times for more money. I was sworn at in one message left in the middle of the night. of course they don’t ring me now that I’ve requested a refund.

  12. Erick, that’s a six months ordeal that l just decided to put an end to after been transferred to five different scammers Anton Volkov and Alex Johnson Eric Smith ,Alexander Cole all names”from Tradebaionics all of them with suspicious name it started with £250 investments to open my account then l was constantly called three to four a day to put more money and
    to take a loan of 10.000 pounds which l did and they tried to get me to invest all of it at once seemingly has the account was doing so well at the beginning of the first two months or so managing to generate up to 20.000 euro profit then the first two scammers somehow felt unwell and just vanish with no explanation l had my doubts so only invested 4.0000 pounds in total l had 5.0000 pound invested l was constantly called so many times a day to invest more of the 10.000 and as found out later the 20.000 euro had somehow disappeared too then a long silence then eventually after trying to contact their address then the website to no avail have managed to get connected to the London number or what it seems to be for a manager to call me back only that was the last scammer (George Cooper)to admit that he was using a faults name but that was only to get my trust …after having trying everything to make me invest more money to save my account which apparently from the grace of his heart he had managed to Hedge” or froze from what he said my account to stop it been whipped out first l would have to invest another 5 to 6.000 pound to match what was already on my account…that’s when l knew he was lying the he said OK if you invest only 1.000 l can match it with a bonus and you can still have a profit of 13.000 euro only at that point the address yo send the money didn’t registered with anything and my wallet did not accept the transaction then he staryed to be really aggressive and using foul language which l did write him a email about by then l had no trust and no faith in Tradebaionics any more they are scammers and thieves have skept some of the story as l have accepted my losses…but please stay away from them!!!SCAMMERS

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