Beware! Baimaas FX 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.
Baimaas FX is just another broker who promises things like transparency, security, reliability, and a great trading environment but does not deliver on its promises. This is a dangerous scam already exposed by one of the most reputable regulators in the world. You do not need more reasons to forget about trading with them – although there are many such reasons. Read the review below to find out more.
Baimaas FX REGULATION AND SAFETY OF FUNDS
Baimaas FX claims that it is based in the UK and promises “full transparency” – however, the broker has not said anything about being licensed in the county and for a good reason. The first thing you will stumble upon if you check the registers of the FCA, the UK financial authority, is a warning issued by the regulator on this broker.
Such a warning proves with complete certainty that the broker is not regulated and there for is not authorized to offer such financial services. It also means that we probably have a dangerous scam on our hands. Take such warnings seriously and avoid brokers who have attracted the attention of reputable authorities like the FCA in such a negative way. As the regulator has clearly stated, if you work with an unlicensed broker, you would not be getting access to any of the protections that are available for clients of legitimate UK brokers.
The FCA is one of the strictest authorities in the world and has high demands and requirements for brokers under its jurisdiction. All UK brokers are obligated to prove their financial stability by maintaining a capital of at least €730 000 – the sum can be even bigger for brokers with man clients. All such brokers must also report to authorities on a regular basis to ensure transparency. Client funds are kept in segregated bank accounts – this not only speeds up withdrawals and proves that your broker would not be able to reinvest your money elsewhere but also protects your investment in case of broker insolvency. All licensed brokers also participate in the Financial Services Compensation Scheme (FSCS) – which ensures your funds up to £85 000 against broker insolvency.
Always check registers to make sure the broker you have chosen is licensed and therefore reliable – not only will you be protected by the law but you will also be sure that the broker is answering to a reputable authority, and is doing everything by the book.
Baimaas FX TRADING SOFTWARE
Baimaas FX supposedly provides access to the leading trading platform MetaTrader 5. We were indeed able to download the platform from the broker’s website – but it turned out that the MT5 did not belong to this broker but to another company called GCX Prime Limited.
Maybe that is the reason why we were not allowed to open any sort of account – either a demo or a real one – and see what Baimaas FX had to offer.
Check out these brokers who can actually offer you the full MT5 experience. This software is indeed great for both beginners, and experienced professionals – it is intuitive and accessible but at the same time, it offers an abundance of great tools. Not only would you be getting access to a full charting and analysis package but you would also be getting access to features like Expert Advisors, VPSs, and Strategy Testers, have the chance to create custom scripts, set signals or subscribe to those set by others, use hedging and netting options, have a community chat, a built-in economic calendar, a market for add-ons at your disposal. This is a truly great choice if you are looking for a reliable trading platform – see for yourself what the software is fully capable of.
Baimaas FX TRADING CONDITIONS
Baimaas FX seems to offer decent enough trading conditions – at least at first glance. You would be allowed to open an account for as little as $10 which is very affordable – however, this is not the only broker that offers cheap trading accounts.
We are not completely sure what sort of leverage this broker offers – in some places, it was stated that leverage could go as high as 1:1000, while in others the maximum was supposed to be 1:500. In both cases, no legitimate UK broker could offer such high rates – because of UK leverage restrictions, brokers are only allowed to offer up to 1:30 to retail clients. This proves once again that the broker could not be regulated in the UK – if you needed more proof. Always be careful with your leverage settings, especially if you are a beginner – trading with high leverage could lead both to bigger profits, and too much bigger losses.
We were not allowed to open an account with the broker, and as a result, we were not able to see what sort of spreads Baimaas FX offers. However, the broker itself stated that those start from 2 pips on basic accounts – which is too much of a starting number. After all, brokers like XM or OctaFX, for example – two established brokerages with a solid reputation – could offer numbers lower than 1 pip. Wide spreads would not lead to great profits to you so be sure to choose a broker with competitive conditions.
Baimaas FX DEPOSIT/WITHDRAWAL METHODS AND FEES
Baimaas FX accepts a variety of deposit methods – you would be able to transfer money using wire transfer, Bitcoin, and different electronic payment solutions such as Skrill, Neteller, and PerfectMoney. However, we hope that it has become clear by now that depositing with this broker would be a huge mistake. Moreover, we could not help but notice the absence of a credit/debit card option – such payments are quite easy to get a chargeback on. Cryptocurrency transactions and wire transfers, on the other hand, are irreversible.
HOW DOES THE SCAM WORK?
In this day and age, such scams are far more frequent than you would think. With the rising number of people willing to invest in the forex market, the number of scam brokers has increased drastically. It is important to learn how such scams work in order to spot them and avoid them. Scammers are rarely very imaginative so you would not find a lot of deviations from the following scheme.
In your search for a broker to start trading with, you stumble upon one who promises particularly great conditions. Or maybe you were not even looking for a broker but have heard stories about people getting rich by trading and are tempted to see what all the fuss is about. This particular broker promises fast effortless profits, enormous promotions, and an all-around great trading environment. So you fall for it and provide the scammers with your email and phone number.
The moment you do that, you will start getting calls from the broker asking you to invest – the scammers will be persistent and promise you all sorts of tempting profits. If you give in and deposit, you will be asked for increasingly bigger amounts – and you will gladly deposit because, at this point, you would probably be seeing profits.
The problems will start once you try to withdraw those amazing profits – all sorts of additional fees and clauses in the Terms and Conditions will prevent you from doing so, or result in huge losses of capital. At some point, you will understand that you are being scammed – but the scammers will be long-gone by then.
WHAT TO DO WHEN SCAMMED?
Prevention is key in such situations. Make sure that you choose a reliable brokerage with a solid reputation, and always check the registers of the responsible authorities to make sure that all of the broker’s regulatory claims are true. Do not trust offers that are too good to be true.
If you have, however, already deposited with a scam broker, make sure to look up chargeback options as soon as possible. Both Visa and MasterCard, for example, allow chargebacks within 540 days of the transaction. Getting your money back if you have deposited via cryptocurrency or bank transfer, would not be possible. You should make sure to change all banking passwords, and remove any software the scammers had you install from your computer. They might have you believe that you should install some sort of remote access software to help you trading, or with technical issues but that is a lie – they just want access to your banking accounts.
Make sure to notify authorities about the scam and share your story with as many people as possible – this would prevent such scams from spreading.
Finally, do not trust anyone – usually calling themselves a “recovery agent” – who offers to retrieve your money for a fee. This is just another type of scam.