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

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The most important thing to know about Baseprotrade is that this broker is completely unregulated. In preparing this review, we found additional reasons why it would not be a good idea to trust your money to this website. Let’s take a look at why that is and what more credible alternatives you have.

Baseprotrade Regulation and safety of funds

Guaranteed FundsSegregated AccountsNegative balance protection
Baseprotrade
UK regulated brokers£85 000YesYes
EU regulated brokers€20 000YesYes
AU regulated brokersNoYesYes
US regulted brokersYesYesNo

The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities.

Baseprotrade is completely anonymous, which is a big red flag that we’re dealing with a scam. Even the text of the Terms and Conditions does not name a legal entity. According to the document, the applicable jurisdiction is the Marshall Islands.

There is no financial regulator in this offshore jurisdiction and international business companies can be registered entirely online. This makes the island state a convenient base for financial fraudsters.

The Bank of Russia has issued a warning that Baseprotrade is offering financial services without legal authorisation.

If you have decided to invest in financial instruments, and especially if you are a novice trader, you should use the services of a licensed broker based in a jurisdiction with strong regulations.

You should only trust legitimate brokers operating in one of the established financial centres like the UK, EU, USA or Australia. There, the activities of brokers are controlled by powerful regulatory bodies such as UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) in US or Australian Securities and Exchanges Commission (ASIC). Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.

In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

Baseprotrade Trading software

Analytical toolsAuto tradingCustom indicatorsMobile apps
Baseprotrade platform
MT430+ indicatorsAndroid and iOS
MT550+ indicatorsAndroid and iOS
cTrader40+ indicatorsAndroid and iOS

Baseprotrade offers standard web-based trading software. Here is how it looks like:

It should be noted that the presence of some kind of trading software is no guarantee that this is a genuine broker. Financial scammers often use rigged trading platforms to fool their victims that their money is actually being invested. However, this trading is entirely fictitious and the money goes directly into the scammers’ pockets.

If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

Baseprotrade Trading instruments

CurrencyStocksIndicesCryptoCommodities
Baseprotrade
XMYesYesYesNoYes
FBSYesYesYesYesYes
FXTMYesYesYesYesYes

Currency pairs, stocks, commodities and cryptocurrencies are included in the Baseprotrade trading software. But as noted, we have no guarantees that this trading is real and not fictitious.

Baseprotrade Spreads and cost of trading

BaseprotradeXMFBSFXTM
Spread EURUSD0,70.611.1
Spread GBPUSD0,71.31.21.4
Spread USDJPY0,71.31.21.4

In the trading platform, we see a fairly low spread of 0.7 pips for the benchmark currency pair EUR/USD. The website mentions low commissions, but no clear information is provided on the price paid by the trader.

Baseprotrade Maximum leverage

ForexStocksCryptoGoldIndices
Baseprotrade200:1100:110:1100:1100:1
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

Baseprotrade offers leverage up to 1:200. Regulated brokers do not offer such levels to retail traders as trading with high leverage carries risks of sudden and excessive losses. Higher levels of leverage are only offered to professional clients who trade entirely at their own risk.

If you are willing to take the risk of trading with high leverage and benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.

Baseprotrade Deposit and withdrawal methods

Deposit timeWithdrawal timePrice
Crypto24 hours24 hoursFee depends on crypto

Baseprotrade only allows the deposit of funds with cryptocurrencies. This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund.

While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

Baseprotrade Minimum deposit

BaseprotradeXMFBSFXTM
Minimum deposit$250$5$10$5

Baseprotrade specifies a minimum deposit of 250 USD, which is the industry standard. But this means that for the same amount you could open a trading account with an established and duly licensed forex broker. Some of the leading brands in the industry offer Micro and Cent accounts with a very low entry threshold that are suitable for novice investors.

Baseprotrade Withdrawal requirements

Trading volumeFee/Tax on withdrawalMinimum withdrawal
BaseprotradeBonus+Deposit x2510%$500
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

The legal documentation sets minimum withdrawal amounts between 100 USD and 500 USD depending on the payment method. The starter account pays a withdrawal fee of 10%. Genuine brokers rarely charge transaction fees.

If the account has used a bonus, it can make withdrawals only after meeting high minimum trading volume requirements – 25 times the bonus amount plus the deposit.

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