Baazex FX Review: Investigating the Extensive Swindle Plot

The fancy looking website that hosts this forex service is nothing more than a facade. Underneath it lies a den of perfidious snakes, ready to rip you off when you drop your guard.

Our Baazex FX review will show you how to recognize fraudulent brokers, and how to recover the funds stolen by one of these scam entities.

Ownership Uncertain

The first detail about the Baazex FX broker that we need to clarify is the fact that this shady entity is in no way involved with or, as they claim, a subsidiary of baazex.com. The latter is a regulated Forex dealer and has nothing to do with the domain we’re reviewing today – baazexfx.com.

As a matter of fact, it is not revealed who runs the suspicious business we’re investigating. Legal documents are lacking and the website states a postal address in Cyprus as the location of the HQ. That is, after first claiming to be based in the US. Naturally, no Baazex FX exists in the Cyprus business register.

What FMA Warning Reveals

The New Zealand financial authorities have posted a warning, according to which this platform is just another one in the huge group of almost a hundred connected frauds. All of the listed domains are somehow connected and resemble each other. Furthermore, all of the involved quasi-firms are financial traps that have efficiently been emptying the wallets of thousands of traders. 

The final question you’re probably asking – is Baazex FX legit – has a single solid answer and that is no.

Terrifying Scheme

This is probably one of the biggest scam chains we’ve exposed up until now. The aforementioned warning lists almost a hundred firms and their domains that operate similarly. Most likely, it’s the same group of cyber criminals that are pulling the strings behind the curtains. At that, they’re completely anonymous, considering that there are no Baazex FX reviews posted anywhere online.

At the core of the sham is the heavily manipulated trading platform, for which to gain access, victims have to go through a boiler room brainwashing. Data shown through the trading terminal was fake and ultimately led targets to bankruptcy.

Web History and Geography

While the fraudsters behind the baazexfx.com domain claim to have been in business since 2011, the reality is much different. If you take a look at the WhoIs register, you’ll notice that the baazexfx.com website did not exist prior to December 2024.

The con artists have leased their domain for only a single year, which is another telltale sign something is wrong. After all, a legit company wouldn’t risk their online business by having their site taken over by someone else.

These con artists seem to focus on traders from these countries:

• Cyprus
• Japan
• United Kingdom

Single Account Type

A legitimate broker will usually have several account types ready for their traders. Commonly, these are divided by the type of market execution and billing structures. A demo is often offered, so clients can test the service in a risk-free manner.

With these cons you don’t get to any of these. The single login account gets you into the trading app, but there is no client dashboard where you can check your statistics and finances.

Doctored WebTrader App

The fraudsters advertise an “ST5” platform for the trading app. This is probably intended to sound like the industry standard MT5, which isn’t actually available.

Baazex FX app is thus a simplistic WebTrader, akin to the one used by Ledger-Markets scheme. It’s not a very complex piece of software, and it doesn’t have to be. You see, clients are more likely to notice the manipulation if they use advanced tools.

Tiny Selection of Assets

A wide selection of trading instruments is a staple of any successful online brokerage. Charlatans tend to mimic this by offering a range of assets as well.

However, without a license, the firm doesn’t have access to the market. Still, they have to keep appearances by offering something, so here is the range of Baazex FX trading instruments:

• Forex – EUR/USD, EUR/GBP, USD/JPY
• Crypto to FIAT – BTC/USD, ETH/USD, LTC/USD
• Indices – Nasdaq, Nikkei, Hang Seng
• Commodities – USOil, Silver, Gold

No Way to Withdraw

After browsing the website for a while, we didn’t notice even a single mention of available financial channels, no credit cards, wires, or crypto payments. As we’ve already mentioned, there isn’t even a client dashboard. If you went looking for the Terms and Conditions, you’d come back empty-handed, just like we did.

This leaves us without a single bit of information on how Baazex FX withdrawal and deposit functions. Now, other online hoaxes like Prime Quotes will have the victim go through a boiler room agent for any little reason. That is most likely the case here as well, with no actual payouts ever happening.

Unhelpful Staff

The broker’s website doesn’t have a dedicated help center. Instead, you get an FAQ page that is labeled “Common Business Issues,” an email address and a live chat button.

Honestly, the live chat is anything but, as the agents take ages to answer. As soon as they get on the line, their main goal is to solicit the fake brokerage in an attempt to get as much money as possible.

Scammers Got Your Money? Fight Back For It!

This would-be broker is a completely illegal entity. It is what is known as a clone company scam, where an illicit firm mimics a legit broker in order to deceive their clients. This particular fraud belongs to a known network of similar hoax sites.

While the swindlers have taken steps to ensure recovery of the stolen money is difficult, it is not impossible. To get started with the recovery procedure, book a free consultation with our expert team through the live chat.

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