Baazex Review: Can You Trust This Offshore Platform?
Baazex Review: Can You Trust This Offshore Platform?

Baazex is an offshore Forex broker based in Seychelles and regulated by the local Financial Services Authority (FSA). The broker claims to offer the renowned MetaTrader 5 platform, high leverage, tight spreads, and three live trading account types.

There is a wide range of Baazex Investment products, i.e. tradeable instruments, bonuses, payment methods, etc. Sounds good but can you trust this broker? Find out in our truthful Baazex Review.

Regulated by: Seychelles FSA
Is This Company Safe? No
Known Websites: baazex.com 
Have Warnings from: N/A
Registered in: Seychelles
Operating since: 2019-04-27
Trading Platforms: MT5
Maximum Leverage: 1:400
Minimum Deposit: 100 USD
Deposit Bonus: 25%
Trading Assets: Forex, Indices, Commodities, Stocks, Crypto, Futures
Free Demo Account: Available
How to  Withdraw from This Company? You can request a withdrawal from Baazex’s representatives or contact us in case you face any issues regarding this question

Legal Info: Is the Baazex Broker Legit?

BAZ Capital Markets Ltd operates under the offshore jurisdiction of Seychelles. The broker is regulated by the local FSA. In order to obtain a Securities Dealer license under the FSA, a company needs to possess a minimum operating capital of 50,000 USD. For comparison sake, European brokerage companies must maintain significantly larger capital – 730,000 EUR.

Seychelles is an offshore jurisdiction with lax regulations and rules. The lower degree of credibility can be a big issue, which is evident from the fact that many offshore brokers turned out to be scammers. Even offshore branches of brokers with top-tier licenses such as Fortrade are problematic. 

As for the company that acts as the payment processor for Baazex, BAAZ Commercial Brokers LLC from Dubai, UAE, this entity is not regulated, per the dfsa.ae. Baazex is thus processing clients’ payments via an unregulated company.  

In order to avoid potential issues, we recommend you avoid investing in uncertain offshore brokers such as Baazex and instead opt for brokers that operate under Tier 1 regulators such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), etc. 

If you lost money to a shady offshore trading scam, we can help you get it back!

Why Onshore Brokers Are Better Options

Due to lax regulations, offshore brokers such as Baazex aren’t the best choices for trading. Instead of offshore brokers, find a provider that operates under renowned onshore financial market authorities that will allow you to enjoy numerous benefits.

Top-tier regulators such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), BaFin (Germany), IIROC (Canada), etc. require brokerage companies to maintain a substantial minimum operating capital (e.g. 730,000 EUR), offer clients negative balance protection, a segregated account, and even a compensation scheme (e.g. up to 85,000 GBP).

Who Are Baazex’s Targets?

According to godaddy.com/whois, the baazex.com website domain was created on April 27, 2019. Since then, the suspicious offshore broker has been offering services mainly to traders in the following countries:

  • United Arab Emirates;
  • Indonesia;
  • Turkiye;
  • India;
  • Nigeria.

It seems that Baazex primarily targets largely populated countries with many potential traders. All these jurisdictions feature significantly heavier regulations than dubious offshore domains. For instance, the legal leverage cap for retail clients is 1:20 in the UAE whereas offshore brokers such as Baazex allow up to 1:400.

When it comes to the Baazex Web Traffic, the data from similarweb.com shows that the number of visits decreased from 9.9k in May to 3.2k in July of this year.

If you’re experiencing issues with Baazex, we are willing to help you recover your funds.

Trader Reviews – Baazex Trading Experience

We found some Baazex reviews on wikifx.com. The reviews are mixed but there is one complaint that stands out. This trader had major issues with live trading on the broker’s platform. He stressed that the Baazex Spreads were extremely wide, despite the broker advertising tight spreads. Other issues mentioned were poor customer support. 

DON’T TRUST THIS BAAZEX PLATFORM. It is just an offshore broker. Before I started real trading, I tried its demo accounts, and everything looked so satisfying. However, its real trading conditions are just so terrible, wide spreads, arbitrary slippage, unresponsive customer support… I’ve lost $3,000 on this platform. Trust me, guys.

WikiFX user, November 29, 2022.

Baazex Trading Conditions

Baazex offers a considerably high leverage cap of 1:400 for Forex trading, which is possible under offshore regulators. Leverage is essentially borrowing money from your broker to increase your trading position size, allowing you to maintain a larger position with a smaller amount of capital. 

Although high leverage can lead to huge profits, it may also result in huge losses. High leverage often tilts toward the losing end, hence the lower but safer regulatory caps in Europe (1:30) and North America (1:50).

As for the spreads, Baazex advertises a spread from 1.4 pips for the Classic account type while the ECN and Pro accounts offer much tighter spreads. However, the trader indicated that the spreads on the Baazex platform were pretty wide so take that into account. Baazex Commissions apply only to the ECN account but the website didn’t specify any amounts.    

Baazex MT5 – Trading Platform

Baazex offers access to the renowned MetaTrader 5 (MT5) trading platform, a versatile trading software available on Windows, MAC, iOS, and Android devices. MT5 provides a user-friendly interface, advanced charting tools, automated & algorithmic trading, branch optimization, live market reports, technical indicators, and lightning-fast order execution among other features. 

Baazex’s clients can also use the web-based MT5 version and mobile app for convenient trading on the go. The choice of the trading platform is great but Baazex’s offshore status is still an issue. Without a credible regulator overseeing the broker’s business, the MT5 platform can easily be manipulated. 

Having withdrawal issues with Baazex? We can help you recover your funds.

Baazex Mobile App

The Baazex live trading mobile app allows traders access to the mobile versions of MT5. Although the mobile version lacks some of the features of its desktop counterpart, it offers neat benefits such as much-needed flexibility and the possibility to trade on the go.

The mobile app can be downloaded on both Android and iOS devices. However, we don’t encourage you to download and trade on the Baazex app because the platform is not properly regulated. If you want to avoid unnecessary issues, you should find a more reliable broker.

Baazex Products – Available Trading Assets

Here’s a quick overview of the trading assets that the Baazex platform offers:

  • Forex currency pairs – EUR/USD, GBP/JPY, AUD/CAD…
  • Indices – S&P 500, AUS 200, NIKKEI 225…
  • Commodities – coffee, gold, crude oil, natural gas…
  • Stocks – Apple, Google, Twitter, Disney…
  • Crypto – BTC, ETH, XPR…
  • Futures.

Baazex Account Types

Baazex offers three live trading account types with varying trading conditions and benefits:

  • Classic:
    • Minimum deposit of 100 USD;
    • Spreads from 1.4 pips;
    • Zero commissions;
  • ECN:
    • Minimum deposit of 10,000 USD;
    • Spreads from 0.1 pips;
    • Commissions;
  • VIP:
    • Minimum deposit of 5,000 USD;
    • Spreads from 0.9 pips;
    • Zero commissions.

The maximum leverage for each account type scales up to 1:400. We already explained why super-high leverage is risky. Each account offers a swap-free Islamic version and different spreads and only the ECN account has commissions, which weren’t specified.

According to the website, the Baazex minimum deposit is 100 USD. Although it’s not a huge amount, you’d be wasting precious time and energy on this unregulated platform only to end up with withdrawal issues.

Baazex Demo Account

Baazex advertises a risk-free demo account on the website. The broker is allowing you to open an account for free and practice for a free trial period without risking any real money. That’s good news if you’re a beginner.

You should definitely first try out the demo account to see whether the Baazex platform is the right fit for you but be warned – this broker is not properly regulated, meaning that there is a huge risk involved when using real money to trade. 

Baazex Deposit & Withdrawal Process

Baazex’s website says that the company uses three payment methods for deposits and withdrawals:

  • Credit/debit cards (MasterCard, VISA);
  • Wire transfers;
  • E-wallets (Skrill, Neteller, PerfectMoney).

The minimum deposit requirement is 100 USD. However, the deposit and withdrawal fees were not disclosed. In such cases, you should anticipate hidden fees. Since the broker is unlikely to respect the refund policy, we will tell you a bit more about how to retrieve your money.

Funds deposited via MasterCard and VISA credit/debit cards can be refunded. This process is known as a chargeback and can be requested at the issuing bank within 540 days. Wire transfers can be reversed via a recall, which can only work for incomplete transactions.

Key Facts To Consider About Baazex

To recap, Baazex is an offshore broker based in Seychelles, and regulated by the the local FSA. The main users of Baazex are traders from the UAE, Indonesia, India, Turkiye, and Nigeria.

Although the broker is regulated, offshore jurisdictions are not reliable and credible in terms of laws and regulations, which makes Baazex particularly risky. We don’t recommend this platform.

If you lost money to Baazex, please book your free consultation with our team and tell us more about your case. If you need professional assistance in recovering your funds, our team will gladly guide you through the chargeback process. We deal with both unregulated and regulated brokers, such as AFX

Book your consultation with us today and start the chargeback process.

FAQ Section

What is Baazex?

Baazex is an offshore Forex and CFD trading platform headquartered and regulated in Seychelles.

Is the Baazex Forex broker Legit?

Although Baazex is regulated, it operates under an offshore jurisdiction, which features lax rules. We can help you recover funds from Baazex.

How To Open An Account On Baazex?

You can simply register a live account on the website of Baazex. We don’t recommend it though.

Unfortunately, many users start reading reviews only after falling victim to scams. We sincerely hope that you are not one of them!
However, if you're here because you suspect that your investment isn't in a safe place, know that you have the right to claim funds back!

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