FX-Base is an unlicensed Forex and CFD broker claiming to be a reliable international broker with offices in London, New York, Berlin and Singapore. FX-Base is furnishing investors with 3 account types basically named Starter, Professional and Advanced. The minimum deposit to open the simplest account is $500. Deposits can be made via cryptos and Fiat. Trades are made available on a web based platform with leverages in excess upto 1:500.
What is FX-Base (fx-base.com)? Either is FX-Base scam or legit?
FX-Base is considered not safe, as it is not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC and the US CFTC. For more details, please continue reading our FX-Base review below.
FX-Base Review
- Aforementioned, FX-Base is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the UK.
- Unlicensed brokers like FX-Base do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing server slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- FX-Base claims to be licensed in Europe by CySEC, FCA and compliant to MiFID rules – Something that turns out to be false. We checked the registers of the mentioned regulators and found out that the numbers on FX-Base website are fake.
- We confirm that FX-Base is a scam – it has been blacklisted by the German financial regulator in Europe (BaFin) as a scam. see below
Review Verdict: FX-Base is an Offshore Broker. Your Money is not safe
The FX-Base scam broker is unfortunately nothing new on the market, there are many similar brokers, like ExperTrades, Rodeofx. They all work the same way. They do not have appropriate licensing.
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Questions to ask to avoid a forex trading scam
- Is the broker regulated?
- If regulated, how trustworthy is the regulatory body?
- Is the broker offering profits or rewards for opening an account?
- Is the broker offering a cash bonus for opening an account?
- Is the broker offering automatic trades or signals to guarantee profits?
- Is any credible information about the company included on its website, such as company history, financials, headquarters’ address, or similar?
- If awards are cited, can I verify their authenticity?
- If a big corporate sponsorship is promoted (e.g. athlete sponsorship), am I doing my due diligence to ensure the company can be trusted?
Is FX-Base Scam or Legitimate Forex Broker?
FX-Base Broker is not a licensed broker.
Scam Expert Advisor uses a simple method to determine if a Forex broker is legitimate or a scam broker. We look to see if the broker is licensed and regulated by anyone of these regulators; FSCA South Africa, FCA United Kingdom, ASIC Australia or the US CFTC.
In our reviews, we keep reiterating that regulation is the most clear-cut indicator of legitimacy and the best trust-creator in the business. So when choosing a new broker make sure it has a legit license.
Conclusion
As usual in such cases our best advise is to deal only with properly regulated brokers, like the ones licensed and authorized by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).
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