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Broker Reviews

Published on May 29th, 2020 | by Sara Kane

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FX Base: Legitimate site or difficult scam?

FX base works on the principle of leverage trading and can allegedly make you profits on a regular basis as compared to many other brokerage sites. It is one of the older sites that has been dealing in Forex trading for years. They specialize in Forex trading, although they don’t mention on the site whether they deal in cryptocurrencies as well. At first glance, the site might seem legitimate as they have provided registration details with authorities and regulatory bodies in the UK, Cyprus, and Dubai. However, there may be another story behind this scheme which you should be aware of. The site focuses on its highly efficient platform, its experience and trained staff to remain a market leader. They claim to have a turnover of $60 billion per month. Unless they made a typing error, this amount is simply false. It is impossible for a business to have that turnover without coming in the public eye. While this is certainly an eye-opener, there are other aspects of this site that don’t add up as well.

FX base has been registered since 2014. This is certainly longer than many other Forex trading sites. They provide registration details in the UK with registration number 718369. They are also allegedly approved by the financial supervision authorities of both Cyprus and Dubai. However, this is only half of the story. The company that was actually registered on this number is different from what the website claims. In addition to this, they have received a warning from the German regulation body regarding their fraudulent activities. Unless the company registered is the founding company, they will have been deceiving the public regarding the registration. You can find them at 38 Kensington Park Road London in the UK. You can also phone them on +44 77 3456 7890, +1 012 3456 7890 or +50 012 456 7890. Regardless of your location, you can contact them via email at support@fx-base.com. All these details are also available on the website: https://fx-base.com/.

FX Base Review

FX base is actually a Forex brokerage company. They trade with your Forex investments and give you a portion of the profits. In addition to this, they provide financial tools that will help you trade profitably. This includes leverage as well as graph tools and other analytical tools. This makes it easy for you to trade effectively. It also means that people who are new to Forex trading can trade for a small fee. You can get started for $500 and they will allegedly provide you with leverage of up to 1:100. Once you create an account, you will get access to the trading platform and all the tools. However, you do not get to choose your own broker and the site will assign one of its own brokers. This could be quite risky, especially if the broker is unregulated.

Strategy

FX base does not dive deep into their trading strategy or how they plan on making profitable trades. However, they do claim to have expertise in this field as well as good experience in the market. They also use a system of leverage trading to make profits. However, this method is not guaranteed to reap results as many other traders use the same strategy. Besides, the financial tools are also freely available on many other sites as well. The fact that they can achieve leverage of up to 1:500 also raises eyebrows as this company is not well known in the Forex markets.

Analysis

  • Company: FX base
  • Product: Forex trading platform
  • Minimum investment: $500
  • Strategy: Leverage trading
  • Trading results: Unverified
  • Customer feedback: Negative

You may be interested in comparing it with other platforms, such as, Coinsource Investment, VeoncoInvExpert, and Crypto Omega.

Trading Results

FX base has not been efficient in presenting their actual trading results in front of investors. While they claim to contract two million transactions monthly, none of these can be verified by any reliable third party. They are also non-existent on major Forex trading sites, which makes one wonder where they are trading. The company cannot back its claims to the success of its leverage strategy as well as they have not posted any actual results to prove it.

Client Feedback

This is another area where FX Base gets discredited. There are many online reviews where customers have complained that the company is only reliable when it comes to deposits. They usually use pretexts such as technical issues or bad trades to prevent customers from withdrawing their earnings. This casts doubt on the legitimacy of this site.

Conclusion

FX base is not only unreliable, they are using fraudulent methods to deceive the public. They have used another company’s registration details as their own and do not give customers their withdrawals. They have also not provided any solid trading results and the trading strategy is quite common as well. You should think twice before putting you money into this site.

If you have had any experience with this company, we would love to hear from you. So, share with us in the comments section below.

FXBase

$500 (minimum investment)

1.8

Price


1.0/10

Strategy


2.0/10

Trading Results


2.0/10

Client Feedback


1.0/10

Customer Support


3.0/10

Pros

  • They're making use of leverage trading that happens to be quite promising
  • They claim to be specialized in Forex trading

Cons

  • There has been reports of a lot of technical errors when it comes to payouts
  • The initial investment happens to be way too much
  • Their trading results are unverified
  • They have not sufficiently elaborated their trading strategy


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