BAQuote – Is It a Scam or a Good Forex Broker?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
BAQuote - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2020
Baquote claims to be regulated and authorized by the Registrar of Corporation of the Republic of the Marshall Islands with the name Baquote Ltd. This seems to be an official statement but it is not more than a false claim. The fact is that no matter Baquote Ltd is registered in the Marshall Islands; it still does not mean that Baquote is a legit, authorized, and authentic broker operating under an official regulator because the Marshall Islands is an offshore zone, which is a very famous scammer brokerage location. It is an attractive place for scammers because there is no forex trading regulatory authority.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://baquote.com
Founded: No information was found on the website.
Regulations: Unregulated
Languages: English, Vietnamese, Spanish, Polish, French, and Arabic
Deposit Methods: Help to pay, PayTrust, Master Card, Visa Card, MegaTransfer, and PaymentAsia
Minimum Deposit: $50
Free Demo Account: Yes
Number of Assets: 100+ assets
Types of Assets: Shares, Currencies, Metals, Indices, Commodities, and Futures
Trading Accounts and Conditions
Baquote is offering two types of accounts to the clients:
- Standard Account: The minimum deposit amount is $50, the spread is variable and the leverage is 500:1.
- Pro Account: The minimum deposit amount is $20,000, the spreads are from 0.5 pips, and the leverage is 500:1.
BAQUOTE – ADVANTAGES
Baquote does not offer any type of advantage to its customers.
BAQUOTE – DISADVANTAGES
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An Unregulated Enterprise
Baquote claims to be regulated and authorized by the Registrar of Corporation of the Republic of the Marshall Islands with the name Baquote Ltd. This seems to be an official statement but it is not more than a false claim. The fact is that no matter Baquote Ltd is registered in the Marshall Islands; it still does not mean that Baquote is a legit, authorized, and authentic broker operating under an official regulator because the Marshall Islands is an offshore zone, which is a very famous scammer brokerage location. It is an attractive place for scammers because there is no forex trading regulatory authority.
Secondly, they have very flexible laws that attract scammers to locate there. In addition to this, offshore regulators lack the ability to oversee internationally operating trading forex brokers. Hence, operating from such a location does not mean that it is an authentic regulated broker because they do not possess a legit license and they don’t need to report to anyone.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Shady Withdrawal Policy
If you are investing your funds with Baquote and intending to make money from trading, then surely you cannot make money with an offshore broker that refuses to process the customer’s withdrawal requests just for the sake of their own purpose. This is because in their client agreement they have clearly mentioned that they can cancel the customer’s withdrawal requests on any grounds. Baquote can cancel any transfer or withdrawal request of a customer without any reason or without informing the customer.
In addition to this, they have also mentioned that Baquote reserves the right to freeze the customer’s account for any reason, again just for the sake of their own reason. It means customer’s funds will be frozen and they will not be able to withdraw anything.
Therefore, Baquote is an offshore broker that does not follow any rules and policies because it is not supervised by any official institution or regulatory authority. So, in the case a customer is scammed, he/she cannot file a legal action against this broker due to the offshore regulations. While, with a legit broker, there is no restriction on when you withdraw your funds or how much you want to withdraw.
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Shady And Poor Registration Process
Baquote has one of the weakest and poorly designed registration processes. When you register and open an account with this broker, you will be directed towards the dashboard. However, the worst thing about this registration is that there is no payment option given on the user dashboard area.
Moreover, if you want to open a live account in the trading software of BAQuote, you will not be able to do so because on the dashboard area there is no option available to open a live account.
In addition to this, BAQuote is one of those scam brokers who create their own user base through solicitation and make a live account only for those customers for whom they are 100% sure that they will deposit their funds with BAQuote. This is clearly a big scammer plan.
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High Spread Value
If you open a demo account with BAQuote, you will be surprised to see the EUR/USD spread which is three pips, which is not a piece of good news. Such a high spread figure is of no use to anyone except the broker. Such a high and risky spread only increases the cost of trading for the customer.
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Misleading Information on Minimum Deposit Amount
BAQuote claims on the homepage of its website, the minimum deposit amount of $50. While on another subpage it mentions the minimum deposit amount of $200. No one knows which one is real. It can be either one of them or it might even be none of them. It seems that the broker itself is not sure about their minimum deposit amount. It is clearly a fraud practice followed by non-legit brokers like BAQuote.
Conclusion
BAQuote is one of those brokers who falsely claim to be licensed and authorized by a well-known regulatory authority and claim to follow the highest and most strict international regulatory standards. They pretend to be a broker that customers can easily trust. They offer various types of assets to trade with, a variety of account types, attractive leverage levels, and the most advanced and powerful trading platform.
Although BAQuote seems to be an attractive broker with these claims, unfortunately, these are all empty claims and false statements. They are actually offshore unregulated and non-legit brokers with zero credibility based in the Marshall Islands, who do not even possess an authentic license. They are deliberately misleading the potential customer with these empty and false claims for the sake of their own gain.
Therefore, we don’t recommend investing your valuable funds with a scammer like BAQuote. Instead, choose a legit and authentic broker, who has a solid and valid license issued by most renowned and well-known official regulatory authorities like Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and Australian Securities Investment Commission (ASIC) in Australia.
BAQuote
Pros
- None
Cons
- An unregulated enterprise
- Shady withdrawal policy
- The shady and poor registration process
- High spread value
- Misleading information on the minimum deposit amount
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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