TradeBase24 – Are They Safe?

| Publish date: 05/30/2020 (Last updated: May 30, 2020 03:07 AM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

TradeBase24 - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Deposit
X

updated 2020

There is no information provided about the types of trading accounts that TradeBase24 offers. We also do not have any information on the trading conditions or even the minimum deposit requirements.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Plus500CY Ltdauthorized & regulated by CySEC

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://tradebase24.com

Founded: N/A

Regulations: Not Regulated

Languages: English, German

Deposit Methods: Bitcoin

Minimum Deposit: Unknown

Free Demo Account: N/A

Number of Assets: N/A

Types of Assets: Binary Options in Forex and Cryptocurrency

Trading Accounts and Conditions

There is no information provided about the types of trading accounts that TradeBase24 offers. We also do not have any information on the trading conditions or even the minimum deposit requirements.

TradeBase24 – Advantages

While it is our endeavor to be as fair as possible to all the brokers we review, in TradeBase24’s case, we honestly could not find anything positive about this broker. Therefore, we have not mentioned any advantages for this broker.

TradeBase24 – Disadvantages

Here are the reasons why trading with TradeBase24 would be very dangerous:

  • Unregulated, Anonymous Broker

The first thing we noticed about this broker’s website is that it is completely anonymous. There is no relevant corporate information provided. We do not know the name of the company that runs this brokerage, and the only thing that this broker has provided is a post office box address that is located in London, UK.

Considering the fact that TradeBase24 has not provided any corporate information or, for that matter, licensing information, we can assume that this broker is unregulated. However, just to make sure, we checked the UK FCA’s (Financial Conduct Authority’s) online register to see if this broker was registered with them. It was no surprise to find that there was no brokerage by the name of TradeBase24 listed with this FCA, thus confirming our suspicion that this broker is unregulated.

We would advise all traders to avoid contracting with unregulated and anonymous broker since such entities do have any accountability, which makes it unsafe to do business with them.

Plus500
$100
Minimum Deposit

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.

 

AvaTrade
$100
Minimum Deposit

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.

 

  • Unrealistic Returns Promised

Another huge red flag about this broker is that they offer serious high returns on your investment. According to their website, you will get a payout that can be as high as 200% of your deposit.

Such a return is seriously unrealistic since no broker can make such a promise. Most of the time, traders lose money on the market, sometimes as much as their entire deposit. In fact, the law mandates that brokers publish the percentage of their customers who have lost money while trading with them. On an average, 75% to 85% of clients lose money while trading.

Sadly, this is a tactic that has long been employed by scam brokers to hoodwink unwary traders into doing business with them. So, the fact that TradeBase24 offers such huge returns tells us that this broker too is a scammer.

  • Bonuses Offered

Another scamming strategy used by unscrupulous brokers is to entrap traders by offering them bonuses. And TradeBase24 offers their clients such bonuses.

Let us clarify how these bonuses work.

The broker first offers you a seemingly great deal if you deposit a certain amount of money with them. However, they will attach a clause to this bonus, where you have to meet a minimum trading volume target to be able to withdraw your funds. Unfortunately, these targets are so high that it is all but impossible to meet them. Then, the broker uses your failure to meet that trading volume target to cancel your withdrawal request.

TradeBase24 not only offers you this type of a bonus, but also states that they reserve the right to change, reduce or even annul the bonus at any time. This is the way that the broker ensures that you never meet the trading volume requirement, and so does not allow you to get your money back.

  • Unfair Terms and Conditions

TradeBase24 also has some rather unfair terms and conditions related to deposits and withdrawals. The broker states that they have the right to impose payment, withdrawal and deposit limits and fees as they see fit.

Legitimate brokers are much more transparent about the kinds of fees and limits they put on their clients.

  • Lack of Information on Trading Conditions

While it is understandable that there is no leverage mentioned since TradeBase24 is a binary options broker, there is also no information with regard to the types of accounts offered, the minimum deposit requirement, and other trading fees.

Once again, this lack of information is typical of scammers who do not want to reveal their conditions until customers have actually invested their money with them.

  • Poorly Designed Trading Platform

TradeBase24 offers their clients the use of a very poorly designed web-based binary options trading platform. It is overly simplified, as if designed by a novice, and lacks all the functions that are easily available with professional trading platforms such as the MT4 and the MT5 interfaces.

This broker’s dashboard has been provided by a third-party company and the trading conditions are completely irrelevant.

  • Bitcoin is the Only Payment Method

TradeBase24 has displayed the logos of multiple payments providers – MasterCard, Neteller, Visa, Giro Pay, Astro Pay, WebMoney and PaySafe Card. However, the truth is that the only way you can make deposits is via Bitcoin, which is yet another red flag. Bitcoin transactions are untraceable and irreversible. So, if you make a payment using Bitcoin, you will not know where your money has gone, and you cannot reverse your transaction – even if you have been scammed.

This is the reason why most scam brokers offer only cryptocurrency payment options.

Conclusion 

Everything about this broker proves to us that TradeBase24 is a scammer and that if you do business with them, chances are very high that you will lose all your money. We recommend that all traders keep away from this broker and choose a broker that is regulated by a reputed financial authority and is also transparent about all their operations.

TradeBase24

2.4

User Experience

3.2/10

Payment Options

2.2/10

Security

2.3/10

Support

2.1/10

Reputation

2.4/10

Pros

  • None

Cons

  • Unregulated, Anonymous Broker
  • Unrealistic Returns Promised
  • Bonuses Offered
  • Unfair Terms and Conditions
  • Lack of Information on Trading Conditions

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

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.

 

AvaTrade
$100
Minimum Deposit

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.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.

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