TradeBaionics is an unregulated brokerage. The firm has changed several domains so far after being blacklisted in Italy. From where we stand, it’s pretty evident that the trading firm is fraudulent. However, let’s elaborate more on it in this detailed TradeBaionics review.
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||CONSOB|
|Cryptocurrencies:||Forex, commodities, indices, shares, cryptocurrencies|
|Types of Assets:||1:200|
|Free Demo Account:||No|
|Accepts US clients:|
Is TradeBaionics a Licensed Broker?
TradeBaionics is an anonymous trading firm. The Terms and Conditions don’t reveal any details about the company owner, headquarters, or similar. Since this is the case, we’re unsure under which regulatory jurisdiction the firm should belong.
Upon checking with the FCA, ASIC, BaFin, and other Tier1 regulators, we’ve determined that the firm is unlicensed.
How Unsafe Is An Unlicensed Broker?
Unlicensed brokers are not safe. You have no money-back guarantee, and the broker can vanish anytime. You have nothing to do if it happens, like with TradeBaionics’ old domains. No regulator will help you get your money back, and you have nowhere to file a complaint.
TradeBaionics Warning From the Italian Regulator CONSOB
TradeBaionics was exposed as a trading scam by the Italian regulator, CONSOB. This authority body added tradebaionics.io to the list of fraudulent domains. Once it happened, the broker simply opened a new domain and started claiming the banned one was by the competition. Don’t trust anything you hear from the TradeBaionics broker. Yes, it’s a scam, and CONSOB proved it.
Traders’ Experience With TradeBaionics
Traders are not entirely happy with their experience. As you can imagine, numerous negative reviews exist, especially from those who had an account blocked once the broker changed the domain. Basically, these people are no longer able to access their funds. If you’re one of them, get recovery help right away.
What Platforms Does TradeBaionics Offer? – Available Trade Software
TradeBaionics offers a proprietary WebTrader. The company listed MT4, MT5, and web-based software as available, but once you register your account, you’ll be able to access only one of them. It’s a basic TradingView chart with several indicators.
Don’t let TradeBaionics fool you. There’s no reputable software.
App For The Mobile Trader
Of course, since there’s no MetaTrader, there’s no mobile app either. Both Android and iOS users will have to use their web browsers to access the platform.
All About TradeBaionics Accounts
TradeBaionics doesn’t give us any trading accounts. The firm advertises accounts designated for every trader yet doesn’t specify anything. The only thing we’re given in the Account Types section is a minimum deposit of $500. Quite a lack of basic details.
Does the Broker Use SSL? – Secure Socket Layer
SSL or Security Socket Layer is meant to be used as a safety measure. If a website has a certificate, it implies that your personal information, including passwords and credit card numbers, is safe. While TradeBaionics has SSL, it also has a proprietary platform. Basically, the firm can access your funds and trades directly through the platform and manipulate your winnings and losses according to their needs.
Thus, SSL is worthless with innovative scammers.
CFD Trading With TradeBaionics
The broker advertises its platform as a powerful CFD trading tool. CFDs are risky trading assets since you’re not buying an actual instrument. You’re buying a virtual contract against the brokerage or their liquidity providers. If the asset’s price goes opposite to your intentions, you may lose everything you invested. Therefore, proper tools and market analysis are of utmost importance, which you won’t get with TradeBaionics.
TradeBaionics Broker – Countries Of Service
As per our review, the TradeBaionics trading scam is mainly active in:
TradeBaionics Range of Trading Instruments & Markets
Customers can invest in:
- Currency pairs – EUR/USD, GBP/USD, CAD/AUD
- Commodities – gold, oil, silver
- Indices – Dow Jones, DAX30, FTSE100
- Shares – Amazon, Google, Tesla
- Cryptocurrencies – BTC, XRP, ETH
What Trading Terms TradeBaionics Provide?
TradeBaionics offers its own trading terms that significantly differ from those allowed by regulations.
Minimum Investment Amount
The minimum investment is not really clear. On the main page, customers are led to believe that they can invest $250. The Account Types section indicates that you will need $500 to start trading. Yet, once you register an account, you’ll be approached to invest $10,000.
The leverage is not regulated and goes up to 1:200. Legitimate brokers follow strict rules allowing leverage of 1:30 or 1:50, depending on the regulatory body. This limit is there for risk management purposes. However, TradeBaionics doesn’t care about your risks.
TradeBaionics Deposit, Withdrawal Methods, And Fees
The broker listed the following payment methods:
- Debit/credit cards
- Wire transfers
The minimum withdrawal amount is $100, but there’s no withdrawal time. In addition, fees are nowhere to be found.
The company offers the following educational features:
- 1-on-1 training
However, this is all just a lure. Once you deposit the funds, you’ll be pressured to invest more without knowing what you’re doing. The less you know, the more they can exploit you.
Scammed by TradeBaionics Broker? – Let Us Hear Your Story
If you or someone close to you was scammed by a TradeBaionics broker, it’s time to seek help. We’re here to assist you with the chargeback process and help you get a refund.
But What Is A Chargeback?
This is a way for your bank to recover funds directly from the merchant. Contact us via online chat to book a free consultation and let’s examine your case in detail.