In the rapidly expanding world of online trading, it is crucial to exercise caution and conduct thorough research when selecting a trading platform. BasePips has emerged as a platform that raises significant concerns among the many options available.
This article aims to provide an in-depth review of BasePips, focusing on its questionable practices, absence of customer reviews, and low trust score. By exploring the platform’s overall overview and investment plans and assessing its legitimacy, traders can make informed decisions while safeguarding their investments.
Overview
BasePips presents itself as an online trading platform, but a closer examination raises numerous concerns regarding its legitimacy and transparency. One of the most prominent issues is the lack of transparency about the company behind the website. The absence of clear information about the ownership and management team is a significant red flag, as reputable trading platforms typically provide such details to establish trust and accountability.
A legitimate trading platform usually discloses important company information, including its registered name, address, and contact details. However, this website’s lack of information raises suspicions about its intentions. Traders are left in the dark, unable to verify the platform’s credibility or hold anyone accountable for their actions.
Furthermore, the absence of information about the company’s regulatory status is another cause for concern. Reputable trading platforms operate under the regulation of recognized financial authorities. This regulatory framework ensures that certain standards are met, providing protection for traders and their investments.
However, the lack of regulatory information on BasePips raises doubts about the platform’s compliance with industry regulations and investor protection measures. The combination of missing ownership details and regulatory information significantly undermines the trustworthiness of BasePips.
BasePips Investment Plans
BasePips offers various investment plans that appear to be designed to attract potential investors with the promise of significant returns. These plans often consist of different account tiers, such as Basic, Silver, Gold, and Diamond, each requiring a varying minimum deposit. While these investment plans may seem enticing at first glance, it is crucial to approach them with extreme caution due to the lack of regulatory oversight associated with BasePips.
Here are the investment plans offered, along with their minimum deposit amounts:
- Basic Account: Minimum deposit of $500.
- Silver Account: Minimum deposit of $2,500.
- Gold Account: Minimum deposit of $5,000.
- Diamond Account: Minimum deposit of $10,000.
BasePips Customer Reviews
When assessing the reliability of a trading platform, customer reviews play a crucial role. They provide valuable insights into the experiences of real traders and serve as a testament to the platform’s credibility. However, in the case of this website, the absence of customer reviews is a cause for concern.
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A reputable trading platform typically accumulates customer reviews over time, reflecting a level of trust and engagement from the trading community. Reviews offer a glimpse into the platform’s performance, customer support quality, and overall user experience. They provide potential investors with valuable information to make informed decisions about platform engagement.
In addition to the lack of customer reviews, BasePips is associated with a low trust score. A low trust score indicates that the website has raised suspicions among users and potentially failed to meet certain security or reliability standards. It raises concerns about delivering a secure and reliable trading experience.
The absence of customer reviews and the low trust score associated with BasePips make it difficult for potential investors to gauge the platform’s credibility and reliability. Without the opportunity to learn from the experiences of others, it becomes challenging to assess the platform’s performance, customer satisfaction levels, and the potential risks involved.
BasePips Reviews
On June 24, 2023, an Arizona, United States person who reported being scammed for $400 filed the following complaint with the BBB (Better Business Bureau) regarding a cryptocurrency investment scam:
I was approached to learn about cryptocurrency exchange, which is something I’m interested in. I was informed that to participate, I needed to invest my money through a website that would track my profits. To get started, I created a basic account with $50, which didn’t require much information. As I observed my money “growing,” I decided to invest an additional $350 to upgrade my account and potentially earn more profits.
However, when I attempted to withdraw my funds, as I was assured I could do at any time, I received an email from a company called Basepips. They informed me that the withdrawal would be pending for 24 hours. It has been over two weeks, and I haven’t received any money. Furthermore, Basepips requests my personal banking information, including routing and accounting numbers. They also suggested downloading a specific “Trust Wallet” wallet to facilitate the withdrawal process.
Upon researching Trust Wallet and reading the reviews, I discovered that the app has multiple 5-star ratings with similar stories but different names. This repetition raises suspicions about the authenticity of the reviews. As a result, I have decided not to send them any more money, disclose any personal information, or download the suggested app.
It is worth noting that Basepips provided me with a picture of what appears to be a Certificate of Incorporation from the state of Michigan, which I have attached below. Additionally, the website they provided displays currency exchanges and stock numbers, creating an illusion of legitimacy.
They provided the following information about the scammer:
- Location: MI (Michigan, USA?)
- Email: Info@basepips.com
- Telephone: (813) 291-4915 (a Tampa, Florida, USA number)
- Website: Basepips.com
In the world of cryptocurrency, a significant amount of due diligence is required to safeguard against potential scams. Here are a few factors which may indicate a potential scam:
- Withdrawal Problems: Legitimate cryptocurrency exchanges usually process withdrawals quickly. Delays may occur, but a delay of more than a week, especially without any legitimate reason, could be a red flag.
- Requests for Personal Information: If the company is requesting your bank routing and account numbers, it’s potentially a sign of a scam. In typical transactions, this information is not necessary. Additionally, this information should only be given to well-established, trustworthy institutions.
- Dodgy Wallet Recommendation: If a specific wallet is suggested and that wallet has questionable reviews, this could also be a sign of a scam. Trust Wallet is a legitimate service, but if reviews seem false, it could be a sign that the company is trying to mislead you.
- Certificate of Incorporation: While it might seem that a Certificate of Incorporation adds legitimacy, this document can be easily faked. It’s important to verify this information with official state registries.
- Too Good to Be True: If the returns or profits promised seem too good to be true, they probably are. The crypto market is volatile, and no legitimate company can guarantee profits.
Based on these factors, it seems that this person may have stumbled upon a potential scam.
Is it a scam or legit?
Given the opacity surrounding BasePips, the absence of customer reviews, and the platform’s low trust score, it is prudent to consider it a potential scam. Trading with BasePips may subject investors to unnecessary risks, including potential financial loss and compromised personal information.
It is of utmost importance to prioritize security by conducting extensive research before engaging with any online trading platform. Exploring alternative platforms with proven track records, positive customer feedback, and transparent operations is advisable to ensure a secure and trustworthy trading experience.
Complaints We Received
On September 30, 2023, we received the following complaint:
I have incurred a loss of almost $3K due to fraudulent activities. A person named Jason approached me to discuss opportunities in Forex trading and introduced me to Basepips. Since the introduction, I have made several payments to him, assuming I would receive profits in return. Unfortunately, it has become apparent that Jason has been deceitful, continually finding new ways to extract money from me while providing no real returns. It feels like I’ve been misled and taken advantage of, and I am currently exploring my options to address this situation.
On October 2, 2023, we received the following complaint:
Basepips & Trust App
Tel: +1 (716) 418-2879
Initially, I invested £200. Later, they asked me to pay an additional £450 for an upgrade. I declined but ended up paying £100 to upgrade my account.
I’ve accumulated just under £9000 in profit in my account. Now, they are demanding I pay £1300 upfront before I can withdraw any amount.
Conclusion
In the case of BasePips, the numerous red flags indicate that it should be approached with extreme skepticism. It is recommended to seek reputable and regulated to ensure a safe and reliable trading experience. Remember, due diligence is paramount when it comes to protecting your investments and personal information in the online trading industry.
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