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Basis Capital Markets Review - is it scam or safe?

Basis Capital Markets review - is basiscap.com scam or safe forex broker?

RATING: 3 / 0 REVIEWS
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 Basis Capital Markets is an authorized representative of GCM Prime ltd which is registered with FCA in London. Basis Capital Markets ltd is located at 35 New Bridge Street London, United Kingdom. Read the whole review to find out all the benefits and disadvantages in dealing with this brokerage. 

 

Advantages 

 

Top-notch regulation 

 

The brokerage claims to be regulated by the FCA which is among the most prestigious and reputable regulatory organs in the world. Being included in its regulatory framework carries a lot of weight in the trading world due to the benefits that come along with it. After checking with the online registry of the London authorities we can confirm that the brokerage is in fact an authorized representative of GCM Prime ltd which is licensed by the FCA and has a reference number 571881. Here are screenshots to see for yourself: 

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FCA requires compliance with a number of strict rules that lower the risk of foul play on part of the broker and secure the funds of the clients. One such rule is the segregation of accounts which forces the brokerage to handle the finances of the clients separately from their own and greatly lowers the risk of commingling. Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or tries to commit a fraud. 

 

When it comes to regulation and security of the funds, this brokerage certainly delivers and clients may be safe if they decide to do trade with Basis Capital Markets or any of the other authorized representatives. Interested traders should be sure to check out our list of other recommended FCA-regulated forex brokers: 

 

>>List of FCA-regulated forex brokers<<

 

Variety of trading platforms 

 

The brokerage offers a number of trading platforms from which potential clients may choose. Among them is the MetaTrader4 and the new HTML5 trading platform OPTIMAX. This should be seen as a huge advantage for the brokerage since the latter platform is the preferred choice for more than 80 per cent of the trading world. The MT4 has many unique features such as the MQL programming language which allows traders to design and backtest their own auto-trading bots or run ready-made ones. It also offers advanced analysis tools, charts, signals and indicators, all of which make it the foremost trading platform at the moment. Interested traders should be sure to check out our list of recommended MT4 forex brokers: 

 

>>List of MT4 forex brokers<< 


No fees or commissions 

 

Often is the case with brokerages that they may have unexpected fees or commissionс hidden deep in the lengthy terms and conditions which could unpleasantly surprise misinformed or newbie traders. Such fees can also drive up the cost of trading by a substantial amount and lower the whole raw profit the trader takes home. Furthermore, in the terms and conditions may be hidden sleeky withdrawal conditions which make it difficult for traders to withdraw the funds they have invested in the brokerage. All this we have seen in many other brokers and should suggest traders to always have it in mind. After reviewing the business terms of Basis Capital Markets we may safely state that the broker has no such unpleasant surprises in store for potential clients. It does not charge any trading fees of any kind, nor does it have any irksome withdrawal conditions that may bother potential clients. 

 

Wide range of financial instruments

 

The brokerage offers clients participation in the forex financial markets. Potential traders may trade CFDs on currency pairs, stocks, indices, precious metals, commodities. This is pretty standard and nothing out of the ordinary, however, such a variety is always a welcoming sign.

 

The brokerage does not, however, offer CFDs on crypto which is an exciting products. Interested traders should check our list of recommended Bitcoin forex brokers: 

 

>>List of Bitcoin forex brokers<<

 

Disadvantages 

 

Problem with the demo account 

 

The brokerage states on its website that it supposedly grants free access to one of its platform in order for potential clients to test-drive. What is required is to submit a request and wait until a representative of the company contacts you. It says this should happen within 24 hours, however, for one reason or another we have not yet been contacted by anyone in the company and due to this – we have not had direct access to any of the trading platforms the brokerage offers. Having in mind the top-notch regulatory status of the brokerage, this may be an isolated incident or some sort of problem with us. Here is a screenshot: 

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Not enough information 

 

For all the praise that may be said for the regulatory status of the brokerage, there are also areas which raise concerns. For one, the website of the brokerage is not especially welcoming when it comes to information. We could not come across any info on account types, the minimum deposit, the leverage, nor even the payment methods. There is the option to “request information” and, sure enough, we submitted a few, but to no avail. The lack of information is worrisome, because it undercuts any transparency the brokerage might hope to achieve in its dealings, as well as the traders confidence in the brokerage. However, having in mind the FCA-regulation, we may be contacted in the near future by a relevant person in the company, and, in such a case, we would be more than happy to update the review. Here is a screenshot of the “information request” 

 

Click to zoom.

 

Conclusion 

 

Basis Capital Markets is an interesting forex brokerage with a pretty neat website design. It is in fact regulated by the FCA which provides huge assurance for the safety of the clients funds, as well as the credibility of the brokerage itself. It also has a number of trading platforms from which interested traders may choose, among which is the MetaTrader 4. It does not, however, perform quite well when it comes to the information presented on the website – there is a serious lack of it. As was mentioned above, we have contacted the brokerage and are waiting for its reply in which case we would update the review with the neccesary and relevant new information. All in all, having in mind the regulatory status, we would suggest interested traders give the brokerage a shot. 

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Traders` reviews for Basis Capital Markets

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