BaseFEX is this a scam? Review and Customers Reviews

BaseFEX – marketplace for cryptocurrency tradingwhich appeared on the Russian market in 2018. The project team decided to focus on trading futures on bitcoin and other cryptocurrencies, which is quite a non-standard and fresh solution.

In our review, we will consider in detail the opportunities that the project has implemented and find out whether BaseFEX is a scam or a reliable crypto exchange.

 

Why BaseFEX?

BaseFex is a unique platform of its kind, which is designed exclusively for trading various bitcoin futures. A futures contract, in turn, is an agreement to buy or sell a commodity, currency or anything at a predetermined price in the future. Website basefex.com has a multilingual interface, which points to customers all over the world. One of the main features of the company is that it works exclusively with bitcoin, although users can trade using other tokens (LTC, ETH, XRP, etc.). However, the company says that in the future there will be a larger selection of Altcoins futures contracts and cryptocurrency trading will become available (How to Make Money on Cryptocurrency?).

Users also have the ability to make transactions in USDT – tokenized dollars from Tether. The value is pegged to the U.S. local currency and is always equal to $1. This ensures the stability of funds in users’ accounts. The advantage is that the cryptocurrency clients of the exchange are in offline or, as they are also called, “cold” wallets, and all withdrawals are manually checked by moderators. This way of storage provides maximum security of funds, because the access requires the confirmation of at least 5 people.

Trading itself is done through a simple and straightforward site. The site has a lot of useful information, which clearly, briefly and easily described the essence of the platform and the main advantages. Thus, even a beginner can quickly understand the basic functionality of the site thanks to the competent interface. On the platform you can find a large number of tools, analytical information and charts for comfortable trading.

Because bitcoin futures have more leverage than cryptocurrency exchange, the company offers leverage up to 1:100 on the BTC/USD pair. That is why most investors prefer BTC. It is also a feature of the organization that it was the first to launch perpetual contracts with USDT, offering users BTC/USDT pairs with up to 1:100 leverage and ETH/USDT with 1:20 leverage.

For beginning traders who want to try their hand at trading, a demo account has been created. Such an account retains all the functionality available on the platform, but trading is done using virtual money. This means that the user can trade without any risk. To allow clients to trade anywhere and at any time of the day, the developers have created a mobile application. This method is perfect for traders who do not have the opportunity to constantly log in to the website from a computer or laptop. Both Android and iOS versions are available.

Of the main advantages of the company can be distinguished:

• Low commissions.
• Cold storage type of funds.
• Platform Safety.
• Intuitive interface.
• User privacy.
• Good liquidity.
• Russian interface.
• 24/7 support.

 

How to exchange cryptocurrency on the basefex.com platform?

On the site basefex.com there is no possibility of exchanging cryptocurrency for fiat money, so the user can use one of the ways:

• Transfer money from a cryptocurrency wallet to a bank card using third-party resources;
• to withdraw through the exchanger.

 

Verification on the BaseFEX platform

On the exchange website basefex.com It is indicated that the company especially respects the privacy of its customers, so it will never require KYC/AML from traders, nor will it disclose user data to authorities and governments. This means that clients can remain completely anonymous.

 

Deposit and withdrawal

To make a deposit, you first need to go to your profile and click on “My Account”, after which the user will see his personal account. Then you should select “Deposit” from the menu. To deposit you need to copy the address of the purse and make the deposit. The minimum deposit amount is 0.002 BTC. Replenishment less than the minimum amount will not appear on the account and can not be returned.

To withdraw your earnings, you must also log into your account and click on the “Withdrawal” button. After that, a form appears in front of the trader, in which the destination address and the amount to be withdrawn must be filled in. It should be noted that each withdrawal is checked manually and requires the coordinated action of several employees of the company. That’s why the withdrawal check is made once a day at 7:00 UTC + 0.

Cryptoexchange Commission

The organization works according to the “maker-staker” scheme, so a commission is charged if liquidity decreases. If, on the contrary, the liquidity increases, part of the funds is returned. Thus, depending on the contract the broker commission can be from 0.03% to 0.06%, and the commission for the maker is from 0.005 to 0.02%. Funding rates vary depending on market lending rates.

Withdrawal fee

There is no commission for withdrawal and deposit of funds, but it should be taken into account that when withdrawing BTC or USDT, a minimum fee of the bitcoin network is charged, which is set depending on the blockchain’s load.

 

BaseFEX bonuses

At the moment there are no bonuses for users, but an affiliate program has been developed for active traders, allowing them to earn passive income.

Referral program

The BaseFEX Partner Program offers clients such benefits:

• the percentage of commissions paid by referrals;
• referrals for a limited period of time receive a discount from the commission.

Users who follow the referral link get a 10% discount during the first 6 months of activity on the exchange. It is worth bearing in mind the fact that the referral account is assigned to a client only if the referred user registers within 7 days after following the link. For referrals you can receive up to 35% from the amount of commissions.

 

Complaints about BaseFEX

Since the exchange has appeared relatively recently, one can find very few reviews on the Internet, especially from Russian-speaking users. In general, the company has a positive reputation. Clients note the presence of a Russian-language version of the site with competent translation, a detailed directory, high liquidity and favorable conditions for cooperation. However, there are also negative reviews. Basically, traders are dissatisfied with the small number of instruments.

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Crypto exchange regulation

With the emergence of financial companies in the web-space, the number of scammers who cheat users has increased dramatically. To protect yourself from a negative experience with an unscrupulous project, you should carefully check the license and relevant documentation. Although the exchanger is one of the safest and received a rating of “A +” in the Mozilla’s observer test (Mozilla’s Observatory test), there is no information about the license on the site. Also on the site there is no information about the location of the main office of the project.

Documents from basefex.com:

• “Read the “Privacy Policy” on the Exchange website” (See);
• “Read the “User Agreement” on the BaseFEX website” (See).

Basefex.com User Agreement

The “User Agreement” is the main document of the project, which each user should read before starting cooperation with the company. The agreement contains the basic information about trading on the exchange, as well as the responsibilities of clients and organizers. Let us consider some points of the document in details. The agreement clearly spells out the information concerning users who live in the USA or Quebec. Such traders are not allowed to hold positions or enter into contracts on the exchange. Also those clients who live in Cuba, Crimea, Sevastopol, Iran, Syria, North Korea and Sudan are also prohibited to hold positions and enter into contracts. If the client provides false information about his location, the organizers have the right to close the accounts of such a participant and liquidate the open positions.

Although there is no verification on the site, the company can verify the identity of the client at any time in order to comply with the Money Laundering Law of the Republic of Seychelles.

The user’s account may be frozen if the organizers have reasons to suspect that the client performs suspicious trades or violates any of the above guarantees. This can lead to cancellation of the transactions made by the user. The company is not responsible for causing losses or failure to receive profits by the client as a result of early closing of his trading positions or inability to carry out trading operations in BaseFEX.

The organizer has the right to close the trader’s account by giving him 7 days’ notice. Thus, the user will have time to close positions and withdraw bitcoins from the account.

The company is not responsible for the correct organization of the market and therefore has the right to terminate trading operations on the website due to market failures or other relevant external events. The organizer shall not be liable for any losses or lost profit resulting from the termination of trading operations.

BaseFEX makes no warranties concerning the operation of the site. Without limiting the foregoing, the organizer does not guarantee that the platform will meet customers’ requirements or goals. For the avoidance of doubt, it is stated that all implied conditions or warranties are excluded to the extent permitted by law, including warranties of merchantability, fitness for a particular purpose, title and non-infringement.

Also, the company is not responsible for the availability of the web resource at the right time (in those cases where it is used via the Internet), if the trader or a third party provides computer equipment, the functionality of which depends on the provision of the product.

The company does not guarantee that:

• the service will meet the customer’s requirements;
• the service will run smoothly, safely or error-free and will be available when needed;
• the information provided through the service is true, reliable or correct;
• any defects or errors will be corrected;
• the service will be available at this or that moment or in this or that place.

The user assumes full responsibility and risk of loss as a result of using the service.

Neither BaseFEX nor its suppliers or licensors shall be liable in connection with any section of this agreement by contract, negligence, strict liability, or any other approach in law or equity for:

• any special, incidental or consequential damages;
• the cost of purchasing or replacing products or services;
• discontinuance of use, loss or corruption of data;
• payment of amounts in excess of the remuneration paid by the client to the company under this agreement for the twelve (12) months prior to the submission of claims.

BaseFEX is not responsible for any failures or delays due to circumstances beyond the control of the exchange.

Customer Service

You can contact the support service by one of the options offered on the site:

• online chat;
• email: [email protected];
• Telegram and Twitter.

 

Is BaseFEX a scam?

BaseFEX – is a unique platform that has chosen bitcoin futures trading as its main focus. The organization appeared on the market in 2018 and has already managed to win the trust of customers around the world, as evidenced by the multilingual interface. The platform provides comfortable, and most importantly – favorable conditions for traders to trade cryptocurrency. Also, leverage up to 1:100 is available for trading. Trading itself is done through an intuitive platform. To make trading really convenient, various charts and analytical information are available to clients. An affiliate program was developed for active traders who want to earn extra income.

Thus, users can attract new participants to the project and earn a percentage of the commission. And for clients to have access to the platform from any place and at any time, a mobile application was developed. At the moment, both Android and iOS versions are available. The company has been on the financial market for less than two years, so at the moment you can find not very many reviews from clients, especially from Russian-speaking traders, on the Internet. Based on the opinion of users, we can say that the project has a good reputation, but there are also shortcomings that require attention. Having analyzed in detail the opportunities provided by the company, is it possible to conclude that BaseFEX is a scam and swindlers? No, because the organization successfully provides its services to users and is really safe.

 

Conclusion

BaseFex – a young exchange for bitcoin trading, which appeared on the financial market less than two years ago. The project is gradually developing and gaining popularity among users around the world. The platform provides its clients not only profitable and comfortable conditions for trading, but also security and, most importantly, privacy. However, many traders, especially beginners, often soberly assess the risks of cryptocurrency trading.

That is why you should carefully read the rules before registering in the project. At the moment, the exchange looks good among competitors, but it has some shortcomings. If you cooperated with the project, leave your impressions on our site to form an independent rating of cryptocurrency exchangers.