Base2Trade Scam - No Withdrawl

Haroonr

Recruit
Messages
1
Please be aware of the Base2Trade Scam.

I invested money with them, they showed consistent profits shortly after joining them, they constantly assured that they would honour withdrawls etc. (Unfortunately I put too much trust in a friend who recommended them who is also in this situation). I went to see them in London and the reception staff did not recognise the name Base2Trade, they are on the same floor as FX World but I found this bizarre. They showed profits on my accounts however this was merely to entice me into investing more more. When I requested a withdrawl which was not much they started the games, the account manager called Scott Harris kept ignoring the calls, he was then apparently disciplined and on Gardening leave because he was offering too many withdrawls because their policy is to not allow withdrawls until you have turned over the account by 30 times! This is in their terms and conditions.. however I did not see it because they did not send me a copy and I had put the trust in my friend. Please note turning the initial investment over will take years.

As soon as a I requested the withdrawl and started sending in e mails about progress they started to lose money on the account this was purely to reduce the value of the account because the scam had been identified. I then called their compliance guy (Andy Wilson) who tried to make a settlement i.e. a small value just to keep me on side, however he is now not contactable and not resolving the issue.

The system Base2Trade use is (i) Get money out of people by promising them exaggerated profits (ii) Show big profits to entice you to invest more (iii) When you attempt withdrawl they then start reducing the account and telling you the terms and conditions is to withdraw only after they have turned the account over 30 times.

If you stay in the scheme they will take your initial investment e.g. £2000 show profits of c£4000 and then they will start losing your profits back to £2000 so you have no profits to take out or even make a loss at the end of term.

This is a pure scam so they can generate cash, there is no decency you just need to check the internet forum and the top note on the FPA website about their contact with Base2Trade. The only reason they are getting away with it at the moment is because 'binary options' are not regulated by the FCA and the Gamling Commission Act (0121 2306720) which makes it very hard to get your money back.

I would recommend anyone in my position to send them an email to stop trading their accounts so they stop losing you money and then contact the Action Fraud Police (0300 1232040) and the Financial Ombudsman .

If anyone can assist and has experienced these con artists please let us now how it was resolved.
 
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