CoinBaza masquerades as an online exchange that offer trading with cryptocurrencies like bitcoin, ethereum, doge and ripple. It boasts of more than 40 digital assets available for trading.
The broker has weekly and monthly investment types, each type is entitled to a static percentage of profit at the end of the period.
CoinBaza claims to be a simple, elegant, and secure platform to build your crypto portfolio.
Should you trust CoinBaza?
Our investigation revealed that CoinBaza is a scam broker that people should stay away from. Here is the explanation.
- CoinBaza is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the UK. In fact, CoinBaza is not regulated in any country, it has no license whatsoever, which makes it an illegal investment service.
- Unlicensed brokers like CoinBaza do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing server slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- Bear in mind that unregulated brokers in general are completely uncountable for the way they handle your money, which makes any dealings with such entities extremely risky. Basically that is how people usually get scammed.
- We confirm that CoinBaza is a scam, it claims to make static weekly and monthly returns on investment. But it is not possible. The currency markets are largely unpredictable and they don’t behave the same way every week. Any broker promising steady weekly returns is for sure a scam.
Is CoinBaza Safe?
CoinBaza is considered not safe, as it is not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC, FSC in South Africa and the US CFTC.
The easiest way to check if a broker is licensed is by looking it up in the registry of the respective financial regulator – be it the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission, the Financial Sector Conduct Authority (FSCA). All of them keep such registers and they are publicly available.
CoinBaza is an unauthorized and illegal broker. Deposits with this broker are not protected, the company can’t legally offer its services in almost any country. It is a total scam.
The best way to invest in the markets is using a licensed broker
There is absolutely no reason to invest with an offshore or unlicensed broker. If you think you need high leverage or high margin rates, you are mistaken, and you will lose your money fast.
So go for licenced brokers, listed here.
AvaTrade is a Globally licensed Forex broker with copy trading benefits. They have a great trading platform that carters for both beginner and expert traders.
Test it out first on a free demo, see here.
How CoinBaza works?
We have proved that CoinBaza is a scam. Their investment offers are obviously meant to attract people and make them deposit as much money as possible.
Problem starts immediately you make a deposit to a scam platform. They will use many tactics to make you deposit more.
Scammers will take deposits from you but never let you withdraw anything, because these brokers often present silly legal documents and conditions that is out of the question as far as legit brokers are concerned. But it will just be a lie to get more money from you.
CoinBaza will request that you send them more money while declining all your efforts to withdraw your deposits.
At this point, most people will realize that they have fallen victim to a classical Forex trading scam.
CoinBaza is a scam broker because it is lying about being regulated. It is not regulated, it is an unauthorized trading platform that will steal your money. You have to stay away from it.