everyone interested please continue here: https://bitcointalksearch.org/topic/m.57791691
finally did the scam accusation form.
Topic: [WARNING] Is BaseFEX derivatives exchange still active and working for everyone? (Read 110 times)
August 26, 2021, 04:36:55 PM
August 26, 2021, 07:12:59 AM
wondering when would be a good time to do a new scam accusation thread so other people clearly avoid this experience - at this point I hope it is just a technical issue though, otherwise I might have lost a substantial amount of btc to, well, a honeypot scam trap..
No idea how long has the problem persisted but seeing how there is no recent trace of them, it wouldn't be weird to start the thread now and you can always give room for updates. Although it's understandable if you wanna wait for a few more days.
In addition to previous posts:
One thing for sure is, users should be warned as early as possible. I don't think anyone should use this exchange until the problem has been solved at least. Adding a warning in this thread's subject title would be a good start.
August 24, 2021, 08:09:01 AM
thanks for the effort @potatochips - I could not get hold of them on linkedn @omegastarscream - it says they are not part of my network, can't even see clear names nor message them or browse their profiles. we do already know their names don't we though?
wondering when would be a good time to do a new scam accusation thread so other people clearly avoid this experience - at this point I hope it is just a technical issue though, otherwise I might have lost a substantial amount of btc to, well, a honeypot scam trap..
it's funny watching paper gains though on a seemingly working exchange and know all this might be gone..?
wondering when would be a good time to do a new scam accusation thread so other people clearly avoid this experience - at this point I hope it is just a technical issue though, otherwise I might have lost a substantial amount of btc to, well, a honeypot scam trap..
it's funny watching paper gains though on a seemingly working exchange and know all this might be gone..?
August 23, 2021, 09:22:33 PM
will keep you folks updated.. I'd be curious if others face the same problems with emails/codes/withdrawals or registrations. if this applies to everyone, exchange is probably dead or something went wrong recently, but no word from support is way suspicious, they can of course comment in here anytime though..
Tried to register with a different browser, device, internet connection (used my mobile data), with VPN on (SG, GERMANY) and didn't get a single email... also added adequate intervals after every 2 tries and resent the emails twice. At this point it's safe to say the problem is not on your end.
Without any updates from them + the recent messages in their telegram that are not spam are about withdrawal problems, situation's not looking good.
I think the no-KYC part is a trick to just attract traders, but they will actually ask for KYC whenever they feel like
No wonder! the No KYC promise page was so extra lmao. It's bad in any situation, they are either too unequipped to know it's not sustainable or it's an intentional trap which is the case for this one.
Quote from: https://www.basefex.com/docs/no-kyc-promise
No KYC Promise
We promise there will never be KYC checks.
As believers of cryptocurrency and its anonymity spirit, we respect our users’ privacy and will never require KYC checks from our users. Users can use all of our services with just an email address.
We promise there will never be KYC checks.
As believers of cryptocurrency and its anonymity spirit, we respect our users’ privacy and will never require KYC checks from our users. Users can use all of our services with just an email address.
August 23, 2021, 05:42:02 PM
The exchange had a lot of red flags as discovered by some members in the forum with a couple of scam accusations
I think the no-KYC part is a trick to just attract traders, but they will actually ask for KYC whenever they feel like
Check out this part of their terms and conditions and tell me they are really a no KYC exchange.
I think the no-KYC part is a trick to just attract traders, but they will actually ask for KYC whenever they feel like
Check out this part of their terms and conditions and tell me they are really a no KYC exchange.
Quote
1.4: By registering as a Member you represent and warrant:
a) that you have accepted the Terms; and
b) that you are at least 18 years of age and have the capacity to accept the Terms;
c) that you are the legal owner of the funds you add to your account with BaseFEX and that the same funds derive from a legitimate source;
d) that using BaseFEX services does not constitute a breach of your home jurisdictions’ laws;
e) that you are aware of the risks in using the services provided by BaseFEX. These risks include the high volatility risk of Bitcoin itself, and the fact that you may lose all of the funds in your trading account if the market moves against you;
f) that you will not be involved in or initiate any form of market manipulation, including spoofing orders or otherwise;
g) that the information or documents you provide as part of any ID verification process are correct, genuine and up-to-date;
h) that you agree to indemnify and hold BaseFEX harmless against libelous, defamatory, or obscene material you submit anywhere on the internet;
i) that any Bitcoin withdrawal address you provide is your own and that you have full control over this address;
i) that if you are located in or a resident of the United States of America or Québec (Canada), you understand and acknowledge that you are prohibited from holding positions or entering into contracts at BaseFEX. If you are located in or a resident of China, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, and Sudan, or any other jurisdiction where the services offered by BaseFEX are restricted, you also understand and acknowledge that you are prohibited from holding positions or entering into contracts at BaseFEX. You understand and acknowledge that if it is determined that any BaseFEX trading participant has given false representations as to their location or place of residence, BaseFEX reserves the right to close any of their accounts immediately and to liquidate any open positions.
a) that you have accepted the Terms; and
b) that you are at least 18 years of age and have the capacity to accept the Terms;
c) that you are the legal owner of the funds you add to your account with BaseFEX and that the same funds derive from a legitimate source;
d) that using BaseFEX services does not constitute a breach of your home jurisdictions’ laws;
e) that you are aware of the risks in using the services provided by BaseFEX. These risks include the high volatility risk of Bitcoin itself, and the fact that you may lose all of the funds in your trading account if the market moves against you;
f) that you will not be involved in or initiate any form of market manipulation, including spoofing orders or otherwise;
g) that the information or documents you provide as part of any ID verification process are correct, genuine and up-to-date;
h) that you agree to indemnify and hold BaseFEX harmless against libelous, defamatory, or obscene material you submit anywhere on the internet;
i) that any Bitcoin withdrawal address you provide is your own and that you have full control over this address;
i) that if you are located in or a resident of the United States of America or Québec (Canada), you understand and acknowledge that you are prohibited from holding positions or entering into contracts at BaseFEX. If you are located in or a resident of China, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, and Sudan, or any other jurisdiction where the services offered by BaseFEX are restricted, you also understand and acknowledge that you are prohibited from holding positions or entering into contracts at BaseFEX. You understand and acknowledge that if it is determined that any BaseFEX trading participant has given false representations as to their location or place of residence, BaseFEX reserves the right to close any of their accounts immediately and to liquidate any open positions.
August 23, 2021, 10:51:18 AM
yeah, weird, I read all the accusations so far, seems like most of them are solved, some people tried to take advantage of this rather new low volume exchange in its beginnings, others seem to not have posted bitcoin tx IDs for their accusations - all in all it's hard to tell, then one mentioned the exchange is probably filling trades with their own money, which would be ludicrous, as if it goes wrong, they may end up bankrupt before the exchange really takes off..
will try to contact them in the following days, anyways I took all kinds of screenshots and proof of my assets there, and I only did 1 trade which got filled (a long) then barely even visited the site. I just went there cause bybit introduced kyc and I don't need that, basically just opened the same size position. if it's all gone, I know some people who can "investigate" and get back what they owe, but no rush so far.
it's funny cause the website itself and the trading engine seems a-ok, it's quick, lean, lots of security features including 2fa, what more could you want. but then if they provide liquidity out of their own pockets, meh, could end bad in a low liquidity environment. bad for whom though?
will keep you folks updated.. I'd be curious if others face the same problems with emails/codes/withdrawals or registrations. if this applies to everyone, exchange is probably dead or something went wrong recently, but no word from support is way suspicious, they can of course comment in here anytime though..
will try to contact them in the following days, anyways I took all kinds of screenshots and proof of my assets there, and I only did 1 trade which got filled (a long) then barely even visited the site. I just went there cause bybit introduced kyc and I don't need that, basically just opened the same size position. if it's all gone, I know some people who can "investigate" and get back what they owe, but no rush so far.
it's funny cause the website itself and the trading engine seems a-ok, it's quick, lean, lots of security features including 2fa, what more could you want. but then if they provide liquidity out of their own pockets, meh, could end bad in a low liquidity environment. bad for whom though?
will keep you folks updated.. I'd be curious if others face the same problems with emails/codes/withdrawals or registrations. if this applies to everyone, exchange is probably dead or something went wrong recently, but no word from support is way suspicious, they can of course comment in here anytime though..
August 23, 2021, 08:05:38 AM
I doubt it is. They haven't made a single blog post since 2020[1]. I looked in Reddit and found this scam accusation[2] as well. I joined the Telegram group mentioned there, but it appears that it's dead, spam is not even being moderated.
My suggestion would be to try and contact some of the team members listed on their Linkedin page[4] and see how it turns out.
[1] https://blog.basefex.com/?lang=en
[2] https://www.reddit.com/r/CryptoCurrencyTrading/comments/c877v1/basefexcom_ceo_jesse_wu_and_hgo_randolf_g_scam/
[3] https://t.me/BaseFEX_Trading
[4] https://www.linkedin.com/company/basefex/people/
My suggestion would be to try and contact some of the team members listed on their Linkedin page[4] and see how it turns out.
[1] https://blog.basefex.com/?lang=en
[2] https://www.reddit.com/r/CryptoCurrencyTrading/comments/c877v1/basefexcom_ceo_jesse_wu_and_hgo_randolf_g_scam/
[3] https://t.me/BaseFEX_Trading
[4] https://www.linkedin.com/company/basefex/people/
August 23, 2021, 06:06:23 AM
hi there,
I just tried to create a new account on basefex.com because I was having problems with an older one partially withdrawing some btc - I did not get any email code required to withdraw, so maybe the email system is broken - so I tried to create a new account and well, no email code has been sent to the new email either.
does anyone have more experience with this exchange? I did a few trades on it cause the "no-kyc" sounded compelling - I hope my funds are not stuck/lost now. looks like their twitter account got suspended and they have not been very active on here - what's the best way to get in touch with them? I sent them an email a couple hours ago but no response yet.
will let you know if/when the email issues got solved - curious to hear about any other traders with this exchange to chime in.
should I be worried this to be a rug-pull? website is super functional and fast, merely the email system does not work it seems. again, can't create a new account, nor withdraw from another one like this.
TLDR: can't withdraw or register cause their email system seems to be down
I just tried to create a new account on basefex.com because I was having problems with an older one partially withdrawing some btc - I did not get any email code required to withdraw, so maybe the email system is broken - so I tried to create a new account and well, no email code has been sent to the new email either.
does anyone have more experience with this exchange? I did a few trades on it cause the "no-kyc" sounded compelling - I hope my funds are not stuck/lost now. looks like their twitter account got suspended and they have not been very active on here - what's the best way to get in touch with them? I sent them an email a couple hours ago but no response yet.
will let you know if/when the email issues got solved - curious to hear about any other traders with this exchange to chime in.
should I be worried this to be a rug-pull? website is super functional and fast, merely the email system does not work it seems. again, can't create a new account, nor withdraw from another one like this.
TLDR: can't withdraw or register cause their email system seems to be down
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