Basel Financial - Open Discussion Board





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trader

November 21, 2009

BrokerGuru,

Please check it out - BASEL FINANCIAL is ECN or market maker? They claim to be ECN but the spread is fixed. I didn't find any info about Basel Financial broker in your web site.
http://www.baselfinancial.com/en/Accounts/FAQ.aspx


BrokerGuru

November 22, 2009

Basel Financial confirmed that they are ECN.
they have fixed spreads for majors, the rest is variable.
They've chosen to quote those fixed spreads because, as they say: "most of the time we get institutional spreads that are less than 1 pip", so they mark up the spread and deliver a fixed number to a client. For the same reason, I suppose, they don't need to charge commission.

The approach is different form a standard ECN model, as you can see. I'll keep them on my list, but won't list them among ECNs for now. I'd like to do some more checks.

P.S. Their scalping policy also doesn't fit the ECN model, they would tolerate it only after increasing spreads, lowering leverage or/and adding a commission for those who came to scalp.
http://www.baselfinancial.com/en/Accounts/Trading_rules.aspx


trader

March 10, 2010

Basel Financial is a scam. you can fund and trade, but never withdraw your money. if you experience the same, please reply.
it seems they are the same people that were behind Crown Forex. these criminals should be stopped immediately!
except I am trying to contact authorities about them. anyone has any tips?


BrokerGuru

June 1, 2010

FXOpen has got their FSC licence suspended on May 27, 2010.

The Financial Services Commission (the “Commission”) having reasonable grounds
to believe that the revocation of the Global Business Licences issued to the undermentioned
companies is necessary to protect the good repute of Mauritius as a centre
for financial services and to protect investors, has in accordance with Section 74 of
the Financial Services Act decided to initiate proceedings with a view to revoking the
said licences:-
1. AEcnFX (Mauritius) Ltd
2. BASEL FINANCIAL INC.
3. FXCOMPANY FINANCIAL GROUP LTD
4. FXMarkets Ltd
5. FXOpen Investments Inc.
6. WORLD DERIVATIVES TRADERS LTD

http://www.gov.mu/portal/sites/ncb/fsc/download/Communique_25May2010_2.pdf


trader

July 29, 2010

Hi, I'd that experience too at Basel, they're totally scam that need to be jailed, do tricky shit on real platform that you trade, can't withdraw money and always show promotion to ask more money. hope everybody hurt by Basel can complaint toFSC and reclaim their cash back!!!


trader

July 29, 2010

YEs, do tricky shit on real trade and can't withdraw, always do dirty matters. Hope to be sued and jailed.



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