LinityBase claims to be a reputable and award-winning forex broker, catering to both novice and seasoned investors. However, a thorough investigation reveals that it may be another scheme targeting individuals lacking sufficient trading expertise. In this LinityBase review, we will examine the reasons why entrusting your funds to LinityBase is not a recommended course of action.
Website – http://linitybase.com/
Address – Saint Vincent and the Grenadines
Warning – The Central Bank of Russian Federation (Russia), Ontario Securities Commission (Canada)
Regulation – Unregulated, Blacklisted
Domain Age –
| Domain Name | linitybase.com |
|---|---|
| Date Registered | July 22, 2022 |
| Domain Age | 1 year, 2 months, 14 days, 2 hours, 8 minutes, 38 seconds |
Is LinityBase legit or a scam?
The regulatory status of a financial services provider is paramount. The website’s homepage reveals that LinityBase Services LLC is the company behind this brokerage, with its purported location being Saint Vincent and the Grenadines (SVG).
Saint Vincent and the Grenadines (SVG) is notorious for hosting unscrupulous brokers due to its lack of regulatory standards and oversight. Intriguingly, LinityBase does not appear on the roster of registered companies in this offshore jurisdiction. Moreover, LinityBase Terms and Conditions fail to mention any company name or relevant jurisdiction. Consequently, the existence of this legal entity and the true owner of this website remain uncertain.
LinityBase Review: Trading Platform
The LinityBase website promotes an advanced trading platform, yet upon registering an account, users are only provided with a rather web-based software that differs from the visuals showcased on the site. While the platform does offer fundamental features for order placement, chart customization, and utilization of technical indicators, it falls short in terms of the advanced capabilities typically found in industry-standard trading platforms like MetaTrader 4 and MetaTrader 5.
Deposit and Withdrawal Methods
Within the deposit menu, there is a solitary payment option visible, which is a wire transfer. However, this method necessitates contacting the website administrator, creating uncertainty regarding the actual range of payment methods accessible.
Past encounters with scams of this nature have revealed a tendency for perpetrators to steer potential victims toward payment methods that lack refund or chargeback mechanisms, with cryptocurrencies being a frequent choice. Linity Base Terms and Conditions refer to withdrawal fees but do not specify the precise amounts. The document does outline an exceptionally high inactivity fee, equivalent to 10% of the account balance per month.
LinityBase Review: Trading Conditions
LinityBase asserts that it provides five distinct trading account options, yet it fails to furnish comprehensive details concerning the terms and conditions associated with these accounts. Only two specific parameters are disclosed: notably high leverage of up to 1:400 and deposit bonuses reaching as high as 100%. It’s worth noting that these features are typically absent when dealing with regulated brokers.
Trading with elevated leverage can potentially yield greater profits but also escalates the risk of substantial and abrupt losses in direct proportion. Dishonest entities frequently employ the allure of seemingly generous bonuses to entangle potential victims in onerous conditions. Linity Base, however, does not offer clear information regarding the terms and requirements linked to these bonuses.
Negative Reviews and Complaints
The majority of the reviews submitted are overwhelmingly negative, with the lowest rating being the most frequently assigned to LinityBase. Customers have been sharing a range of issues they have encountered, indicating that LinityBase treatment of its users appears to be subpar. The primary grievances mentioned by clients revolve around difficulties with withdrawals and a persistent insistence from LinityBase for additional deposits.
LinityBase Review: Conclusion
The intention behind this LinityBase review is to serve as a cautionary message to all newcomers considering venturing into price speculation. It’s not uncommon for scammers to primarily target inexperienced traders.
If you’ve fallen victim to a LinityBase scam or any other fraudulent scheme, you have the option to lodge a complaint against the scammers. Simply complete a complaint form via our website and you’ll receive a free consultation from our experts on the fund recovery process.
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