BaerGroup: customer reviews on the company’s performance in 2023
Today we will review the company BaerGroup. Despite its commitment to reliability, initial customer reviews indicate that it is a typical scam focused on obtaining money from others. To support our claims, we have prepared a detailed review explaining why we consider this enterprise to be fake and do not recommend dealing with it.
What is known about BaerGroup?
BaerGroup claims that trading with them has become more accessible than ever. The project launch date is unknown, although the company claims to successfully provide its services in 80+ countries worldwide.
By checking the domain registration date via whois, we found out that baer-group.com was registered only on 23.12.2022. Therefore, it is not surprising that reviews from real traders began to appear only this year. The company has been operating for less than a month and actively attracts clients using cold calls and email spam.
According to investors, when problems arise, everyone is left on their own. We came to this conclusion by verifying the authenticity of the contact information. In addition to the offshore address, the platform lists a phone number and email. However, it turned out that they are fictitious. Contacting through these channels is useless. According to reviews, the scammers themselves call from temporary SIM cards, which they destroy after use. Their main goal is to receive financial injections and fill their pockets at the expense of others.
Legal financial agent or not?
The company has set regional restrictions and does not provide services to residents of the USA, France, Pakistan, Japan, Iraq, Iran, and other countries. Despite having a Russian-language website interface, BaerGroup is willing to cooperate with traders from CIS countries (Russia, Kazakhstan, Belarus). But on what grounds?
The broker does not provide confirmation of its legal activities, legal documents scans (registration certificate and license) are missing on the platform. At the same time, at the bottom of the page, it is indicated that the brand is controlled by Canoodle Solutions LTD. This company is offshore and registered in Saint Vincent and the Grenadines (Kingstown).
Several important points should be considered. Firstly, this island nation has long attracted financial fraudsters who take advantage of weak legislation. Secondly, there is no regulation of the activities of financial companies in Saint Vincent and the Grenadines. The task of The Financial Services Authority (FSA) is to register the broker in the registry of legal entities, and that’s where it ends.
Offers on the platform
BaerGroup promises access to a globally renowned platform for trading with 300+ assets (currencies, stocks, indices, agricultural commodities). To prevent the client from realizing the deception, they are not allowed to practice on a demo account. Real money must be invested immediately. The platform offers several tariff plans with different thresholds and services. The main conditions include:
- minimum deposit – from 150 to 250,000 dollars,
- deposit bonuses from 10 to 100%,
- free signals (depending on the chosen tariff),
- access to trading micro-lots and algorithmic trading,
- personal manager,
- educational materials,
- insurance up to 75% in some types of accounts, professional training, risk webinars, assistance from a VIP analyst and individual manager.
Potential clients are promised fast order execution, spreads from zero. No information is provided on the withdrawal procedure, commissions for deposit/withdrawal of funds.
Internet reviews
At the moment, there are not many reviews about BaerGroup, but there are enough to draw conclusions about the company. Investors complain about financial demands and refusals to withdraw money without explanation. You should read online reviews to form your own opinion.
Scammers’ methods
BaerGroup deceives traders with small amounts. Initially, everything may seem positive as scammers will simulate successful trades. They will encourage the user to increase trading volume to make more profit. This is the main goal of the scammers.
Once they have a significant amount, they will increase spreads, turning profits into losses. It will be difficult to prove fraud by company employees. Anonymous scammers have well secured themselves by providing false contacts. BaerGroup loses nothing; they don’t even have a license.
Final word
An independent check showed that user reviews about BaerGroup are not groundless. They are dangerous fraudsters who promise the world but have no intention of fulfilling their obligations. Once they have a large sum, they will disappear, stop responding to client inquiries and requests. If you have become a victim of this company, we recommend contacting a money recovery service. Just make sure to choose a reliable provider to avoid losing more.
