Lack of legal grounds for activity and feedback from real depositors are the first signs of a second-rate “kitchen”. Most charlatans only know how to make empty promises about cosmic earnings, but in essence, they pursue the sole goal of getting into someone else’s pocket. Bacay is one of these scammers. The project was launched to deceive newcomers. From the review, you will learn what this scammer’s office issues and how it tries to lure newcomers.
What rating does the Bacay website deserve?
For Bacay, a typical site for scammers – minimal specifics, maximum promises. This project was clearly launched by serial fraudsters who did not invest a large sum in its promotion. Checking the domain history put all the dots on the i: the site has been operational since the end of July 2022. It is not surprising that there are no reviews or feedback about Bacay on the Internet yet.
There are no internal documents outlining the foundations of the relationship between the administration and traders on the platform. The registration form contains links to them, but they are not working. In addition, the scammers maintain complete anonymity, the names of top managers are unknown.
Another fact indicating that we are dealing with typical fraudsters is the lack of real contacts. The phone number is fake, calling it is absolutely useless:
The situation with the office address in Cyprus is similar. Only a partial match was found on Google Maps.
The only remaining channel of communication is email. Scammers use it to collect users’ personal data.
Legal or arbitrary provision of services?
Bacay claims to operate in accordance with a brokerage license and strictly adheres to the requirements of international law. There are no scanned copies of legal documents on the platform, but on the homepage, you can find information about obtaining permissions from FCA, IFSC, FSC Mauritius.
Checking the data was not difficult, as the registries of these regulatory bodies are open to public access. The results were not surprising – Bacay lied about being licensed. Here are the results of checking the FCA database:
The British regulator, like the other regulatory bodies mentioned, has not heard of the organization Bacay. It is worth noting that this scam took care of translating the content of its website into Russian. And despite the lack of reviews in the Russian-speaking segment of the Internet, it clearly intends to provide services to residents of the Russian Federation. However, the company has no legal basis for this! Among the licensees of the Central Bank of Russia, this scam is not listed, it was not registered in the country and did not become a member of the self-regulatory organization.
Independent forums often feature reviews from those who made the mistake of starting cooperation with such unlicensed intermediaries. People lose four-digit sums and then complain that the regulator does not help in getting their money back. This is logical, as the supervisory authority simply has no leverage over fake companies.
The Central Bank of Russia has repeatedly warned that registration can only be done on the websites of regulated brokers who will be held accountable in case of violations of agreements.
How are they offering to make money?
Bacay does not provide a technical description of the trading software used and does not offer the opportunity to practice without risks. Scammers fear a pool of negative reviews, so they rush to fill their pockets in a short time. After registration, a newcomer will be offered to choose one of three tariff plans. The main features are:
- minimum deposit – from 150 USD,
- maximum leverage depending on the selected contract reaches 100x or 500x (this is another confirmation that the broker violates international law),
- instant execution of transactions,
- some tariff plans list round-the-clock support, protection against negative balance, and deposit insurance as additional advantages, access to transactions with spot metals and cryptocurrencies.
The pseudo-broker does not disclose the payout schedule, commission costs. This gives scammers a wide field of activity. When attempting to withdraw funds, they will start pressuring the user with fake charges.
What about the reviews?
At the time of writing, there are no reviews about Bacay. This may mislead novice traders who will have no choice but to trust what is written on the platform of this pseudo-intermediary.
Do you want to share interesting facts about this company or expose it for fraud? Join the discussion and leave reviews under our article.
How do they deceive investors at Bacay?
Bacay targets newcomers through social networks and thematic forums. Charlatans also make calls and convince fools to deposit at least 150 dollars. They promise round-the-clock support, orders without slippage and requote, margin trading with generous leverage. Then the scammers simulate profitable deals to hook the client and create a detailed psychological portrait of them. This will help determine how knowledgeable the trader is and how much money can be lured from their wallet.
Scammers operate without legal documents, so they can only create the illusion of trading. When the client becomes inconvenient (stops making financial deposits or demands profit withdrawal), their account will be immediately blocked.
Review Results
If you want to preserve and grow your capital, steer clear of Bacay. This fraudulent company will leave you penniless before you even blink. Scammers prey on newcomers who have financial literacy issues but have big ambitions and a desire to earn without much effort.
