BAB is an online broker established in Australia in 2023, with its headquarters located in New South Wales. The broker primarily offers trading services for Forex, commodities, precious metals, and stocks. The official website of the broker is: https://babex.pro/, and the website supports the English language. According to Whois data, the domain for BAB's official website was registered on May 16,2022.
Company Background:
BAB is an online broker established in Australia in April 2023. The company's legal entity is BAB INTERNATIONAL EXCHANGE PTY LTD, with a company number of 667 485 878. The company has been in operation for less than six months, which aligns with the information available on the official website of the Australian Securities and Investment Commission (ASIC).
Furthermore, according to Whois data, the official website domain for the broker was registered on May 16, 2022.
Regulatory Information:
BAB's official website claims to be regulated by the Australian Securities and Investment Commission (ASIC) with certificate number 001303080. Information obtained from the ASIC's official website confirms that this broker has indeed purchased an authorized representative (AR) license from MGF CAPITAL PTY LTD. However, the regulatory oversight and investor protection associated with this license appear to be relatively weak.
Crucially, MGF CAPITAL PTY LTD has sold AR licenses to over 20 similar companies, including BAB. These companies have no direct affiliation with MGF CAPITAL PTY LTD but utilize the AR licenses purchased from them for promotional purposes, raising suspicions of potential fraudulent practices.
Trading Products:
BAB provides a variety of financial instruments for user trading, including:
Forex: Offering opportunities to trade various currency pairs in the Forex market. This allows investors to trade based on the price movements of one currency against another. Examples of available currency pairs include EUR/USD, GBP/USD, and USD/JPY, among others.
Precious Metals: The precious metals market is a global market, and investors can participate in various ways, potentially profiting from price fluctuations.
Stocks: Enabling users to trade a wide range of global stocks, offering opportunities for profit in both rising and falling markets. Stocks of well-known companies such as Apple, Microsoft, and Amazon are available for trading.
These products not only provide opportunities for users to access different financial markets but also enable them to manage risk through diversified portfolios.
Trading Platform:
BAB provides investors with a proprietary trading platform called BAB Exchange. The official website claims that this platform is compatible with various devices, including PC, iOS, Android, and more. However, users employing the broker's proprietary trading platform may face certain potential issues, including technical and security risks.
Account Registration:
BAB's official website indicates that the broker provides registration links for users but does not specify whether the registration is for demo or real accounts. The registration process involves clicking on the "Sign Up" link on the website's homepage and providing the required information, such as name, email, and password.
Account Types:
BAB's official website does not provide information regarding account types.
Spreads and Leverage:
BAB's official website does not disclose key information about spreads, leverage, minimum deposits, commissions, or other critical details, which may lead to unmanageable trading risks for investors.
Deposits and Withdrawals:
BAB's official website does not clearly disclose information about supported deposit and withdrawal methods, including channels, currencies, fees, and other vital details.
Customer Support:
Investors can access BAB's customer service through phone, email, and "Chat Now" from 9 AM to 5 PM on weekdays. This allows users to communicate with the broker in real-time for urgent inquiries.
Summary:
BAB raises certain concerns, primarily due to the lack of detailed information about account types, spreads, leverage, commissions, and other key details. The website provides limited information, and the broker holds a relatively weak authorized representative (AR) license from ASIC. Moreover, the broker's association with MGF CAPITAL PTY LTD, which has sold AR licenses to multiple similar companies, suggests a potential fraudulent aspect. Currently, this broker is marked with "suspicion of fraud" on the TraderKnows platform. Users are advised to exercise caution when considering the services provided by this company and prioritize their financial security to avoid potential fraud.
