Baker Steel has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Divesintl. We’ve received over 6 complaints against Baker Steel.
Baker Steel presents itself as a trustworthy broker while displaying substantial red flags. It lacks regulatory openness, fraudulently claims UK headquarters, and engages in questionable tactics. The website is largely in Russian and has been flagged by authorities. Baker Steel should be avoided due to its excessive fees, poor customer assistance, and suspicious payment methods. Instead, look for licensed, reliable brokers.
We suggest working with a trustworthy broker with specialized staff, latest tech and most importantly, customer-centric trading conditions. After reviewing 1000+ brokers, we rank the following company as the best:
Key Takeaways
Is Baker Steel Regulated? Do They Have a License?
Baker Steel portrays itself as a trustworthy broker, promising to help you become a successful trader. However, the truth is far different. This platform is a perfect example of why one should not naively believe claims of fast profits. Baker Steel is not a legitimate financial services firm and is designed to defraud naive customers. Here’s why you should avoid Baker Steel and instead investigate more reputable options for your first foray into financial trading.
One of the first red flags with Baker Steel is a lack of transparency regarding its regulation. The website does not have a firm name, either on the site or in legal documentation. Genuine financial service providers prominently exhibit details regarding their parent firm, base of operations, and licenses. The lack of such important facts is a clear indication that Baker Steel is not a legitimate broker.
Despite claims on the homepage and in the Customer Agreement that Baker Steel is headquartered in the United Kingdom, a map on the contact page indicates a Seychelles location, underlining a common feature of fake websites. In the United Kingdom, brokers must hold a Financial Conduct Authority (FCA) license, and Baker Steel is not on the FCA’s register. Although there is a valid company called Baker Steel Capital Managers LLP, it uses a different domain, implying no link to the Baker Steel in question.
Furthermore, the Baker Steel website is primarily in Russian, and the Russian financial authorities have issued warnings regarding its lack of a valid license. This demonstrates that Baker Steel is not a trustworthy broker.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Baker Steel might be a scam or most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Baker Steel, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Trading Conditions and Deposit/Withdrawal Methods at Baker Steel
Investing with a regulated broker offers various advantages, including negative balance protection and fund guarantees if the broker goes bankrupt. For example, UK and EU legislation provide compensation of up to EUR 20,000 in the EU and GBP 85,000 in the UK. These regulatory measures improve investor protection and maintain market integrity. Regulated brokers are also expected to keep customer funds separate from operating funds, adding an extra layer of security.
When consumers create an account with Baker Steel, they have access to a basic web trading platform with limited customization choices and sophisticated functionality. This platform is frequently used by fraudulent brokers to trick people into believing their money is being invested and profiting. Compared to industry standards such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which provide considerable capabilities, the Baker Steel platform falls far short.
Baker Steel asks a $250 deposit, which is normal in the business. However, established and licensed brokers have lower entry limits for Micro and Cent accounts, making them more accessible to new investors. Furthermore, Baker Steel accepts cryptocurrencies and obscure processors such as PPay, which are popular among scammers due to their non-refundable nature. Legitimate brokers often offer a wide selection of transparent payment options, including as bank transfers, credit/debit cards, and reliable online wallets.
Baker Steel claims to trade indices, equities, commodities, currencies, and cryptocurrency. However, real UK-based brokers are not permitted to provide cryptocurrency trading to retail consumers, raising more doubts about Baker Steel’s credibility. Furthermore, the trading platform has unusually large spreads of around 5 pips, which is significantly greater than the industry average, making trading exceedingly disadvantageous for users.
Baker Steel has a high leverage of 1:100, which is another sign of its unregulated position. To prevent retail traders from large losses, regulated brokers in the UK and EU limit leverage to 1:30. Furthermore, Baker Steel’s offer of bonuses, which is forbidden by regulators, is a frequent ploy used by scammers to lure victims into excessive conditions.
Baker Steel’s withdrawal terms are ambiguous and intended to hinder users from accessing their monies. Withdrawals from accounts that have earned a bonus are only possible after reaching high trading volume requirements, which is another typical scam method to keep your money locked in.
However, it’s worth noting that many forex scams disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, shady forex brokers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
To avoid such scenarios, it’s best to work with a reliable and trusted broker.
Baker Steel Customer Service: Do They Handle Complaints Well?
When it comes to forex brokers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, shady brokers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Shady brokers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
If you have information on a scam or criminal operation, you can get access to 40+ investigative journalists & news outlets for free. Send us a detailed report here and if you qualify, we will forward your case ahead.
Baker Steel Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Even if Baker Steel might not be a scam, brokers like them rely on fake reviews to increase their credibility.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust the online Baker Steel reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Baker Steel, chances are, you wouldn’t find many legitimate reviews.
Another prominent way brokers like Baker Steel enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Baker Steel reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Baker Steel.
You should always look out for consumer complaints. In the case of Baker Steel, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Baker Steel? You can share your complaint in the comment section or submit an anonymous tip.
Is Baker Steel Legit Or a Scam?
Baker Steel is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Baker Steel can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Baker Steel?
Baker Steel exhibits multiple red flags indicating a fraudulent broker. Baker Steel is not a trustworthy broker, as evidenced by its anonymity and lack of oversight, as well as its inferior trading interface and dubious payment methods. Potential investors should look for regulated and recognized brokers to ensure the safety and security of their assets.
All the evidence suggests that Baker Steel might be a scam. You shouldn’t risk your funds with a broker you don’t fully trust.
That’s why we recommend working with a trusted broker. That way, you can avoid any hiccups and be certain of
Frequently Asked Questions
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How Forex Scams Work
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
