Read our Bay Exchange review to see if we recommend this broker for trading. Just to clear doubts, this is a bayexchange.com review. They also use bayexchangepro.com domain.
Who are they?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.
So Bay Exchange is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.
| Regulatory Body | Status |
|---|---|
| FCA (UK) | No record of authorization |
| ASIC (AU) | No record |
| CySEC (EU) | No record |
| SEC / CFTC (US) | No record |
How does it work?
Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know they you read this article or that you are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.
Make sure you leave reviews about Bay Exchange in other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section. Also, when these people change their website they tend to call the old clients, so if they call you from a new website please write it down on the comment or let us know it by contacting us. That would be really appreciated by us and families all over world. Also if you get phone calls from other companies please put the name of these companies also in the comment or send it to us. We will expose them too.
Bay Exchange Review Conclusions
Making the Bay Exchange review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our Bay Exchange review has been helpful to you. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at [email protected] or by using this contact form.
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.
They pretend to be a saviour, they tell you if you invest in their packages that we will be receiving exclusive services in the trading platforms.
They pretend to have your best interests at heart.
Knowing my story and the fact that i have 5 children and the money I was using was from my mother who left some money in her will.
Heartless and cruel and I wanna see them go down…Karma go get ’em!
(1/5)
They’re a scam I can’t access or call them to get my money back and I gave them money in august now I can’t tell the bank
(1/5)
They are the biggest con artists BayExchange took my money, with all sorts of promises, they paid me a couple of small dividends to make things feel even more legit. And now I am being contacted by supposedly the liquidation team in there internally finance department, trying to tell me that they want to return all the money in my investment fund, but need me to deposit $17’000. In brokers commission first, when I question not having access to my accounts anymore they gave me access under BayExchangepro.com. I have told them I have no money to send them and I would not if I had
Hi Michele,
Did you manage to receive your money from them?
I’m in the same boat.
Cheers
No as soon as I told them I wasn’t paying them any money they stppped contacting me
No stars are worthy for this company. I did a lot of research before I invested but could not find any negative press out there. That was back in September 2022 so I felt secure. I had no experience with investing so I made the small deposit and all seemed ok. They “made sure I was able to make a small withdrawal” to be certain I could see my funds. After that I felt secure so made 2 more deposits of $1000USD each time. Their website changed and I couldn’t log into my account and after emailing them my account manager actually replied and told me their website had changed but everything else remained the same. This was my first red flag 🚩 I emailed the manager to see if I could get instructions on how to withdraw my money to pay for an upcoming holiday. Of course there was no reply. I then tried their support email and also received no reply. I then tried to call their phone number in their website and of course they do not connect at all. That’s when it all hit me. Not a large amount of money but still money I worked hard for. I contacted the two banks that the deposits were made through and one has already informed me that the ANZ bank has refused my charge back request. Still waiting to hear from the NAB but I guess my money is as good as burnt now. My own fault I know, but I did so much research before investing and as I stated earlier, I could not find anything negative about them at all. I wish this site was there for me before I invested with them, but sadly this review I was unable to find.
Hi Darryl,
I have the same situation like yours. I hope other people can see these reviews now to get better information than I started, and avoid getting into this trap.
Richard
Once I tried to withdraw part of my account they stopped contact with me. This is a very clever scam , passing you from one manager to another. Beware Jack Kris & Michael Hedigan – very clever con artists.
Hi Darryl,
Similar story. By good fortune loss over 12 mths, US$200. Now I am blocked from accessing my account and emails bounce back. Phone calls to numbers used last year now not active.
Have reported this to N.Z Govt Dept. through, netsafe.org.nz
All of their employees, are by association, also guilty of these criminal activities.
Robert