TradersChain is an offshore broker! Beware of traderschain.com, it is not a place to be if you actually intend to make something out of your forex trading. Read this TradersChain broker review to understand better.
Forex trading is an increasingly lucrative modern market. And as such, it is subject to modern problems such as online scammers and illicit broker websites. So in order to keep traders from them, we have made it our duty to review forex broker websites, then help you tell which one is legit and which one’s not. This review tells you all you need to know about TradersChain Brokers.
About TradersChain Broker
TradersChain broker is owned and operated by Click Industry Ltd., their parent company. Click Industry Ltd. is registered in two locations; London, England and Majuro, Marshall Islands. They trade indices, forex, stocks and various commodities. Also, TradersChain offers three account types with the maximum available leverage at 1:400
A tour through traderschain.com however, proved the broker’s biggest advantage may be their fancy website look. These things are explained in the review below.
Traderschain.com: Why You Should Avoid This Broker!!!
TradesChain brokers are not who they say they are. Here are the reasons for this statement;
TradersChain Withdrawal and Deposit
The minimum deposit for TradersChain broker is $250. This is relatively high, compared to the average minimum deposit of $100. For it’s payment methods, traderschain.com accepts debit/credit cards, and wire transfer. The minimum withdrawal on the other hand, is $50; something commonly seen among illicit brokers.
Now, withdrawals can take up to three days to process, an unnecessarily long time, but shorter than most scam brokers. According to the terms and conditions, there are no withdrawal fees for debit and credit cards, but other withdrawal methods are not stated. Both deposits and withdrawals should have multiple gateways. Where this is lacking, it’s a sign of a scam broker.
The terms and conditions section is full of disclaimers that free them of any responsibility of funds and information loss to third parties. Besides that, traderschain.com also adds multiple, vague fees; with unspecified amounts. A red flag such as this should not go unnoticed.
TradersChain Trading Platform
Traderschain.com uses the Metatrader 4 trading platform, the most popular in the business and this is a big plus for them. They have 3 account types; the silver, gold and platinum accounts. Their maximum forex leverages are 1:200, 1:300 and 1:400 respectively. For a UK-registered company, these are suspicious numbers. This is because the regulatory body in UK set their maximum allowable leverage at 1:30.
TradersChain Licensing and Regulation
Traderschain.com avails two addresses; one in England and the other in Marshall Islands. Firstly, Marshall Islands is an offshore brokerage zone. Their financial regulatory body does not grant licenses to forex brokers. This has made the place a safe haven for scam brokers.
On the other hand, the FCA is the regulatory body in England and has quite the reputation. So we proceeded to check their registry for both TradersChain and the parent company, Click Industry Ltd. Unfortunately, neither of those names exist in the FCA registry. This simply tells that TradersChain is an UNREGULATED broker.
Conclusion: Is Traderschain.com a Legit Broker?
Sadly, no! TradersChain is an unlicensed broker, despite it’s potential. Hence, any funds deposited with them is at maximum risk. We cannot recommend this broker to you, and we advise you deal with a transparent broker who’s licensed by a reputable agency.
Nevertheless, if you’ve got anything else to say about this broker, do mention it in the comments section.
Our Recommendation For You
You can make money online by trading with reputable, reliable and trustworthy brokers. We’ve been trading with the Fortrade broker below for sometime now and we have no regrets!
FORTRADE- One of the Top rated brokers and a good choice for new traders. This broker is Licensed in UK(FCA), Australia(ASIC) and Belarus(NBRB). Guess what? you can trade from any part of the world as it accepts Traders Worldwide. Interested in trading with one of the best Forex brokers? Head Over to Fortrade and start trading!