Waltonchase.com is an unregulated broker website that hides behind a cloud of great promises. Read this Walton Chase broker review to before you consider trading with them.
As the forex market grows in popularity, it continues to attract scammers’ attention. These illegal brokers are only out to rid traders of their money. In order to help traders get past this, we’ve made it our duty to review forex broker websites, then help you tell which one’s legit and which one’s not. This review tells you all you need to know about Walton Chase Brokers.
About Walton Chase Broker
Walton Chase is a brokerage company under the name, “Walton Chase Ltd”. They operate from two locations; UK and Australia. Waltonchase.com claims to offer over 200 assets. These include stocks, indices, crypto, commodities and currencies.
After going through the website, we discovered that this broker is no more than a well-disguised scam.
Waltonchase.com: Reasons to Avoid this Broker!!!
Here are a bunch of red flags we found on waltonchase.com;
Walton Chase Withdrawal and Deposit
The minimum deposit amount for Walton Chase broker is 250 USD/EUR/GBP. This is over twice the $100 industry average. Walton Chase’ payment methods include; debit/credit cards, e-payment, wire transfer and “virtual currency” (also known as cryptocurrency).
Cryptocurrency however, is a shady-broker payment method. This is because it prevents you from requesting a cashback in the case of fraud. Crypto transactions are untraceable.
The minimum withdrawal on the other hand, is $100; something commonly seen among illicit brokers. Legit brokers on the other hand, let you withdraw whatever you want. Withdrawals with waltonchase.com can also take up to 10 days to process; an unnecessary drag compared to the 24 hours needed by legit brokers.
Lastly, and worst of all, the account dormancy fees
It is beyond outrageous to have account dormancy fees to be $250. As a matter of fact, it’s laughable. Walton chase is definitely a scam!
Walton Chase Trading Platform
The trading platform is the heart of any forex broker. And as legit brokers go, the two prominent trading platforms are Metatrader 4 and Metatrader 5. Every legit broker has at least one of them.
It shouldn’t surprise you to know that Walton Chase does not provide either of these platforms. Besides, they do not offer any demo trading account (a red flag in itself). The maximum leverage offered is 1:500. This however, is quite disturbing, considering the FCA set their maximum allowable leverage at 1:30.
Walton Chase Licensing and Regulation
Waltonchase.com presents two locations; England and Australia. However, they don’t mention anywhere that they are licensed brokers. Australian brokers are regulated by the ASIC, while UK brokers are regulated by the FCA.
A quick check however, through the registries of these two agencies shows us that Walton Chase Ltd. is not regulated. This is as big a red flag as you can get. An unregulated broker is a no-go area.
Conclusion: Is Waltonchase.com a Legit Broker?
No! Waltonchase broker is just a properly disguised scam. It is NOT LICENSED by any financial regulatory body. Hence, any deposit you make with them is a huge risk. For this reason, we cannot recommend this broker to you. We advise you deal with a transparent broker who’s licensed by a reputable agency.
If however, 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!