ChaseTrades Review: Beware of The Fraudulent Tactics

We have reason to believe that ChaseTrades is not a legitimate broker. There is plenty of evidence to support that claim and we have it all here in our ChaseTrades Review.

The website of this broker is a bit fumbled but we managed to draw out key facts we needed for our review. Please read the entire text to learn more about this dubious trading platform.

Legal Info: Is ChaseTrades Legit or a Scam?

Here is the biggest issue we have with ChaseTrades – there is simply no information about this broker’s regulation, jurisdiction, physical address, etc. in the legal documentation. It seems that the website left us to speculate where is this monkey business based but we found one clue.

Potentially, this brokerage could be based in Saint Vincent and the Grenadines (SVG). This offshore domain is notorious for housing countless scams. SVG does not have any Forex regulations in force, which is why trusting brokers based in this domain is risky. In general, offshore brokers such as One Pro Global are unreliable.

ChaseTrades’ phone number starts with +1, which is the code for the United States. Do not get fooled, this is broker is certainly not licensed to provide services in the US.

We checked the database of SVG’s financial market regulator and did not find ChaseTrades Limited there, meaning that this website is anonymous. The company is not registered with top regulators such as the FCA (UK), CFTC (US), MAS (Singapore), BaFin (Germany), ASIC (Australia), etc.

So if you decide to trade with this broker, you certainly will not benefit from perks such as negative balance protection, segregated funds, safe leverage (1:30 in Europe & Australia or 1:50 in North America), or compensation (i.g. up to 85,000 GBP in the UK).  

Who Is the Targeted Audience?

According to godaddy.com/whois, the ChaseTrades website domain was created on August 2, 2022. Since then, the broker has illegally been operating and offering services mainly to traders from the following countries:

• United States;
• United Kingdom;
• Singapore;
• India;
• Canada.

To reiterate, we checked the registers of the most reputable regulators in the world and did not find this company. The domains from the list boast the heaviest regulations and laws in the world when it comes to the financial market and trading. There is no room there for anonymous websites such as ChaseTrades and Kingston Trading.  

What Do the ChaseTrades Broker Victims Say?

On various forums such as scamwatcher.com, trustedrevie.ws and beermoneyforum.com, we found the same review, i.e. a warning against the broker from an unfortunate trader that got scammed by this unscrupulous platform.

It is a bit lengthy but perfectly explains how the ChaseTrades scam works and why this broker cannot be trusted. Please heed this warning and do not risk your hard-earned funds!

“It looks pretty legit and I have recently moved my money to it and they are not responding . There is guy I approached via telegram thinking he is the real guy on twitter but he is scammer… I put around $10k in 3-4 transactions.. I followed his steps and seeing my balance is growing every day. After that I withdrawal a small amount of money which actually worked… I got convinced that the withdrawal works, I put more money on it… Now I am trying to withdrawal my money and it’s failed and in pending now. I have 8k in one account and 2k in second account… It’s my mistake I trust them and now my objective is to save other people from this scam…”

-Scamwatcher user, March 20, 2023.

Leverage, Commissions, Spreads, Fees & Taxes

Oddly, ChaseTrades recommends traders to set the leverage at 1:50 for Forex major currency pairs. That level is in line with the legally prescribed cap in force in the US and Canada for retail clients. However, in Europe and Australia, the maximum leverage is 1:30.

Scammers typically allow much higher leverage that exceeds even 1:100. As for the spreads and commissions, i.e. trading costs, ChaseTrades decided not to reveal anything. The broker reserves the right to charge fees and commissions but the legal documentation does not mention any specific numbers, which is shady.

Without a risk-free demo account, you cannot try out trading. You would basically be going in blind into this trap, which can be disastrous if you are a novice. There are many legitimate brokers that offer a demo account to starters.

Lost money to the ChaseTrades scam? Do not despair. You can book a consultation with our team and start the fund recovery process.

ChaseTrades Services

In terms of services, ChaseTrades offers a wider variety of options than most anonymous scammers. The website advertises classic Forex and CFD trading, cryptocurrency mining and copy trading.

While these services certainly add to the broker’s portfolio, they cannot amend the fact that this platform is anonymous and unregulated. A trading license always comes first! Do not fall for this seemingly enticing offer.

Crypto Mining 

As mentioned, ChaseTrades offers crypto mining. The website shows that there are two available tokens for mining – Bitcoin and Dogecoin. If you start reading the text the broker posted on these pages, you’ll notice that it is just a simple explanation of what mining is and how it works.

There is no concrete information about what ChaseTrades offers in this aspect and what the trader can expect from the broker. If you ask us, this whole mining option is just a ruse to attract potential victims. If you are among the victims, you can call us for help.

Trading Platform

ChaseTrades does not go into detail about the available trading platform. There is no download link on the website so we assume that the platform is web-based.

If so, it can be accessed via any browser, either on PC or mobile. Web platforms are usually lackluster and do not offer advanced tools such as automated trading or live market reports. ChaseTrades does not support proper third-party trading software such as MT4, MT5, cTrader, or SiriX. 

Which Assets Are Available to Trade?

There are four asset classes available for trading on the ChaseTrades platform:

• Forex currency pairs – EUR/USD, AUD/CAD, GBP/JPY;
• Indices – S&P 500, FTSE 100…
• Stocks – Apple, Tesla, Adobe…
• Crypto – BTC, ETH, ADA…

How to Make a Withdrawal on ChaseTrades?

By now, you have realized that ChaseTrades is not a transparent broker and often omits key information about its business. The payment policy section is no different in that regard. All we know is that the broker accepts payments via two funding methods:

• Credit/debit cards;
• Wire transfers.

The minimum deposit is 999,99 $, which is a lot more than what legit brokers charge beginners. As we already pointed out earlier, the deposit and withdrawal fees are unknown but they do exist.

The good thing about these funding methods is that they can be reserved. The process of reversing credit/debit card transactions is known as a chargeback, which can be requested at the issuing bank within 540 days. Wires require a recall but this will only work if the transaction has not gone through yet.

Our Conclusion on the ChaseTrades Fraud

To sum up, ChaseTrades is an anonymous website without a trading license. Active since August 2022, this scammer mainly targets traders from the US, UK, Canada, India, and Singapore.

Stay away from this broker at all costs, the platform is not worth your hard-earned money. But if fell into this cutthroat trap, you can try to request a chargeback and retrieve your funds. Unfamiliar with this process? Do not worry, our team knows all about it and they will gladly guide you through the process and explain all the steps.

Book your free consultation with us today and start the chargeback process.

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