Uncertain about BluechipFx.com platform? Is this broker a reliable broker to trust? Let’s read Bluechip FX reviews to know about this forex broker whether to use or not.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
BluechipFx otherwise known as BluechipFx.com is an offshore brokerage with the trading name Bluechip Financials Market Limited. The forex company claims incorporation in St. Vincent and the Grenadines with another address in Dubai.
Next, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. It also presents a zero spread difference in Buy/Sell.
BluechipFx offers variety of account types such as —-
Is BluechipFx.com a Scam Broker?
First of, BluechipFx.com shows registered address in St. Vincent and the Grenadines. To confirm our suspicions,
St. Vincent and the Grenadines (SVG) is an offshore zone with no broker regulations in place. As soon as you open the website of the local Financial Services Authority you see a warning that the institution does not license forex and other types of brokers and does not supervise the activities of International Business Companies engaged in such activities.
More so, we do not see links to legal documentation on the homepage of the website. Registering an account requires agreeing to Terms and Conditions, but the link to that document leads to the website of a completely different broker.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
BluechipFx Minimum Deposit
BluechipFx deposit is indicated $500 based on the account type. In contrast, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
As for the funding methods, BluechipFx accepts wire transfer, credit cards and the popular Skrill and Neteller wallets.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
BluechipFx Withdrawal process And Trading Software
BluechipFx withdrawal can be processed within 2 to 5 business days on any withdrawal request. Also, the broker openly claims no fee on traders’ withdrawal.
BluechipFx claims to offer popular trading software – the MetaTrader 5. After registration, we receive credentials to log in to a trading server, but at the time of writing this review we were unable to connect to this server. Because of this, we were unable to ascertain what parameters were set in the platform.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
BluechipFx leverage is specified 1:400 for forex major. Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Argument Against Trading With An Unlicensed and Unregulated Broker ( BluechipFx.com)
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that BluechipFx.com is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
BluechipFx located at BluechipFx.com appears like a trustworthy trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, we would advise traders to steer clear from unlicensed forex broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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