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The United Kingdom’s Financial Conduct Authority has issued a warning against CHGS FX in October 2023
If you are looking for a reliable and trustworthy forex broker, you might have come across CHGS FX. This is a relatively new broker that claims to offer low spreads, fast execution, and excellent customer service. But is CHGS FX legit or scam? In this blog post, we will review CHGS FX and help you decide if it is worth your time and money.
What is CHGS FX?
CHGS FX is a forex broker that was founded in 2020 and is based in St. Vincent and the Grenadines. The broker offers over 100 trading instruments, including currency pairs, commodities, indices, and cryptocurrencies. CHGS FX claims to provide a secure and transparent trading environment with competitive trading conditions.
According to its website, CHGS FX is regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines under license number 25498 BC 2020. However, this does not mean much, as the FSA is not a reputable regulator and does not have strict oversight or enforcement powers. Therefore, trading with CHGS FX involves a high level of risk, as there is no guarantee that the broker will follow the rules or protect your funds.
What are the trading conditions at CHGS FX?
CHGS FX offers four types of accounts: Standard, Pro, VIP, and ECN. The minimum deposit for the Standard account is $250, while the other accounts require higher deposits ranging from $1,000 to $10,000. The leverage offered by CHGS FX is up to 1:500, which is very high and can amplify both profits and losses.
The spreads at CHGS FX vary depending on the account type and the market conditions. The broker claims to offer low spreads starting from 0.1 pips for the ECN account, but this does not include the commission fee of $6 per lot round turn. The other accounts have higher spreads but no commission fees. The average spread for the EUR/USD pair is around 1.5 pips for the Standard account, which is above the industry average.
The execution speed at CHGS FX is also questionable, as the broker does not disclose any information about its trading platform or technology. The broker only mentions that it uses MetaTrader 4 (MT4), which is a popular and user-friendly platform, but does not provide any details about its servers or latency. Therefore, traders may experience delays, slippage, or requotes when placing orders with CHGS FX.
What are the pros and cons of trading with CHGS FX?
- Wide range of trading instruments
- MT4 platform available
- Multiple payment methods supported
- Unregulated and offshore broker
- High minimum deposit and withdrawal fees
- High spreads and commission fees
- No information about execution speed or technology
- No educational or research materials
- No customer support phone number or live chat
Conclusion: Is CHGS FX legit or scam?
Based on our review, we do not recommend trading with CHGS FX. The broker is unregulated and operates from an offshore jurisdiction, which means that it does not have to comply with any rules or standards. The broker also has high fees, poor trading conditions, and lack of transparency. There are many other brokers that are more reputable and trustworthy than CHGS FX. Therefore, we advise you to avoid this broker and look for a better alternative.
What to Do If You’ve Lost Money with CHGS FX?
If you have been scammed by CHGS FX or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.