RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
ChamberFX.com tries really hard to impress and to make certain that users will trust it. And users can trust it, but at the same time, they cannot fully rely on it. The case of ChamberFX.com is very unique and rather hard to explain. Those users that are willing to invest in ChamberFX.com should first read the following review and then put it side by side to the broker. We think that this the best way that users will get a hang of just how odd and suspicious ChamberFX.com is.
Registering is the first step we take. In no more than 10 seconds, we were integrated into a user area that was impressiven and that surely surprised us with its slick yet simple design. We easily opened a live trading account ven without depositing anything. Subsequently, the live account was opened in an MT4 lookalike, which revealed to us a spread for the EUR/USD currency pair of 2.4 pips which is not really appropriate and lucrative to users. We consider the maximum to be 2 pips. Anything over that seems a bit exaggerated. Users are able to freely change their leverage amount. The highest leverage cap at ChamberFX.com is 1:500. The web-based trading software gives clients the ability to trade with forex currency pairs, cryptocurrencies, commodities, shares, futures, and spot indices.
The website of the broker is available in English only.
CHAMBERFX.COM REGULATION AND SAFETY OF FUNDS
ChamberFX.com is a trading name of CHAMBER (HOLDINGS) PTY LTD a company authorized and regulated by ASIC. We checked the ASIC registry and were surprised to find positive results! CHAMBER (HOLDINGS) PTY LTD really is regulated by ASIC.
However, the applicable law clause in the Terms and Conditions states that users are bound by the laws of the UK and Northern Ireland alongside with Australia. Shouldn’t this mean that ChamberFX.com is also regulated by the FCA? It isn’t…
This information is very confusing and in away contradictory. However, we cannot ignore the official ASIC license.
Yet, we can theorize that ChamberFX.com has applied the name CHAMBER (HOLDINGS) PTY LTD without any consequence. As you can see from the snip above, there is no officially approved domain, therefore we can simply suppose that ChamberFX.com is a clone firm. Unfortunately, there is no real way to reveal this because the ASCI info we found is simply not sufficient to support our theory.
CHAMBERFX.COM TRADING SOFTWARE
The trading software has some very obvious ties to the MT4 and MT5, but it’s obvious that this trading terminal is not the MetaQuotes giant. The reason we think so is because of the URL which gives us a thesystemstech. This is the first time we hear of this third party, and as such we cannot give it our full trust!
What this one has are pending orders, chart customization options, multiple time frames, and some chart customization options, among others. The platform heavily relies on the structure and features of the MT4, and for that, we accuse it of imitation!
CHAMBERFX.COM DEPOSIT/WITHDRAW METHODS AND FEES
What was strange was that the only payment method there was, was iPay, a very uncommon alternative payment method, certainly even for regulated brokers. There was no way to proceed with the payment because the site gave us an error page, something to do with reaching our email limit, which seems ridiculous. According to the website, the minimum deposit is $250, but we find no way to actually verify this.
The user area also reveals that the only withdrawal method is transfer through a bank. However, we have significant proof that withdrawals are not possible. The process claims to be successful even when we only type in the amount.
As you can see from the snip, we have only completed only one field in the payment form, and the broker has indicated that the withdrawal is successful. How can it be a success if we have not given our bank details? Will this be any different if we give bank details? The only way to answer these questions is if a user deposits and then proceeds to withdraw. However seeing the state of the broker we do not recommend investing!
There are no withdrawal fees as indicated by the broker, and the processing time should be around 3 to 5 days.
There is something very suspicious going on here, and we wonder how ChamberFX.com got its ASIC license with all these negative and suspicious aspects it currently employs as part of its package. These suspicious elements include the high spread, the questionable payment practices, and the trading platform. Personally, we think that ChamberFX.com is not worth it.