Regulated by the Vanuatu Financial Services Commission, this broker offers investors a comprehensive trading environment with an impressive selection of assets, platforms, trading options, and markets to meet the needs of different types of traders, from beginners to professionals. Like all leading brokers, Backchain offers its clients a range of account types to suit the different needs of different types of traders, from beginners to professionals. The available trading platforms are MetaTrader4 (or MT4), which offers its clients tools to trade CFDs and all major currencies.
Many high-quality proprietary broker platforms can provide an excellent trading experience. Traders should trade with well-regulated brokers (such as the UK or Australian brokers) and reputable brokers. We recommend that all investors and traders avoid Backchain and other Vanuatu brokers.
We do not recommend trading with Backchain as this broker was suspected of being a scam. In general, the FCA advises UK investors not to invest with this broker. However, the Forex broker does not have a compulsory FCA license to do this. The Forex broker is licensed by the VFSC, but this is not enough to offer financial services or products in the UK or Europe.
If you are using a licensed or registered company; company services, and company approval. If you have been contacted by a scammer, please visit our contact page. If you lose your investment in the Backchain scam, you can use the chatbot to contact us.
Fund Recovery experts can help you determine whether your broker is a scammer or a legitimate broker. It is recommended not to make any investment decisions without reading the Backchain reviews or the rulings of professional Fund Recovery experts. The best way to avoid this situation is to spend some time reading Backchain reviews, which can help you make the right choice. For a trader, it may be a bit difficult to invest a moderate amount of capital in the market based on his own ideas about what he is going to do.
The main goal of a broker is to allow clients to deposit as much money as possible as early as possible and give the impression that you are legally losing money through trading. The broker starts to create problems and you think you are losing money. Foreign exchange trading is extremely risky, which means that in addition to monthly commissions, it is very likely to lose a lot of money. The difference in foreign exchange trading is that you can even make (or lose) a lot of money on your own without hiring anyone.
With iMarketsLive, in addition to the membership fees, you will also have to risk your trading capital in order to play the Forex markets. For example, many fraudulent brokers charge high withdrawal fees that not only cover service fees. Some fraudulent brokers restrict clients to their own platform, which may not be a platform at all, but a bogus one. Some brokers may offer a wide variety of trading products, while others may focus on one area, such as forex.
Trading platforms can also engage in identity theft schemes and require a photocopy of your credit card, driver’s license, or other personal information. The Securities and Exchange Commission has received complaints of fraud related to websites offering binary options. A number of unregulated brokers like Backchain have been reported to cheat people.
As with any form of retail business, some people make money and some lose money. However, there are definitely experienced traders who make BIG money in the Forex market.
Doug Schadel, the lead researcher for the AARP’s Fraud Watch Network, said consumers often think they can’t be targeted by investment scams because they don’t have a lot of money to start with. On the other hand, if the broker no longer provides communication methods such as email, phone, text messaging, and live chat, and has a support team that does not seem to understand the trade or is evasively asking certain questions, this could be a sign that a scam is or at least a low-quality broker.
A detailed Backchain review should disclose complaints against brokers. In our broker review, we discussed trading products such as stocks, commodities, ETFs, foreign exchange, options, CFDs, bonds, indices, and cryptocurrencies. It is similar to the stock market, but instead of buying and selling company stocks, it is buying and selling currencies such as U.S. dollars and Canadian dollars. When you sign a contract with a broker and invest in a transaction, you trust them.
In view of the above, regardless of the trading conditions provided by Backchain, we do not recommend that you trade with it as it is unregulated and likely to be a scam. It is also not regulated by any reputed financial or regulatory authorities. However, Backchain does not provide information on the availability of a license from the UK regulator.
For further reading, please see Backchain: trading