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Is Easy FX Trade Scam or Legit Broker?

Easy FX Trade is not a legit broker. The company is owned and operated by Easy FX Trade Limited and claims to be FCA and ASIC-regulated. It also claims to have offices in London, Tokyo, Hong Kong, Sydney, Auckland, Dubai, and Mauritius. However, our biggest concern is the company's regulation or actually the lack of it. It turned out that the information about FCA and ASIC is nothing, but deception. Easy FX Trade is not licensed by the Financial Conduct Authority in the UK or Australian Securities and Investments Commission or any other regulator.

What is Easy FX?

Easy FX Trade is a broker that offers Forex, CFDs, and Bullion trading. 
However, according to the FCA's recent statement, the broker was not just providing misleading regulation information, but it was also using the details of the FCA-licensed company. To be precise, Easy FX Trade has been using the registration number that belongs to the regulated firm Hantec Markets Limited.

• In its notice, the UK regulator states that "clone firms" - fraudsters usually use this tactic when contacting people out of the blue, so clients should be especially wary if they have been cold-called. They may use the name of the genuine firm, the 'firm reference number' (FRN) the regulator has given the authorized firm, or other details.
  "Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK: Easy FX Trade/Easy Trade Global (clone of FCA authorized firm). This FCA-authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’"

Easy FX Review Conclusion

Considering the above, we highly recommend avoiding Easy FX and selecting a decent and licensed broker instead. Investing with a properly regulated broker is crucial for the safety of any investment. It is much safer to trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BlackBull Markets, FXGT, and FP Markets.

• Overall ranking and experience for Easy FX is Negative

Easy FX Update

Based on our findings, the Easy FX website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is xChief  Scam or Legit Broker?

xChief previously known as ForexChief is not a legit broker as it does not hold any serious license. As a general rule, we recommend avoid offshore and non-regulated entities as traders who invest in non-regulated firms often cannot recover funds invested or gains received, besides offshore registration is very easy to obtain so you never know for sure if a company follows scrupulous trading business or not.

Thus, we strongly advise against responding to any suspicious offering in regard to trading of financial investments and choosing only among the regulated entities.

• xChief company office previously mentioned its location in Vanuatu, with representative offices around the world, as well as registration and regulation available for ex name ForexChief  with the local authority VFSC (Vanuatu Financial Services Commission). For now xChief shows licenses from another offshore zone Comoros, which is still very poorly regulated and overseeing financial companies. Therefore, there is not much trust in such companies, as offshore registration almost does not oversee the company operation further on which is not safe for traders.

What is xChief?

xChief is a Forex brokerage firm that proposes trading opportunities on 35 currency pairs, including metals, Crypto and other derivatives through an STP execution access to the market.  In order to carry out transactions with currency contracts and metals, the Company's customers are offered the most popular platform in the area of forex trading - MetaTrader 4/5. There are also some alluring opportunities like ForexChief no deposit bonus, now known as xChief Bonus and high leverage, which is typically for offshore brokers. 

There are several account types offered, promising STP and ECN execution, in line of account types there is "cent" accounts, where the balance size can be used not only for the reduction of investment risks but also for testing trading conditions in general.

Overall xChief Ranking 

Regarding our finds and issues with regulations and safety of xChief, we do not rank positively xChief, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• xChief Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

xChief Alternative Brokers

Based on our finds and issues with the safety for all the previous name ForexChief scam risk is very high and current xChief serves the same concerns. Here are much better Alternatives to ForexChief with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• AvaTrade – Good for Currency trading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks
• FXTM – Good for Beginners

xChief Deposits and Withdrawals

The broker offers various deposit and withdrawal options – Bank Transfer, Credit/Debit Card and e-wallets such as Skrill, Neteller, Webmoney. However, due to its unregulated nature, there is no strict guarantees on payment procedures. 

• For Credit/Debit cards deposits are almost instant. However, for other methods, it takes up to 2 working days to transfer the funds into the client's accounts. The minimum deposit of the broker is 10%. 
• The withdrawals take from 2 to 7 working days to be set on the client's account. For electronic payment methods, the withdrawal time is 1 working day. 
• The Company mentions that it will not be responsible for the Client's financial losses if they were caused by a delay in a transfer due to a fault in a payment system. Crediting funds to the trading account will be made only after the Company receives a confirmation from a payment system regarding the remittance of the transfer.

xChief Review Conclusion

Overall xChief previously known as ForexChief reviews company that is solely offshore based. Even conditions seems to be quite pleasant with good choice of platforms and account types as a general rule, we recommend avoid offshore and non-regulated entities. xChief is based under offshore jurisdiction therefore the only safety applied there is just personally to test the company our, which in our view is not reasonable and very very risky. 

We advise firms to trade and invest only with brokers that are regulated by reputable authorities alike UK’s FCA, Australian ASIC, or other similar regulators, that for instance apply for compensation and are supervised at every step they do. We recommend signing in with reliable brokers such as BlackBull Markets, FXGT, and FBS.

• Overall ranking and experience for xChief is Negative