Updated on January 2, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Chrono FM due to the issues we've identified.
Is Chrono FM Scam or Legit Broker? ▲
Trading with Chrono FM is not recommended and is considered unsafe. The entity is based in Bulgaria and should therefore possess a license from the local authority to legally offer financial services. Contrary to this expectation, Chrono FM is an offshore company registered in St. Vincent and the Grenadines. It's important to note that St. Vincent and the Grenadines is recognized as an offshore zone. While it does register financial investment firms, it imposes minimal, if any, operational requirements.
Safety of Funds
Regulatory Status: Chrono FM is not safe for trading activities. Although it claims to be registered in St. Vincent and the Grenadines, it lacks proper licensing to ensure the security of traders' funds. This absence of regulation raises significant doubts about its credibility and operational standards.
Recommended Licenses: For a trading platform to be considered safe and reliable, it should hold licenses from reputable regulatory bodies such as the FCA in the UK or ASIC in Australia. These licenses ensure adherence to strict financial standards and practices, safeguarding traders' interests.
Warnings and Alerts
Regulatory Warnings: Chrono FM has attracted negative attention from financial regulatory bodies. For instance, in May 2018, CONSOB in Italy issued a warning against the firm. The warning highlighted unauthorized investment services offered to the Italian public by Chrono FM, emphasizing the lack of registration and authorization of the involved companies.
Chrono FM is a trading platform operated by Sanata Group Eood and Pentacle Group Ltd. It boasts of providing a world-class trading experience across over 160 countries, with a portfolio that includes approximately 175 trading products like currencies, CFDs, commodities, indices, and stocks. Despite claiming a presence in Sofia, Bulgaria, and owning a company in the offshore zone of St. Vincent and the Grenadines, Chrono FM lacks transparency and responsiveness regarding its regulation or authorization status.
Products and Services
Offerings: The platform claims to offer a broad array of trading products, spanning over currencies, CFDs, commodities, indices, and stocks. This wide range of offerings is intended to cater to diverse trading preferences and strategies.
Operational Concerns: The lack of clarity on its regulatory status coupled with its operations from an offshore zone raises substantial concerns. The claims of a global presence and extensive product range do not mitigate the risks associated with trading with an unregulated broker.
Our comprehensive evaluation of Chrono FM strongly advises against engaging with this broker. The paramount importance of funds' safety in trading cannot be overstated, and only entities that adhere to the protective measures and controls enforced by industry authorities should be trusted. Chrono FM's lack of proper regulation, combined with warnings from regulatory bodies, underscores the high-risk nature of trading with this platform. It is imperative for traders to prioritize safety by choosing to trade with brokers that are well-regulated by reputable regulatory bodies such as those in the UK or Australia. For those seeking reliable trading environments, brokers like AvaTrade and XM.com are commendable alternatives that offer both security and a robust trading experience.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Chrono FM Review 2024
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