Picking the right broker has become a very nerve-wracking task these days. Not because you have a large variety which makes the choice difficult but because of the increased prevalence of imposters in the market. These cunning minds have worked very well on ways to manipulate the young buds and this is why despite the ongoing regulations by the governmental authorities, they continue tricking traders.
This isn’t something new, in fact, the mess dates back to the time when I was making my entry into the trading world. Today I am regarded as a very well established trader who has achieved success most people only dream of but I have also been trapped and scammed by these fake forex firms. They work in such a skilful manner that someone who isn’t well aware of their tactics would never realize they are being looted. Their flashy features and cunning tone is enough to make one think they’re the luckiest on the planet to join the forum.
But it is you who has to remain cautious all the time and the only way to do that is to research well before making any decisions irrespective of how much impact it will leave. If you develop the habit of researching you’ll notice a change yourself because now you’ll have greater command over the results of your decisions. I have seen my life change because of adopting this habit.
I don’t want to make the review boring and monotonous so let me tell you a small story from my trading life. It was the time when I was first entering the trading profession. I had no knowledge about how things work and what were my responsibilities as a trader. A representative of a fake forex firm came to me and warned me about the existence of firms in the market that are all about stealing precious money from traders. He said it is beyond just impossible to avoid them and I am more than lucky to meet him at the right time. So I should sign up for his firm because that’s what the most successful traders have done. Like you must have guessed by now I ended up signing up and later lost money in a security breach. This wasn’t the first and the last time but every time new ways were employed to rob and that’s why I kept losing money. Well, it took me around 5 fake firms to finally reach Chelsea Investments. It was this broker which helped get back my motivation to go after my dreams.
After spending this much time with this firm I can tell you that this broker is competent largely with minor flaws which might or might not be detrimental for your trading career and interests. This you can only decide if you go visit the website yourself after reading this review and see if the broker has the capacity to serve your trading needs. I will try to highlight most of the important issues below so that you can easily figure your way out and reach a forex firm that would work best for you.
The Overall Experience
Before we start with an in-depth review of the broker, I would like to tell you about my overall working experience at Chelsea Investments. I have to say I am satisfied with the way the firm works because they put in a lot of effort to successfully provide their clients with an optimal working environment which is very rare to find online. Provision of an optimal trading environment is not an easy job because it brings into play a number of different factors. We’ll talk about each one of them as we proceed but for now, I would like to give the firm a 4.8/5. I feel like this was well deserved because I have seen the broker positively influencing my profits and my trading efficiency.
With this, I would like to remind you all that before joining this one I had been a customer of many other brokers and this has taught me a lot about the flaws and qualities of forex firms. This learning has helped me lay out strict criteria for the evaluation of the firms and keeping under consideration all that, I have decided to give it the above-stated rating.
A Look at the Pros
- Product Breadth and Depth
By product depth, I am referring to the tradable assets that are provided by the firm to the customers. Larger the product depth, the more the opportunities for the trader to expand in terms of portfolio expansion and subsequently more the profits. At Chelsea Investments you are encouraged to make the most use of around 200 tradable assets that include indices, commodities, stocks, CFDs etc. When you look deep into the products, you’ll see how it is not only the breadth but the depth of the product offerings is also something impressive. I remember I was only a commodity trader when I first joined the firm but thanks to the analysts and managers who kept boosting me all the time, I made my first ever stock deal. They kept telling me how danger can easily be overcome by doing enough research. I remember buying stocks of a popular company from the Canadian healthcare sector and the deal was super profitable. Since then I have never thought of quitting stocks trading.
This is another thing that one should be looking into before signing up for a platform. I have seen online forums that aren’t scamming by providing manual tools or restricting login access but they have such high rates for minimal features and in my eyes, this is no less than a scam itself. Not to mention how they keep looting in the name of commissions and spreads. Here at Chelsea Investments, there’s no such thing. You are informed about the fee and deposit amounts and that’s all you need to pay. The form does not believe in stealing money in the form of hidden charges. Affordability is another factor that makes me rate it high.
When a firm is web-based it doesn’t require you to make any external installations and only an internet browser works. This is highly commendable because external installations not only take up a lot of space making computers slow, they also add to the threats posed by viruses. Thankfully, Chelsea Investments is web-based and you need not download software or apps. Another great thing is that it can be accessed from your browser as a web-based portal from multiple devices such as phones, laptops and tablets.
- Superior User Interface
If a forex website doesn’t provide you with a superior user interface then you should prepare yourself for a headache that won’t go away easily. If a firm runs online it is imperative that it is extremely user friendly. I’ll say that I am satisfied when it comes to the user interface but this doesn’t mean there is no margin for improvements. I like how they have made it catchy by adding interactive images and graphics. Also, the white backdrop is great for someone like me who is all about bright colours. But while going through the website I feel like the addition of video clips could have made it even better.
Look at the Cons
- The US and Some Other Traders Not Accepted
Now let me discuss with you some of the cons of the firm. The first is that if you scroll to the bottom of the landing page, you’ll see that the traders from some jurisdictions such as The United States, North Korea, Cuba, Syria and Iran are not accepted which keeps potential customers in these countries from making use of the services. Although this is done in an attempt to protect the rest of the traders, I feel like suspending services cannot be a long term solution. Something needs to be done on a priority basis for this segment. If you are someone living in any of the above countries then you cannot join.
- No History of Complaints cannot be Tracked
This is one thing that I have observed in a lot of forex firms that they do not provide the customers with a complaint history. This helps the trader keep a track of what they have been complaining about if the firm is listening and responding to them the right way. A complaint history not only helps the broker but also the customer support department in finding rapid solutions to problems.
There are more pros and cons of the firm which could not be explained above but if you want to have a greater idea regarding those then you can visit the website. For me, Chelsea Investments has been great so far with some minor and occasional problems which can be easily resolved. I have seen myself grow along with the profits here.
Disclaimer: This review is written from my own experience and my self-knowledge only and this is not a recommendation.