A pretty picture, promises of easy and big money gains can easily make the head spin and a gambling trader does not even notice that he invests in doubtful trading assets. In fact, very often the brokerage project may turn out to be a fake one under the control of cunning swindlers, whose task, as well as the vastrayder's one - is to achieve easy money, but your methods will be fundamentally different. You, as a trader, plan, calculate and hope. As for most brokerage companies, which after in-depth inspection in most cases turn out to be deceitful scammers, they make fast profits due to deception of their own clients.
That's exactly how the company Charing Cross Group can be described. It is not enough for this pseudo broker to develop, they are not interested in long-term cooperation. Numerous negative comments from real investors who have already had the misfortune to trust such a deceitful broker lead to such conclusions. In order to confirm or deny this information we decided to include in our review the results of a deeper inspection of the activity and the legitimacy of Charing Cross Group in the trading market.
Types of trading accounts offered by Charing Cross Group
The project platform offers five types of trading accounts.
The rates are in euro. The minimum deposit amount of the cheapest Beginner package is 250 euros. The maximum value of the minimum initial deposit in the most expensive Gold package - 50 thousand euros.
Traders will not find a free demo account on the platform. Strange, because online brokers with high reputation are not greedy and offer their clients the training version absolutely free. Probably Charing Cross Group is not one of them.
In order to use a Live account a trader must fill in his personal information in the registration form: name, e-mail, contact phone number, location (country of residence). Only after that the program redirects the user to the client section. After that the trader receives two emails with credentials for the client area and the trading platform.
It is strange, because as you know sharing mailbox passwords is a bad idea, because in this way you are as if giving the keys to your safe to a stranger.
Charing Cross Group Trading conditions
The project advertises itself as an innovative platform, better than which have not yet been created. Actively advertises the benefits and emphasizes the benefits for clients.
Charing Cross Group describes itself as the most cutting-edge broker delivering trading services with crypto CFDs. The broker offers trading with the following popular instruments: Forex, Stocks, Commodities, Indices and Cryptocurrencies.
It describes ultra low spreads as well as leverage as high as 1:200.
Let us consider the data on leverage in detail. As a rule, brokers' offers concerning the leverage varies depending on the jurisdiction, under which it is licensed. Speaking of the FCA, which is the financial regulator in the UK, brokers have no right to offer a leverage ratio higher than 1:30 for retail traders.
Only brokerage companies which belong to offshore zones do not know the restrictions. Scammers actively use this, often adding to their collection of novice traders who do not understand the nuances and see only the benefit in offers with a leverage of 1:200 and even more. Charing Cross Group offers 1:200 leverage, which should already make a trader wary, because it's a clear sign that you are dealing with a scammer in the field of online trading.
The broker also offers traders to work on the standard MetaTrader4 platform. Describes it as a modern and innovative tool in the field of trading operations. Probably managed by qualified brokerage companies with a good reputation, MT4 is a leader in the top trading platforms in the world.
What about here? In fact, the offer may not be bad, but we will not find out about it, because it is simply unavailable, i.e. not working. Apart from that, we couldn't find any link or any indication how to download MT4.
About the possible ways of payment. The Charing Cross Group website states that the company accepts credit card payments (VISA & MasterCard) and Wire Transfer for deposit and withdrawal. This information was found in the "Terms and Conditions" section. Other popular payment methods are not available.
The broker charges substantial fees for withdrawal - EUR 20 (for credit cards) and the same amount plus 1% of the amount for bank transfers.
The company Charing Cross Group has a 0.6 pips spread for EURUSD. For comparison, the regulated brokers usually have a spread of 1-1.2 pips for EURUSD. The indicators are not bad and could be competitive with the similar brokers if they were responsible intermediaries but not swindlers.
There is no certainty that everything we offer is true. Often the scammers adjust the indicators for advertising purposes, in order to show the attractive trading conditions. When cooperating with swindlers, the following scenario is not excluded: the site consciously omits the nuances that traders encounter after activating an account and making a starting payment. For example, a high commission for each completed trade.
Charing Cross Group Licenses
Let's check the company for the presence of licenses, i.e. legitimacy. On the website, the broker assures that it operates fully within the law.
And if the company's office is really located in Britain, all their actions can be considered fraudulent not only against British citizens, but also against the other Russian and English-speaking potential traders (the site is available in Russian and English).
There is no phone number in the contact details. Only the mailing address. The broker is clearly not interested in communication with its customers.
If you look carefully at the information in other sections, the broker gives a London, UK address on their website and phone numbers with country codes from Singapore and Australia.
It turned out that the online broker Charing Cross Group is working illegally. The company's operations are not under the control of the official financial regulator. In the UK it is the FCA.
In general, in general, it is difficult to say whether the name Charing Cross Group is original. It is possible that it is a project and the parent company has a different name. This is unknown. There is no data on this information on the website.
As for the story about the licensing of Charing Cross Group in Bahrain (by the Bahrain Capital Markets Authority), it is complete nonsense: the only official financial regulator in Bahrain is the Central Bank of Bahrain with its Capital Markets Supervision Directorate. Charing Cross Group was not licensed there either.
Let's see some more information about the domain on which the official site of the charingcrossgroup.com project of the Charing Cross Group is registered. We will do this through the service WhoIs, which will tell in detail about when and by whom the site was authorized, as well as other interesting details that can help in our investigation and compiling the most accurate overview of the online broker.
And we can see that the site is one week old: the date of its registration is fixed as January 15, 2021. Detailed information about the owner, etc. is hidden - the rightsholder used the right to a paid service and hid data about himself.
Certificates have low domain validation (DV SSL).
As statistics show, the site itself is not popular.
The data causes a lot of questions and is even more alarming.
We are convinced with each new discovery that Charing Cross Group is a real scammer, not a reputable online broker.
Charing Cross Group Reviews online
Charing Cross Group is a phony in the field of online trading. An unscrupulous scammer who managed to leave an extremely negative reputation for himself in just a few months.
The reviews of former clients were found in a free Google search. People complain about the fact that on the said platform they simply steal money. It is impossible to get a response from the support service, and you just have to forget about the withdrawal of funds.
Those traders who were unlucky enough to meet on their way such a broker and believe him, actively warn other investors from such mistakes.
To work under such conditions and with such attitude is simply not realistic. Only at first glance Charing Cross Group may seem like a respectable company. In fact - it's a fraud.
Safety and security of funds with Charing Cross Group
It is definitely not possible to make money on this platform. Moreover, all the money invested in it will be irretrievably lost.
It says in large print on the site:
The scammer probably believes that few people will read the fine print. But we learned the following.On the security of funds, risk compensation and other points that would indicate the honesty and reliability of the financial intermediary, which persuades to entrust him to invest, the scammer explains everything clearly on his website.
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Charing Cross Group is a typical scammer, not a popular broker. The information presented on the official website of the project is more of an advertising nature and does not correspond to reality. Despite the phrases on the website that traders deal with a perfectly legal broker, after a detailed inspection it became clear that the project has neither a license nor other documentary evidence of legitimacy.
The dishonest intentions are also evidenced by the former clients, who leave angry reviews online about their experience with Charing Cross Group.
Summarizing all of the above, we strongly recommend you to avoid the fraudulent project Charing Cross Group to save your nerves and money.