GENERAL INFORMATION
Trading with a legitimate, licensed broker is necessary if you want to be genuinely successful and happy since only in this way will your money be secure and you won't have to deal with con artists. We examine to see if Chambers Investment Trading PTY LTD, the business that owns and maintains the website Invest Chambers, is indeed registered with the Australian Securities and Investments Commission (ASIC), as it states on its website. What we discovered does not give us much hope for this broker (image below). We have enough evidence to believe that Invest Chambers is a con artist since it appears that this firm has been deregistered by ASIC, which indicates that its financial operations are illegal.
ASIC closely regulates Australian brokers to protect customers from con artists and ensure the security of their money. Australian brokers are required to have a minimum beginning capital of $1 million AUD and to be well-capitalized. Due to the absence of compensation funds or schemes in this jurisdiction, having strong capital ensures that client money will be somewhat safeguarded in the event of unfavorable circumstances. Other precautions include conducting frequent audits, adhering to tight accounting standards, and keeping client assets separated with tier-1 bank facilities. Because there is now no leverage cap, some traders find trading with Australian brokers to be appealing. However, trading with high leverage can be very risky, and ASIC will implement new regulations for forex trade that will take effect in March 2021 and impose a leverage cap that will be comparable to those in the EU and the UK after realizing that many traders had experienced significant financial losses as a result of the unlimited leverage.
Invest Chambers Trading software
According to Invest Chambers, its customers can use MetaTrader 4. In actuality, consumers are only able to download a web trader after creating a trading account (image below). The trading products menu, which displays currency pairs together with their bid/ask prices, may be found on the left side of the screen. A chart created by a third party, TradingView, that displays the price variation of one of the major currency pairs, EUR/USD, over a specified time frame is presented in the center of the screen. We determine the spread to be 2.2 pips from the bid/ask price of this pair, which is more than the industry standard of 1.5 pips.
The results are that they won't be able to generate a steady profit and that transaction costs will be considerable. On the other side, the broker who makes money from the spread will benefit financially at the expense of the traders. Who will be prosperous and content？ Definitely not the clients!
However, that's not all. You can see that the broker has mentioned the leverage for each trading account and that it may reach a maximum of 1:500 if you look at the last image that contains information about the various account kinds.
As we explained already, trading with high leverage will expose your funds to risk. High leverage may look like it amplifies the potential for making a big win but in practice, 70% of traders lose in transactions which means that the chances are the high leverage will increase the scope of your financial loss. That is why having capped leverage is one of the measures for protecting clients funds. The web trader that Invest Chambers makes available to its customers is a low-quality, basic platform that adds nothing to customers' trading experiences. The promised access to the MetaTrader 4 trading platform was not given by this trader. We are perplexed as to why. Along with its “younger brother,” MetaTrader 5, MetaTrader 4 is still one of the most widely used trading platforms despite being 15 years old. Since MT4 has several benefits, like an auto trading option, a code base with custom scripts, trading signals, VPS, an app store, etc., its high reputation is well-deserved. A key feature is the many charting options that include a variety of charts, time frames, colours and even the option of creating customised templates. In addition to that, the array of technical analysis indicators helps traders predict the future direction of exchange rates and make a profit.
TRADING ACCOUNT
Micro, Standard, Premium, and VIP trading accounts are available with Invest Chambers. The Micro account requires a minimum initial investment of 100 EUR/USD. The starting exchange rates for the other accounts are 500 EUR/USD, 25,000 EUR/USD, and 100 000 EUR/USD, respectively.
When you sign up for a trading account with this broker and select the deposit option, you'll notice that the sole available payment method is through the contentious merchant account provider iPayTotal.
MINIMUM WITHDRAWAL
There are no costs associated with the minimum withdrawal amounts of $50 via electronic means and $200 by bank wire. However, customers are unable to withdraw money with a credit card, per business rules. On the other hand, this broker's information indicates that credit card withdrawals take 2 to 5 business days. This contradiction in the information supplied by Invest Chambers is beyond our ability to understand.
DORMANT FEES
Trading accounts that have not been used for transactions in a period of 12 months, will be considered dormant and will be charged an annual maintenance fee of $25.
