Chasoe Markets Limited is a newly established financial trading platform, with its domain registered on November 18, 2023. Despite claiming to offer various financial services, its operational model and behaviors have raised significant concerns and warnings. This article will thoroughly expose the fraudulent tactics and true operations of Chasoe Markets Limited, advising investors to steer clear of this dangerous company.
Company Background and Domain Information:
The domain for Chasoe Markets Limited was registered on November 18, 2023. Such a brief registration history naturally raises doubts about its credibility. Additionally, the company claims to be headquartered in the UK, with the address 64 Thornton St, Hursley, United Kingdom, SO21 1NS. However, investigations have revealed that there are no public records of employees or actual office records related to this company, further questioning its legitimacy.
Regulatory Information:
Chasoe Markets Limited claims to be regulated by the Securities Commission of The Bahamas (SCB), offering investment and trading services in forex, indices, commodities, funds, stocks, cryptocurrencies, and other financial derivatives. However, a search of the SCB’s list of registered entities shows no record of the company. This false advertising clearly indicates that Chasoe Markets Limited is unregulated and is engaging in fraudulent activities.
Account Types:
Chasoe Markets Limited offers two main types of accounts:
- Razor Account
- EURUSD Average Spread: 0.0 - 0.3 pips
- Commission: From 7 AUD per 100,000 round-turn trades
- Standard Account
- EURUSD Average Spread: 1.1 pips
- Commission: $0
While these account types may seem attractive, the lack of regulation means that these offers might just be a bait.
Trading Software
Chasoe claims to provide various advanced trading software, including:
- cTrader
- MetaTrader 4 (MT4)
- MetaTrader 5 (MT5)
However, given the fraudulent nature of the company, the authenticity of these platforms is questionable and is likely deceptive to gain investors’ trust.
Trading Products:
Chasoe Markets Limited claims to offer a variety of trading products, including:
- Forex: Various currency pairs
- Indices CFDs: Such as S&P 500, Dow Jones Industrial Average, and NASDAQ 100
- Commodities: Precious metals, energy, and agricultural products
- ETF CFDs: Contracts for difference on exchange-traded funds
- Stock CFDs: Contracts for difference on global major companies' stocks
- Cryptocurrencies: Such as Bitcoin, Ethereum, and Litecoin
- Currency Index CFDs: Contracts for difference reflecting a basket of currencies' performances
Despite the variety of products, the authenticity and security of trading these products are highly questionable due to lack of regulation.
Deposit and Withdrawal Methods:
Chasoe supports various deposit and withdrawal methods, including Visa, MasterCard, POLi, bank transfers, BPay, PayPal, Neteller, Skrill, and UnionPay (China UnionPay). However, the authenticity and security of these methods are equally dubious.
Customer Support:
Chasoe Markets Limited offers the following customer support channel:
- Email: support@chasoeus.com
What to Do If You Are Scammed:
If you unfortunately fall victim to Chasoe Markets Limited or similar fraudulent platforms, take the following actions immediately:
- Cease all trading: Stop any further deposits and withdraw any remaining funds as soon as possible.
- Report the scam: Contact local financial regulators to report the fraud and help prevent others from becoming victims.
- Seek legal advice: Consult with a professional lawyer to understand your legal options and how to recover your funds.
- Notify your bank: Inform your bank or payment provider to request transaction reversals and block any further payments.
- Stay vigilant: Educate yourself about common scamming tactics and only do business with reputable and regulated financial institutions in the future.
Stay alert and ensure the safety of your investments.
Conclusion:
Chasoe Markets Limited demonstrates many characteristics typical of fraudulent companies. Lack of credible regulatory information, a brief domain registration history, fake trading software, and enticing account offers all signal a high-risk, potentially fraudulent platform. The Financial Conduct Authority (FCA) in the UK has already issued a warning against Chasoe, labeling it a scam suspect. Investors should avoid this platform and choose legitimate brokers with transparent regulatory information, good reputations, and oversight by authoritative bodies to ensure the safety of their funds.
