ChainlogTrade.co professes a committment to offer a dynamic and innovative trading platform which equips traders with all the necessary tools they need. They present themselves as a broker who is interested in adapting and maintaining a client-centric approach as well as one that is assuring deep liquidity, competetive fees, tight spreads, advanced charting tools and a user-friendly trading platform where all people can thrive.

We set out on an investigative mission to find out whether ChainlogTrade is telling the truth or just making empty promises. As a result, we bring you this comprehensive review to help you make a decision and if you have an opinion, don’t shy away from sharing with the community in the comment section.

Important information about ChainlogTrade.co brokerage

Website	https://www.chainlogtrade.co/index.html
Social channels	https://t.me/Chainlogtrade
Legal entity	⚠️None
Location	United Kingdom
License	⚠️None
Compliance rating	❗Very negative
Leverage	Up to 1:1000
Trading platform	Strange in-built trading platform

The trading platform

First, we take a few minutes to interact with the various pages of the ChainlogTrade.co website before deciding that we can also register to look at how things run from the other side.

ChainlogTrade doesn’t provide us with account options and it’s a first that this is purely a copy-trading platform. The registration form only has an option for inputting your name, email, phone number and selecting an “investment account”.

It’s a surprise to us because this broker doesn’t advertise their service as a copy-trading platform but rather a fully-fledged brokerage where Forex, Stocks, Crypto, Indices and Metals CFDs can be traded by their clients.

As soon as we were granted access into the trading platform, we realized that the auto-trading function was ON by default and there were no buttons for executing trades by ourselves.

The broker also forced us to choose an “investment account” which is not what we were looking for. This is contrary to their advertising through text and images which imply that ChainlogTrade is a broker who offers a trading facility where things like spreads, leverage and commission would directly affect us.

The client dashboard is a bit chaotic since it hosts trading charts, live market rates from TradingView as well as all the other functions of a user dashboard in one place.

ChainlogTrade provides every new trader with an “investment amount” of $65. This is virtual money that we can neither withdraw nor use for trading. In fact, this user platform appears to be a mere trading simulator. Users do not have any control over any of its features except the ability to deposit funds and verify KYC documents.

We were also unable to turn off the auto-trading feature. Normally when you want to copy trades from more established traders, you have to analyze their performance data before making a decision. In this case, ChainlogTrade doesn’t provide us with a list of trader profiles to assess. And even if they did, we would demand audited performance results from a third-party. Neither of this is provided by the broker.

Account types

This broker claims that they provide 3 account types namely Fixed, Standard and ECN. ECN’s leverage is 1:200 while Fixed and Standard accounts leverage is 1:1000.

Based on the high leverage offered by this broker, we can conclude that something is terribly wrong. First of all, when we signed up into the platform, we were not given any account plans to choose from. Instead, the broker forced us to commit to their copy-trading which was not the original intention of signing up with the broker.

Secondly, the kind of leverage offered by ChainlogTrade is not compliant with the FCA requirements. The financial regulator states that leverage should be between 30:1 and 2:1 depending on the volatility of the asset pair. This directive has not been adhered to.

There’s no point in talking about spreads, commission or fees because in reality, the broker doesn’t provide any account choices. When you sign up, you will find a copy-trading platform and the broker will require you to deposit funds so that they can trade for you. We find it suspicious.

Is ChainlogTrade a legit or scam broker?

Based on our findings, this broker cannot be said to be honest and compliant to their principles or marketing declarations. We found that the platform was very misleading particularly when it comes to the promise that they offer deep liquidity, competetive fees, tight spreads, advanced charting tools and a user-friendly trading platform. This is far from the truth. Traders are not allowed to interact with the charting application and there is nowhere they’ll come across the liquidity which this broker is talking about.

Their account types are also a shum. They’re talking about fees, tight spreads and advanced/user-friendly trading platform but what we found was the exact opposite and no fees were needed either except our deposit.

ChainlogTrade legal status is also worrying. The broker claims that they are a member of the Financial Commission but the organization is categorically clear that this broker is not their member. Also, UK-based brokers are supposed to be regulated by the local financial authority which is the FCA and this broker is not an authorized member of the financial watchdog.

We investigated their track record because the broker proclaims 14 years of existence. Thankfully, this domain analysis tool discloses that the website is roughly 7 months old. The 14 years experience is just hot air.

It’s however interesting to see that despite lacking transparency and carrying out illegal financial services, the owner never bothered to hide their identity. We found out that they are called Siren Garden.

Pros and Cons

Summary of this ChainlogTrade review

This broker is a serial scam because they do everything contrary to what they profess. There are too many cons and not even a single pro was found. The $65 virtual money is a deception and a bait for the financially naive. The broker is not honest with the services they offer. Zero transparency, recent domain registration, lack of track record and a valid license plague the character of this brand. In our opinion, you should never give them any attention. Never waste your time signing up.