BluechipFx Forex Broker

Risk Warning Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only. General Information & Regulation Feature Information Registered Country/Region Saint Vincent and the Grenadines Found 2022 Regulation unregulated Market Instrument 150+ currencies forex, CFDs, commodities, indices and cryptocurrencies Account Type Standard, VIP and Raw Demo Account yes Maximum Leverage 1:400 Spread Vary on the account type Commission no Trading Platform MT5 Minimum Deposit $500 Deposit & Withdrawal Method Visa, MasterCard, Skrill, Neteller, Wire Transfer BluechipFx is allegedly a forex and CFD broker founded in 2022 and registered in Saint Vincent and the Grenadines that claims to provide its clients with various tradable financial instruments with leverage up to 1:400 and variable spreads on the MT5 for Desktop, Android and iOS trading platforms, as well as a choice of three different live account types and 24/5 customer support service. Here is the home page of this brokers official site: As for regulation, it has been verified that BluechipFx does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and it receives a relatively low score of 1.59/10. Please be aware of the risk. Note: The screenshot date is February 10, 2023. WikiFX gives dynamic scores, which will update in real-time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores. Negative Reviews Some traders shared their terrible trading experience on the BluechipFx platform at WikiFX. They said BluechipFx is a scam and fraud platform that is unable to withdraw. It is necessary for traders to read reviews left by some users before choosing forex brokers, in case they are defrauded by scams. Market Instruments BluechipFx advertises that it offers access to a wide range of trading instruments in financial markets, including 150+ currencies forex, CFDs, commodities, indices and cryptocurrencies. Account Types Apart from demo accounts, BluechipFx claims to offer three types of trading accounts, namely Standard, VIP and Raw. The minimum initial deposit amount is $500 for the Standard account, while the other two account types have much higher minimum initial capital requirements of $15,000 and $50,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less. Leverage The leverage provided by BluechipFx is capped at 1:400. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you. Spreads & Commissions BluechipFx claims that the spread for different account types is different. Specifically, the spread on the Standard account starts from 2 pips, the clients on the VIP account can experience spreads from 1.4 pips, while the spread on the Raw account is not specified directly. All charging no commissions. Trading Platform Platforms available for trading at BluechipFx are MT5 for Desktop, Android and iOS. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5. Deposit & Withdrawal BluechipFx says to work with numerous means of deposit and withdrawal choices, consisting of Visa, MasterCard, Skrill, Neteller, and Wire Transfer. The minimum initial deposit requirement at BluechipFx is said to be as high as $500, while there is no mention of what the minimum withdrawal amount is. There are no deposit and withdrawal fees charged. Customer Support BluechipFxs customer support can be reached by telephone: +971 4 255 6168, email: support@bluechipfx.com, live chat or send messages online to get in touch. You can also follow this broker on social networks such as Facebook and Instagram. Registered Address- Suite 305, Griffith Corporate Centre, Kingstown, St Vincent & the Grenadines P O Box 1510. Address- Office 308, Al Jawhara Building, Bank Street, Al Mankhool, Bur Dubai, Dubai – UAE P O Box 16621. Pros & Cons Pros Cons • Multiple trading assets, account types and funding options • No regulation • Demo accounts available • High minimum deposit ($500) • MT5 supported Frequently Asked Questions (FAQs) Q 1: Is BluechipFx regulated？ A 1: No. It has been verified that BluechipFx currently has no valid regulation. Q 2: Does BluechipFx offer demo accounts？ A 2: Yes. Q 3: Does BluechipFx offer the industry-standard MT4 & MT5？ A 3: Yes. BluechipFx supports MT5. Q 4: What is the minimum deposit for BluechipFx？ A 4: The minimum initial deposit to open an account is $500. Q 5: Is BluechipFx a good broker for beginners？ A 5: No. BluechipFx is not a good choice for beginners. Not only because of its unregulated condition, but also because of its high initial deposit.