Chancellor Precious Metals Forex Broker

Chancellor Precious Metals Forex Broker - Complete Information Guide

1. Overview of the Broker

　　Chancellor Precious Metals, officially established in 2008, operates out of Hong Kong. The company is privately held and has developed a reputation in the financial trading sector, particularly focusing on precious metals trading. Chancellor Precious Metals primarily caters to retail clients interested in trading various precious metals, including gold and silver.

　　The company has experienced significant milestones during its operations. Initially, it became a member of the Chinese Gold and Silver Exchange Society (CGSE) in the same year it was founded, holding membership number 064 and achieving an "AA" operational status. In 2009, it was recognized as the third electronic liquidity provider for Loco London gold and silver, and in 2011, it became the first liquidity provider for electronically traded Renminbi kilo gold bars. However, Chancellor Precious Metals ceased its liquidity provider services for electronic traded Loco London gold and silver, as well as for Renminbi kilo gold bars in September 2018.

　　Chancellor Precious Metals operates under a business model that focuses on retail forex and precious metals trading, providing clients with a trading platform that supports various financial instruments. As a broker, it aims to provide a stable and reliable trading environment, multilingual support, and competitive spreads.

2. Regulatory and Compliance Information

　　Chancellor Precious Metals is regulated by the Chinese Gold and Silver Exchange Society (CGSE), holding a regulatory license number 064. However, it is important to note that there are concerns regarding the validity of its regulatory status, with reports indicating a lack of comprehensive regulatory oversight. The broker has received numerous complaints, highlighting potential issues related to fund withdrawals and overall transparency.

　　The firm operates under the legal framework applicable in Hong Kong, which includes compliance with local laws and regulations. There is no specific information available regarding the segregation of client funds or participation in any investor compensation schemes. Furthermore, Chancellor Precious Metals implements Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures to ensure that all clients are properly vetted and that transactions are monitored for suspicious activity.

3. Trading Products and Services

　　Chancellor Precious Metals offers a limited range of trading products, focusing primarily on Loco London gold, Loco London silver, and Renminbi kilo gold bars. The minimum trading size for Loco London gold is 0.1 lots, with a maximum trading volume of 30 lots. For Loco London silver, the minimum single trading size is also 0.1 lots, while the maximum is 10 lots. The Renminbi kilo gold bar has a minimum trading size of 1 lot and a maximum of 10 lots.

　　The company does not provide a demo account for potential clients to practice trading, which may limit the accessibility for new traders looking to familiarize themselves with the trading environment. The range of products available may not be as extensive as those offered by other brokers, potentially restricting diversification options for traders.

4. Trading Platform and Technology

　　Chancellor Precious Metals utilizes the MetaTrader 4 (MT4) trading platform, well-known for its user-friendly interface and robust trading capabilities. The platform provides features such as real-time market data, advanced charting tools, and various order types, including market orders, limit orders, and stop orders.

　　While there is no mention of a proprietary trading platform, the MT4 platform enables traders to access a wide range of trading tools designed to enhance their trading experience. The broker supports both desktop and mobile trading, allowing clients to trade on-the-go through compatible devices. The execution model is not explicitly stated, but the platform is known for its low latency and efficient order execution.

5. Account Types and Trading Conditions

　　Chancellor Precious Metals offers a standard trading account with a minimum deposit requirement of $200. The trading conditions include spreads of 0.05 USD for Loco London gold and 0.04 USD for Loco London silver. A commission of $50 per lot is charged for both Loco London gold and silver trades, while no fees are applied for closing trades.

　　The broker does not specify advanced account types, such as VIP or professional accounts, and there is no mention of Islamic accounts or corporate accounts. The leverage offered is not clearly defined and may vary based on the trading instrument. The minimum trade size is consistent with industry standards, and clients should be aware of overnight swap rates, which are charged daily for positions held overnight.

6. Fund Management

　　Chancellor Precious Metals accepts various deposit methods, including bank transfers and online payment gateways, but does not permit cash deposits. The minimum deposit requirement is $200, and the processing time for deposits varies based on the method chosen. A handling charge of 3% may apply to deposits made through the payment gateway.

　　Withdrawals must be made using the same method as the deposit, and the processing time for withdrawals is not explicitly stated. Clients should be aware that withdrawal requests for amounts under $50 may incur a handling fee of $5. The withdrawal process may also involve additional conditions related to trading volume achieved, which could affect the overall accessibility of funds.

7. Customer Support and Educational Resources

　　Chancellor Precious Metals provides customer support through multiple channels, including telephone, email, and live chat. The support team is available 24/5, catering to clients' inquiries and issues related to trading accounts and services. Clients can expect responses via email within 24 hours.

　　The broker offers educational resources such as trading guides and market analysis to help traders improve their knowledge and trading skills. However, the range of educational materials may be limited compared to other brokers, which could impact the overall learning experience for clients. Market analysis services are available, providing traders with insights on economic events and potential trading opportunities.

8. Regional Coverage and Limitations

　　Chancellor Precious Metals primarily serves clients in Hong Kong, with its main office located at Room 601, Tins Enterprises Centre, 777 Lai Chi Kok Road, Cheung Sha Wan, Kowloon. While the broker aims to cater to a global audience, specific limitations on client acceptance from certain countries or regions are not clearly defined. It is advisable for potential clients to verify their eligibility based on local regulations before opening an account.

　　In conclusion, Chancellor Precious Metals broker presents a unique opportunity for traders interested in precious metals trading. However, potential clients should exercise caution due to the reported lack of regulatory oversight and associated risks. Conducting thorough research and due diligence is essential before engaging with this broker.