RedStarChain lists an office address in the UK. Meanwhile, the company does not claim that this is its legal address, which allows the firm to operate in all countries of the world. It is worth noting that the site owner does not show the company’s registration number, scans of licenses, and certificates. Is it worth cooperating with this organization? Our review will help to determine the legality of this broker.
How to Trade
RedStarChain claims to provide clients with trading using MetaTrader 4 and MetaTrader 5 systems. However, the company demonstrates carelessly designed content on its platform.
RedStarChain offers customers 5 types of trading plans. However, specific technical parameters are not specified in the terms and conditions. For example, the following features are listed at the highest tariff level:
- Full availability to buy instruments.
- SMS and Push updates for key markets.
- Administration of personal accounts.
- Training tools and materials.
- Only available market information.
- Daily market observations and analysis.
The broker does not specify spreads, fees, and does not differentiate leverage by account type. The withdrawal fee is up to $50, but not less than 10% of the amount. To register with RedStarChain, you should fill out a standard form and check the box agreeing to comply with the Terms and Conditions and Privacy Policy. It is worth noting that there is no link to this document and also it is not on the site.
RedStarChainVital Info
The owner of the site does not disclose anything about the history of the company, including the date of its foundation. As for the domain, it was registered only in December 2023. We checked the RedStarChain brand in the registries of legal entities in different countries and did not find this company anywhere. In addition, we did not find an office either, as the legal address listed on the website is a residential private house.
In the “Environment” section of the Client Agreement, the broker indicates regulators of different jurisdictions – Great Britain, British Virgin Islands, Cyprus, Mauritius and Russia. However, if you go to the sites of these regulators through the links specified in the description, you will not find a RedStarChain company in any of the lists. It is not clear to us what all these official regulators have to do with this intermediary. This suggests that the platform owner did not bother to create a website with true, transparent information.
I can confidently say that this resource is far from the worst option, but on the other hand - not the best. I have no complaints about the withdrawal of funds - the administrators give the withdrawal of money calmly, I do not remember such a thing that at least once delayed transactions. However, I don't like long answers from the staff, I had to wait for several hours a couple of times ❌ I'm annoyed by many shortcomings on the terminal, which is why I didn't work at redstarchain.com. I am leaving to another broker as I found a better platform.
I don't think the site is run by scammers, but there are serious problems with this company. The trading program is very primitive :( it's probably only been running for the first year. The trades are triggered with a big delay. Accordingly, opening or closing a trade is not at the best price. In addition, RedStarChain has platform freezes at the most inopportune moment :( and the developers do not fix the defects. I couldn't close a profitable trade yesterday until I had to close it already with a loss.
I made a very big mistake when I chose this company as my first broker. I have worked with RedStarChain for only 2 weeks, I'll be honest - it's just a terrible experience. Let's start with licenses, this brand has a trustworthy website, the rules list many licenses from regulators of different countries. However, I have not seen any positive results in the whole time I have been trading. I can only add that protection against negative balance does not work here, stop-loss is triggered with a long time delay. There are much more problems than I could assume: terrible trading conditions with huge commissions, there are no bonuses, technical support is disgusting - if you contact, you will be answered in a day at best, the minimum deposit starts from 2,000 dollars, and not every novice investor will be able to make such an amount. The interface and the terminal itself are terrible and slow. I do not recommend this broker, it is unreliable
I am a beginner, and I believe that if a company doesn't have training materials for inexperienced clients, then it's a bad broker. RedStarChain says it has a training section, but I didn't find anything useful for me there. That's why I can't leave a positive review. I am on the lookout for a broker that will fulfill my basic needs.
I saw the beautiful and promising homepage of this broker's website and I decided to become a trader. Managers guaranteed me training, set up mirroring of trades with the help of social platform, and everything like that so that trading on RedStarChain Markets would be automated and without the risk of losing money. Everything turned out to be different. The commission is charged for all trader's actions, even for account depositing. Managers behave brazenly, they go to all sorts of tricks, just so you do not withdraw your deposit, and there are many other problems on this site. Bottom line: I worked, spent time and effort, and the commission amounted to a large percentage of the amount of withdrawal, and managers helped me to drain the rest of the deposit, from 2 thousand euros I have almost nothing left - 62 euros! I do not advise you to cooperate with RedStarChain. I am now searching for a more loyal forex broker.
During yesterday's trading session, the platform froze at least three times - this caused me great indignation! Because of such "pauses", I was unable to close my position in time and lost 1,430 usd. If a broker cannot provide stability of its main instrument, is it worth trusting it with money?!
I registered on this site and I don't regret it at all. I know that as a trader I am still zero, but this does not prevent me from making money on synchronized trading by copying other people's trades. Many companies offer this method, but autocopying in RedStarChain differs from others in that this function works through several different suppliers, respectively, using different strategies. The managers helped me to find the most successful traders and I started to earn good money by imitating these professionals. On a separate ratings page, the broker rates the providers based on how profitable they have been over the last while, and also includes their previous trading experience and best results. Now I select the "Follow" function on the terminal to copy the best trading strategy. In this unsophisticated way I earn on average around £300 per week. The interface at redstarchain.com is good: each section is well designed, giving customers maximum information about each service. However I am not satisfied with technical support at all, sometimes it feels like they are "annoyed" by traders with their questions. But in general it is very convenient and profitable to trade here.