Chain Reaction Scam
Here's what we found out about this trading platform 【2022】
- No identity verification.
- The Chain Reaction is not a regulated account by trusted online entities.
- No physical email address or background information about the company.
- No information about the robot itself.
- User-friendly software interface
- Simple registration process
- False high percentage profits
- Generic privacy policy
- No live Chat
- It has no identity verification
- Trusted entities do not regulate it
Contents
Overview
Cryptocurrency has changed the way people trade and invest today. It is a growing industry worth billions of dollars, and the surge is not stopping any time soon. Any smart investor in cryptocurrency can make potential profits with the right knowledge.
Even as it’s changing the trading game, there are a few unscrupulous people scamming investors and traders out of their money. Studies report the crypto world lost over 14 billion dollars in 2021, involving many things including bogus trading bots.
It’s, therefore, imperative for traders to consider certain factors while looking for a brokerage trading account to be in the best position to partner with the right bots. A few unscrupulous people in the crypto world shouldn’t deter you from making your mark in the cryptocurrency world.
Chain Reaction is among the trading bots reaping money out of investors’ pockets. Here’s a detailed review of Chain Reaction and what to expect from the platform.
What Is Chain Reaction?
This trading brokerage account has tons of algorithms that appear to give users trading strategies that would help them win big on trade. However, this is not the case. There are quite a number of red flags that outright puts Chain Reaction on the bogus trading platform lists.
A good example is the fake promises that Chain Reaction entices users with; it even goes on to say a trader is going to get back a high percentage return on their money accurately. There’s no proof showing how this percentage was derived at. You can say it’s more of a gimmick to lure unsuspecting and greedy traders into falling into the Chain Reaction scam. The platform follows this registration process.
Chain Reaction Registration Process
The registration process is pretty straightforward:
Account Creation
A user will visit the Chain Reaction website and register. They’ll give out their name, email address, and phone number during this process then hit the register button.
Then, the trader will create a password for their account and start trading. The platform does not facilitate a demo account; therefore, users will have no way of practicing their trading skills. Traders must first deposit a minimum threshold amount to start trading.
Most trading bots will encourage their users to start slow trading and use only the minimum deposit for their first few transactions. Chain Reaction, on the other hand, encourages its users to go overboard with deposits as its accurate high percentage of returns on transactions will surely suffice.
This is a huge red flag that traders must look out for. The cryptocurrency world is volatile, as traders and investors can never be sure of what will happen next. It’s imperative to find a trading brokerage partner that will be able to tell users exactly how the industry operates.
Can a User Withdraw Money from their Chain Reaction Trading Account?
Chain Reaction makes it hard for its users to withdraw money. A user will make a withdrawal request, and in most cases, it will be met with tons of excuses. The platform will keep giving excuses for why a user cannot withdraw from the platform. This situation will drag out until a user gives up on their money.
While those who keep on requesting their funds and are persistent about it are locked out from accessing their account, users will wake up one day and can’t access their account. There’s no way of getting a hold of the owners outside the platform because there’s zero information about Chain Reaction background and its owners. This is how the Chain Reaction scam operates.
Commissions and Fees
Chain Reaction is a free registration platform. However, there are some hidden charges the platform does not tell you about. In this case, it’s the commissions.
It will not tell traders that they may incur some charges on the profits they earn on the platform. Once a trader makes profits, that’s when Chain Reaction starts making the deductions. Users can feel blindsided and cheated because they didn’t know about these charges prior to the trade. Moreover, Chain Reaction has not been upfront about the final percentage commission calculations. Clearly, users cannot trust this platform because there’s no transparency.
Is Chain Reaction Trading Brokerage Account a Scam?
Chain Reaction is a scam. Traders are advised to stay away from such accounts. If traders don’t want to lose their money, there are various red flags on the account that must never be ignored. Otherwise, these traders could be exposed to lost money or identity theft. Here are some of the red flags that traders must consider at all times before they create an account on any platform:
No Identity Verification Process
This is an important step that any reliable trading brokerage account should have. Basically, identity verification tries to determine if the information its users are giving out is legit. It ensures a platform can determine that users are who they say they are. Most trading platforms will automatically ask for an email confirmation and a copy of an ID, which is standard procedure.
Moreover, it has loopholes when it comes to the platform’s security. As Chain Reaction is not regulated, leaving users vulnerable to internet breaches. Users constantly have to worry about their money and data safety, which is not an excellent way to trade.
Chain Reaction misses this important step in their registration process. Plus, having security issues just adds fuel to the fire. These are huge red flags that traders must never ignore as they show that this trading account is a scam.
False High Percentage on Investment Returns
It gives false hopes to traders, telling them that Chain Reaction will help them make successful trades on every transaction. Additionally, it says that traders can make higher returns when they trade on Chain Reaction. A trustworthy trading platform would never make such promises since there’s no way of accurately predicting the cryptocurrency world.
No Evidence to Back-Up Its Claims
Let’s assume that Chain Reaction claims about its platforms are true. There is no display of evidence on the platform that suggests these claims. Chain Reaction does not have any listed testimonials from users who have used the platform and gotten the said result.
Moreover, Chain Reaction does not tell readers how the platform helps users with online trading and its features. In the end, it leaves readers doubtful.
No Email Address
Chain Reaction does not have an email address or background information/owner’s data anywhere. This is quite odd, and no reliable trading platform can do this – a huge red flag. Be wary of platforms that ask users to give out their bank details and other personal data but can’t showcase a simple email address.
Additionally, Chain Reaction uses generic private policies. It’s easy to cook up these things with the help of advanced technology. This, therefore, does not come as a surprise. Signing on and agreeing to the terms and conditions of just generic policies is just as bad as faking them. Users must, therefore, protect themselves from the Chain Reaction scam and any other platform that shows these signs.
How to Safeguard Yourself from a Bogus Trading Account
A few scammers in the cryptocurrency industry should never deter you from meeting your trading destiny. When you find a trading brokerage account like Chain Reaction that has tons of red flags, it’s important to go with your gut and not sign in on such a platform.
If you’re already signed in to such a platform, just count your losses and move forward. Moreover, research and due diligence is a must in this industry. It will help you wade out unscrupulous trading platforms that want to rip people off and leave you with trusted trading partners that can help you improve your trading skills.
Chain Reaction Verdict
Chain Reaction is not a legitimate trading platform, and traders are advised to avoid it. It misses fundamental steps in the registration process that indicate a scam alert. A good example is that the platform misses the identity verification, plus it’s not a regulated account.
Furthermore, Chain Reaction leaves loopholes that make its users vulnerable to internet breaches, which can steal sensitive information or money from its users. Most reliable trading platforms are regulated and uphold policies about internet security, ensuring that the platform is a safe place to trade.
Moreover, Chain Reaction gives its users fake promises about earning higher profits in every transaction a trader makes on the platform. This doesn’t seem right, as the crypto world is volatile; therefore, there is no sure way of predicting what will happen next. There’s always a chance to make losses as much as one can make profits. Most legitimate trading platforms warn users about this even before they start trading.
Therefore, Chain Reaction has a list of red flags indicating that it’s a scam. Traders should, therefore, shun away and not invest in Chain Reaction to be on the safe side. Proper research is a must as far as finding a trustworthy and reliable trading platform is concerned.
