🔴 Cheonan is a Forex broker accused of being a clone firm, abusing the name and credentials of the legit company Blackwell Global. Red flag!
🔴 Cheonan claims to be FCA regulated, but we found no license in the British financial authority register. Cheonan makes fraudulent assertions. Red flag!
🔴 Cheonan refuses to disclose its headquarter address and details about the company. Red flag!
🔴 Cheonan shares an IP with other shady brokers, a disturbing sign.
Company: Cheonan registration, license and regulation
Cheonan introduces as a trading name of Blackwell Global Limited, but we found it’s not the case. They falsely claim to be FCA, NFA and SFC regulated, so we can safely assume it’s a shady entity posing a threat for the people. We need to spare a few words to show you why FCA license is so valuable.
Each broker presented in US have to be an NFA member and registered with CFTC.
The regulations in USA are quite heavy, compared to other domains. The capital adequacy requirement state Forex brokers have to provide minimum 20 million USD in paid-up capital to get a US license. Also clients’ funds should be kept in segregated accounts, making it impossible for brokers to misuse the capital for daily expenses.
The restrictions on Forex trading in USA includes a maximum allowed ratio of 1:50. Clients are also limited by the FIFO rule (first in, first out), meaning traders have to close their positions consequently. Hedging is also disallowed, which some traders might find restricting.
Address: Cheonan address and contacts
Cheonan doesn’t list a company address or a phone number on their website. We could neither find third-party reliable information about their headquarters. It’s a shady entity refusing to disclose critical information about itself. Such a slyness indicates something fishy.
Domain: Cheonan website information
Cheonan.uk was registered on 21 April 2020, by Dynadot LLC. Its IP address is located in Hong Kong and hosts another 10 websites, 8 of which brokers with a similar appearance.
Cinda-securities.com, scforex.hk, bedbrook.net, werder.uk, hkkaiser.net, cheonan.uk, wanfuhk.com and sunanc.net are also hosted on IP 184.108.40.206.
Given the fraudulent claims we encountered we believe Cheonan.uk is a fraudulent website created by a group of shady individuals.