A device for mechanically securing an anchor chain on a watercraft under control from one or more remote locations, additionally providing remote indication of whether the chain is secured and whether the chain is free to move. Furthermore, when the watercraft is under way, the device restrains the anchor from accidentally launching from its storage position, thereby obviating the need for a safety cable. The device is electrically fail-safe, in that it continues to secure the anchor under conditions of electrical failure. Key components of the device include a frame and rotatable pawl for securing the chain, a spring to urge the pawl toward a position that secures the chain, a solenoid that can urge the pawl toward a position that frees the chain, and a switch to control the solenoid. The invention provides methods for weighing anchor, dropping anchor, increasing anchor scope, and reducing anchor scope.