ForexChief Review 2022

Flag Traders in United States welcome

ForexChief is a foreign exchange and CFD broker with offshore regulation and access to both MT4 and MT5 trading platforms.

ForexChief Facts & Figures
Bonus$100 no deposit
InstrumentsCFD, Forex, Crypto, Stocks
Demo AccountYes
Min. Deposit$10
Payment MethodsBitcoin Payments, Credit Card, Debit Card, Neteller, Perfect Money, Skrill, UnionPay, Webmoney, Wire Transfer
Min. Trade0.01 lots
Regulated ByVFSC
MetaTrader 4Yes
MetaTrader 5Yes
cTraderNo
OmniTraderNo
AlgoTraderNo
STP AccountYes
ECN AccountNo
DMA AccountNo
MAM AccountNo
PAMM AccountYes
LAMM AccountNo
Demat AccountNo
Mobile AppsiOS & Android
Margin TradingYes
Margin Rate0.1%
Volatility IndexNo
Spot TradingYes
Perpetual SwapsNo
ELWsNo
REITsNo
AI / Machine LearningNo
Robo AdvisorNo
P2P TradingNo
Negative Balance ProtectionNo
VPS HostingNo
TournamentsNo
Demo CompetitionsNo
Managed AccountsNo
Market MakerNo
Auto TradingYes
Social TradingNo
Copy TradingYes
Trade SignalsYes
Islamic AccountYes
Account
Currencies
USD, EUR, GBP, JPY, CHF
CFD
ForexChief offers a competitive range of CFDs, encompassing crypto, indices, energies and metals.
FTSE Spread80
GBPUSD Spread0.9
Oil Spread12
Stocks Spread50
Leverage1:1,000
Forex

ForexChief supports spot foreign exchange trading on all account types for 40 major, minor and exotic currency pairs on both MT4 and MT5.

GBPUSD Spread0.9
EURUSD Spread0.4
EURGBP Spread0.9
Assets40
Cryptocurrency

ForexChief supports crypto CFD trading with five major digital currencies paired against the US dollar.

SpreadVariable
LendingNo
StakingNo
MiningNo
Auto Market MakerNo
CoinsBCH, BTC, ETH, LTC, XRP
Risk Warning – Your capital is at risk

ForexChief is a multi-asset online broker offering 60+ instruments on the MetaTrader 4 and MetaTrader 5 trading platforms. Access STP direct to market execution with no interference. Our ForexChief broker review will cover account types, leverage, sign up and login requirements, regulation, and more.

ForexChief Headlines

ForexChief was established in 2014, operating from headquarters in Singapore. The brokerage is regulated by the Vanuatu Financial Services Commission (VFSC) as a Dealer in Securities and is a member of the Financial Market Association. ForexChief has a further global office presence including within Indonesia and Nigeria.ForexChief Review 2021

The broker uses STP/NDD technology with direct-to-market execution from global servers. A primary focus of the company is the technical stability of the trading servers and software to create a secure trading environment for all customers.

Trading Platform

The broker’s website is not incredibly sleek, though it does offer good trading platform options. ForexChief clients can access MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading terminal options. Both are industry-recognised platforms available for free download to PC and Mac desktop devices or compatible online via all major web browsers.

MetaTrader 4

MetaTrader 5

MetaTrader is available in 10+ languages.

Assets

ForexChief offers clients trading opportunities in over 60 assets in the below markets:

Access to assets varies by account type.

ForexChief regulated MT4 and MT5 forex and CFD trading
ForexChief MetaTrader 5 Platform

Fees

All account types offer floating spreads, with Direct accounts from 0 pips and Classic+ accounts from 0.3 pips, respectively.

Our review found leverage rates and margin requirements vary between trading instruments and account currencies, with position volume a key metric. These are:

Commissions apply to the majority of account types. A full breakdown can be found in the account types section below.

Leverage

ForexChief leverage varies by account type, with rates up to 1:1,000. The broker is not regulated by a European Union authority so it does not comply with the ESMA leverage capping. Always take time to understand the risks of trading with high leverage as it increases the size of losses as well as profits.

Trading credits are also available with ForexChief. These are termless and interest-free credits to be used as equity for forex trades. Clients may receive trading credit for each deposit made to a live account, for up to 50% of the initial funding.

Mobile Apps

MetaTrader 4 and MetaTrader 5 are both available as mobile applications. The apps are free to download and are compatible with iOS and Android (APK) devices. Access the full trading features of the desktop platform, including analytical tools and customisable charts and graphs, while on the go from a portable device.

Payment Methods

Deposits

ForexChief does not charge a fee for deposit payments, except for some electronic solutions. Third-party bank charges or exchange fees may apply. Minimum deposit requirements are $10 or equivalent currency under all account types. Base currencies vary between accounts but include USD, EUR, CHF, GBP and JPY. Funding methods vary by local jurisdiction and include:

Withdrawals

Withdrawals must be made back to the original payment method. Fees and processing times vary between methods.

Personal detail verification is required for credit/debit cards and bank transfer methods.

Demo Account

ForexChief offers a demo account available on the MT4 and MT5 platforms. These accounts are a good way to practise trading, navigate platform features and test strategies risk-free. Specific details including virtual funds and length of availability are not specified. A simple online registration form is required to open a paper trading account.

Deals & Promotions

ForexChief offers various bonus and incentive programmes. At the time of writing, ForexChief offered a new sign-up no deposit bonus of $100. Our 2021 review also found welcome bonus opportunities equal to an initial deposit of up to $500. This amount is available for trading purposes only and may not be withdrawn until after certain conditions have been met. When we viewed the terms and conditions for this particular incentive, we found the trader is required to reach a turnover of $10 million to be eligible to withdraw it. Always review bonus terms and conditions by jurisdiction before opening a live account.

Regulation & Licensing

Forexchief is regulated by the Vanuatu Financial Services Commission (VFSC) as a Dealer in Securities. Traders should be aware that this regulation is not as reputable and robust as the protection offered by bodies like the FCA, it allows for the quick and easy setup of companies with limited client protection.

That being said, the broker does comply with client fund segregation and protection against technical faults. However, it may be more difficult to gain access to compensation through companies not licenced within your local jurisdiction. Levels of compensation are unclear, each case is to be reviewed separately.

Additional Features

It was pleasing to see various analytical tools available on ForexChief’s website. The brokerage hosts a library of trading content, including investment articles with the latest tips, forex trading strategies, guides on how to use technical indicators and a full schedule of trading sessions by stock exchange. The analytics posts include live currency charts, economic calculators and the latest interest rate charges by country. All analytics tools can be accessed without needing to open a trading account.

There is also an FAQs page for self-help queries and direct links to useful pages.

Account Types

ForexChief broker offers various trading account types including; Direct, Classic and Cent. Minimum deposit requirements across all accounts are $10 or equivalent currency. Base currencies vary between accounts but include USD, EUR, CHF, GBP and JPY. Live/real account features include:

MetaTrader 4

All MT4 accounts access market execution orders, hedging and scalping, 30% stop out call, 0.01 lots minimum order size, maximum leverage of 1:1,000 and access to expert advisors (EAs).

MT4 Direct FX and MT4 Classic+

Cent MT4 Direct FX

Cent MT4 Classic+

PAMM versions of the DirectFX and Classic+ accounts are also available on ForexChief. These match the conditions of their standard counterparts, except base currencies are limited to USD and EUR and there are no trading credits, turnover rebates, welcome bonuses or swap-free versions.

th3eng forexchief _fix.ex4 pro ea
ForexChief PAMM Model

MetaTrader 5

All accounts access market execution orders, hedging or netting, 30% stop out call, 0.01 lots minimum order size, maximum leverage of 1:400 and maximum order size of 100 lots.

MT5 Direct FX

MT5 Classic+

Cent MT5 Direct FX

Cent MT5 Classic+

It is quick to open a real account. Customers must complete a simple online registration form. You may be required to provide identification verification documents such as proof of residency under the know-your-customer (KYC) compliance. It was good to see that ForexChief offers an Islamic, swap-free trading account.

Benefits

Drawbacks

Trading Hours

The brokerage follows standard office hours and 24-hour trading hours Monday-Friday, though these timings may vary by instrument.

Customer Support

ForexChief offers multilingual customer support options available 24/7. These include:

Working times vary for the international helpdesk. Telephone customer support is provided in English, Arabic, Spanish, French, Italian, Portuguese, Hindi, Russian and Chinese. There is also a comprehensive FAQ section on the broker’s website.

Safety & Security

Personal area and portal access are password protected. Unusually, bonus payments can be gained before personal identification documents are submitted. Secure login protection is supported for the MT4 and MT5 platforms with high-tech encryptions and industry-standard data privacy. Be cautious of several reviews reporting ForexChief scam concerns.

ForexChief Verdict

ForexChief provides competitive trading opportunities for customers of different abilities and experience levels on the established MT4 and MT5 platforms. The trading conditions and pricing structure is competitive, with tight spreads and low commissions. Moreover, the range of markets accessible is decent, PAMM accounts are supported and high leverage rates are available. However, the conditions for the financial incentives ForexChief offers are very high and the regulation is not particularly reputable.

FAQs

Does ForexChief Offer A Demo Account?

Yes, ForexChief offers a demo account that can be used on the MT4 and MT5 platforms.

What Trading Platforms Does ForexChief Offer?

ForexChief offers two trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both terminals have advanced trading tools and features, including access to EAs, dozens of technical indicators and customisable dashboards.

Is ForexChief Legit?

ForexChief is a regulated brokerage firm with oversight from the Vanuatu Financial Services Commission. However, there have been some reports of scams, the financial incentives are very alluring but difficult to withdraw and regulation is held with a bottom-tier, offshore financial watchdog.

What Is The ForexChief Minimum Deposit?

Minimum deposit requirements across all live trading accounts with ForexChief are $10 or equivalent. Base currencies vary between accounts but include USD, EUR, CHF, GBP and JPY.

Is ForexChief A Regulated Broker?

Yes, ForexChief is regulated by the Vanuatu Financial Services Commission (VFSC) as a Dealer in Securities. Traders should be aware that regulation is not as robust as the protection offered by reputable bodies such as the FCA or ASIC.

Accepted Countries

ForexChief accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Alternatives to ForexChief

If you are looking for alternatives to ForexChief we have compiled a list of the top 5 brokers that are similar to ForexChief below. This list of brokers like ForexChief is in order of similarity and only includes companies that accept traders from your location.

  1. LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
  2. eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
  3. Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
  4. Uphold – Trading in the Uphold environment offers a one-stop-shop for all your crypto requirements.
  5. Paxful – Paxful is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
ForexChief is a foreign exchange and CFD broker with offshore regulation and access to both MT4 and MT5 trading platforms.

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