1. Home
2. Online Brokers and Trading Platforms 2023

ForexChief Review 2023

Visit

Available in United States

Our Rating

3.3
/ 5

ForexChief is #5 in our CFD broker rankings.

ForexChief will prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The large welcome bonus and low starting deposit will also appeal to new traders.

- DayTrading Review Team

ForexChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.

✓
Trusted

✓
Demo Account

✓
Copy Trading

✓
MetaTrader 4

Minimum Deposit $10

Trading Platforms MT4, MT5

Instruments CFDs, Forex, Metals, Commodities, Stocks, Indices

Bonus Offer $100 No Deposit Bonus

Account Currencies USD, EUR, GBP, JPY, CHF

Payment Options Wire Transfer, Bitcoin Payments, Credit Card, Neteller, Debit Card
and 7 more

All ForexChief Details

Compare ForexChief

Forex Trading

ForexChief supports spot foreign exchange trading on all account types for 40+ major, minor and exotic currency pairs on the leading MT4 and MT5 platforms. Spreads are tight starting from zero and there are no dealers or requotes.

Stock Trading

ForexChief offers 100 US company stocks CFDs for MT4 DirectFX and Classic+ account holders. Investors can speculate on the price of some of the world's largest companies, including Apple and Coca Cola. Spreads start from 5.

CFD Trading

ForexChief offers a competitive range of CFDs, encompassing crypto, indices, energies and metals. A clear pricing schedule is available to clients with no hidden charges. Traders can also access very high leverage up to 1:1000.

Crypto Trading

ForexChief supports crypto trading with five major digital currencies paired against the US dollar. Traders can bet on rising and falling prices with leveraged CFDs and market-leading trading software.

Copy Trading

Clients can follow copy trading signals on the MetaTrader platform. Alternatively, signal providers can generate extra income by selling their positions. You can start copy trading in a few easy steps.

✓ Pros

• High leverage up to 1:1000 is available
• A welcome deposit bonus is offered to new users
• The low minimum deposit of $10 will appeal to beginners
• 8 account types to suit different strategies and requirements
• Full range of investments including popular cryptos
• STP/ECN execution with low spreads from 0.0 pips
• Turnover rebates for active traders
• Copy trading solution with signals
• MT4 and MT5 integration
• Low margin rates

✗ Cons

• Weak regulatory oversight
• Limited market research
• Withdrawal fees on several payment methods

ForexChief is a multi-asset online broker offering 100+ instruments on the MetaTrader 4 and MetaTrader 5 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

The brokerage was established in 2014, operating from headquarters in Singapore. The company is regulated by the Vanuatu Financial Services Commission (VFSC) as a Dealer in Securities and is a member of the Financial Market Association.

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 investing environment for all customers.

ForexChief has a further office presence including within Indonesia and Nigeria. Eight account types and five base currencies also make the trading firm accessible to global investors.

Trading Platform

ForexChief clients can access MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both are industry-recognised platforms available for free download to PC and Mac desktop devices or compatible online via all major web browsers.

When we used ForexChief, our experts found that MT4 is the best fit for beginners and forex traders. In contrast, MT5 offers several extra features and tools that will benefit experienced traders, including 2 additional order types and 12 more charting timeframes. MT5 is also faster and built for trading non-forex assets.

MetaTrader 4

• 9 timeframes
• Live news streams
• Customizable charts
• 4 pending order types
• Analysis of quote dynamics
• MQL4 programming language
• Access to expert advisors (EAs)
• 50+ built-in technical indicators
• Ability to overlay analytical objects
• User-friendly, multilingual interface
• Social trading with signal service

MetaTrader 5

• 21 timeframes
• One-click trading
• Copy trading support
• Built-in virtual hosting
• 4 order execution modes
• Built-in economic calendar
• 80+ built-in technical indicators
• Set stop loss and take profit levels
• Enhanced order management capabilities
• Customizable charts, view up to 100 simultaneously

MetaTrader is available in 10+ languages.

How To Place A Trade

1. Use the Market Watch window in the left to choose an asset, such as the EUR/AUD
2. Click on ‘New Order’ in the menu at the top
3. Enter the volume in lots
4. Input any stop loss or take profit levels
5. Choose the order type – instant or pending order
6. Fill in the remaining parameters
7. Click on ‘Place’ or ‘Buy’ or ‘Sell’

Assets & Markets

ForexChief offers trading opportunities in over 100 assets which is comparable to many alternatives. With that said, the top brokers offer a wider range of instruments and more options within asset classes.

• Metals: speculate on silver and gold prices
• Commodities: Crude oil and natural gas energies
• Forex: 40+ major, minor and exotic currency pairs
• Indices: trade global indices including FTSE 100, DAX 40, Nasdaq and S&P 500
• Cryptocurrencies: 5 popular digital currency/USD pairs including Bitcoin, Ethereum and Litecoin
• Stocks: trade shares in some of the world’s top companies including Amazon, Apple, Microsoft and eBay

Note, access to assets varies by account type.

ForexChief Fees

All account types offer floating spreads, with Direct accounts from 0 pips and Classic+ accounts from 0.3 pips, respectively. While using ForexChief, we were provided with spreads of 0.9 pips on major forex pairs, such as the EUR/USD, which is competitive.

Commissions also apply to the majority of account types. Stocks and cryptos, for example, typically come with a 0.1% charge. 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.

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

• CFD Commodities: position volume of $0-$50,000, 1:50 maximum leverage, 2% floating margin. Position volume of more than $100,000, 1:10 maximum leverage, 10% floating margin
• Major Forex Pairs: position volume $0-$500,000, 1:1000 maximum leverage and 0.1% floating margin. Position volume of more than $10,000,000, 1:25 maximum leverage and 4% floating margin
• Minor Forex Pairs: position volume $0-$200,000, 1:1000 maximum leverage and 0.1% floating margin. Position volume of more than $7,000,000, 1:25 maximum leverage and 4% floating margin

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 customizable 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. This is a good news for beginners who can get started with a limited bankroll. Base currencies vary between accounts but include USD, EUR, CHF, GBP and JPY.

Funding methods vary by local jurisdiction and include:

• Bank Wire Transfer: 1-2 business day processing
• Debit/Credit Cards & UnionPay: instant processing
• Electronic Payments: Skrill, Neteller, WebMoney (0.8% fee) and Perfect Money (1.99% fee)
• Cryptocurrency: 8 digital currency coins including BTC and ETH. Processing after 3 confirmations completed
• Local Transfer Solutions: includes Malaysia online banking and Mexico local solutions, instant transfer time

How To Make A Deposit

1. Sign into the client portal
2. Click on ‘Deposit and Withdrawal’ from the menu on the side
3. Select ‘Deposit Funds’
4. Pick a payment method from the list of options
5. Choose the currency and deposit value
6. Select your trading account from the menu
7. Press ‘Continue’ and confirm the payment by selecting ‘Submit’

Withdrawals

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

• Cryptocurrency: 1 day processing time, no charge
• Bank Wire Transfer: 2 business day processing, no fee
• Local Transfer Solutions: 2-7 business day processing, no charges
• Credit/Debit Cards: 2-7 day processing time, minimum 2% commission, and $5 fee
• Electronic Payments: Skrill (1 day processing, 1% charge), Neteller (1 business day transfer, 1.9% commission and $1 fee), WebMoney (0.8% commission), Perfect Money (0.5% commission)

Note, personal detail verification is required for credit/debit cards and bank transfer methods.

Demo Account Review

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. This include welcome deposit ($500) and no deposit bonus ($100) deals, depending on the trader’s location. Importantly though, the bonus is normally available for trading purposes only and may not be withdrawn until after certain conditions have been met. Check terms and conditions before opting in.

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 70% of the initial funding.

In addition, the broker is known to run deals with free access to VPS services, souvenirs, brand merchandise, plus account and trading support. Head to the ‘Promotions and Bonuses’ tab when you sign up to see what is available.

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 some 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. On the downside, some of the content is out of date and needs updating.

One useful tool for aspiring investors is copy trading, which is available through signals integrated on the MetaTrader platform. Successful traders can also sell their signals to generate additional income.

In addition, the broker publishes details of changes to interest rates across key regions. This is available for free on the ForexChief website.

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.

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+

• 150+ available contracts
• Swap-free account available
• Floating spreads from 0 pips
• Maximum order size of 100 lots
• MT4 Classic+ Commissions: CFD indices free, stocks CFDs 0.1%, crypto CFDs 0.10%
• Direct FX Commissions: CFD indices $15 per Mio, stocks CFDs 0.1%, crypto CFDs 0.10%

Cent MT4 Direct FX

• 40+ available contracts
• Floating spreads from 0 pips
• Maximum order size of 100 lots
• Commissions: FX spot and metals CFDs, $15 per Mio

Cent MT4 Classic+

• 40+ available contracts
• Floating spreads from 0.3 pips
• Maximum order size of 100 lots
• Commissions: FX spot and metals CFD, free

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 solutions.

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

• 60+ available contracts
• Floating spread from 0 pips
• Swap-free account available
• Commissions- $15 per 1 mio

MT5 Classic+

• No commissions
• 60+ available contracts
• Swap-free account available
• Floating spread from 0.3 pips

Cent MT5 Direct FX

• 42 available contracts
• Commissions: $15 per 1 mio
• Floating spreads from 0 pips

Cent MT5 Classic+

• 42 available contracts
• Commissions: $15 per 1 mio
• Floating spreads from 0.3 pips

How To Open A ForexChief Account

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 also offers an Islamic, swap-free trading account.

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 on-hand, multilingual customer support available 24/7:

• Live chat: icon in the bottom right-hand corner of each webpage
• Telephone:+65 3159 3652 (Singapore) or +234 903 079 5364 (Nigeria)
• Email: info@forexchief.com

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.

However, be cautious of several user 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.

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.

Payment Methods

• Wire Transfer
• Bitcoin Payments
• Credit Card
• UnionPay
• Skrill
• Neteller
• WebMoney
• Perfect Money
• Debit Card
• Ethereum Payments
• FasaPay
• ADVcash

ForexChief Details

CFD Trading Details

Forex Trading Details

Cryptocurrency Trading Details

Compare ForexChief

Compare ForexChief with similar brokers that accept traders from your location. Among available brokers these are the most similar to ForexChief:

1. Just2Trade – Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.
   Go to Just2Trade
2. IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
   Go to IG Group
3. Scope Markets – Scope Markets offers day trading and investing in multiple spot and CFD instruments. The group of brokers is regulated in several locations, including Belize, Kenya and South Africa. Users get competitive trading conditions, a range of payment methods, strong support and can get started in a few straightforward steps.
   Go to Scope Markets

ForexChief Comparison Table

Compare Trading Instruments

Compare the markets and instruments offered by ForexChief and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

ForexChief vs Other Brokers

Compare ForexChief with any other broker by selecting the other broker below.

FAQ

Is ForexChief Legit Or A Scam?

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.

Does ForexChief Offer A Demo Account?

Yes, ForexChief offers a demo account that can be used on the MT4 and MT5 platforms. Prospective investors can sign up for a paper trading account on the official website in a few minutes.

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 customizable dashboards. MT4 and MT5 apps are also available on mobile devices.

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. This makes the broker accessible for beginners.

Is ForexChief Trustworthy?

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. There have also been some poor user reviews.

	Visit	ForexChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.
ForexChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.