ForexChief Review 2024

3.3 / 5
ForexChief is #63 in our CFD broker rankings.

ForexChief continues to prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The broker's rebate scheme and investment accounts will particularly appeal to seasoned traders. However, the lack of top-tier regulatory oversight is a major drawback.

- 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.

MT4, MT5
CFDs, Forex, Metals, Commodities, Stocks, Indices
$100 No Deposit Bonus
Wire Transfer, Bitcoin Payments, Credit Card, UnionPay, Skrill, Neteller, WebMoney, Perfect Money, Debit Card, Ethereum Payments, FasaPay, Volet

Forex Trading

ForexChief supports spot foreign exchange trading on all account types for 40+ major, minor and exotic currency pairs. Trading takes place on the leading MT4 and MT5 platforms, which offer dozens of in-built technical tools for short-term forex strategies.

Stock Trading

ForexChief offers 100 US company stock CFDs for MT4 DirectFX and Classic+ account holders. Alongside popular multinationals like Apple and Coca-Cola, you can also speculate on several major stock indices with spreads from 2.

CFD Trading

You can trade a competitive range of CFDs encompassing crypto, indices, energies and metals, with very high leverage up to 1:1000. ECN pricing is available, with spreads from 0.0 pips and low commissions from $2.50. A Cent account is also available for those on a smaller budget.

Crypto Trading

ForexChief’s range of 5 cryptocurrencies paired with USD is smaller than most competitors. In addition, the average BTCUSD spread of 30 pips is not the cheapest. That said, the broker does offer some useful crypto trading guides for beginners.

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

  • The broker offers several account types to suit different traders, including a Cent account for beginners and pro-level hedging/netting accounts
  • The broker offers a turnover rebate scheme geared towards active investors, as well as trading credits and several other occasional bonuses
  • ForexChief delivers a high-quality day trading environment via the MT4 and MT5 platforms, with market-leading charts, indicators and tools
  • ForexChief offers STP/ECN execution with low spreads from 0.0 pips and low commission rates starting from $2.50 per side
  • The low minimum deposit of $10 will appeal to beginners, as well as the beginners’ guides in the Library
  • Traders can access a copy trading solution via the MetaQuotes Signals service

✗ Cons

  • The Classic+ and Cent accounts provide access to fewer instruments than the other account types, at 50+ and 35+, respectively
  • ForexChief is an offshore broker with weak regulatory oversight from the VFSC, so traders will receive limited safeguards
  • Fees and minimums are imposed on most withdrawal methods, including a €60 minimum for SWIFT bank transfers
  • The total range of 150+ assets is much lower than most competitors who typically offer hundreds
  • The broker trails competitors when it comes to research tools and educational resources

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.

How to trade on ForexChief MT4 platform
MetaTrader 4 New Order

MetaTrader 4

MetaTrader 5

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.

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.

ForexChief Trader's Calculator
Trader’s Calculator


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:

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


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:

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

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.

ForexChief analytics - interest rates

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+

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 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

MT5 Classic+

Cent MT5 Direct FX

Cent MT5 Classic+

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:

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.


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.

Top 3 Alternatives to ForexChief

Compare ForexChief with the top 3 similar brokers that accept traders from your location.

  1. Vantage – Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

  2. Pepperstone – Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.

    CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.
  3. AvaTrade – AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.

ForexChief Comparison Table

Compare ForexChief With Similar Brokers
ForexChief Vantage Pepperstone AvaTrade
Rating 3.3 4.7 4.8 4.9
Markets CFDs, Forex, Metals, Commodities, Stocks, Indices CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
Demo Account Yes Yes Yes Yes
Minimum Deposit $10 $50 $0
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots 0.01 Lots
Bonus $100 No Deposit Bonus 50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
Education No Yes Yes Yes
Platforms MT4, MT5 ProTrader, MT4, MT5, TradingView, DupliTrade MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Leverage 1:1000 1:500 1:30 (Retail), 1:500 (Pro) 1:30 (Retail) 1:400 (Pro)
Payment Methods 12 12 11 13
Visit Visit Visit Visit Visit
Review Vantage

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.

Compare ForexChief Trading Instruments
ForexChief Vantage Pepperstone AvaTrade
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes Yes Yes
Gold Yes Yes Yes Yes
Copper No Yes Yes Yes
Silver Yes Yes Yes Yes
Corn No No Yes Yes
Crypto Yes Yes Yes Yes
Futures No No No Yes
Options No No No Yes
ETFs No Yes Yes Yes
Bonds No Yes No Yes
Warrants No No No No
Spreadbetting No Yes Yes Yes
Volatility Index No Yes Yes Yes

ForexChief vs Other Brokers

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


Customer Reviews

  4.6 / 5

This average customer rating is based on 5 ForexChief customer reviews submitted by our visitors.

If you have traded with ForexChief we would really like to know about your experience - please submit your own review. Thank you.


The company has its strengths and weaknesses, but it remains more attractive compared to its competitors. I have successfully withdrawn money numerous times without encountering any problems. This reliability in financial transactions makes it a preferable choice for me.

✍ Pole | 🌐 South Africa | May 23, 2024

The company is not perfect, but it looks decent against the competition. Money is withdrawn. There are no problems with the terminal. I would like better trading conditions, but I can’t say that they are worse than the competition.

✍ Golem | 🌐 Estonia | April 10, 2024

Overall not a bad company. Not without flaws, but it looks competitive against the background of other companies. Great choice of trading accounts, good support, fast withdrawal. The company has many pluses.
They also offer a choice of both mt4 and mt5.

✍ LocalTrader | 🌐 Bosnia and Herzegovina | March 6, 2024

Two years have passed and I still have no issues with them.
xChief has low spreads.
They have excellent trading conditions and superb customer care

✍ Moravek | 🌐 Poland | February 15, 2024

Using their services for over a year, I find the broker to be a decent choice. While perfection might elude them, they certainly stand out favorably among their competitors. The personal account is well-organized, and the trading terminal demonstrates stable performance. A trustworthy broker that gets the job done effectively.

✍ Vang | 🌐 Singapore | January 23, 2024

Submit Your Own Review of ForexChief

If you have experience trading with ForexChief please share your personal review of the broker and what you think are strong and weak points. Thank you.

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.