ForexChief vs AvaTrade

ForexChief vs AvaTrade Comparison Table 2023
ForexChief AvaTrade
3.3

ForexChief is #8 in our CFD broker rankings.

4.9
United States Flag Traders from US accepted
United States Flag Traders from US not accepted

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.

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, alongside a comprehensive education center and multilingual customer support.

Bonus Offer
$100 No Deposit Bonus 20% Welcome Bonus up to $10,000
Comment by Reviewer
"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." "AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
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
  • WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
  • The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
  • Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
  • There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
  • The broker offers reliable 24/5 multilingual customer support with fast response times during testing
  • AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more
  • Day traders can access stable spreads and zero commissions with no hidden fees
Cons
  • Weak regulatory oversight
  • Limited market research
  • Withdrawal fees on several payment methods
  • A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
  • There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
  • It’s a shame that there are no rebate schemes for serious traders looking for additional perks
  • There is no ECN account with raw spreads
  • Traders from the US are not accepted
Awards
  • Best Mobile Trading Platform 2023 - Finance Derivative
  • Best Educational 2023 - Global Business Magazine
  • Best Overall Broker 2022 - DayTrading.com
  • Best Trading App 2021 - DayTrading.com
  • Best Forex Broker 2019 - DayTrading.com
Instruments
CFDs, Forex, Metals, Commodities, Stocks, Indices CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting
Demo Account
Yes Yes
Minimum Deposit
$10 $100
Trading Platforms
  • MT4
  • MT5
  • WebTrader
  • AvaTradeGO
  • AvaOptions
  • MT4
  • MT5
  • AlgoTrader
  • TradingCentral
  • DupliTrade
Payment Methods
Minimum Trade
0.01 Lots 0.01 Lots
Regulator
VFSC ASIC, CySEC, FSCA, ISA, CBol, FSA, FRSA
Margin Trading
Yes Yes
Margin Rate
0.1% 2%
STP Account
Yes Yes
ECN Account
No No
DMA Account
No Yes
MAM Account
No Yes
PAMM Account
Yes Yes
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No No
Robo Advisor
No No
Negative Balance Protection
No Yes
Market Maker
No Yes
P2P Trading
No No
Spot Trading
Yes Yes
Mobile Apps
iOS & Android iOS & Android
Auto Trading
Expert Advisors (EAs) on MetaTrader Expert Advisors (EAs) on MetaTrader
Copy Trading
Yes Yes
Copy Trading Platform
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. There's a strong selection of social and copy trading systems, including the AvaSocial app and popular third-party platforms, DupliTrade and ZuluTrade. Clear performance metrics can help you find the right strategy provider for your goals and risk appetite.
Social Trading
No Yes
Trade Signals
Yes Yes
VPS Hosting
No Yes
Tournaments
No No
Demo Competitions
No No
Ethical Investing
No No
Custodial Account
No No
Guaranteed Stop Loss
No No
Inactivity Fee
$50
Islamic Account
Yes Yes
Account Currencies
  • USD
  • EUR
  • GBP
  • JPY
  • CHF
  • USD
  • EUR
  • GBP
  • CAD
  • AUD
Stock Exchanges
Commodities
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. AvaTrade's 1250+ leveraged CFD products span a range of asset classes including stocks, indices, commodities, bonds, crypto, and ETFs. You can speculate on rising and falling prices in the broker’s feature-rich web and mobile platforms with market-leading research tools.
Leverage
1:1000 1:30 (Retail) 1:400 (Pro)
FTSE Spread
70 0.5
GBPUSD Spread
0.9 1.5
Oil Spread
12 0.02
Stocks Spread
50 0.13
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. AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
Forex App

AvaTrade provides AvaTradeGo for mobile trading. The app offers 1000+ markets, the ability to create watchlists and make trades. The AvaProtect™ feature even adds another layer of risk protection. Rated 4.2* , it is one of the more popular trading apps. Download it today.

GBPUSD Spread
0.9 1.5
EURUSD Spread
0.4 0.9
EURGBP Spread
0.9 1.5
Assets
40 50+
Currency Indices
  • USD
Cryptocurrency
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. Regulated in five continents, AvaTrade offers a secure way to access crypto markets. There's a great range of digital currencies including Bitcoin, Ethereum and Ripple, plus a crypto index. You can access competitive crypto spreads in the broker's wide choice of platforms as well as 1:2 leverage.
Spread
Variable BTC <1%, ETH 2%
Coins
  • BTC
  • BCH
  • ETH
  • LTC
  • XRP
  • BCH
  • BTC
  • BTG
  • ETH
  • LTC
  • XRP
  • EOS
  • DASH
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
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