ForexChief vs Forex.com

ForexChief vs Forex.com Comparison Table 2024
ForexChief Forex.com
3.3

ForexChief is #7 in our CFD broker rankings.

4.5

Forex.com is #1 in our broker rankings.

United States Flag Traders from US accepted
United States Flag Traders from US 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.

Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.

Customer Reviews
5
4.7
Bonus Offer
$100 No Deposit Bonus Active Trader Program With A 15% Reduction In Costs
Comment by Reviewer
"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." "Forex.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
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
  • Forex.com is a respected and trusted broker overseen by tier-one regulators including the US SEC
  • Excellent trading tools including the Trading Central research dashboard and the SMART Signals price pattern scanner
  • You can enjoy industry-leading forex pricing starting from 0.0 pips, plus fast execution speeds of less than 1 second
  • The proprietary Webtrader is an excellent option for day traders, offering over 80 technical indicators for detailed analysis
  • Competitive cashback rebates up to 15% are available for active traders
  • The free demo account allows you to practice day trading strategies in a risk-free environment
  • There's a VPS hosting solution for those using automated trading strategies
  • The $100 minimum deposit requirement makes the broker accessible for beginners
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
  • The $15 monthly inactivity fee is higher than some competitors, including XM which only charges $5
  • It's a shame that there's no copy trading platform for beginners or signal providers
  • The investment offering varies between countries
Awards
  • Best CFD Broker 2022 - Rankia
  • Best HNW Service 2022 - Dubai Forex Expo
  • Best US Broker 2020 - DayTrading.com
  • Best US Broker 2019 - DayTrading.com
  • Runner-Up - Best Forex Broker 2019 - DayTrading.com
Instruments
CFDs, Forex, Metals, Commodities, Stocks, Indices Forex, Spot Metals
Demo Account
Yes Yes
Minimum Deposit
$10 $100
Trading Platforms
  • MT4
  • MT5
  • MT4
  • MT5
  • TradingView
  • eSignal
  • AutoChartist
  • TradingCentral
Payment Methods
Debit Card, ACH Transfer, Wire Transfer
Minimum Trade
0.01 Lots 0.01 Lots
Regulator
VFSC NFA, CFTC
Margin Trading
Yes Yes
Margin Rate
0.1%
STP Account
Yes Yes
ECN Account
No Yes
DMA Account
No Yes
MAM Account
No No
PAMM Account
Yes No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No Yes
Robo Advisor
No No
Negative Balance Protection
No Yes
Market Maker
No No
P2P Trading
No No
Spot Trading
Yes Yes
Mobile Apps
iOS & Android iOS & Android
App Review

Running alongside the MT4 and Web Trader platforms, the Forex.com app offers full trading capabilities on a user-friendly, compact platform. Integrated news and analysis, plus real time trade alerts, are two mobile specific features that set this app above the crowd. Additionally, it beats out MT4 when it comes to mobile charting tools, with over 80 indicators and 11 chart types, not to mention a slicker design that we love.

Android App Rating
3.8
iOS App Rating
3.6
Auto Trading
Expert Advisors (EAs) on MetaTrader Expert Advisors (EAs) on MetaTrader
Copy Trading
Yes No
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.
Social Trading
No No
Trade Signals
Yes SMART Signals
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
$15
Islamic Account
Yes Yes
Account Currencies
  • USD
  • EUR
  • GBP
  • JPY
  • CHF
  • USD
  • EUR
  • GBP
  • CAD
  • AUD
  • JPY
  • CHF
Stock Exchanges
Commodities
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. CFD trading not offered
Leverage
1:1000 1:50
FTSE Spread
70 1.0
GBPUSD Spread
0.9 1.0
Oil Spread
12 0.04
Stocks Spread
50 0.1%
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. Forex.com maintains its position as a leading FX broker, thanks to the 80+ currency pairs and some of the lowest fees in the industry. EUR/USD spreads come in as low as 0.0 with a $7 commission per $100k. The SMART Signals tool also uncovers forex price patterns from dozens of major markets.
Forex App

Running alongside the Advanced and WebTrader Platforms, the Forex.com mobile app offers full trading capabilities on a user-friendly, compact platform. Integrated news and analysis, plus real time trade alerts, are two mobile specific features that set this app above the crowd.

GBPUSD Spread
0.9 1.0
EURUSD Spread
0.4 1.0
EURGBP Spread
0.9 1.0
Assets
40 80+
Cryptocurrency
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. Crypto trading not offered
Spread
Variable BTC 1.4%, ETH 2%
Coins
  • BTC
  • BCH
  • ETH
  • LTC
  • XRP
  • BTC
  • BCH
  • ETH
  • LTC
  • XRP
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
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