ForexChief Review 2024

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Written By
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Written By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
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Fact Checked By
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Fact Checked By
Tobias Robinson
Tobias is a partner at, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

3.4 / 5
ForexChief is #7 in our CFD broker rankings.
MT4, MT5
CFDs, Forex, Metals, Commodities, Stocks, Indices
Wire Transfer, Bitcoin Payments, Credit Card, UnionPay, Skrill, Neteller, WebMoney, Perfect Money, Debit Card, Ethereum Payments, FasaPay, Volet


  • 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
  • xChief delivers a high-quality day trading environment via the MT4 and MT5 platforms, with market-leading charts, indicators and tools


  • xChief is an offshore broker with weak regulatory oversight from the VFSC, so traders will receive limited safeguards
  • The Classic+ and Cent accounts provide access to fewer instruments than the other account types, at 50+ and 35+, respectively
  • Fees and minimums are imposed on most withdrawal methods, including a €60 minimum for SWIFT bank transfers

ForexChief Review

XCheif (Formerly 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 xChief broker review will cover account types, leverage, sign up and login requirements, regulation, and more.

xChief Headlines

The brokerage was established in 2014 as ForexChief, 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 had 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

xChief 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 xChief, our experts found that MT4 is the best fit for beginners and forex traders. The previous ForexChief platforms received the same evaluation.

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

xChief 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.

xChief 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


xChief 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 xChief 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


xChief 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

xChief 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

xChief 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 XChief. 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

xChief 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 xChief’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

xChief 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 xChief. 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 An xChief 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 xChief 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

xChief 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.

XChief Verdict

xChief 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 xChief offers are very high and the regulation is not particularly reputable. The rebranding from ForexChief may result in further regulatory progress, watch this space.


Is ForexChief (xChief) Legit Or A Scam?

xChief (formerly 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 xChief Offer A Demo Account?

Yes, xChief 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 xChief Offer?

xChief 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 xChief Minimum Deposit?

Minimum deposit requirements across all live trading accounts with xChief 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 xChief Trustworthy?

xChief 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. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

  2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

  3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.

ForexChief Comparison Table

Compare ForexChief With Similar Brokers
ForexChief IG Interactive Brokers World Forex
Rating 3.4 4.4 4.3 4
Markets CFDs, Forex, Metals, Commodities, Stocks, Indices CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts
Demo Account Yes Yes Yes Yes
Minimum Deposit $10 $0 $0 $1
Minimum Trade 0.01 Lots 0.01 Lots $100 0.01 Lots
Bonus $100 No Deposit Bonus 100% Deposit Bonus
Education No Yes Yes No
Platforms MT4, MT5 Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral MT4, MT5
Leverage 1:1000 1:30 (Retail), 1:250 (Pro) 1:50 1:1000
Payment Methods 12 6 6 10
Visit Visit Visit Visit Visit
Review IG
Interactive Brokers
World Forex

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 IG Interactive Brokers World Forex
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes No Yes
Gold Yes Yes Yes Yes
Copper No Yes No No
Silver Yes Yes No Yes
Corn No No No No
Crypto Yes Yes Yes Yes
Futures No Yes Yes No
Options No Yes Yes No
ETFs No Yes Yes No
Bonds No Yes Yes No
Warrants No Yes Yes No
Spreadbetting No Yes No No
Volatility Index No Yes No No

ForexChief vs Other Brokers

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


Customer Reviews

  4.7 / 5

This average customer rating is based on 6 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.


xChief offers a reliable service with good order execution and a stable trading platform. I’ve had a positive experience with them and appreciate the dependable performance. The terminal works consistently well, and I haven’t encountered any significant issues. Overall, I’m pleased with xChief and haven’t found any major downsides.

✍ Lukas | 🌐 Germany | June 12, 2024

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.