deposit:
- $50
Trading platform:
- MT4
- MT5
- ForexChief Mobile
- VFSC
- 100%
deposit:
- $50
Trading platform:
- MT4
- MT5
- ForexChief Mobile
- VFSC
- 100%
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Summary of ForexChief Trading Company
ForexChief is a moderate-risk broker with the TU Overall Score of 5.34 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by ForexChief clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews. ForexChief ranks 92 among 413 companies featured in the TU Ranking, which is based on the evaluation of 100+ criteria and a test on how to open an account.
The ForexChief broker will be interesting for traders who want to focus on contract trading. It provides a wide range of instruments, including cryptocurrency, as well as alternative income-earning methods that do not require you to trade yourself. You can participate in affiliate programs or invest assets in automated copy trading. Such nuances make the company’s conditions attractive even for inexperienced traders.
ForexChief is an all-inclusive online platform for margin trading in currency contracts and precious metals. The STP/NDD (straight-through processing/no dealing desk) model is the technical basis of the broker’s operation. Such a solution excludes conflicts of interest between the company and its clients and significantly improves the quality of services. It allows the company to offer competitive trading conditions due to tight spreads and fast execution of orders. The broker pays special attention to the steady operation of the platform and software provided to its traders.
ForexChief Ltd. is registered under number 14777 and operates under a dealer in securities (principal) license issued by the Vanuatu Financial Services Commission (VFSC) in compliance with Section 4, Subsection 1 of the Dealers in Securities (Licensing) Act [CAP. 70].
💰 Account currency: | USD, CHF, GBP, EUR, JPY, and RUB |
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🚀 Minimum deposit: | $50 |
⚖️ Leverage: | 1:1000 for МТ4 and 1:400 for МТ5 |
💱 Spread: | From 0 pips |
🔧 Instruments: | 60+ currency pairs, metals, energy products, stock indices, and cryptocurrencies |
💹 Margin Call / Stop Out: | 30% / 30% |
👍 Advantages of trading with ForexChief:
- high-security level;
- favorable trading conditions, bonuses, and affiliate programs.
👎 Disadvantages of ForexChief:
- support service only works 24/5;
- the platform is inconvenient for scalping;
- few features for passive trading;
- no PAMM accounts;
- no trading credits (analog of bonus for depositing) on МТ5;
- no swap-free trading for cent accounts;
- no welcome bonuses on opening cent accounts.
Evaluation of the most influential parameters of ForexChief
Trade with this broker, if:
- Tight spreads and commission structures suit your trading preferences. ForexChief offers STP/ECN execution with competitive spreads and a choice of account types featuring different commission structures, providing flexibility based on your trading style.
- Copy trading interests you. ForexChief offers a copy trading function, enabling you to follow experienced traders and potentially benefit from their expertise.
Do not trade with this broker, if:
- Top-tier regulation is your top priority. ForexChief's regulation status might not meet the standards of all traders who prefer oversight from major financial authorities
- Limited asset selection is a concern. ForexChief primarily focuses on forex and CFDs, offering a smaller selection of other assets compared to some competitors.
Geographic Distribution of ForexChief Traders
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Expert Review of ForexChief
According to TU’s assessment, ForexChief is a broker with attractive trading terms that fulfills its obligations to clients and partners.
Besides a demo account, ForexChief offers several real trading accounts such as DirectFX, DirectFX, Cent.Classic+, and Cent.Classic. After learning the differences between these accounts, you can choose an option that is the most convenient and advantageous for you.
The Analytics and Library sections of the company’s official website include quality educational and analytical content, useful analysis tools, and trading strategies.
ForexChief allows you to profit not only from trading yourself but also from automated copying of transactions by professional traders. The broker also offers affiliate programs as additional earning options.
ForexChief incentivizes clients with bonuses and holds various contests for owners of real accounts due to which traders can get decent extra income and increase their trading volumes. By the way, there are bonus rewards on trading volumes as well.
Latest ForexChief News
Dynamics of ForexChief’s popularity among
Traders Union’s traders, according to 2023 data
Investment Programs, Available Markets and Products of the Broker
As a client of ForexChief, you can gain profit not only from manual trading but also from investing funds in social trading.
Mirror trading and copying transactions of experienced market participants, as well as selling trade signals constitute a very popular trend.
Of course, automated copying helps those who copy trades of professional traders. Users with rich Forex trading experience can become traders whose transactions will be copied. This will bring them additional income.
The copy trading service from MetaQuotes is available to everyone and the number of people who use it is unlimited. Signal providers get a reward for each trade copied by subscribers.
Unfortunately, ForexChief does not provide any other investing options. However, there are affiliate trading options that let you earn significant additional income without trading yourself.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
ForexChief’s affiliate programs
ForexChief offers alternative ways to make money in currency markets through affiliate programs, such as:
White Label. It helps to become a Forex broker at minimal expense based on the already existing technical infrastructure of ForexChief. Participation in this program rids partners of the necessity to solve several serious problems, allows them to save considerably on licenses and proprietary technologies, and helps them stand out from competitors. White Label is a great solution for young companies that are just planning on conquering the market. It’s also a practical solution for large institutional brands that want to outsource part of their business processes. ForexChief allows partners to build a reliable communication channel that will help them develop and realize long-term joint business projects.
Introducing Broker. This program is designed for those whose primary income does not come from trading, but from agent’s fees for attracting clients to the company. Agents are the company’s representatives. This affiliate program differs from similar ones in that the partner’s reward consists of two parts. The first is the CPA (cost-per-action) reward: up to $300 for each attracted client. The second is the reward for the client’s turnover which increases in proportion to trading volume.
Trading Conditions for ForexChief Users
The ForexChief brokerage company offers beneficial trading terms: trade volume starts at 0.01 lots, the minimum deposit is $50, and spreads are from 0 pips.
$50
Minimum
deposit
1:1000
Leverage
24/5
Support
💻 Trading platform: | MT4, МТ5, and ForexChief Mobile |
---|---|
📊 Accounts: |
MT4/5.DirectFX MT4/5.Classic+ Cent-MT4/5.DirectFX Cent-MT4/5.Classic+ |
💰 Account currency: | USD, CHF, GBP, EUR, JPY, and RUB |
💵 Replenishment / Withdrawal: | Bank transfers and cards, electronic payment systems |
🚀 Minimum deposit: | $50 |
⚖️ Leverage: | 1:1000 for МТ4 and 1:400 for МТ5 |
💼 PAMM-accounts: | No |
📈️ Min Order: | 0.01 lots |
💱 Spread: | From 0 pips |
🔧 Instruments: | 60+ currency pairs, metals, energy products, stock indices, and cryptocurrencies |
💹 Margin Call / Stop Out: | 30% / 30% |
🏛 Liquidity provider: | ForexChief liquidity aggregator |
📱 Mobile trading: | Yes |
➕ Affiliate program: | Yes |
📋 Orders execution: | Market |
⭐ Trading features: | Cryptocurrency trading; Scalping; Trading with advisors; The swap-free service (not for cent accounts). |
🎁 Contests and bonuses: | Yes |
Comparison of ForexChief with other Brokers
ForexChief | RoboForex | Pocket Option | Exness | FxPro | FreshForex | |
Trading platform |
ForexChief Mobile, MT4, MT5 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MobileTrading, MT5, cTrader, FxPro Edge | MT4, MobileTrading |
Min deposit | $50 | $10 | $5 | $10 | $100 | No |
Leverage |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:2000 |
Trust management | No | No | No | No | No | No |
Accrual of % on the balance | No | No | No | No | No | No |
Spread | From 0 points | From 0 points | From 1.2 point | From 1 point | From 0 points | From 0 points |
Level of margin call / stop out |
30% / 30% | 60% / 40% | 30% / 50% | No / 60% | 25% / 20% | 40% / 20% |
Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution |
No deposit bonus | $100 | No | No | No | No | $30 |
Cent accounts | Yes | Yes | No | No | No | Yes |
Broker comparison table of trading instruments
ForexChief | RoboForex | Pocket Option | Exness | FxPro | FreshForex | |
Forex | Yes | Yes | Yes | Yes | Yes | Yes |
Metalls | Yes | Yes | Yes | Yes | Yes | Yes |
Crypto | No | No | Yes | Yes | Yes | No |
CFD | Yes | Yes | Yes | Yes | Yes | Yes |
Indexes | Yes | Yes | Yes | Yes | Yes | Yes |
Stock | No | Yes | Yes | Yes | Yes | Yes |
ETF | No | Yes | No | No | No | No |
Options | No | No | No | No | No | No |
ForexChief Commissions & Fees
Account type | Spread (minimum value) | Withdrawal commission |
MT4/5.DirectFX | $0 | $15 for $1 million |
MT4/5.Classic+ | $3 | No |
Сent-MT4/5.DirectFX | $0 | $15 for $1 million |
Сent-MT4/5.Classic+ | $3 | No |
Swaps do not accrue in Islamic accounts. The swap-free service is available for any account, except cent ones.
TU’s experts have compared the trading fees charged by ForexChief and its competitors and ranked them based on the results.
Broker | Average commission | Level |
ForexChief | $1.5 | Medium |
RoboForex | $1 | Low |
Pocket Option | $8.5 | High |
Detailed review of ForexChief
ForexChief provides services in compliance with the requirements of VFSC, which is the broker’s regulator. It is an all-inclusive online platform that offers margin trading in currency contracts, precious metals, and other assets.
The technical infrastructure is based on the STP/NDD model, which excludes conflicts of interest between the broker and its clients. This model also promotes the improvement of performance through the fast execution of orders and the minimization of spreads.
Institutional clients also provide services for the STP gateway integrated with МТ4. This allows traders to get liquidity in standard trading accounts.
The liquidity aggregation technology and its administration system ensures the stable operation of the platform and its ability to cope even with an unusually high workload. It becomes especially helpful during peak activity for traders to use news during trading and similar activities.
The ForexChief broker is suitable for both novice and experienced traders.
ForexChief stands out from its competitors due to its features and unusual technological solutions. The broker’s reliability is confirmed by a proper license.
The company provides primary analytical tools and relevant information that allows users to improve trading effectiveness considerably. The high quality of informational and educational content is also worth noting.
Apart from a demo account, you can choose from 4 live account types, including cent accounts. It lets you find the most convenient and favorable option. The minimum deposit is 50 USD.
The company is suitable for those who want to apply various strategies such as automated trading with advisors, scalping, copy trading, news trading, etc. ForexChief is also convenient for long-term and mid-term strategies because you can set up the Islamic account option in classic accounts. In this case, fees for keeping positions open overnight will not be charged. The broker is characterized by quick execution of market orders.
Clients can use the MetaTrader 4 and 5 platforms and their mobile versions for Android and iOS. It is possible to trade using different accounts at the same time.
ForexChief’s analytical services:
-
analytical reviews;
-
economic articles;
-
quotation charts;
-
interest rates;
-
trader’s calculator.
Advantages:
good liquidity;
favorable trading conditions: 4 live account types + a demo account;
tight spreads from 0 pips;
wide variety of trading instruments like stocks, cryptocurrency, currency pairs, futures, etc.;
the extensive educational section helps users acquire and improve trading skills;
protection from negative balance;
trading with advisors and copy trading allows clients to use all advantages of automated trading;
risk reduction through hedging;
scalping.
Guide on how traders can start earning profits
ForexChief offers several account types from which to choose. Deposits can be made in USD, CHF, GBP, EUR, JPY, and RUB. Regardless of the selected account type, the minimum deposit is 50 USD or the equivalent amount in another currency.
The maximum leverage is 1:1000 for MT4 and 1:400 for MT5. Requotes are absent, irrespective of the account type. MT4 offers a hedging accounting system and MT5 offers a hedging or netting accounting system for all account types. It should be noted that trading credits (analog of bonus for depositing) are available on МТ4, but not on MT5.
Account types:
With ForexChief, you can trade on the classic MetaTrader 4 and MetaTrader 5 platforms, as well as mobile platforms. Before opening a live account, you should test your trading strategy by using a demo account that doesn’t require making deposits. After that, the broker advises opening a cent account so as not to risk large amounts of money.
Investment Education Online
On the ForexChief website, there is a Library section, where every trader can find a lot of useful information.
When proceeding from theory to practice, you should not open a real trading account at once. Specialists recommend practicing on a demo account that doesn’t require funding. After assessing your abilities in training sessions, you can move on to trading in real accounts. Experts advise using economic calendars, news, and market reviews when analyzing markets.
Security (Protection for Investors)
ForexChief complies with the requirements of its regulator, the VFSC, which ensures the fulfillment of the company’s obligations to its clients and guarantees the safety of their assets.
👍 Advantages
- Client deposits are kept separately from the company’s funds and the broker cannot use them
- Protection from negative balance
- Disputes are resolved through third parties (independent experts)
👎 Disadvantages
- The regulator does not consider traders’ complaints about moral damage
Withdrawal Options and Fees
-
With ForexChief, you can deposit and withdraw money via bank transfers and with Visa or MasterCard. Funds can also be withdrawn to such electronic wallets as WebMoney, Skrill, Crypto, QIWI Wallet, Advanced Cash, Alipay, Neteller, and Perfect Money.
-
Funds reach bank cards in 2–7 business days.
-
Funds reach electronic wallets within one business day.
-
Bank transfers usually take no more than 5 business days.
The fee and receipt of currency depend exclusively on the withdrawal method chosen by a client. ForexChief may charge an additional $15 fee on withdrawing $1 million from some accounts.
Customer Support Service
Support service is ready to answer clients’ questions and help traders around the clock 5 days a week.
👍 Advantages
- Multiple contact options
- Multi-language support
- Website section with answers to frequently asked questions
👎 Disadvantages
- Insufficient FAQs section
Support can be contacted in several ways:
-
email;
-
online chat;
-
messengers at: Facebook, Viber, Skype, Whatsapp, VKontakte, and Telegram;
-
feedback form.
Support is available on the ForexChief website and in user accounts.
Contacts
Foundation date | 2008 |
Registration address | 1276 Kumul Hwy, 1st Flr Govant Bldg, Port Vila, Vanuatu |
Regulation |
VFSC Licence number: 14777 |
Official site | forexchief.com |
Contacts |
Email:
info@forexchief.com,
Phone: +41 44 505 1495 |
Review of the Personal Cabinet of ForexChief
It is very easy to become a client of ForexChief.
To log in to your ForexChief user account, you just have to click the corresponding button:
Enter your email and password:
If you don’t have an account, click “Open a Live Account” and fill out the registration form that requests personal information. You will also need to get verified.
After registration and logging in, you can make a deposit into your account, as well as download and open the МТ4/МТ5 platform.
In your user account, you can select trading instruments, use the broker’s bonuses, and deposit/withdraw funds.
Your ForexChief user account also provides access to:
latest analytical data;
statistics on trading with ATS (alternative trading systems);
statistics on effectiveness and income from affiliate programs;
educational content;
history of trading transactions and deposits/withdrawals;
current quotations;
support service that offers professional advice.
Disclaimer:
Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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FAQs
Do reviews by traders influence the ForexChief rating?
Any review can raise or lower the rating of any broker in the general list of brokers. To read reviews about ForexChief you need to go to the broker's profile.
How to leave a review about ForexChief on the Traders Union website?
To leave a review about ForexChief, register on the Traders Union website or you can also leave a review through Facebook.
Is it possible to leave a comment about ForexChief on a non-Traders Union client?
Anyone can leave feedback about ForexChief on multiple participating clients; however, Traders Union clients also receive additional payments later for working with any broker listed at the Forex market.
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