According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10
- MT4
- MT5
- ForexChief Mobile
- ASIC
- MISA
- 2008
Our Evaluation of xChief
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
xChief is a moderate-risk broker with the TU Overall Score of 6.94 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by xChief 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.
The xChief (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.
xChief (ForexChief) has been rebranded to xChief!
Brief Look at xChief
xChief (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.
xChief (ForexChief) operates under a dealer in securities license issued by the ASIC (Australian Securities and Investments Commission, AFSR no. 001312104) and MISA (Mwali International Services Authority in the Island of Mwali, reg.number HY00923433 and license number T2023379).
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- high-security level;
- favorable trading conditions, bonuses, and affiliate programs.
- support service only works 24/5;
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- no trading credits (analog of bonus for depositing) on МТ5;
TU Expert Advice
Author, Financial Expert at Traders Union
xChief (ForexChief) offers a range of trading services, including margin trading currency contracts, precious metals, and cryptocurrencies, with MT4, MT5, and a mobile app. The broker provides advantageous trading conditions through tight spreads from 0 pips, a minimum deposit of $10, and leverage up to 1:1000. Additional benefits include the availability of PAMM accounts, copy trading, and bonus programs, making it appealing for traders focusing on a mix of active and passive trading strategies.
However, xChief faces disadvantages, including its regulatory status with MISA, which may not appeal to traders requiring Tier-1 regulation. Client support is limited to 24/5. Moreover, the asset selection is somewhat limited compared to other brokers. Overall, xChief could be suitable for both novice and experienced traders who prioritize diverse trading instruments and flexible conditions, but may not meet the needs of those focused on top-tier regulation or extensive passive investment options.
- Tight spreads and commission structures suit your trading preferences. xChief (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. xChief (ForexChief) offers a copy trading function, enabling you to follow experienced traders and potentially benefit from their expertise.
- Top-tier regulation is your top priority. xChief's regulation status might not meet the standards of all traders who prefer oversight from major financial authorities
- Limited asset selection is a concern. xChief (ForexChief) primarily focuses on forex and CFDs, offering a smaller selection of other assets compared to some competitors.
xChief Trading Conditions
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.
| 💻 Trading platform: | MT4, МТ5, and xChief 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 |
| 💵 Deposit / Withdrawal: | Bank transfers and cards, electronic payment systems, BTC, ETH, XRP, LTC, USDT (BEP20, ERC20,Trc20), USDC(ERC20, BEP20). |
| 🚀 Minimum deposit: | $10 |
| ⚖️ Leverage: | 1:1000 |
| 💼 PAMM-accounts: | Yes |
| 📈️ Min Order: | 0.01 lots |
| 💱 EUR/USD spread: | 0,4 pips |
| 🔧 Instruments: | 60+ currency pairs, metals, energy products, stock indices, and cryptocurrencies |
| 💹 Margin Call / Stop Out: | 30% / 30% |
| 🏛 Liquidity provider: | xChief (ForexChief) liquidity aggregator |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | Market |
| ⭐ Trading features: | Cryptocurrency trading; Scalping; Trading with advisors; The swap-free service (not for cent accounts). |
| 🎁 Contests and bonuses: | Yes |
The xChief (ForexChief) brokerage company offers beneficial trading terms: trade volume starts at 0.01 lots, the minimum deposit is $10, and spreads are from 0 pips.
xChief Key Parameters Evaluation
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Trading Account Opening
It is very easy to become a client of xChief (ForexChief).
To log in to your xChief (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 xChief (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.
Regulation and safety
xChief has a safety score of 4.7/10, which corresponds to a Low security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Is regulated
- Negative balance protection
- Track record over 17 years
- Not tier-1 regulated
xChief Regulators and Investor Protection
| Abbreviation | Full Name | Country of regulation | Investor Protection Fund | Regulation Level |
|---|---|---|---|---|
| MISA (Mwali) | Mwali International Services Authority | The Comoros | No specific fund | Tier-3 |
xChief Security Factors
| Foundation date | 2008 |
| Negative balance protection | Yes |
| Verification (KYC) | Yes |
Commissions and fees
The trading and non-trading commissions of broker xChief have been analyzed and rated as Medium with a fees score of 5/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, to provide the most comprehensive information.
- Tight EUR/USD market spread
- No inactivity fee
- Above-average Forex trading fees
- Deposit fee applies
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of xChief with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, xChief’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
xChief Standard spreads
| xChief | Pepperstone | OANDA | |
| EUR/USD min, pips | 0,1 | 0,5 | 0,1 |
| EUR/USD max, pips | 0,8 | 1,5 | 0,5 |
| GPB/USD min, pips | 0,1 | 0,4 | 0,1 |
| GPB/USD max, pips | 1,0 | 1,4 | 0,5 |
RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
xChief RAW/ECN spreads
| xChief | Pepperstone | OANDA | |
| Commission ($ per lot) | 3 | 3 | 3,5 |
| EUR/USD avg spread | 0,4 | 0,1 | 0,15 |
| GBP/USD avg spread | 0,4 | 0,15 | 0,2 |
Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with xChief. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
xChief Non-Trading Fees
| xChief | Pepperstone | OANDA | |
| Deposit fee, % | 0-9 | 0 | 0 |
| Withdrawal fee, % | 0-2 | 0 | 0 |
| Withdrawal fee, USD | 0 | 0 | 0-15 |
| Inactivity fee ($, per month) | 0 | 0 | 0 |
Account types
xChief (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 xChief (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.
Deposit and withdrawal
xChief received a Medium score for the efficiency and convenience of its deposit and withdrawal processes.
xChief provides a reasonable range of deposit and withdrawal options with moderate fees, in line with industry standards.
- Bank card deposits and withdrawals
- Bank wire transfers available
- Minimum deposit below industry average
- USDT (Tether) supported
- Wise not supported
- Limited deposit and withdrawal flexibility, leading to higher costs
- PayPal not supported
What are xChief deposit and withdrawal options?
xChief provides a basic range of deposit and withdrawal options, covering essential methods in line with industry standards. This set of options is sufficient for most traders, with available methods Bank Card, Bank Wire, Skrill, Neteller, BTC, USDT, Ethereum.
xChief Deposit and Withdrawal Methods vs Competitors
| xChief | Plus500 | Pepperstone | |
| Bank Wire | Yes | Yes | Yes |
| Bank card | Yes | Yes | Yes |
| PayPal | No | Yes | Yes |
| Wise | No | No | No |
| BTC | Yes | No | No |
What are xChief base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. xChief supports the following base account currencies:
What are xChief's minimum deposit and withdrawal amounts?
The minimum deposit on xChief is $0, while the minimum withdrawal amount is $30. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact xChief’s support team.
Markets and tradable assets
xChief offers a limited selection of trading assets compared to the market average. The platform supports 150 assets in total, including 40 Forex pairs.
- Crypto trading
- Indices trading
- Copy trading platform
- Futures not available
- Bonds not available
Supported markets vs top competitors
We have compared the range of assets and markets supported by xChief with its competitors, making it easier for you to find the perfect fit.
| ForexChief | Plus500 | Pepperstone | |
| Currency pairs | 40 | 60 | 90 |
| Total tradable assets | 150 | 2800 | 1200 |
| Stocks | Yes | Yes | Yes |
| Commodity futures | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes |
| Stock indices | Yes | Yes | Yes |
| Options | No | Yes | No |
Investment options
We also explored the trading assets and products xChief offers for beginner traders and investors who prefer not to engage in active trading.
| ForexChief | Plus500 | Pepperstone | |
| Bonds | No | No | No |
| ETFs | No | Yes | Yes |
| Copy trading | Yes | No | Yes |
| PAMM investing | No | No | Yes |
| Managed accounts | No | No | No |
Trading platforms & tools
xChief received a score of 7.65/10, reflecting an average offering in terms of trading platforms and tools. The broker covers essential functionality but may fall short in some advanced features or platform diversity compared to leading competitors.
- MetaTrader is available
- Free VPS for uninterrupted trading
- Trading bots (EAs) allowed
- One-click trading
- No access to API
- No TradingView integration
- No access to cTrader and its advanced tools.
Supported trading platforms
xChief supports the following trading platforms: MT4, MT5. This selection covers the basic needs of most retail traders. We also compared xChief’s platform availability with that of top competitors to assess its relative market position.
| ForexChief | Plus500 | Pepperstone | |
| MT4 | Yes | No | Yes |
| MT5 | Yes | No | Yes |
| cTrader | No | No | Yes |
| TradingView | No | Yes | Yes |
| Proprietary platform | No | Yes | Yes |
| NinjaTrader | No | No | No |
| WebTrader | No | Yes | Yes |
Key xChief’s trading platform features
We also evaluated whether xChief offers essential trading features that enhance user experience, accommodate various trading styles, and improve overall functionality.
Supported features
| 2FA | Yes |
| Alerts | Yes |
| Trading bots (EAs) | Yes |
| One-click trading | Yes |
| Scalping | Yes |
| Supported indicators | 68 |
| Tradable assets | 150 |
Additional trading tools
xChief offers several additional features designed to enhance the trading experience. These tools provide greater automation, deliver advanced market insights, and help improve trade execution.
xChief trading tools vs competitors
| ForexChief | Plus500 | Pepperstone | |
| Trading Central | Yes | No | No |
| API | No | No | Yes |
| Free VPS | Yes | No | Yes |
| Strategy (EA) builder | No | No | Yes |
| Autochartist | Yes | No | Yes |
Mobile apps
xChief supports mobile trading, offering dedicated apps for both iOS and Android. xChief received 8/10 in this section, reflecting strong user engagement and well-developed functionality. High ratings, solid download numbers, and the presence of advanced mobile features contributed to the high score.
- Solid iOS user feedback, with a rating of 4.7/5
- Indicators supported
- Strong Android user ratings, currently at 4.8/5
- Fewer charting tools
We compared xChief with two top competitors by mobile downloads, app ratings, 2FA support, indicators, and trading alerts.
| ForexChief (xChief ) | Plus500 | Pepperstone | |
| Total downloads | 100,000 | 10,000,000 | 100,000 |
| App Store score | 4.7 | 4.7 | 4.0 |
| Google Play score | 4.8 | 4.4 | 4.0 |
| Mob. 2FA | Yes | Yes | Yes |
| Mob. Indicators | Yes | Yes | Yes |
| Mob. Alerts | Yes | Yes | Yes |
Education
On the xChief (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.
Customer support
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 xChief (ForexChief) website and in user accounts.
Contacts
| Foundation date | 2008 |
|---|---|
| Registration address | Suit 32-10, ParkLane Tower, Business Bay, Dubai, UAE |
| Regulation |
ASIC, MISA
Licence number: AFSR no. 001312104, T2023379 |
| Official site | https://www.xchief.com/ |
| Contacts |
+971 31593652
|
Comparison of xChief with other Brokers
| xChief | Bybit | Eightcap | XM Group | Markets4you | NPBFX | |
| Trading platform |
ForexChief Mobile, MT4, MT5 | MetaTrader5 | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MobileTrading, MT5 | MT4 |
| Min deposit | $10 | No | $100 | $5 | No | $10 |
| Leverage |
From 1:1 to 1:1000 |
From 1:1 to 1:500 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:10 to 1:4000 |
From 1:200 to 1:1000 |
| 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 0 points | From 0.8 points | From 0.1 points | From 0.4 points |
| Level of margin call / stop out |
30% / 30% | No / 50% | 80% / 50% | 100% / 50% | 100% / 20% | No / 30% |
| Order Execution | Market Execution | Market Execution | Market Execution | Market Execution | Market Execution, Instant Execution | Instant Execution, Market Execution |
| No deposit bonus | $100 | No | No | No | No | No |
| Cent accounts | Yes | No | No | No | Yes | No |
Detailed review of xChief (ForexChief)
xChief (ForexChief) provides services in compliance with the requirements of ASIC and MISA, which is the broker’s regulators. 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 xChief (ForexChief) broker is suitable for both novice and experienced traders.
xChief (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. xChief (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.
xChief’s (ForexChief) 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.
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