Minimum Deposit: $100
Maximum Leverage: 1:400
My Score: 2.6
Today, I’m going to introduce you to ForexChief. The broker established in 2014 and based 1276 Kumul Hwy, 1st Flr Govant Bldg Port Vila, Vanuatu. ForexChief has offices in Switzerland, Singapore, South Africa and Nigeria.
Furthermore, ForexChief is an offshore broker and I will give more info about it in the regulation section.
In this ForexChief review, you will learn Is ForexChief scam or not. Moreover, What are the account types of the broker? How good is ForexChief trading conditions such as spreads, leverage, minimum deposit and bonuses?
Don’t open a trading account before reading the most detailed Forex Chief review on the internet!
ForexChief Regulation and Investor Protection
As I said on the first part of the review, ForexChief is an offshore broker and licensed by the Vanuatu Financial Services Commission as a Dealer in Securities (Principal’s License).
The company behind the broker is ForexChief Ltd. (Company Number 14777).
Whereas, the Vanuatu license may be partly acceptable but it is not giving much confidence. For reason of that, I can say the minimum capital requirements.
I think ForexChief have chosen to register in Vanuatu because of the minimum capital requirement is only $2,000.
It doesn’t cover any compensation when clients have a complaint against the broker. Also, it is hard to seek legal recourse when the broker based offshore.
After talking about the regulation let’s continue with another section.
Account Types and Spreads
ForexChief offers its clients four account types. These are MT4.DirectFX, MT4.Classic+, cent-MT4.DirectFX, and cent-MT4.Classic+. You can choose also the MT5 version there are not any differences between them.
As you see in the table below, each account can be opened with a minimum deposit of $100 (or equivalent) in the following currencies – USD/CHF/GBP/EUR/JPY.
|Account type||Minimum deposit||Maximum leverage||Minimum trade size||Average Spreads (& Commission)|
|MT4.DirectFX||$100||1:400||0.01||0.4 pips +$15 per 1 mln. USD|
|Cent-MT4.DirectFX||$100||1:400||0.01||0.4 pips + $15 per 1 mln. USD
|Cent- MT4.Classic+||$100||1:400||0.01||0.7 pips|
There are differences in spreads among account types. The cent-MT4.Classic+ and MT4.Classic+ accounts have no commission. Spread for the MT4.DirectFX and cent-MT4.DirectFX accounts start from 0 pips; and for others, from 0.3 pips.
Commission for the MT4.DirectFX and cent-MT4.DirectFX is $15 per 1 mln. USD.
The maximum leverage is up to 1:400 and minimum order size is 0.01 lot for all accounts. Besides, expert advisors and scalping are allowed with the broker.
ForexChief provides the MetaTrader 4 platform which is the most popular platform among the brokers and traders.
Also, the MetaTrader 5 is available which the new version of the MT4 is. You can use both platforms on desktop, iOS and Android devices.
So, the reasons why MT4 is so popular are intuitively understandable interface, embedded programming language MQL 4, a wide variety of indicators and tools for technical analysis, Direct Market Access through MT4 Bridge technology.
However, MT5 has the MQL5 programming language, code base technical indicators database, strategy tester, application store, a wide range of tools for DMA/STP.
ForexChief offers 50+ Forex pairs, Metals, Commodity CFDs, Stock, Index and Cryptocurrencies. Precious metals are silver, gold, palladium and platinum. Commodities are Brent Crude Oil, US Natural gas and WTI Crude Oil.
The cryptocurrencies offered by ForexChief are Bitcoin, Bitcoin cash, Ethereum, Litecoin and Ripple.
Honestly, I didn’t like the website, www.forexchief.com, of the broker design. It looks like very amateur. I think the designer wanted to compare it to the Financial Times website.
Despite the website does not give a positive impression, they have a variety of live chat options. While many brokers don’t offer live chat, these options are a massive advantage for ForexChief.
The website supports English, Russian, Indonesian, Chinese, Spanish and more.
The broker offers two bonuses: Welcome bonus and Turnover Bonuses.
ForexChief’ Welcome No Deposit Bonus $100 allows you to check the company’s services and test the trading strategy chosen. You can get No Deposit Bonus Forex on your account automatically, no personal documents for verification required.
Of course, there are terms and conditions and ForexChief have created a complete video-tutorial for you, which explains in details the whole procedure of obtaining the ForexChief Bonus.
Turnover Bonus allows active traders to earn additional income in the form of weekly rewards for trading turnover. The program operates in automatic mode and does not require any actions in the Personal Area for activating this service.
By the end of each week, weekly trading turnover is calculated, and the appropriate bonus is credited to the trading account. The bonus program’s distinctive advantages are its lack of secret terms and conditions, progressive rates, weekly payments, lack of MTP, and unlimited withdrawal.
You can see the examples, bonus terms and conditions here.
Deposit and Withdrawal methods of ForexChief
There are a variety of deposit and withdrawal options offered by ForexChief. Deposit options are bank wire transfer, local transfers (China, Indonesia, and Nigeria), credit / debit cards, electronic payments such as Bitcoin, Skrill, Neteller, WebMoney, PerfectMoney, Fasapay and Qivi Wallet.
It is good to have these kinds of deposit and withdrawal methods for this broker. Because many other offshore brokers don’t provide as much as ForexChief.
Transfer time of the withdrawal methods should be better. It takes 3-5 business day when you use bank wire transfer. It takes 3 business day with credit / debit cards and 1 business day e-wallets systems.
Also, there are commission and fees some methods. You can check them on the picture above.
Unfortunately, my impressions about ForexChief are not positive at all. While account types, trading conditions, withdrawals and deposit options are positive, on the other hand, my main concern with the broker is loose regulation.
I would advise you to trade a forex broker who licensed in UK, or Cyprus for instance, where regulation is strict and there are compensation schemes, which will protect your money if your broker becomes bankrupt.
At the end of my word, you can check out the pros and cons of the broker on the bottom of the page.