Position in Rating | Overall Rating | Trading Terminals |
84th  | 3.8 Overall Rating |  |
ForexChief Review
ForexChief is one of many forex brokers online, with an array of trading instruments for both beginner and experienced traders. The broker also offers several trading account options and some of the most advanced trading platforms in the world.
Forex trading is one of the most popular ways to earn a passive or active income. However, while there are several factors that determine success in forex trading conditions, having an ideal broker is very important. Well, this forexchief review will give you all the info you need about this brokerage.
You will get information about what the broker is about, regulatory status, trading platforms, trading accounts, fees, and so much more. Ultimately, you will get the facts you need to make an informed choice.
What is ForexChief?
Forex Chief is an online based financial services broker that gives users access to the Forex market and several other trading instruments. The firm has a relatively decent reputation in the forex and CFD markets. And while it targets a broad customer base, it is mainly suited for somewhat experienced traders.
In addition to currency pairs, the firm also gives users a chance to trade in commodities, precious metals, indices, and others. The Vanuatu financial services commission, under Company Number №14777, regulates the forex broker.
There are some small minimum deposit requirements here too. Anyone can set up an account and start trading the forex market. Besides, Forex Chief, in fact, offers deposit bonus programs and the right trading conditions to make it easier for folks to succeed.
Advantages and Disadvantages of Trading with ForexChief
If you decide to trade Forex CFDs with Forex Chief, you should expect several key benefits and some cons. Here is a breakdown of both:
Advantages
DisadvantagesBenefits of Trading with ForexChief
ForexChief has, over the years, invested heavily in its services in order to deliver excellent value for money. Here are some of the benefits of trading with this good broker:
State of the Art Trading Platforms
One thing that can make or break a trader is trading technology. Ideally, most folks want to be able to set up and execute trades seamlessly without fail. Forex chief offers users two of the most advanced trading platforms in the world. This includes MT4 and mt5. It is likely that your previous broker had these trading platforms since they are the best.
Low minimum Deposit and Tight Spreads
The last thing you need as a forex trader is to spend lots of your profits on fees. The good news is that you won’t have such a problem with ForexChief. The firm offers zero spreads on specific accounts and some of the lowest deposit requirements you will ever get. Besides, the ForexChief minimum deposit is also zero. This means that you can use the local bank transfer to fund as little as you want into the trading account.
Easy and Quick Account Opening
You don’t need to present too many documents or personal details to open trading accounts with ForexChief. In fact, in most cases, it only takes less than 24 hours to get started. Besides, the broker is not restrictive in terms of geography. You can open a trading account from anywhere in the world and fund it with bitcoin cash or any other currency you see fit.
Please also note that ForexChief will offer users trading credits and maximum leverage even if your account is new. In addition to the high leverage for taking advantage of trading opportunities, you also get simple options for withdrawing money from your live account.
ForexChief Pros and Cons
Forex Chief has, of course, delivered on many positive aspects of forex trading. But the firm is not perfect. Here are some of the key pros and cons to note:
Pros
- You can open a trading account from anywhere in the world without worrying about a high minimum deposit
- Forexchief offers a low spread in certain assets; in some cases, you get zero spreads
- Traders also get various deposit and withdrawal options, including credit debit cards, crypto, and bank transfer
- Highly advanced trading platforms for fast execution without issues whatsoever
- One of the best services in terms of customer support and website languages
Cons
- The firm has not invested that much time in helping beginner traders learn the ropes of forex trading
- It can be hard to get started with the trading platform here
- The margin requirements are relatively strict compared to other brokerages
Analysis of the Main Features of ForexChief
2.7 Overall Rating |
2.7 Execution of Orders |
2.8 Investment Instruments |
2.5 Withdrawal Speed |
3.0 Customer Support |
2.6 Variety of Instruments |
2.6 Trading Platform |
ForexChief Customer Reviews
Overall, the reviews we have seen on Forex Chief suggest that this is a reliable broker that anyone can work with. Most users seem to appreciate the fact that the customer support here delivers good service for all traders. There are also some folks who feel that the trading platforms and overall trading conditions are ideal.
Despite this, we saw some complaints as well. For example, it may be best to use local bank transfers when withdrawing money. This will incur a low cost, and besides, you may have some issues if you use other advanced withdrawal methods to make several withdrawals.
In fact, there is a review from one user that appears to suggest that sometimes withdrawals don’t actually go through. Whether this is a problem with the broker or with specific accounts remains to be seen. But you should proceed with caution, especially when choosing a withdrawal option.
Nonetheless, with everything said and done, anyone should be happy to use these brokers anytime.
ForexChief Spreads, Fees, and Commissions
As with many other brokers, the fees and spreads you pay when you trade will depend on several factors. This includes the account types, the type of asset, and other factors. However, Forex Chief offers low spreads in general but very high fees.
Now, there are six different account types here. In all these accounts, spreads range from 0 – 0.3 pips. Please also note that special commissions are also charged depending on the asset. For example, Forex Chief will charge you a $15 commission when you trade precious metals. A fee of 0.1% of the total trade value is also charged for stocks and crypto.
It doesn’t matter whether you are a member of the personal area. These fees cut across all accounts. Compared to other online brokers, these charges are very high. In fact, the commissions on precious metals are some of the highest we have seen.
Account Types
As noted above, Forexchief offers up to 6 different trading accounts. These accounts are each designed to offer certain perks for the average trader. Here they are:
MT4.DirectX – The first one is the MT4.DirectX. It has a minimum deposit requirement of $10 but spreads start at 0. You also get to deposit using a wide range of global currencies as well.
MT4.Classic – You can also choose the MT4.Classic+. It has the same features as the Direct FX, including turnover rebates and a welcome bonus. However, you will pay variable spreads that can rise as high as 0.3 pips.
Pamm Accounts (Two options) – The third and fourth accounts are categorized as the pamm accounts. These only allow USD or EUR deposits, but you get maximum leverage of 1:1000. Besides, spreads start from 0.
Cent Accounts (Two options) – The two final accounts are under the cent accounts. They include the Cent Direct FX and the Cent Classic +. Both these accounts are ideal for beginners, albeit spreads range from 0 – 0.3 pips. You also get a minimum deposit of $10.
How To Open Your Account?
The first step in getting a trading account with Forex Chief is to head over to their website. Hit the ‘Create Live Account” button on the home page. You will be required to enter your name, country of origin, and phone number on the page that appears.
The broker will then go ahead and verify your details, after which you will be required to upload a few documents. In most cases, the process of opening and verifying the trading account takes less than 24 hours.
What Can You Trade on ForexChief
There is a ton of financial instruments that can be traded at Fx chief. The main trading instrument here is forex. Whether you have a recently registered or experienced account, you can buy and sell currency pairs and get fast withdrawals through wire transfers or any other payment method.
You are also free to trade commodities with FX Chief, including crude oil, natural gas, and so much more. Precious metals like gold and silver are also on offer. And to top it off, you can also buy and sell crypto and stocks through the many mobile apps available here.
ForexChief Customer Support
ForexChief strives to offer robust customer support with advanced analytical tools and all the trading assistance a client needs. What makes the support team such an essential pillar of the service here is the wide range of means you can use to reach them.
Whether you are interested in live chat, email, or phone support, there is an option for you. In fact, Forexchief allows you to get help using popular messaging apps like Whatsapp, Wechat, Telegram, and so many others.
Despite this, the response time by the support team needs to improve a bit. It takes relatively longer to get things sorted out compared to other brokerages that we have reviewed.
Advantages and Disadvantages of ForexChief Customer Support
The support team at Forex Chief has strengths and weaknesses. Here is a breakdown of some of them:
Contacts Table
Security for Investors
Security is also one of the most crucial aspects of the services offered at FXChief. Here are some advantages and disadvantages of the security measures in place here:
Withdrawal Options and Fees
ForexChief offers clients several withdrawal options depending on their location. For starters, the broker has an international wire transfer option that anyone can use on the platform. It takes 2-4 business days to withdraw money through this option at zero percent fees.
Please also note that you can still deposit money using the same method and pay nothing. There are also local bank withdrawals specific to certain countries that take at most 24 hours to clear.
You also pay zero fees for this. Users can also withdraw or deposit money using cards. Debit or credit card withdrawals are instant. You are also allowed to use electronic money transfer services like Skrill, Perfect Money, Web Money, and others.
ForexChief Vs Other Brokers
As a top brokerage online, FXChief can hold its own against some of the leading brokers in the world. Here is how the firm compares to other brokers in its category:
#1. ForexChief vs. Avatrade
Avatrade is an Irish-based forex and CFD trading broker that has been in business for years. Regulated in London and other top-tier jurisdictions, it is one of the most popular online brokers in the world.
AvaTrade shares several similarities with Forex Chief. For instance, both these firms offer a wide range of accounts, low spreads, excellent trading conditions, and an array of trading instruments. However, AvaTrade has a better trust score, better technology, and better security.
Besides, it is worth noting that AvaTrade is highly regulated in some of the strictest regulatory environments in the world. This more or less guarantees safety for traders. The broker also offers a relatively better pool of trading instruments compared to FX Chief.
#2. ForexChief vs Roboforex
The similarities between ForexChief and Roboforex are pretty obvious. Both these firms have reputable experience in the market, and they all deliver the mt4 and mt5 as their primary trading platforms.
They are also suited for advanced traders with experience and expertise in the market. Perhaps one area where Roboforex beats FXChief is the fees. In fact, ForexChief charges are way high compared to what you pay on Roboforex.
In addition, the two firms are also markedly different as far as customer support goes. While we did notice some problems with the FXChief support, especially in responding to customer concerns, at Roboforex, it is much different. The support term there is relatively efficient and reliable.
#3. ForexChief vs Alpari
Alpari has always been an excellent option for folks who are looking for firms with a proven track record in the market. With over 20 years of experience as a broker and over 2 million traders spread all over the world, Alpari is the most experienced firm of the two.
Also, you will get better fees, better technology, and advanced security at Alpari compared to ForexChief. The firm also offers a loyalty cash-back program, and while FXChief also has several bonuses for rewarding users, the loyalty program at Alpari is much better.
You will also notice that the variety of accounts on offer at Alpari is also better. In fact, the broker offers several customized account options suited for both individual retail investors and larger institutional investors. The firm has invested heavily in creating proper investor education too through its dedicated “Learn to trade” initiative.
Conclusion: ForexChief Review
Forex Chief is a decent online broker designed to serve experienced traders in countries where traditional brokers are typically not available. The firm offers state-of-the-art MT4 and MT5 trading platforms, a vast range of assets to buy and sell, and a strong reputation for reliability. You also get to choose between different account types that meet your needs.
There are, however, a few shortcomings to note. For starters, the fees are relatively high compared to other brokerages. We also saw some complaints about the response time of customer support, including delays in sorting out some withdrawal issues. But despite this, FX Chief is still a decent enough broker to trade forex.
ForexChief Review FAQs
Is ForexChief legit?
Yes, Forex Chief is legit. It is regulated by the Vanuatu Financial services commission and already has a proven market reputation.
Is ForexChief regulated?
Yes, as noted above, the broker is regulated by the Vanuatu Finacial Services Commission. This makes it a relatively safe broker to work with.
Does ForexChief offer a demo account?
Yes, you can open a demo account for free with FX Chief and train yourself before jumping into a real account.
