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xChief (ex. ForexChief) review
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9 mins read
Overview
Our 5-step process of verification and evaluation – How do we obtain information?
General inspection – 30%
Trading experience – 30%
Technical audit – 20%
Collective experience from collaborations with the broker – 10%
Interviews with real traders – 10%
See the entire process here.
Pros
Low minimum deposit requirement of $10 across all account types.
Beneficial trading terms such as low trade volume, starting at 0.01 lots, and tight spreads, starting from 0 pips.
Availability of multiple payment methods for deposits and withdrawals without any fees from the Broker’s end.
Efficient customer support is available 24/5 through various channels like email, online chat, messengers, and feedback forms.
A comprehensive library section on the website, includes trading sessions, indicators, strategies, and trading articles.
Cons
Lack of regulation by a tier-one regulatory body, leading to concerns about the safety of funds and lower levels of client protection.
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Non-compliance with ESMA leverage capping may not be suitable for traders looking for low-risk options.
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Unclear compensation levels in case of any mishap, with each case being reviewed separately.
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Educational and research material may be suitable for only beginner traders looking for more in-depth knowledge and analysis.
General details
Customer reviews
score
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Accounts
Type of Trading Accounts on ForexChief
xChief offers a range of trading accounts to suit the needs of different traders. They provide their clients with the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, each with different features and benefits.
For MT4 users, xChief offers several account types, including MT4.DirectFX, MT4.Classic+, pamm-MT4.DirectFX, and pamm-MT4.Classic+. These accounts also have varying minimum deposit amounts, account currency options, and spreads:
- The MT4.DirectFX Account: This is perfect for those who prefer a low minimum deposit and want access to a vast range of tradable assets, including over 150 Forex pairs, metals, commodities, indexes, and stocks. With this Account, traders can enjoy a floating spread from 0 pips and a position accounting hedging system. They also get access to the MT4 platform and the iOS and Android traders.
- The MT4.Classic+ Account: This Account is ideal for traders who want a low minimum deposit and a floating spread from 0.3 pips. This account type provides access to over 150 tradable assets and a hedging position accounting system. Like the MT4.DirectFX Account, the MT4.Classic+ Account also grants access to the MT4 platform and iOS and Android traders.
- Pamm-MT4.DirectFX and Pamm-MT4.Classic+ accounts: These account types are for traders interested in a percentage allocation management module. They are similar to the MT4.DirectFX and MT4.Classic+ accounts, respectively, with a focus on percentage allocation management.
- The cent-MT4.DirectFX and cent-MT4.Classic+: These accounts are for traders looking to start with smaller deposits. The minimum deposit required is $10 or equivalent, providing access to 40+ Forex pairs and metals. However, the spreads for these accounts start from 0 pips and 0.3 pips, respectively.
All MT5 accounts offer market execution orders, hedging or netting, and a 30% stop-out call, with a minimum order size of 0.01 lots, maximum leverage of 1:400, and maximum order size of 100 lots.
- MT5.DirectFX Account: This account type grants access to over 60 Forex pairs, metals, commodities, indexes, and crypto, with a floating spread starting from 0 pips and a hedging position accounting system. Traders can also access the MT5 platform, as well as iOS and Android traders.
- MT5.Classic+ Account: If you want a low minimum deposit and a floating spread from 0.3 pips, the MT5.Classic+ Account might be perfect for you. With over 60 tradable assets and a hedging position accounting system, this account type provides traders with great trading experience. Similar to the MT5.DirectFX Account traders can access the MT4 platform, as well as iOS and Android traders.
- The pamm-MT5.DirectFX and pamm-MT5.Classic+ accounts: ForexChief offers percentage allocation management module (PAMM) accounts, including the pamm-MT5.DirectFX and pamm-MT5.Classic+ accounts. These account types are for traders interested in this type of trading. These accounts are similar to the MT5.DirectFX and MT5.Classic+ accounts, respectively, but with a focus on percentage allocation management.
- The cent-MT5.DirectFX and cent-MT5.Classic+ accounts: These accounts require a minimum deposit of $10 (or equivalent) and provide access to 40+ Forex pairs and metals. Although the spreads for these accounts start from 0 pips and 0.3 pips, respectively, they are great options for those looking to start small and grow their accounts over time.
Tradable instruments
Tradable instruments on ForexChief trading platforms include:
- Metals
- Indexes
Frequently asked questions
Find the right answer to your question below.
xChief is a brokerage company that offers a wide range of trading instruments, account types, and beneficial trading terms. However, some traders may have concerns about the company’s lack of regulation by a major tier-one regulatory body.
As earlier mentioned, xChief is regulated by the Vanuatu Financial Services Commission (VFSC) as a Dealer in Securities. Still, this regulation is less reputable and robust than the protection offered by bodies like the FCA.
While xChief complies with client fund segregation and protection against technical faults, compensation levels are unclear. In the end, traders must weigh the risks and benefits before trading with xChief.
Opening a trading account with xChief is a relatively straightforward process. Here are the steps to follow:
- Go to the xChief website and click on the “Registration” button in the homepage’s top right corner.
- Fill out the registration form with your personal information, including your name, email address, and phone number.
- Agree to the terms and conditions, and complete the registration process.
- Verify your identity by providing a copy of your passport or national ID and proof of residence.
- Fund your Account by selecting one of the available payment options and depositing.
- Download and install the trading platform, and start trading.
xChief (ex. ForexChief) compared with alternative brokers
To see the full broker review click “See review”, to see the complete table and compare more brokers visit our Comparison page.
- Overall verdict
- Trading
- Minimum deposit
- Maximum leverage
- Fees
- Withdrawal fee
- Deposit fee
- Safety
- Top-tier regulators
- Investor protection
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4.1/ 5
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4/ 5
- N/A
- N/A
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4.1/ 5
- N/A
- N/A
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4/ 5
- VFSC
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Yes
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See review
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Specialized trading accounts
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24/7 instant money withdrawal
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4.2/ 5
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4.5/ 5
- 100$
- 1:50
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4/ 5
- $0
- $0
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4.5/ 5
- FCA, CFTC, NFA, CIRO, CIMA, CYSEC
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Yes
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See review
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4.1/ 5
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4.1/ 5
- N/A
- N/A
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3.7/ 5
- N/A
- N/A
-
4.1/ 5
- ASIC, FCA, BaFIN, CONSOB, CNMV, AMF
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Yes
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See review
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3.9/ 5
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4/ 5
- N/A
- 1:50
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4.1/ 5
- N/A
- N/A
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3.5/ 5
- CFTC, NFA
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Yes
-
See review
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3.7/ 5
-
3.8/ 5
- $100
- 1:400
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3.2/ 5
- $0
- $0
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4.2/ 5
- ASIC, CBI
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Yes
-
See review
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