Verdict

/ 5

xChief (ex. ForexChief) review

By Dmitry Shalikovsky

Updated on Nov 8, 2024

9 mins read

106 customer reviews

Overview

xChief (former ForexChief) has existed since 2014, providing top-notch Forex and CFD trading services to millions of clients worldwide. This Broker is headquartered in Vanuatu, with additional offices...

See full overview for xChief (ex. ForexChief)

xChief is a multi-asset online broker offering a whopping 100+ instruments. It uses the STP/NDD (straight-through processing/no dealing desk) model, ensuring no conflicts of interest between itself and its clients.

Supported Countries

xChief is a global player in the forex market, giving equal opportunity to trades, no matter where they’re from. For this reason, they accept traders from various countries, including Australia, Thailand, Canada, the United States, and the United Kingdom.

Additionally, traders from South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, the United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and many other countries around the world can trade on the platform.

And when it comes to their top trading countries, the Russian Federation leads the pack, followed by Tunisia. xChief also has a strong presence in Nigeria, Ukraine, Portugal, Belarus, and India, with each country representing a significant portion of its global trading community.

Customer Service Rating

xChief prides itself on always providing traders with the best possible experience. On Trustpilot, the platform has an excellent rating of 4.7 out of 5 stars from 175 satisfied customers.

Many of the users have praised the platform for its friendly and convenient features, making trading a breeze. Others have raved about xChief’s top-notch customer service, available through multiple services. The platform also offers lightning-fast fund withdrawals and low spreads to make the trading experience as smooth and enjoyable as possible.

That said, there are some negative remarks, mostly around limited deposit methods, which may be partly due to location. On Sitejabber, the platform has an impressive rating of 4.75 stars from 16 reviews, proving that it is committed to providing traders with the best possible service.

ForexChief Trading Platforms

xChief is committed to providing its clients with the best possible trading experience, including offering a wide range of industry-recognized platforms for desktop and mobile devices. Here is what they offer:

MetaTrader 4 (MT4): With MT4, traders can access 9 timeframes, customizable charts, and 50+ built-in technical indicators. They’ll also have access to expert advisors (EAs) and the MQL4 programming language, making creating and testing trading strategies easy. Plus, with the ability to overlay analytical objects and access live news streams, you’ll always have the most up-to-date information at your fingertips.
MetaTrader 5 (MT5): For even more advanced features, traders can opt for the MT5. This platform includes 21 timeframes, built-in virtual hosting, and 80+ technical indicators. You can also set stop loss, take profit levels, and take advantage of copy trading support and enhanced order management capabilities. And with one-click trading and customizable charts (view up to 100 simultaneously), you can easily execute trades.
xChief Mobile: For those who prefer to trade on the go, there is the xChief App for iOS and Android devices. With the App, traders have access to all the basic functions of the ForexChief platform, including the ability to trade Forex, Metals, Commodities, Indices, Stocks, and Crypto. You’ll also have access to trading credit up to 70% of your deposit, and a wide range of deposit/withdrawal methods. You can also rely on their helpdesk and ticket system for any questions or issues that may arise.

Trading Denominations on ForexChief

ForexChief offers a variety of base currencies for trading. Depending on your account type, you may have access to currencies such as USD, EUR, CHF, GBP, RUB, and JPY.

Company Structure

xChief is a brokerage firm established in 2014 with headquarters in Singapore. The company is regulated by the Vanuatu Financial Services Commission (VFSC) as a Dealer in Securities and is a member of the Financial Market Association.

With a primary focus on providing a secure trading environment for its customers, xChief strongly emphasizes the technical stability of its trading servers and software. The company offers a wide range of account types, which makes it accessible to investors from all over the world. This enables traders to choose an account denomination that is most convenient for them.

xChief aims to provide quality and affordable forex services by leveraging modern technologies in online trading. It offers customers competitive pricing, fast execution speeds, and reliable customer support.

ForexChief Licenses and Regulatory Compliance

xChief is headquartered in Singapore. The company is registered under ForexChief Ltd. and has a registration number of 14777. The Vanuatu Financial Services Commission (VFSC) licenses the firm as a Dealer in Securities, a principal’s license.

While the VFSC license may not be as reputable as the protection offered by bodies like the FCA, it allows for the quick and easy setup of companies with limited client protection. Traders need to be aware of this fact before investing with xChief. Additionally, it’s worth noting that ForexChief lacks any regulation by a major tier-one regulatory body.

xChief Customer Protection

A major factor in choosing a forex broker is to consider the safety and security of your funds. xChief is a broker that takes client fund segregation and protection against technical faults. This means your funds are kept separate from the company’s operating funds, reducing the risk of misappropriation or fraud.

However, it’s important to note that because xChief is not licensed by a major tier-one regulatory body, it may be more difficult to gain access to compensation through companies not licensed within your local jurisdiction. It needs to be clarified what level of compensation is available, and each case should be reviewed separately.

Customer Support

xChief offers excellent customer support services to its clients. Traders can get help from the support team around the clock, from Monday to Friday. This makes it easy for clients to contact the support team whenever they need assistance.

xChief’s customer support has multiple contact options. Traders can contact the support team through various messengers such as Facebook, Viber, Skype, Whatsapp, and Telegram. This flexibility ensures that clients can use their preferred method of communication.

Another notable aspect of xChief’s customer support is its multi-language support. The support team is proficient in several languages, including English, Chinese, Indonesian, Malay, and Russian.

Trading Information

xChief offers various trading services, including Forex, Gold & Silver, CFD, Oil, Metals, Energies, and Crypto. The trading terms are extremely beneficial. You can start trading with a volume as low as 0.01 lots; the minimum deposit is only $10. The spreads are also from 0 pips, making it easier for you to maximize your profits.

xChief operates within standard office hours, but trading is available 24/5, except for certain instruments whose trading hours vary. Additionally, this Broker offers a swap-free trading account. This type of Account is especially popular among Muslim traders who follow the principles of Islamic finance.

xChief Leverage

xChief offers a maximum leverage of 1:1000 on all its account types, which is quite high compared to other brokers in the market. However, it’s worth mentioning that xChief is not regulated by a European Union authority, which means it does not comply with the ESMA leverage capping. This may not suit traders who prefer to work with brokers that follow stricter regulatory guidelines.

That being said, xChief does offer varying leverage rates and margin requirements depending on the trading instrument and account currency. Traders can check the specifics for each instrument on the company’s website.

Deposits and Withdrawals

Deposits

When depositing funds into a xChief trading account, the Broker does not charge any fees, except for certain electronic payment methods, which may incur a charge. However, it is worth noting that third-party bank charges or exchange fees may still apply.

Deposit Options	Transfer Currencies	Transfer Time	Commissions and Fees
Bank Transfer SEPA	EUR	1-2 business days	0%
Local bank transfer	Local Currency	Up to 24 hours	0%
Credit/Debit card	USD, EUR, GBP	Instantly	2%
Crypto	BTC, ETH, LTC, BCH, DOGE, USDT, USDC, DAI	Up to 8 hours	0%
Skrill	USD, EUR	Instantly	0%
NETELLER	USD, EUR, GBP	Instantly	0%
Advanced Cash	USD, EUR, GBP, UAH, BRL	Instantly	0%
FasaPay	USD, IDR	Instantly	0%
WebMoney	USD	Instantly	9% + 0.8%
Perfect Money	USD, EUR	Instantly	1.99%

Regardless of the account type, xChief has a low minimum deposit requirement of just $10 or the equivalent in other currencies, making it accessible to traders of all levels.

Withdrawals

When it comes to withdrawing funds from your xChief trading account, you should keep a few things in mind. Withdrawals must be returned to the original payment method you used to deposit funds.

While xChief doesn’t charge any withdrawal fees, it’s important to note that processing times and fees may vary depending on your chosen withdrawal method.

Withdrawal Options	Transfer Currencies	Commissions and Fees	Transfer Time
Bank Transfer SWIFT	EUR, GBP	1%	3-5 business days
Bank Transfer SEPA	EUR	0%	2 business days
Local Bank Transfer	Any currency	0%	2-7 business days
Credit/Debit card	USD, EUR, GBP	2%,	2-7 business days
Crypto	BTC, ETH, LTC, BCH, USDT, USDC, DAI	Depending on the network	1 business day
Skrill	USD, EUR	1%	1 business day
NETELLER	USD, EUR, GBP	1.9%	1 business day
Advanced Cash	USD, EUR, GBP, UAH, BRL	1%	1 business day
WebMoney	USD	0.8%	1 business day
Perfect Money	USD, EUR	0.5%	1 business day
FasaPay	USD, IDR	0.5%	1 business day

In some cases, personal detail verification may be required when using certain withdrawal methods such as credit/debit cards and bank transfers. This is just a standard security measure to ensure your funds are transferred securely and to the correct Account.

xChief Trading Education and Training

xChief provides a decent amount of useful information about trading. The Broker’s website features a Library section that offers a wide range of resources for traders to explore. Here’s what you can find:

Schedule of trading sessions
Trading indicators
Trading strategies
Trader’s first steps
Articles about trading

Conclusion

xChief is a competitive forex and CFD broker that provides a wide range of trading instruments and multiple account types. Although not regulated by a tier-one regulatory body, the broker offers a reliable trading environment and competitive trading conditions.

In addition, xChief’s customer support is readily available through multiple contact options, and the Broker provides a Library section on its website where traders can find useful information on trading.

Countries

+219

Devices

Our Verdict

4.1

/ 5

See our process of evaluating brokers

Commissions & Fees

4.1

/ 5

Deposit & Withdrawal

/ 5

Customer Support

4.4

/ 5

Account Opening

3.8

/ 5

Regulation & Safety

/ 5

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.
Non-compliance with ESMA leverage capping may not be suitable for traders looking for low-risk options.
Unclear compensation levels in case of any mishap, with each case being reviewed separately.
Educational and research material may be suitable for only beginner traders looking for more in-depth knowledge and analysis.

General details

Type of accounts

Unlimited Demo Accounts

Standard Accounts

ECN accounts

STP accounts

Cent accounts

Trading platforms

Execution Model

ECN

STP

Deposit currency

Regulatory complience

Deposit payment systems

Withdrawal payment systems

Support Languges

English

Russian

Autotrading

MQL.5 Signals MT4 EA MT5 EA

Contact details

[email protected]

Customer reviews

Read real reviews from traders all over the world:

柯

柯正文

3 April 2024

Advantages: No slippages

Disadvantages: no

Reliable forex platform! I have used it before and am quite happy with it. Customer support is good No slippages when trading different pairs. Everything is in perfect order.

Hamilton Mckinney

28 February 2024

Advantages: Stable trading terminal

Disadvantages: I would like more ways to deposit/withdraw

I am very impressed with xchief, especially how they have handled the volume of my trades. I find the platform to be extremely stable. There is regular maintenance of server to keep the speed of execution same as always. Trading conditions are still okay, but the server is one of the most advantages of using this broker.

See all 106 customers reviews

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

Currencies

150

Commodities

N/A

Stocks

N/A

Cryptocurrencies

N/A

Frequently asked questions

Find the right answer to your question below.

Is xChief a Scam?

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.

How do I open a xChief trading account?

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.