ForexChief Review

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 in Indonesia and Nigeria.

ForexChief 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

ForexChief 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. ForexChief 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

ForexChief 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 ForexChief'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.

ForexChief Trading Platforms

ForexChief 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.

• ForexChief Mobile: For those who prefer to trade on the go, there is the ForexChief 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.

Type of Trading Accounts on ForexChief

ForexChief 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, ForexChief 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.

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

ForexChief 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, ForexChief 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.

ForexChief Licenses and Regulatory Compliance

ForexChief 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 ForexChief. Additionally, it's worth noting that ForexChief lacks any regulation by a major tier-one regulatory body.

ForexChief Customer Protection

A major factor in choosing a forex broker is to consider the safety and security of your funds. ForexChief 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 ForexChief 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 would be reviewed separately.

Customer Support

ForexChief 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.

ForexChief'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 ForexChief'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

ForexChief 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.

ForexChief 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.

Tradable Instruments

ForexChief offers a wide range of trading instruments for its customers. With this selection, traders can diversify their portfolios and exploit various market opportunities.

• 150+Forex

• Metals

• Commodities

• Indexes

• Stocks

• Crypto

ForexChief Leverage

ForexChief 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 ForexChief 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, ForexChief 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 ForexChief 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.

Regardless of the account type, ForexChief 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 ForexChief 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 ForexChief doesn't charge any withdrawal fees, it's important to note that processing times and fees may vary depending on your chosen withdrawal method.

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.

For more top brokers, make sure to check out our FBS review and Octa FX review.