ForexChief Review 2022 – Online Forex & CFD Broker

ForexChief HeadlinesTrading PlatformMetaTrader 4MetaTrader 5AssetsFeesLeverageMobile AppsPayment MethodsDemo AccountDeals & PromotionsRegulation & LicensingAdditional FeaturesAccount TypesBenefitsDrawbacksTrading HoursCustomer SupportSafety & SecurityForexChief VerdictFAQsAccepted CountriesAlternatives to ForexChief

ForexChief is a multi-asset online broker offering 60+ instruments on the MetaTrader 4 and MetaTrader 5 trading platforms. Access STP direct to market execution with no interference. Our ForexChief broker review will cover account types, leverage, sign up and login requirements, regulation, and more.

ForexChief Headlines

ForexChief was established in 2014, operating from headquarters in Singapore. The brokerage is regulated by the Vanuatu Financial Services Commission (VFSC) as a Dealer in Securities and is a member of the Financial Market Association. ForexChief has a further global office presence including within Indonesia and Nigeria.

The broker uses STP/NDD technology with direct-to-market execution from global servers. A primary focus of the company is the technical stability of the trading servers and software to create a secure trading environment for all customers.

Trading Platform

The broker’s website is not incredibly sleek, though it does offer good trading platform options. ForexChief clients can access MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading terminal options. Both are industry-recognised platforms available for free download to PC and Mac desktop devices or compatible online via all major web browsers.

MetaTrader 4

9 timeframes
Live news streams
Customisable charts
4 pending order types
Analysis of quote dynamics
MQL4 programming language
Access to expert advisors (EAs)
50+ built-in technical indicators
Ability to overlay analytical objects
User-friendly, multilingual interface
Social trading with trading signal service

MetaTrader 5

21 timeframes
One-click trading
Copytradingsupport
Built-in virtual hosting
4 order execution modes
Built-in economic calendar
80+ built-in technical indicators
Set stop loss and take profit levels
Enhanced order management capabilities
Customisable charts, view up to 100 simultaneously

MetaTrader is available in 10+ languages.

Assets

ForexChief offers clients trading opportunities in over 60 assets in the below markets:

Metals: speculate on silver and gold prices
Commodities: Crude oil and natural gas energies
Forex: 40+ major, minor and exotic currency pairs
Indices: trade global indices including FTSE 100, DAX40, Nasdaq and S&P 500
Cryptocurrencies: 4 popular digital currency/USD pairs including Bitcoin, Ethereum and Litecoin
Stocks: trade shares of some of the world’s top companies including Amazon, Apple, Microsoft and eBay

Access to assets varies by account type.

ForexChief MetaTrader 5 Platform

Fees

All account types offer floating spreads, with Direct accounts from 0 pips and Classic+ accounts from 0.3 pips, respectively.

Our review found leverage rates and margin requirements vary between trading instruments and account currencies, with position volume a key metric. These are:

CFD Commodities: position volume of $0-$50,000, 1:50 maximum leverage, 2% floating margin. Position volume of more than $100,000, 1:10 maximum leverage, 10% floating margin
Major Forex Pairs: position volume $0-$500,000, 1:1,000 maximum leverage and 0.1% floating margin. Position volume of more than $10,000,000, 1:25 maximum leverage and 4% floating margin
Minor Forex Pairs: position volume $0-$200,000, 1:1,000 maximum leverage and 0.1% floating margin. Position volume of more than $7,000,000, 1:25 maximum leverage and 4% floating margin

Commissions apply to the majority of account types. A full breakdown can be found in the account types section below.

Leverage

ForexChief leverage varies by account type, with rates up to 1:1,000. The broker is not regulated by a European Union authority so it does not comply with the ESMA leverage capping. Always take time to understand the risks of trading with high leverage as it increases the size of losses as well as profits.

Trading credits are also available with ForexChief. These are termless and interest-free credits to be used as equity for forex trades. Clients may receive trading credit for each deposit made to a live account, for up to 50% of the initial funding.

Mobile Apps

MetaTrader 4 and MetaTrader 5 are both available as mobile applications. The apps are free to download and are compatible with iOS and Android (APK) devices. Access the full trading features of the desktop platform, including analytical tools and customisable charts and graphs, while on the go from a portable device.

Payment Methods

Deposits

ForexChief does not charge a fee for deposit payments, except for some electronic solutions. Third-party bank charges or exchange fees may apply. Minimum deposit requirements are $10 or equivalent currency under all account types. Base currencies vary between accounts but include USD, EUR, CHF, GBP and JPY. Funding methods vary by local jurisdiction and include:

Bank Wire Transfer: 1-2 business day processing
Debit/Credit Cards & China UnionPay: instant processing
Electronic Payments: Skrill, Neteller, WebMoney (0.8% fee) and Perfect Money (1.99% fee)
Cryptocurrency: 8 digital currency coins including BTC and ETH. Processing after 3 confirmations completed
Local Transfer Solutions: includes Malaysia online banking and Mexico local solutions, instant transfer time

Withdrawals

Withdrawals must be made back to the original payment method. Fees and processing times vary between methods.

Cryptocurrency: 1 day processing time, no charge
Bank Wire Transfer: 2 business day processing, no fee
Local Transfer Solutions: 2-7 business day processing, no charges
Credit/Debit Cards: 2-7 day processing time, minimum 2% commission, and $5 fee
Electronic Payments: Skrill (1 day processing, 1% charge), Neteller (1 business day transfer, 1.9% commission and $1 fee), WebMoney (0.8% commission), Perfect Money (0.5% commission)

Personal detail verification is required for credit/debit cards and bank transfer methods.

Demo Account

ForexChief offers a demo account available on the MT4 and MT5 platforms. These accounts are a good way to practise trading, navigate platform features and test strategies risk-free. Specific details including virtual funds and length of availability are not specified. A simple online registration form is required to open a paper trading account.

Deals & Promotions

ForexChief offers various bonus and incentive programmes. At the time of writing, ForexChief offered a new sign-up no deposit bonus of $100. Our 2021 review also found welcome bonus opportunities equal to an initial deposit of up to $500. This amount is available for trading purposes only and may not be withdrawn until after certain conditions have been met. When we viewed the terms and conditions for this particular incentive, we found the trader is required to reach a turnover of $10 million to be eligible to withdraw it. Always review bonus terms and conditions by jurisdiction before opening a live account.

Regulation & Licensing

Forexchief is regulated by the Vanuatu Financial Services Commission (VFSC) as a Dealer in Securities. Traders should be aware that this regulation is not as reputable and robust as the protection offered by bodies like the FCA, it allows for the quick and easy setup of companies with limited client protection.

That being said, the broker does comply with client fund segregation and protection against technical faults. However, it may be more difficult to gain access to compensation through companies not licenced within your local jurisdiction. Levels of compensation are unclear, each case is to be reviewed separately.

Additional Features

It was pleasing to see various analytical tools available on ForexChief’s website. The brokerage hosts a library of trading content, including investment articles with the latest tips, forex trading strategies, guides on how to use technical indicators and a full schedule of trading sessions by stock exchange. The analytics posts include live currency charts, economic calculators and the latest interest rate charges by country. All analytics tools can be accessed without needing to open a trading account.

There is also an FAQs page for self-help queries and direct links to useful pages.

Account Types

ForexChief broker offers various trading account types including; Direct, Classic and Cent. Minimum deposit requirements across all accounts are $10 or equivalent currency. Base currencies vary between accounts but include USD, EUR, CHF, GBP and JPY. Live/real account features include:

MetaTrader 4

All MT4 accounts access market execution orders, hedging and scalping, 30% stop out call, 0.01 lots minimum order size, maximum leverage of 1:1,000 and access to expert advisors (EAs).

MT4 Direct FX and MT4 Classic+

150+ available contracts
Swap-free account available
Floating spreads from 0 pips
Maximum order size of 100 lots
MT4 Classic+ Commissions: CFD indices free, stocks CFDs 0.1%, crypto CFDs 0.25%
Direct FX Commissions: CFD indices $15 per Mio, stocks CFDs 0.1%, crypto CFDs 0.25%

Cent MT4 Direct FX

40+ available contracts
Floating spreads from 0 pips
Maximum order size of 100 lots
Commissions: FX spot and metals CFDs, $15 per Mio

Cent MT4 Classic+

40+ available contracts
Floating spreads from 0.3 pips
Maximum order size of 100 lots
Commissions: FX spot and metals CFD, free

PAMM versions of the DirectFX and Classic+ accounts are also available on ForexChief. These match the conditions of their standard counterparts, except base currencies are limited to USD and EUR and there are no trading credits, turnover rebates, welcome bonuses or swap-free versions.

ForexChief PAMM Model

MetaTrader 5

All accounts access market execution orders, hedging or netting, 30% stop out call, 0.01 lots minimum order size, maximum leverage of 1:400 and maximum order size of 100 lots.

MT5 Direct FX

60+ available contracts
Floating spread from 0 pips
Swap-free account available
Commissions- $15 per 1 mIn

MT5 Classic+

No commissions
60+ available contracts
Swap-free account available
Floating spread from 0.3 pips

Cent MT5 Direct FX

42 available contracts
Commissions: $15 per 1 mIn
Floating spreads from 0 pips

Cent MT5 Classic+

42 available contracts
Commissions: $15 per 1 mIn
Floating spreads from 0.3 pips

It is quick to open a real account. Customers must complete a simple online registration form. You may be required to provide identification verification documents such as proof of residency under the know-your-customer (KYC) compliance. It was good to see that ForexChief offers an Islamic, swap-free trading account.

Benefits

Tight spreads
Demo account
PAMM accounts
MT4 & MT5 access
Several account types
Leverage up to 1:1,000
Segregated client funds
Islamic trading support
Range of base currencies
Range of payment methods
Multilingual customer service
Educational and analytical posts

Drawbacks

Basic website design
Lengthy withdrawal times
Some reviews of scamming
Limited regulatory oversight
Alluring financial incentives with hard to achieve terms

Trading Hours

The brokerage follows standard office hours and 24-hour trading hours Monday-Friday, though these timings may vary by instrument.

Customer Support

ForexChief offers multilingual customer support options available 24/7. These include:

WeChat
Live chat
Whatsapp
Telephone: +65 31593652
Email: info@forexchief.com

Working times vary for the international helpdesk. Telephone customer support is provided in English, Arabic, Spanish, French, Italian, Portuguese, Hindi, Russian and Chinese. There is also a comprehensive FAQ section on the broker’s website.

Safety & Security

Personal area and portal access are password protected. Unusually, bonus payments can be gained before personal identification documents are submitted. Secure login protection is supported for the MT4 and MT5 platforms with high-tech encryptions and industry-standard data privacy. Be cautious of several reviews reporting ForexChief scam concerns.

ForexChief Verdict

ForexChief provides competitive trading opportunities for customers of different abilities and experience levels on the established MT4 and MT5 platforms. The trading conditions and pricing structure is competitive, with tight spreads and low commissions. Moreover, the range of markets accessible is decent, PAMM accounts are supported and high leverage rates are available. However, the conditions for the financial incentives ForexChief offers are very high and the regulation is not particularly reputable.

FAQs

Does ForexChief Offer A Demo Account?

Yes, ForexChief offers a demo account that can be used on the MT4 and MT5 platforms.

What Trading Platforms Does ForexChief Offer?

ForexChief offers two trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both terminals have advanced trading tools and features, including access to EAs, dozens of technical indicators and customisable dashboards.

Is ForexChief Legit?

ForexChief is a regulated brokerage firm with oversight from the Vanuatu Financial Services Commission. However, there have been some reports of scams, the financial incentives are very alluring but difficult to withdraw and regulation is held with a bottom-tier, offshore financial watchdog.

What Is The ForexChief Minimum Deposit?

Minimum deposit requirements across all live trading accounts with ForexChief are $10 or equivalent. Base currencies vary between accounts but include USD, EUR, CHF, GBP and JPY.

Is ForexChief A Regulated Broker?

Yes, ForexChief is regulated by the Vanuatu Financial Services Commission (VFSC) as a Dealer in Securities. Traders should be aware that regulation is not as robust as the protection offered by reputable bodies such as the FCA or ASIC.

Accepted Countries

ForexChief accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Alternatives to ForexChief

If you are looking for alternatives to ForexChief we have compiled a list of the top 5 brokers that are similar to ForexChief below. This list of brokers like ForexChief is in order of similarity and only includes companies that accept traders from your location.

Vantage – Reliable and affordable trading since 2009. Join over 900,000 others trading on 400+ CFD products over assets like forex, gold, indices, cryptocurrency and shares from 0.0 spreads through TradingView, MT4 or MT5. Vantage is ASIC regulated and client funds are segregated. Open an account in under 5 minutes.

Avatrade – Leading forex and CFD broker regulated in Ireland, Australia, Canada and South Africa. Avatrade are particularly strong in integration, including MT4

FP Markets – FP Markets is a multi-asset broker offering a choice of trading platforms.

RoboForex – RoboForex is a multi-asset online broker offering powerful trading aides.

Pacific Union – Pacific Union is a multi-asset broker offering trading via the MT4 and MT5 platforms.

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