August 7, 2020

ForexChief Review – Is ForexChief Scam or not?

ForexChief

ForexChief review
2.6

Trust

1.0/10

Commissions and charges

2.0/10

Customer Service

5.0/10

Platform & Tools

3.0/10

Product Portfolio

2.0/10

Pros

Cons

ForexChief review

Regulators: VFSC

Cryptocurrencies: YES

Minimum Deposit: $100

Maximum Leverage: 1:400

Spreads: Low

My Score: 2.6

TodayI’m definitely going to present one to ForexChief. The broker situated in 2014 and established 1276 Kumul Hwy, 1 st Flr Govant Bldg Port Vila, Vanuatu. ForexChief has offices in Switzerland, Singapore, South Africa and Nigeria.

Furthermore, ForexChief is an overseas broker and I shall give more information on it at the law department.

In this ForexChief review you will learn Is ForexChief scam or maybe not. Moreover, What will be the accounts sorts of this broker? How good is ForexChief trading requirements such as spreads, leverage, minimum bonuses and deposit?

Don’t open a trading account before reading the most detailed Forex Chief review on the internet!

ForexChief Regulation and Investor Protection

As I said before all else part of the review, ForexChief is an offshore broker and licensed by the Vanuatu Financial Services Commission as a Dealer in Securities (Principal’s License).

The company behind the broker is ForexChief Ltd. (Company Number 14777).

Whereas, the Vanuatu license may be partly acceptable but it is not giving much confidence. For argumentation of that, I can say the minimum capital requirements.

I think ForexChief have chosen to register in Vanuatu because of the minimum capital requirement is only $2,000.

It doesn’t pay any reimbursement once customers have a gripe against the broker. Additionally, it’s tricky to look for legal recourse once the broker established overseas.

After referring to the law allowed ‘s go on with a different section.

Account Types and Spreads

ForexChief provides its customers four account forms. All these are MT4.DirectFX, MT4.Classic , cent-MT4. DirectFX, also cent-MT4. Classic. You may select also the MT5 variant there aren’t any differences between these.

As you watch at the table beneath, each account is started using a minimum deposit of $100 (or equivalent) from these monies – USD/CHF/GBP/ / EUR/JPY.

Account kind Minimum residue Maximum leverage Minimum trade size Average Spreads (& Commission)
MT4.DirectFX $100 1:400 0.01 0.4 Stocks $ 1-5 a 1 mln. USD
Cent-MT4. DirectFX $100 1:400 0.01 0.4 Stocks $ 1-5 a 1 mln. 67146
MT4.Classic $100 1:400 0.01 0.7 Indicator
Cent- MT4.Classic $100 1:400 0.01 0.7 Indicator

There are gaps in spreads one of the account types. The cent-MT4. Vintage and MT4.Classic account don’t have any commission. Spread to your MT4. DirectFX along with cent-MT4. DirectFX accounts begin from 0%; and also others, from 0.3 pips.

Commission for your MT4.DirectFX and also cent-MT4. DirectFX is 15per 1 mln. USD.

The best leverage is left up into 1:400 and the minimum purchase size is 0.01 great for all balances. In any case, expert advisers and scalping are enabled with the broker.

Trading programs

ForexChief stipulates the MetaTrader 4 stage that’s typically the very widely used platform on the list of brokers and traders.

Also, the MetaTrader 5 is currently available that your new variant of the MT4 is. You are able to use either programs on both desktop, iOS along with Android apparatus.

So, reasons why MT4 is popular are intuitively clear interface, embedded programming language MQL 4, also a vast array of indexes and tools for technical investigation, Direct Market Access through MT4 Bridge technology.

However, MT5 includes got the MQL5 programming language, code-base technical indicators database, method tester, application store, an extensive assortment of applications for DMA/STP.

Trading Instruments

ForexChief provides 50 Forex pairs, including Metals, Commodity CFDs, Stock, Index and Cryptocurrencies. Gold and silver coins are silver, gold, gold, palladium and gold. Compounds are Brent Crude Oil, US Natural gasoline and WTI Crude Oil.

The Crypto Currencies Provided by ForexChief include Bitcoin, Bitcoin Money, Ethereum, Litecoin and Ripple.

Customer Service

Honestly, I didn’t like the website, www.forexchief.com, of the broker design. It looks like very amateur. I think the designer wanted to compare it to the Financial Times website.

Despite the website does not give a positive impression, they have a variety of live chat options. While many brokers don’t offer livechat, these options really are a huge convenience for ForexChief.

The Site encourages English, Russian, Indonesian, Chinese, Spanish and much more.

ForexChief Bonus

The broker offers two different bonuses: Welcome bonus plus Turnover Bonuses.

ForexChief’ Welcome No Deposit Bonus $100 allows you to check the company’s services and test the trading method chosen. You can obtain No Deposit Bonus Forex on your account automatically, no personal documents for verification required.

Of course, there are terms and conditions and ForexChief has created a complete video-tutorial for you, which explains in details the whole procedure of obtaining the ForexChief Bonus.

Turnover Bonus allows active traders to earn additional income in the form of weekly rewards for trading turnover. The program operates in automatic mode and does not require any actions in the Personal Area for activating this service.

By the end of each week, weekly trading turnover is calculated, and the appropriate bonus is credited to the trading account. The bonus program’s distinctive advantages are its lack of secret terms and conditions, progressive rates, weekly payments, lack of MTP, and unlimited withdrawal.

Deposit and Withdrawal methods of ForexChief

There are a variety of deposit and withdrawal options offered by ForexChief. Deposit options are bank wire transfer, local transfers (China, Indonesia, and Nigeria), credit/debit cards, electronic payments such as Bitcoin, Skrill, Neteller, WebMoney, PerfectMoney, Fasapay and Qiwi Wallet.

ForexChief deposit

It is good to have these kinds of deposit and withdrawal methods for this broker. Because many other offshore brokers don’t provide just as many as ForexChief.

The transfer period of the withdrawal techniques should function improved. It requires 3-5 business day once you employ bank wire transfer. It requires 3 business days together with charge/bank cards along with one business day E-Wallets systems.

Also there are fees and commission a few techniques. You may assess these in the picture.

If you would like to deposit and draw your accounts with no problem I urge to trade with a broker who’s within my own very best forex brokers list.

Conclusion

Unfortunately, my beliefs about ForexChief aren’t favorable in Any Way. While consideration types, trading requirements, deposit and withdrawals options are all favorable, on the flip side, my principal concern with all the broker is complementary regulation.

I would counsel one to trade forex broker that authorized in UK, or even Cyprus for example, where regulation is more strict and you’ll find reimbursement schemes, that’ll guard your money in case a broker gets bankrupt.

At the conclusion of the sentence, you’re able to take a look at the pros and cons of this broker at the base of the webpage.

ForexChief

2.6

Trust

1.0/10

Commissions and charges

2.0/10

Customer Service

5.0/10

Platform & Tools

3.0/10

Product Portfolio

2.0/10

Pros

  • MT4 and MT5 endorsed
  • Good Customer Service

Cons

  • Loose Regulation
  • Not Available mended spreads
  • Bad Web Design