ForexChief offers its clients 2 basic account types – a commission-free MT4.Classic+ and MT4.DirectFX, which offers tighter spreads, but a commission applies. Besides, there are 2 cent accounts, whose balance exceeds that of standard accounts hundredfold – indispensable option for beginners.
All account types provide leverage up to 1:400, the option to trade in micro lots and require no specific minimum initial deposit.
Indeed, the offering of ForexChief seem attractive: There is not requirement for making a minimum deposit (However, keep in mind that in order to make transactions, a sufficient amount of money must be available on the trading account.) What is more, trading costs on all account types amount to an average of 0.7 pips per standard lot for the EUR/USD pair, while most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair.
Established in 2014, ForexChief is an offshore broker, licensed by the Vanuatu Financial Services Commission as a Dealer in Securities (Principal’s License). It has offices in Singapore and Moscow and offers trading in forex and precious metals on the MetaTrader 4 platform.
Vanuatu (formerly known as the New Hebrides Islands) offers a variety of tax benefits – no income tax, no capital gains tax nor inheritance tax. Besides, registration process for forex and binary brokers is fast and low cost and that is why this jurisdiction is so popular
In addition, capital requirements in Vanuatu are very low, amounting to $2000.
According to us, offshore regulated brokers should be avoided as a general rule, no matter what their claims are, as the rules and requirements applicable to them are very lax, if any. That is why, we would advise you to select a forex broker licensed in UK, or Cyprus for instance, where regulation is strict and there are compensation schemes, which will protect your money if your broker becomes insolvent.