Forexchief Review

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.

 

Please write a review of this broker below in the comment section if you have traded on their platform

COMMENTS

  1. Very good broker for fast trading. They process my withdrawal requests very fast. I will recommend this broker anytime. They should please introduce a good rebate system in the future.

  2. Forexchief is my top forex broker because I have had no serious issues since one year of trading with them. The broker has one of the fastest servers I have used. Spreads are really low as well. Very good broker.

  3. Bertram
    January 24, 2019

    After comparing their execution speed, spread differences, etc on a demo account with other brokers this broker is highly competent, especially with helping people with their bonuses. Yes, I got a free $100 to start account without risking my own money.

  4. This is one of the best brokers I have come across. From the very first day I got comfortable because my EA performed very well on their platform. The connection is really fast and there is no room for slippages. Thumbs up to Forexchief.

  5. I am trading with this broker from Santiago. I am a part time Forex trader. Low spreads is very important for my strategy. I was attracted by Forexchief spreads from their website. They have low spreads and high leverage on stock trading. Basically, their server is fast at best and no freezes, which is very good for my strategy. I give a positive vote for Forexchief.

  6. Diego
    February 25, 2019

    I am trading with Forexchief because it was recommended by my Mentor. He said it is the best broker for a newbie like me. So, I have been trading with their mt4 platform for 3 months now and I am making good profit. I withdrew money toward the beginning of February and it was processed the same day. This is a very good and professional broker. They take their traders very seriously.

  7. I have been trading with Forexchief for almost a year now excluding demo account period. I have gone through some ups and downs with this company. The bad period was when I started trading and I was making a lot of mistakes, which the broker sorted out. After that, it has been a smooth ride. I would say they have really good spreads that go as low as 0.1 pips for EURUSD during a certain period but I occasionally see 0.2 – 0.3 pips EURUSD now. The spreads are really good. Seems like many others are right and that this company is one of the best in the Forex market.

  8. Account No.10****** (Mini). I have an account with Forexchief since February 2018. So far they are ok. I did get an opportunity to withdraw three times and there were no issues. One problem I faced recently is that my card was being rejected and it was the best way for me to deposit money, so I switched to Perfectmoney method. It turned out to be a problem from my bank. I have requested for a new card. Since my Visa card is not working, I am unable to fund a large amount. I hope to start funding via my card for now, Otherwise everything fine so far.

  9. Dave
    March 24, 2019

    I have been personally using Forexchief Since May last year. Except for 1 or 2 small issues in the start, i have found this company legitimate. Their Live Chat is very active and very responsive according to my own experience and I have always got my problem solved.
    Their withdrawals are usually simple, easy and quick. Only once I had an issue for the withdrawal to my credit card, but eventually it was solved through the bank……
    But as it is said that never put all of your eggs in 1 basked, I now want to try some other Brokers as well

  10. France
    March 28, 2019

    Forexchief has very good withdrawal methods and fast turn around. I get my money on time anytime I withdraw money. This is one of the best part of trading with the broker. Every other thing like low spreads, leverage, pending orders, slippages are also impressive. many of my colleagues from Denmark are happy with the platform and services.

  11. My name is Jeremiah Kwuasi, am from Kenya and I use Forexchief broker along with another stock broker. My experience with Forexchief is a good one so far. I connected my account to another platform where I copy trades of expert traders. Why I really like this broker is because it is popular and present in most of these copy trading software and their connection has always been smooth. The broker has a good bonus system and are very quick to approving withdrawals. So, I will gladly recommend this broker at all times.

  12. I have tried many brokers among my years in trading. This is by far the greatest broker I have used, from quick easy deposits via wire transfer, bitcoin or debit card be well assured your deposits are handled in a very appropriate time. The spreads are just perfect for any type of trader from scalper to day and position trading. Excellent execution time within seconds to have your trade placed. Forexchief is very transparent with customer support available any time day or night for any questions or help customer support is very friendly and easy to talk to either thru live chat or a phone call away. I am beyond satisfied with the services Forexchief has to offer they have accounts for $100 budget. I am so great full to have found them when I did. My experience with such a friendly broker has been amazing.

  13. I have a lot of education from Forexchief. Excellent platform and very reliable company. I have been with Forexchief for the past 4 months. I have had no issues. I received a lot of education from them, though recently but it has been good. Forexchief is a reliable company. I just couldn’t hide my joy when my first withdrawal request hit my account

  14. Forexchief deserves my 5 star rating. They have very low spreads for sure. My trading with their platform has been a smooth ordeal. I have not experienced any major issues with this broker.

  15. ProTrader
    May 31, 2019

    I am a Muslim with zero tolerance to interest in any way. Forexchief Islamic account is perfect. I get same conditions as other traders

  16. This is my favorite broker right now. They’re responsive, highly energetic and have promptness in their system. Even my pending orders are executed mostly without slippages.

  17. There are some good things about this broker such as fast funding and withdrawal. Customer service is prompt too. I want them to increase leverage, presently there is 1:400 as maximum. I wish to could be up to 1:600 or more. Still I cannot change broker because their services are outstanding. I cant get it all anyway.

  18. Outstanding broker in many ways/ Fast order filling, fast deposits, fast withdrawal and fast contact. Everything is quickly done on the platform and website. They deserve 5 star rating.

  19. VanH
    July 31, 2019

    This is one of the brokers I have been using for a while now. I have tested their platform for all kinds of strategies and it worked fine. I have also withdraw money many times and no issues in that department. So considering their impeccable services I will continue to use this broker for a long time.

  20. This is a very low cost broker, from spreads to trading commissions. There are no hidden fees from what I have seen. I am sure to continue with Forexchief for a long time. Thanks to their good services.

  21. This is a transparent broker from what I see. The spreads and commission are as stated on the website. There are no spread widening and lower on peek hours. I am very comfortable trading with this broker, as I plan to increase my capital and maximize profit in the future.

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