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.

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