ForexChief Review – Scam or Good Broker?

From this ForexChief broker review, you’ll find out all about trading conditions and MT4/MT5 platforms, account types, deposits and withdrawals, welcome bonus 100% and much more.

ForexChief is a CFD broker with a small selection of trading instruments. But a low minimum deposit, an interesting bonus program and contests are attractive for traders. First of all, is the broker reliable or is this just another scam? You will find out now.

Is ForexChief safe or a scam broker?

ForexChief Ltd was founded in 2014 and is regulated by Vanuatu Financial Services Commission. For 6 years of its existence, the broker has not acquired a large number of clients.

Although a long operating time indicates a certain reliability, the broker is practically invisible against the background of competitors.

And the tier-1 regulation of the VFSC is not at all an indicator of the safety and honesty of a broker. Often scam companies acquire the license of this regulator. After all, this requires only an entrance fee. The regulator does not exercise serious supervision over the activities of controlled organizations. In addition, this will not help ForexChief traders in any way in case of scam. Therefore, ForexChief Ltd is a low-trust company.

Nevertheless, traders’ reviews about the broker are mostly positive. But after the analysis it becomes clear – many of them are fake. This is a typical rating boost with purchased reviews.

It may not be a fraudulent company, but its level of trust is very low. It’s better to choose one of the larger and more reliable brokers (for example, Swissquote, FxPro or others).

Trading platform and offers

ForexChief clients can use the MT4 and MT5 platforms for trading.

The ForexChief MT4 platform has an intuitive interface and is well suited for beginners. It combines all the necessary functions for working with charts and opening positions.

MT5 is a more modern terminal for trading. More opportunities for technical analysis and order operations are available here. It also allows you to assess market depth and create advisors even without programming skills.

Moreover, clients can use algorithmic trading and copy-trading services on these platforms.

The broker has only 55 assets, 40 of which are forex. Leverage for currency assets on MT4 is up to 1:1000, and on MT5 is up to 1:400. This increases the potential profit as well as the risk.

So, what is ForexChief attracting his few clients? Most likely, these are relatively low spreads and loyalty programs.

Account types and spreads

First of all, ForexChief clients can open a demo account and use it for an unlimited time. For trading on the real market, ForexChief offers 8 types of accounts.

In fact, the main ones are DirectFx and Classic +, which are provided for different platforms and in a cent version for beginners. Customers can find the full specification and main differences for ForexChief account types on the official website.

Above all, the difference between DirectFx and Classic + lies in spreads and commissions.

The specification for DirectFX accounts indicates floating spreads from 0 pips and a commission of $ 15 per 1 mln. USD. In fact, they are never zero. The average spread for EUR/USD is 0.4-0.6 pips, for GBP/USD 0.8 pips. But there is also a commission that is charged twice. Taking into account also different lot currencies, the effective spread for EUR/USD is 0.8-1 pips, for GBP/USD 1.2 poips. These values ​​are slightly below the industry average.

In general, the specification for the Classic + account is correct. The spread for the EUR/USD is 0.7-0.8 pips, for the GBP/USD 1-1.3 pips.

It should also be noted that the holders of cent accounts do not have a welcome bonus and swap-free. And on MT5 accounts, the maximum leverage is 1:400.

Mobile app

Trading on ForexChief from mobile phones is possible in the MT4 and MT5 apps. This allows you to trade 24/5 from anywhere with a stable internet connection. Mobile applications contain the necessary set of tools for trading on real quotes and graphical analysis.

However, they may be inferior to some brokers’ own applications. Also, there is no quick access to news and analytics of the broker.

Deposit and withdrawal

The broker offers clients more than 10 methods to deposit and withdraw funds. These include debit / credit cards, wire transfer, Skrill, Neteller, etc. In fact, many payment methods are not available in different countries. In some, it is not even possible to top up or withdraw funds using a card and bank transfer. There are about 5-6 payment methods available in each country.

Also, customers can replenish their account via cryptocurrency. But given the low reliability of ForexChief and the inability to track cryptocurrency transactions, this shouldn’t be done.

The minimum deposit on ForexChiff is $ 50, and the minimum withdrawal of funds depends only on the payment system. The broker charges deposit commissions only for WebMoney and PerfectMoney. In ForexChief review, we were frustrated that it charges a commission of 0.5 to 2% on withdrawals for almost any payment method. The processing time for a withdrawal request is 1-7 business days.

Bonus programs and contests

ForexChief offers several bonus programs.

Welcome Bonus $ 500 – a bonus equal to 100% of the first deposit, but not more than $ 500. Profits can be withdrawn without any restrictions, and the bonus itself can be withdrawn after the completion of the required trading turnover. The required trading turnover can be calculated upon the formula: Required Turnover = Welcome Bonus in USD * 50,000.

In general, the conditions for the welcome bonus are excellent. The rules do not even have a clause on the possibility of refusal, cancellation and debiting of the bonus by the broker. Although usually almost everyone has such an item.

Another type of ForexChief bonus is Trading Credits. Trading credits can be used as capital when trading Forex. A prerequisite for obtaining a trade credit is to replenish the account with your own funds. The loan amount can be up to 50% of the deposit.

Finally, there are also Turnover Bonuses. Turnover bonuses work like rebates or cashbacks and are awarded for a certain trading turnover. Each weekend the trading turnover you’ve made during the week is calculated and the appropriate bonus is credited to the trading account. These bonuses can be withdrawn at any time without restrictions.

Also, ForexChief regularly holds contests with real prizes. The conditions for winning the competition are always different. For example, it could be the highest trade turnover or balance at the end of the competition. Although it’s worth noting, the prizes are not very large.

Education and Research

The review finds that ForexChief has very superficial education and market research. The training section is quite small. There is only a library of terms and basic concepts of the Forex market, as well as several typical articles for beginners. This is not enough for successful forex trading. And so traders will have to look elsewhere for learning materials.

Likewise, ForexChief pays almost no attention to analytics and market research. In general, ForexChief only publishes its own market review once a week. And that’s all. Articles on economics and other sections have not been updated for a long time.

Pros and cons

Conclusion on the ForexChief review

As a result of the ForexChief review, we advise you to choose another broker. Yes, the broker has interesting and attractive offers such as low spreads and commissions as well as good bonuses. But you need to understand the main thing. All this is unimportant due to the extremely low reliability and security of ForexChief.

In fact, the regulation of the VFSC should not be credible. And even more than that, this license is often acquired by scam companies (for example, FinMax, etc.). Besides, ForexChief has disadvantages besides low reliability. There are very few assets, deposit and withdrawal fees, and almost no training or market research.

That is why it’s recommended to pay attention to more reliable brokers with good conditions for CFD trading, such as FxPro, Plus500, eToro and others.

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