ForexChief Review

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ForexChief is an online Forex and CFD broker that offers multiple assets for trading online via the user-friendly and popular MetaTrader platforms. The broker allows multiple trading strategies, various account payment options and features multiple account types for all your trading strategies. I like how they have some training resources to help traders increase their knowledge. This can be especially beneficial for beginners as can the free demo accounts which allow you to practice trading online without any risk. There are also some additional trading tools provided which you may find useful when implementing them within your daily trading routine. Despite the many positives, they are lacking in available trading instruments and regulation could be improved.

Summary

ForexChief is a licensed dealer of securities on a mission to provide quality and affordable forex and CFD trading services over the internet. Founded in 2014, its head office is in Vanuatu while other representative offices are in Switzerland, Singapore and Nigeria. The broker offers a modest 60 assets for trading online via the intuitive MT4 and MT5 platforms respectivly. The foundation of the brokers technological infrastructure is built on the STP/NDD model avoiding not only a conflict of interest between the company and the client, but also, in general, increasing service quality by means of narrow spreads and high-speed trading order execution. The broker also provides investment accounts (PAMM accounts) that unite investors and traders from all over the world.

Trading Conditions

ForexChief sources its pricing from large banks, investment companies and major market makers. The brand’s internal ‘liquidity aggregator’ technology selects the best prices and streams it to the traders via the MetaTrader platforms. This way, ForexChief offers quick trade execution speeds, very competitive spreads, reduced slippage and negligible rejections. One of the standout features of this broker for me is that they allow all types of trading strategies, including hedging, scalping, news trading and automated systems. The full features of the MT4 and MT5 platforms are utilized including social trading, VPS integration, trading signals and much more.

ForexChief has developed its own stream aggregation architecture that allows the company to have a significant reduction of spread sizes, slippage sizes, and percentage of refused orders. This way, the technological solutions developed to allow the company to provide services as a liquidity provider for each forex broker interested in a stable stream of quotes and qualitative execution of orders.

The Company pays special attention to the technical stability of the trading servers and software that is provided to the client for trading operations. The technologies developed for liquidity aggregation as well as the system of their administration is based on cluster solutions, where a high level of reliability under abnormal loads can be maintained.

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Regulation

When I am choosing a trading broker, regulation is one of the first things that I look for. This is because a regulated broker can offer certain protection that an unregulated broker cannot. ForexChief Ltd is incorporated in the Republic of Vanuatu. It is authorized and regulated by the Vanuatu Financial Services Commission (VFSC). Although it is good to see that the broker is regulated, I think that it is important to consider that not all regulators are the same. If you would prefer to use a broker with alternative regulation, AvaTrade are regulated in multiple jurisdictions and have a great range of forex products.

Funds

All deposits made by clients are kept in special segregated bank accounts and are not mixed up with ForexChief’s funds. The transfers done through e-wallets are not left in the digital wallets; rather, they are transferred to the segregated accounts. This is to ensure total safety of clients’ funds. The segregated funds should not be used by the broker to settle its debts or run its own operations no matter the situation.

In its ‘Anti-Money Laundering’ (AML) policy document, ForexChief asserts that it is against money laundering and will combat any ploy to use its services to conceal illegally acquired wealth. All clients are verified using ‘Know Your Customer’ (KYC) procedures. This involves the scanning and uploading of a ‘Proof of address’ and a ‘Proof of identity’. The broker also constantly verifies all suspicious transactions and uses technology to verify the business reputations of its clients.

Security

ForexChief has also implemented the Secured Socket Layer (SSL) technology which protects clients’ funds by keeping off intruders and cyber criminals who may want to steal clients important information or identity. SSL encrypts all user data before transmission over the internet.

Countries

This information is not available on the ForexChief website. It is safe to say that they do not accept clients from the USA due to lack of regulations there. If you discover that you cannot open an account with them for whatever reason, then please feel free to browse through our broker reviews for an alternative option.

Platforms

You can trade with ForexChief via the industry standard MetaTrader platforms. They have both the older MetaTrader 4 (MT4) and newer MetaTrader 5 (MT5) platforms for desktop, web and mobile. I am a big fan of these platforms and have used them for many years. I find them ideal for analysing charts to find entry and exit opportunities for my manual trading strategies. They are very user-friendly and packed with plenty of tools for conducting in-depth market analysis across multiple chart types and timeframes. I also think they are excellent for running automated trading systems known within the platforms as expert advisors (EAs). I have used the platforms to automate my own trading strategies and regularly run back tests in the strategy tester when working on new ideas for my systems. Whatever your experience level, I think the MetaTrader platforms are easy enough to be suitable for beginners whilst packing enough of a punch to satisfy the needs of the more demanding traders. One of the other main advantages of these trading platforms, is that you will find they are readily available free of charge through most brokers. This can make the switch over process easier should you decide to change providers down the line as you won’t need to learn how to use a new platform from scratch.

MetaTrader Platforms

MetaTrader 4

The MetaTrader 4 (MT4) platform was developed in 2005 by ‘MetaQuotes Software Corporation’. It is so far the most widely used trading platform among forex traders all over the world. Its simple interface, speed, scalability and versatility endear it to most traders. With the inbuilt MQL4, traders can script, test and deploy Expert Advisors (EAs); which are effectively trading robots that are used to automate strategies. The platform is replete with tools for trading and analysis of the markets. The MT4 platform also supports social trading and acquiring of indicators, EAs and trading tools from the MetaTrader market. ForexChief provides the MT4 platform as a Windows desktop application and also as a mobile app available for Android and iOS devices. The desktop platform has the most functionality but the web version can run directly in your browser without you needing to download or install any software. It is also always up to date which is great.

MetaTrader 4 (MT4) Platforms

MetaTrader 5

This platform was developed in 2010 by the same MetaQuotes Software Corp. It was designed to replace MT4, so, it has more tools and capabilities than MT4 does. The MT5 platform was built with the same physical interface as MT4, although the add-ons are not cross compatible. Therefore, apps developed for MT4 will not run in MT5 and vice versa. MT5 is still very easy to use and has a fully customisable interface that can be arranged to meet your preferences. MT5 also supports social trading, EAs, technical analysis as well as fundamental analysis. ForexChief’s MT5 is downloadable as a Windows desktop application and also as a mobile app on iOS and Android devices. I find that trading apps are a great way to manage trades and follow the latest market news from the comfort of your mobile device. It means you can access your account whenever you feel like.

MetaTrader 5 (MT5) Platform

Here are some of the features of MT5 with respect to MT4:

• Charts can be displayed on 21 timeframes as against 9 timeframes found in MT4
• The Economic Calendar is exclusive to MT5
• 38 inbuilt technical indicators while MT4 has 30
• 6 pending orders can be placed on MT5 while only 4 are available on MT4
• Charts can be analyzed with 44 drawing tools while MT4 has only 24
• The EA strategy tester in MT5 supports multiple currency testing at the same time

Tools

I think that the MetaTrader platforms have enough tools for most traders. You can analyse the markets using a great selection of built-in indicators and drawing tools. There is also the MQL marketplace where you will find lots more trading tools to enhance the platforms even further. That’s not to mention the MetaEditor interface where you can programme your own tools in the MQL language. That being said, it is also nice to see the broker provide us with some additional tools which we will take a look at. There isnt anything groudbreaking, but you can always take a look at Forex.com for a better selection.

Social Trading

This service is embedded into the MT4 and MT5 trading platforms. Traders (investors) can automatically copy the trades of other traders. A list of the signal providers is available. Investors can view their profiles, trade statistics and performance history before settling for one or more. The signal provider earns a commission from his copiers if they make a profit. This can be something to consider for those of you who do not have the time or knowledge to trade by yourself. It should be strongly emphasised that past results are by no means any indication of future performance and you should be very aware of the significant risks involved when trading online. I personally prefer to main control over all of my decisions. I think this is a good way to try and learn from your mistakes and become a better trader in the long run. In terms of social trading, eToro are a market leader if that is something you are looking for.

Market Analytics

The analytical review section consists of articles focusing on global news affecting economies, markets and financial instruments. It also looks at technical analysis of some selected assets. The articles use diagrams and charts to illustrate the main points. This section is prepared from the office of the ForexChief Currency Strategist. This market analysis can be a good way to help inspire trade ideas. I would make sure to check any signals with my own analysis for additional confirmation. ActivTrades are one of my top choice when it comes to market analysis.

Trader’s Calculator

This tool calculates the spread, pip value and swap values when the account type, currency, trade volume and trading instrument are inputted. This tool can help a trader to make calculated risks before placing their trades. I think this is handy for when you are in a hurry and need to quickly and easily perform some calculations to plan your trades. It is also useful if you aren’t that good at maths.

Education

I was pleased to see that the broker has some educational content which can help those of you who are new to trading. There are 29 economic articles on the website. The articles look at the different economies of nations like USA, Britain, Australia, China, Japan, etc. Also, there are articles on currencies, crypto trading, forex trading, fundamental and technical analysis, US shares, investing in Gold and Oil, etc. The library section of the website contains articles on history of forex, trading strategies, indicators, trading schedule and beginners’ first steps. The articles are short, precise and easy to understand. If you want that little bit more, IronFX have a greater selection.

There are 7 articles introducing a novice to forex trading. The articles cover the basics, brokers, psychology and tips for beginners. There are 13 articles on forex strategies which discusses trading strategies such as scalping, pivot point, trend finder, Fibonacci, etc. The ‘best forex trading indicators’ section has 23 articles discussing different technical indicators and how they work. ForexChief chose to discus 23 indicators which it sees as the best. Some of them are Bollinger bands, Hull moving average, stochastic oscillator, Zigzag indicator, Moving average, etc.

Markets

The broker has a quite limited selection of financial instruments although if you are primarily trading forex then it probably won’t be an issue. If you want access to individual stocks, then you may want to consider a broker such as RoboForex instead. With ForexChief, you can choose to trade over 60 instruments including:

• Currency Pairs (Majors, Minors, and Exotics)
• Precious Metals (Gold and Silver)
• Energies (Crude oil and gas, including WTI and Brent)
• Stock indexes (10 leading stock indices)
• Cryptocurrencies (including Bitcoin and Ethereum)

Accounts

There is a great selection of accounts to choose from depending on what trading conditions work best for you. There are up to 8 account types available that depend on the platform of choice; either MT4 or MT5. For all accounts, the minimum deposit is just $10 and the size of a lot is 100,000. Every account can trade all the instruments and market execution is used on all orders. All MT4 accounts have a maximum leverage of 1:000 while all MT5 accounts have a maximum leverage of 1:400. These are quite favourable conditions, especially if you are looking for tight spreads and commission free trading. Yes, the leverage is very high but it is also risky, so please make sure you know what leverage is and how it works before trading any leverage positions. If you are specifically looking for higher leverage, InstaForex also have 1:1000 available to eligible clients.

Here are the account types:

DirectFX

The spread starts from 0 pips and commissions of $1.5 per lot per side is charged on every trade. The average spread for the EURUSD is 0.4 pips.

Classic+

The spread is from 0.3 pips and no commissions are charged. EURUSD average spread is 0.7 pips.

Cent-MT4.DirectFX

The spread starts from 0 pips and commissions of $1.5 per lot per side is charged on every trade.

Cent-MT4.Classic+

The floating spreads starts from 0.3 pips and no commissions are charged.

DirectFX

The floating spreads starts from 0 pips while the commission is $3 per round lot.

Classic+

The floating spreads starts from 0.3 pips and no commissions are charged.

Cent-MT5.DirectFX

The floating spreads starts from 0 pips while the commission is $3 per round lot.

Cent-MT5.Classic+

Spread starts from 0.3 pips and no commissions are charged.

Swap-free Account

Cent accounts are not available as swap free accounts. The base currency of cent accounts is the ‘Cent’, that is; $0.01 or €0.01 as the case may be. Swap free accounts are available on request from verified standard accounts. Only Muslim clients are eligible. Swap free accounts are limited to 27 currency pairs and 2 metals. ForexChief charges a fixed commission for positions that are open for more than 2 days.

Demo Account

Demo accounts are freely available without any risks to the trader. These enable users to test the different trading platforms and practice trading strategies before opening a real trading account. I think this can be a good way to see if the broker has suitable trading conditions for your strategies before even thinking about making a commitment.

Support

ForexChief client support desk operates from the different offices of the broker. A convenient way to quickly reach the support team is through web chat, WhatsApp, Skype, Viber, Telegram and Facebook. The chat representatives are available 24/7 which is great to see. Not many brokers operate 7 days a week. The support team can also be reached via phone lines and email. On social media, ForexChief is on Facebook, Twitter and Instagram. I appreciate how the ForexChief team have taken the time to reply to feedback online, both positive and negative.

Funding

I am impressed with the good variety of funding options that the broker accepts. In strict compliance with its Anti-Money Laundering policy, ForexChief has adopted a cashless settlement policy. Cash deposits are rejected and no third-party deposits or withdrawals. You can make deposits and withdrawals in various quick and easy ways including:

• Bank Transfer
• Card Payments
• Digital Wallets
• Cryptocurrency

Conclusion

Overall, I feel like ForexChief has a solid offering if you are looking to trade forex and don’t mind the offshore regulation. I found the trading conditions to be very competitive, with flexible account types and convenient payment options. They don’t have any restrictions on trading strategies so you can scalp and run automated systems. Through modern technologies, the broker is able to aggregate prices from liquidity providers to offer tight spreads, low fees and good execution speeds. The provided MT4 and the MT5 platforms are versatile, fast and suitable to meet the needs of most traders.

I do think there is some room for improvement. ForexChief could do more by partnering with third party research firms like Trading Central, Autochartist, Dow Jones and Claws & Horns. This will help its clients with constant market updates, daily news and expert analysis. The assets index is also very small compared to competitors who offer thousands of trading instruments. There is no education centre with well-structured training courses, training videos and student’s progress monitor.

There are many industry professionals and experienced traders that would not trade with offshore regulated brokers. Therefore, I really feel that ForexChief could benefit greatly from seeking regulation from other reputable regulators in addition to that of VFSC. If that does not bother you, then you may want to see what the demo account has to offer to get a feel for their services. Alternatively, please see our list of best trading brokers for some alternative options.

$10

ForexChief is an online forex broker that offers multiple assets for trading on the MetaTrader platforms. The broker allows multiple strategies, various payment options and features multiple account types. Training resources as well as some trading tools are provided.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

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