ForexChief is an online Forex and CFD trading broker that offers multiple assets for trading online via the MetaTrader platforms. The broker allows multiple trading strategies, various account payment options and features multiple account types. Training resources to help traders increase their knowledge. There are also some additonal trading tools provided. Despite this, they are lacking in trading instruments and regulation could be improved.
ForexChief Review, Pros & Cons
- Access to trade online via the powerful MT4 & MT5 platforms
- Up to 8 account types to accommodate all kinds of traders
- Multiple payment options including Bitcoin
- Efficient customer support team available through multiple channels
- Limited assets; no stock CFDs
- Offshore regulation
- Incomprehensive market news & analysis
- No USA traders allowed
In this detailed ForexChief review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
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 MT4 and MT5 platforms.
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 good trade execution speeds, competitive spreads, reduced slippage and negligible rejections.
The broker allows multiple trading strategies and trading styles. The full features of the MT4 and MT5 platforms are utilized including social trading, VPS purchase, trading signals and more.
ForexChief Ltd is incorporated in the Republic of Vanuatu. It is authorized and regulated by the Vanuatu Financial Services Commission (VFSC).
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.
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.
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. Some ForexChief broker features and products mentioned within this ForexChief review may not be available to traders from specific countries due to legal restrictions.
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 softwares 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 as a Windows desktop application and also as a mobile app available for Android and iOS devices.
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 both softwares are not cross compatible. Therefore apps developed for MT4 will not run in MT5 and vice versa.
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.
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.
ForexChief Trading Tools
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. 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.
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 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.
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, Bitcoins, 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 and precise.
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.
The following instruments are available for trading:
- 40 Forex Currency Pairs (exotic, minor & major FX crosses)
- 10 Indices
- 3 Energies
- 5 Cryptocurrencies
- 2 Metals
ForexChief Accounts & Fees
There are up to 8 account types available to ForexChief clients. The accounts depend on the platform of choice; either MT4 or MT5. For all accounts, the minimum deposit is $50 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
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.
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 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.
As broker fees can vary and change, there may be additional fees that are not listed in this ForexChief review. It is imperative to ensure that you check and understand all of the latest information before you open a ForexChief broker account for online trading.
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. The support team can also be reached via phone lines and email. On social media, ForexChief is on Facebook, Twitter and Instagram.
ForexChief Deposit & Withdrawal
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.
Here are the payment options available to ForexChief Clients:
- Bank Wire Transfer: This payment method takes 2-3 days depending on the banks involved. There are no deposit fees but the withdrawal fee is 0.1%, minimum of $15 and maximum of $50. Withdrawals can take up to 5 bank working days.
- Local Transfer: This method is available in Nigeria and Indonesia. There are no deposit or withdrawal fees. Deposits are credited to the trading accounts within 24 hours while withdrawals can take up to 2 working days.
- Bank SEPA transfer: This method is only available to European clients. There are no deposit charges but the withdrawal fee is 0.1%, minimum of €10 while the maximum charge is €40. It takes a maximum of 3 bank working days to complete a SEPA transaction.
- Credit/Debit card: All major cards are accepted and the deposits are processed instantly. There are no deposit fees but withdrawals are charged at 2%, minimum of $5. Withdrawals take 2-7 business days before it reflects in the client’s card.
- Electronic payments: The methods accepted are Skrill, Neteller, Advanced Cash, WebMoney, Perfect Money, FasaPay and QIWI wallet. All deposits are processed instantly. Deposit charges of 1.99% and 0.8% ($50 maximum) are charged for Perfect Money and WebMoney respectively while other methods are free. For withdrawals, 1% is charged for Skrill, Advanced cash and QIWI, 0.5% is charged for FasaPay and Perfect Money, 1.9% is charged for Neteller and 0.8% ($50 maximum) is charged for WebMoney withdrawals.
- Bitcoin: This is the only cryptocurrency accepted. Deposits are completed after 6 confirmations. 1.5% is the deposit fee while withdrawals are free. Transactions are completed within 24 hours.
ForexChief Account Opening
It takes only a few minutes to open a trading account with ForexChief. First, visit the official website and click on the ‘Open a Live Account’ button. The form below displays.
Fill the form and click on the ‘Continue’ button. On the next screen, you are prompted to confirm your email address by entering the confirmation code sent to your registered email and the one-time password sent to your phone number. After confirmations, choose a trading platform, account type, position accounting system and base currency. ‘Registration is completed’ boldly displays on the screen along with login credentials and the details of the new account. You can then login to the personal area, download the chosen platform, make a deposit and commence trading online.
ForexChief broker is regulated by the VFSC of the republic of Vanuatu which is an Island nation in the South Pacific Ocean. The broker affirms that clients’ funds are held in segregated accounts and that it is committed to the AML policy.
Through modern technologies, the broker is able to aggregate prices from liquidity providers to offer clients competitive spreads and execution speeds. The MT4 and the MT5 platforms are versatile, fast and suitable to meet the needs of most traders. ForexChief’s choice of multiple accounts is commendable especially the ‘cent accounts’ which are very helpful to new traders.
ForexChief could do more by partnering with third party research firms like Trading Central, Dow Jones, Claws & Horns, etc. 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.
ForexChief could also develop its own proprietary trading platform and trading tools or MetaTrader plugin tools. Most industry professionals and experienced traders would not trade with offshore regulated brokers. ForexChief could benefit greatly from seeking regulation from other reputable regulators in addition to that of VFSC.
ForexChief is a client focused broker providing multiple account types, multiple payment options and popular trading platforms. However, the broker needs to do a lot in order to match the stiff competition among online forex and CFD brokers. See our list of best online brokers for alternative options.
Trading with complex financial instruments such as Stocks, Futures, Currency pairs, Contracts for Difference (CFD), Indexes, Options, and other derivative financial instruments involves a high level of risk and is not suitable for all categories of investors. You must realize that there is a probability of partial or complete loss of your initial investments and you should not invest facilities that you can’t afford to lose. Until you begin to carry out trading transactions, make sure that you fully realize the risks associated with this type of activity.