ForexChief Review

ForexChief Logo

Founded in 2014 with its head office in Vanuatu, ForexChief is a licensed dealer of securities that offers forex and CFD trading services with multiple assets for trading online via the MetaTrader platforms. The broker offers a modest 60 assets for trading across different asset classes such as Forex, indices, energies, cryptocurrency, and metals. They allow multiple trading strategies, various account payment options, and multiple account types, providing quality trading conditions with good execution speeds, competitive spreads, reduced slippage, and negligible rejections.

ForexChief Review - Broker Features
ForexChief Review – Broker Features

ForexChief Platforms & Tools

ForexChief Review - Trading Platforms
ForexChief Review – Trading Platforms

ForexChief provides clients with the MT4 platform, which was developed in 2005 by Metaquotes Software Corporation and is so far the most widely used trading platform. It has a simple interface and features good speed, scalability, versatility, and the inbuilt MQLQ, which aids traders to deploy Expert Advisors (EAs) for automated trading.

ForexChief Review - Social Trading
ForexChief Review – Social Trading

The broker also provides the MT5 platform, which is very similar to the MT4 platform but has more features and extended capabilities. Both the MT4 and MT5 platforms are downloadable as a window desktop application and also as a mobile app on iOS and Android devices. The broker also offers clients some additional trading tools, such as Social Trading, Market Analysis, and Trader’s Calculator.

ForexChief Review - Trader’s Calculator
ForexChief Review – Trader’s Calculator

ForexChief Research & Education

ForexChief websites are loaded with economic and educational articles. The articles cover a vast range of topics, including the economies of nations, bitcoins, forex trading, technical analysis, trading strategies, technical indicators, and more.

ForexChief Review - Trading Education
ForexChief Review – Trading Education

ForexChief Trading Accounts

The broker offers the following different account types:

  • DirectFx: The spreads start from 0 pips and an average EURUSD spread of 0.4 pips.
  • Classic+: Spreads start from0 pips.
  • Cent-MT4.DirectFx: Spreads starts from 0 pips.
  • Cent-MT4.Classic+: Floating spreads start from 0 pips.
  • Cent-MT5.DirectFx: Floating spreads from 0 pips.
  • Cent-MT5.Classic+: Spreads starts from 0.3 pips.

For all the accounts, the minimum deposit is $50 and the lot size is 100,000. Swap-free Islamic accounts are available on request. The demo accounts are freely available for traders who wish to test the different trading platforms & strategies before opening a real account.

ForexChief Account Funding

ForexChief has adopted a cashless settlement policy in accordance with its Anti-Money laundering policy, so cash deposits and third party deposits are rejected. The payment options available to ForexChief clients are as follows: Bank wire transfer, local transfer, bank SEPA transfer, credit/debit card, electronic payment, and bitcoin.

The deposit and withdrawal fees and the processing time depend on the payment method used.

ForexChief Customer Service

ForexChief client support desk operates 24/7 from the different offices of the broker and can be reached conveniently via web chat, telephone lines, and email. They are also on social media platforms, such as Facebook, Telegram, WhatsApp, Viber, and Skype.

ForexChief Regulation

ForexChief Ltd is incorporated in the Republic of Vanuatu, and they are authorized and regulated by the Vanuatu Financial Services Commission (VFSC).

ForexChief Review Summary

ForexChief is a client-focused broker providing multiple account types, multiple payment options, and the popular MT4 and MT5 trading platforms with competitive spreads and execution speeds. The broker is regulated by the VFSC of the republic of Vanuatu.

ForexChief

6.1

Spreads

6.5/10

Liquidity

6.0/10

Commissions

6.0/10

Support

7.0/10

Regulation

5.0/10

Features

  • MT4 and MT5 trading platforms
  • A good selection of educational resources
  • Multiple payment options including bitcoin
  • Different classes of tradable assets