ForexChief Review (2022) Review
ForexChief is an international company which renders its services in all countries where its activity is not directly prohibited by law. Not only the address of the central office, but also the addresses of four representative offices are presented on the website.
The information about the liquidity providers is not available on the broker‘s website. But you can request it through a ticket to the Dealing Department. ForexChief also does not give information about the owners and employees. This broker has been on the brokerage market since 2014, but during its existence it has only received a license issued by the Financial Services Commission VFSC (registration number 14777).
ForexChief trading tools
The broker‘s clients can use the traditional set of trading tools:
- common and not very popular currency pairs;
- cryptocurrency;
- stocks of solid companies;
- stock indices;
- сommodity assets, including energy, precious metals, oil, coffee, and so on.
ForexChief trading accounts
Firstly, at ForexChief.com you will find optimal conditions for every style, method and experience of trading. For this purpose, the broker has created the following types of trading accounts:
- “MT4DirectFX” – deposit from $50 and trades from 0.01 lots, execution. NDD, spread from 0 pips (ECN style), commission $15 per 1 million, leverage 1 to 1000. This account type works with ultra-low spreads and is suitable for scalping and pips trading
- Secondly, “MT4Classic+” – deposit from $50 and trades from 0.01 lot, execution. NDD, spread from 0.3 points, no commission, leverage 1 to 1000 – this type of account is suitable for traders working with traditional trading strategies, for whom the width of the spread is not important
- “centMT4.DirectFX” – This is a cent account. Deposit from $1, trades from 0.01 lots, NDD, spread from 0 pips (ECN style), commission $15 per 1m, leverage 1:1000. This is similar to “MT4.DirectFX”, but the deposit is in cents, allowing you to manage more trades with less money on your account. You can also test strategies in the real market.
- “CentMT4.Classic+” – deposit from $50 and trades from 0.01 lot, execution. NDD, spread from 0.3 points, no commission, leverage 1 to 1000. This type of account works like the “MT4.Classic+”, but the deposit is calculated in American cents.
ForexChief demo account
A demo account function is available for novice traders. This greatly simplifies the process of adapting to trading for users. In the upper right corner of the main page, press the demo account button and enter the necessary data. You enter data such as: the name, surname and email with a password, phone number and citizenship. And voila, you can start virtual trading.
ForexChief trading terminals
The broker offers two platforms to choose from:
- MetaTrader 4 with its own programming language MQL4 and a library of free indicators.
- MetaTrader 5, there are 21 trading timeframes and 4 modes of orders execution.
Finally, both terminals have a PC version and a mobile application.
Deposit and withdrawal
Depositing an account is available by most methods without fees. However. Withdrawal without fees is possible only with the help of Bitcoin. Moreover, the broker provides instant deposits via Alfa-Click, Sberbank OnLine, Visa/MasterCard and 9 EPS. Withdrawals via EPN can take up to 24 hours, but withdrawals are made much earlier. Unfortunately, withdrawal by Visa/MasterCard may take up to 7 business days.
Advantages and disadvantages
Pros of the company:
- low minimum deposit
- several types of accounts
- acceptable trading conditions.
Cons of the company:
- absence of PAMM-system
- lack of full-fledged training course on Forex trading.
Pros / Cons
Our Score
ForexChief is an international company which renders its services in all countries where its activity is not directly prohibited by law. Not only the address of the central office, but also the addresses of four representative offices are presented on the website.