Forex Chief Broker Review 2024: Rating, Pros & Cons

Homepage of ForexChief

Pros and Cons of ForexChief

Evaluating The Most Impactful Factors

User satisfaction: 6.5/10

Regulation: 3/10

Educational content: 5/10

Webinars: 0/10

Spreads and commissions: 8/10

Customer support: 9/10

Consider Trading with ForexChief If

You’re looking for an intuitive broker with a great design, a wide range of assets to trade, and support for multiple trading terminals.

Other benefits include a number of payment options and competitive spreads.

Consider Options Other Than ForexChief If

Your priority is a high level of security and safety.

The ForexChief platform is registered with the Mwali International Services Authority, which is not a widely recognized financial body. For better security, opt for a broker that has been approved by a more reputable authority, like the Financial Conduct Authority (FCA).

Verified Office Addresses for ForexChief

Verified Office of ForexChief

ForexChief has three verified office addresses, located in Vanuatu, Singapore, and Nigeria:

• Vanuatu Headquarters: Office No.3, CNM Building, 1st floor, Port Vila, Vanuatu.
• Singapore Representative Office: 2 Venture Dr, #24-01 Vision Exchange, Singapore, 608526.
• Nigeria, Abuja Representative Office: 6a Embu Street, off Aminu Kano Crescent, Wuse 2, Abuja, Nigeria.

What Other Experts Have to Say About ForexChief

Commenting on ForexChief, BrazilFX stated: “I highly recommend this broker because it offers a no-deposit bonus and bonuses whenever you deposit money. For me, it’s transparency.”

Moreover: “Forex Chief offers up to a $500 welcome bonus and a $100 no-deposit bonus, which is great for traders with small accounts.

The platform provides enhanced liquidity, spreads from zero pips, and cases where dealers have no re-quotes. They also offer a wide range of contracts you can trade, including Forex, Metals, Commodities, Indices, CFDs, and Stocks.”

“The availability of a no-deposit bonus and generous deposit bonuses, coupled with the broker’s registration under the Financial Market Association, reassures the safety of funds and the broker’s legitimacy.

The review highlights the ease of account creation, the variety of account types tailored to different trader needs, and the straightforward deposit process, especially using cryptocurrencies for speed and convenience.”

Another expert, Investors Hub, also expressed enthusiasm about ForexChief: “The platform, named xChief, offers a wide range of services, including investment funds for traders, where fund managers can receive up to 50% of the fund profit.”

“For investors, it provides plans where there is no need to trade manually, allowing for the choice of profitable funds to receive passive income.

The platform also boasts high affiliate commissions, a variety of bonuses and promotions such as a $100 no-deposit bonus and up to $500 welcome bonus, and a comprehensive account system with features like direct FX accounts, transparency in execution mode, and a wide range of payment systems for deposit and withdrawal with 0% commission.”

Our Expert Opinion on Forex Chief

Based on my assessment, ForexChief does not rank among the top brokers.

The platform has useful features, but does not provide sufficient educational materials and falls short in overall user experience.

New traders, in particular, are advised to begin their journey with a five-star broker instead. This will give them access to a full spectrum of benefits that will help them earn more and become familiar with different trading options.

Sign-Up and Verification Process

The sign-up and verification process on ForexChief is more intricate and involved than you might expect. It includes a series of steps that are unique to this platform.

When you reach the registration page, you will be directed to create a “Personal Area.” On this page, you will be required to provide your name, country of residence, mobile number, and email address. This is also where you will enter your referral code (if you have one).

Sign-up process of ForexChief

Once you complete your Personal Area and register, ForexChief will send a confirmation email with a password to sign into your account.

After signing in, you have to verify your email by entering a code sent to the email address you provided.

When your email is verified, you will be brought to a page where you can select the trading platform you intend to use. You have a few options to choose from, including:

• Trading Platform: MetaTrader 4 or MetaTrader 5
• Account Type: CENT, Classic+, DirectFX, or xPRIME
• Position Account System: This is automatically set to hedging
• Account Currency: Options include USD, CHF, JPY, EUR, or GBP
• Leverage: You can select a range between 1:10 and 1:1000

Sign-up process of ForexChief

These options allow you to tailor your trading experience according to your preferences and trading style.

After clicking “Continue,” you are directed to a page that essentially serves as your profile.

This page displays your login details and the selections you made during the sign-up process. You are also given the option to change your password, so you’re not stuck with the one they gave you when you signed up.

Verification Process

Verifying your ForexChief account is optional, but it does unlock some benefits. Verifying raises your account limits and gives you access to additional services.

The process is very straightforward. Simply upload photos of the front and back of your passport, driver’s license, or identity card, along with a clear selfie to show that you’re the person on the ID.

This step can also be completed on a mobile device.

Sign-up process of ForexChief

The ForexChief Dashboard

ForexChief dashboard

The design of the ForexChief dashboard isn’t great. While it provides all the details you need, it’s presented in a way that can feel overwhelming.

On the dashboard, you’ll find detailed information about your account, such as the date you opened the account, your account number, currency, leverage, average credit, and average equity. From here, you can also change some of your account details.

On the left side of then screen, you can navigate to a few different sections: My Accounts, Deposits and Withdrawals, Bonuses and Credits, Contests, Investments, Affiliate Programs, Customer Support, and My Profile.

Although the dashboard can be overwhelming, once you get the hang of it you will be able to navigate it quickly and access whatever you need.

Regulation and Security

Regulation and Security of ForexChief

Regulation

ForexChief is not currently registered under any widely recognized governmental regulatory body, such as the Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC).

This raises concerns for some users, given the critical role of government oversight in ensuring the safety and integrity of financial institutions.

ForexChief is, however, licensed by the Mwali International Services Authority as an International Brokerage and Clearing House under the International Companies Act 2006. This license permits them to engage in stock trading activities. They operate under the company name xChief Ltd, with the registration number HY00923433 and license number T2023379.

ForexChief also has a page discussing client fund safety, including financial guarantees against technical faults for clients, a crucial feature in the volatile forex market.

Moreover, when the trading server is down, they state that client funds are secure and will not shift responsibility to external parties like technology or liquidity providers.

Security

I was pleased to learn that ForexChief keeps client funds separate from their operational funds. This practice ensures that your funds are safeguarded in the event that the broker becomes insolvent or declares bankruptcy.

For enhanced account security, ForexChief gives you the option to set up two-factor authentication (2FA) for actions such as logging in, making a withdrawal, and retrieving your password. While this feature is optional, setting up 2FA is an effective and highly recommended security measure.

Users can also create a unique password linked directly to their accounts, providing an extra layer of defense against unauthorized access.

Assets and Instruments on ForexChief

Forex Chief offers six asset classes, each with a range of instruments available for trading.

Forex

ForexChief’s platform features a diverse list of forex instruments, although only a select few are listed on their website.

These include pairs like the Australian Dollar vs. the Canadian Dollar (AUDCAD), the Australian Dollar vs. the Swiss Franc (AUDCHF), and the Australian Dollar vs. Japanese Yen (AUDJPY), extending to pairs like the US Dollar vs. Swedish Krona (USDSEK) and US Dollar vs. South African Rand (USDZAR).

Metals

The metal assets available for trading are more limited in scope, but include instruments such as Silver vs. US Dollar (XAGUSD) and Gold vs. US Dollar (XAUUSD).

Commodities

The commodities segment offers a narrow selection of instruments, including Brent Crude Oil (XBRUSD) and US Natural Gas (XNGUSD).

Indices CFDs

ForexChief has about 10 instruments for trading Indices CFDs, including both buying and selling options. These encompass various stock indices such as the ASX200 (ASX200), CAC40 (CAC40), DAX40 (DAX40), and the Dow Jones 30 (DJI30).

Crypto CFDs

Like other asset categories on ForexChief, the range of crypto CFD instruments is limited. Available options include Bitcoin Cash vs. US Dollar (BCHUSD), Bitcoin vs. US Dollar (BTCUSD), Ethereum vs. US Dollar (ETHUSD), and a few others.

Stock CFDs

The stock CFDs category provides a more extensive list of instruments, including stocks from major companies like Apple Inc. (AAPL), AbbVie Inc. (ABBV), Abbott Laboratories (ABT), and Adobe Inc. (ADBE), just to name a few.

Overall, ForexChief offers a suitable range of assets and instruments, but the limited variety within each asset class could be a drawback for users seeking a broader spectrum of trading options.

Account Types on ForexChief

ForexChief currently offers four types of account, each catering to different preferences and trading styles. Let’s go over each of these to help you figure out which one is best for you.

The four account types are: Cent, Classic+, DirectFX, and xPRIME. The right option will depend on your needs and objectives, but many traders prefer DirectFX for its numerous benefits and ability to strike a balance among various critical factors.

Islamic Accounts

Islamic account of Forexchief

One of ForexChief’s unique features is the ability to create accounts that align with the principles of Islamic finance. This includes the use of “free swaps” to address the prohibition against accruing interest in trading.

The availability of free swaps varies across different accounts. To apply for a free swap, you must:

• Sign in and create a standard account.
• Verify your data.
• Send a request for a swap-free account in your Personal Area.
• Receive confirmation that the swap-free service is enabled, allowing you to start trading in compliance with Islamic principles.

Note that Islamic accounts are exclusively available in regions where Islam is the predominant religion.

Trading Terminals

ForexChief gives its users access to three trading terminals: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and ForexChief’s proprietary platform.

MetaTrader 4 (MT4)

MetaTrader 4 is a highly intuitive platform that gives users the ability to efficiently trade across multiple assets and instruments simultaneously. It can be accessed on various devices, including iOS, Android, iPad, macOS, and desktop, offering greater convenience for users.

Key features of MT4 include:

• Real-time mode monitoring
• A library of free indicators
• High-performance charts
• 24 analytical objects (lines, channels, geometric shapes)
• Nine timeframes
• Three types of charts
• Order types such as Buy Stop, Sell Stop, Buy Limit, Sell Limit, Stop Loss, and Take Profit

This robust platform provides traders with the tools they need for effective and informed trading across various financial instruments.

ForexChief MT4

MetaTrader 5 (MT5)

MetaTrader 5 is a more advanced version of MetaTrader 4, offering features and benefits not present in MT4. Advantages of using MT5 include:

• 21 trade timeframes and advanced fine-tuning options
• Four execution modes and two new types of pending orders
• Social trading features
• Transaction history accessible in seven different timeframes
• Trading signals and push notifications to keep traders informed
• Support available in 12 languages
• Access to economic news

MT5 is compatible with various devices, including iOS and Android mobile phones, iPads, and desktop devices running Windows and macOS.

Forexchief MT5

ForexChief Mobile App

ForexChief App

ForexChief also has a proprietary trading app, available on iPhone and Android. Traders can use the app to access many of the same functions available on the desktop version, including deposits, withdrawals, setting up and verifying their account, and communicating with customer support.

Notable features of the ForexChief app include a $500 welcome bonus, internal transfers, and leverage settings.

Education and Training

Education and Training on ForexChief

Like many other brokers, ForexChief provides resources to educate its users about the financial market, how to navigate the platform, and, most importantly, trading.

ForexChief brands its educational arm as the “Forex Library,” and divides its resources into six categories:

• The history of Forex
• Trader’s first steps
• Articles about trading
• Forex trading strategies
• Trading indicators
• Schedule for the trading session

The first two categories (“The history of Forex” and “Trader’s first steps”) serve as a history lesson on Forex and a step-by-step guide for beginners. The others are geared to providing advice to traders. I had a look through these sections to see how helpful they would be to users who new to trading and still learning to navigate the market. Here’s what I found.

Articles on Forex Trading

The section covering Forex trading provides a collection of articles authored by ForexChief discussing various aspects of the financial market.

However, there are two notable issues with this part of the Forex Library.

Limited Number of Articles: There are only 18 articles, spread over several topics. This keeps ForexChief users from diving deep into any given subject without looking for resources on other platforms.

Outdated Content: This section hasn’t been updated since 2021, which should be concerning for clients seeking up-to-date information. This will cause many clients to turn to external resources, possibly other brokers, for more current information.

Trading Indicators

Trading indicators are tools employed in technical analysis to assist traders in determining the most likely outcome for a trade. These indicators rely on mathematical functions to provide probabilistic insights.

This section of the Forex Library made a stronger impression on me. It is comprehensive and well-detailed, with thorough discussions of 23 different trade indicators, complete with visuals to help users understand the concept being presented to them. Users should come away with a thorough understanding of each indicator and their functionalities.

Schedule for the Trading Sessions

This section covers various time zones, including the Asian trading session, European trading session, and American trading session.

It elucidates how these sessions overlap to facilitate informed decision-making. It also identifies assets and instruments known for their high volatility, equipping traders with the knowledge to navigate the associated risks.

The pairs in this section include AUD/JPY, AUD/USD, EUR/GBP, EUR/JPY, EUR/USD, GBP/CHF, GBP/JPY, NZD/USD, USD/CAD, USD/CHF, and USD/JPY.

You’ll also find the working hours of major exchanges and their potential impact on the overall market. Notable exchanges discussed include the New Zealand Exchange (Wellington), Singapore Exchange (Singapore), Shanghai Stock Exchange (Shanghai), and Chicago Stock Exchange (Chicago).

Deposit and Withdrawal

ForexChief offers multiple options for deposits and withdrawals. Let’s look at the process of funding your account and withdrawing your earnings so you know what to expect when using the platform.

Deposit Funds

Depositing Funds on ForexChief

The platform helpfully provides you with a series of instructions to follow. Start by going to the “Deposit” section and selecting your desired transfer method. Options include:

• Local Payments (using your country’s local payment methods)
• Crypto
• Coinbase
• Binance Pay
• Perfect Money
• Neteller
• Skrill
• FasaPay

Then, you will have to specify the processing currency, amount, and the recipient account.

Withdrawal

For withdrawals, ForexChief provides you with multiple options, including:

• Crypto
• Skrill
• Neteller
• Advanced Cash
• WebMoney
• FasaPay
• Perfect Money
• Debit/Credit Cards
• Local Bank Transfer
• Bank Transfer SEPA

Depositing on ForexChief

You will also need to provide details about the source of the transfer, processing currency, and other specific details based on the chosen withdrawal method.

Other Features

Internal Transfer: This feature allows you to transfer funds between different currency accounts and your trading account within ForexChief.

Inner Exchange Rate: This tool effortlessly calculates the exchange value between different currencies.

Payment History: Access details about all the transactions conducted on your account.

Bonuses and Credits

Bonuses and Credits on ForexChief

When you sign up to ForexChief, you can enjoy three types of benefits: trading credits, welcome bonuses, and souvenirs.

Trading Credits: These credits are awarded after you have traded on the ForexChief platform. As a first-time client, you will be provided with instructions and the terms and conditions that apply to these trading credits.

Welcome Bonuses: New users will receive a welcome bonus of up to $500. However, please note that no deposit bonuses are available, whether for initial or subsequent deposits.

Souvenirs: You can accumulate points by trading within the ForexChief ecosystem. These points can be redeemed for various prizes (or “souvenirs”), including iPhones, MacBooks, and merchandise.

Customer Support

You will notice a help icon on the bottom right of the landing page. Clicking on it will give you links to ForexChief’s social media accounts and two livechat options: ForexChief Helpdesk and International Helpdesk. You can initiate a conversation and expect a follow-up response regardless of which option you choose.

Customer support on ForexChief

Logging into the website will also give you access to a dedicated Customer Support section. Here, you’ll find three subsections: create a ticket, manage tickets, and download center. You also have the option to select the type of ticket you wish to create, which can be a question, complaint, or suggestion.

To keep it simple, let’s focus on creating a “question” ticket.

When creating a “question” ticket, you will be asked to choose the department corresponding to your question. You will also be prompted to specify which type of question you’re submitting: technical questions, general questions, payment questions, trading questions, and partnership programs.

This section is well-designed and the process of submitting a question or filing a complaint is simple and straightforward. Users should be able to address issues without running into any complications or obstacles.

ForexChief Affiliate Program

ForexChief affiliate program

ForexChief has an affiliate program open to individuals, small websites, financial portals, training centers, trader communities, and other entities. This partner program also comes in different levels: Beginner, Silver, Gold, and Platinum.

The program comes with several benefits, including $15 per 1 lot, $5,000 prize funds, and extra monthly bonuses. Commissions will vary across account types, the available interest, and your partnership level.

How It Works: Register and receive a unique referral link. Share your link with traders. Traders who use your referral link will generate trading turnover. You will earn affiliate income based on their trades.

Conclusion

After trying out ForexChief, I can safely recommend using it. However, it is best suited for intermediate or expert traders who have prior knowledge of the market, especially given the limited educational resources available in the platform’s Forex Library.

The sign-up process is not as user-friendly as it could be and lacks the option to sign in using Google or Facebook accounts. This can also be an obstacle for new traders.

ForexChief’s commitment to the safety of its users and the security of their funds is commendable. However, it lacks licensing from a credible financial authority, which would give users peace of mind.

That being said, the platform offers a decent range of flexible features, including copy trading. Removing the obstacles that make it less accessible for new traders would make ForexChief an excellent brokerage platform for traders of all experience levels.

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