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Tempting offers of ForexChief can mislead the client. Advertising presented through self-presentation shows only the tip of the iceberg. Significant conditions for the use of privileges remain hidden. In the end, only ForexChief broker, established as a legal entity in 2014, remains with a stable income.
Let’s analyze the main proposals
Those conditions that the company considers attractive are listed at the very beginning.
This is:
- Receiving a trading credit from ForexChief in the amount of 50% of the amount deposited by the trader as a deposit. It is indicated that the funds provided by the broker can be used in margin trading. At the same time, you do not need to pay interest for working with money, or focus on the deadline for repayment of the loan.
- If you trade actively, you can count on receiving bonuses from ForexChief. But do not count on large “gifts”: for 1 million of trading turnover, you will be credited with a maximum of 10 US dollars. Just like that. The welcome bonus is $500, but it needs to be worked out.
- Access to financial markets is carried out through modern platforms: Meta Trader 4 and 5. You can independently write trading robots in the MQL 4/5 programming language; use financial instruments intended for technical analysis; receive trading signals; connect a VPS service.
- It is understood that ForexChief cannot scam clients for money, because it is a regulated broker with a financial license. The supervisory authority is the VFSC.
- Instruments for trading are offered in an assortment: fiat and crypto currencies, metals, stock indices, and energy carriers.
- Aggregated liquidity, and spreads starting from 0 pips.
- Orders on the official website of ForexChief are processed instantly, according to the ECN/STP model.
- According to the terms of the affiliate program, CPA payouts are possible up to $300.
Working with ForexChief Trading Accounts
There are 8 types of accounts in total. For them, 6 official currencies are relevant: euro, dollar, British pound, Russian ruble, Swiss franc, Japanese yen. What is good is that you can trade robots, as well as use any strategies, taking into account scalping and arbitrage.
Order execution type – Market Execution. The maximum leverage is up to 1:400 or 1:1000. At ForexChief, withdrawals and deposits are carried out through bank transfers, payment systems, and plastic cards. It is indicated that no commission is charged. Users’ money is protected from the formation of a minus on the brokerage account. Client funds are held in segregated accounts.
Analytics is represented by news and online quotes. On this point, and not only, reviews about ForexChief are quite good. You can see the contract specifications, margin requirements, and the Q section. There are analytical reviews, economic articles, interest rates, quote charts, and a trader’s calculator. In the library you will find the history of Forex, articles dedicated to trading, trading strategies of the foreign exchange market, technical indicators, and the schedule of trading sessions.
The minimum deposit corresponds to 50 US dollars, or the equivalent of this amount of money. But doesn’t this make you think that ForexChief is a scammer? Why does it have such a low entry threshold? Perhaps the withdrawal of client orders to the interbank market is only declared?
The position accounting system is hedging. There are no requotes. A commission is charged, but not on all account types. The stop-out level is indicated as 30%. The minimum lot starts from 0.01. Swap-free accounts are offered only in some cases. This point can be the reason for writing negative reviews about ForexChief, because people who profess Islam cannot trade according to generally accepted rules. In general, the conditions are acceptable, although they cannot be called ideal.